Topic: The future of the paper money (Read 416615 times)
The future of paper money is increasingly uncertain, it is true that it is the identity of each country, but it is also true that technology has advanced enough to continue depending on the role.
The future of paper money is on the "tightrope" because technology is advancing, although I do not think it will disappear soon since technology does not work in all parts of the world but it will be possible in a few decades later.
Andrew Haldane said one solution would be for the Bank of England to issue a state-backed digital currency based on bitcoin. Supporting this initiative would be a negative interest rate levied on paper currency relative to the digital currency, with these measures do you think there is more possibilities that sometime:
Paper money will be banned entirely?
How long do you think that happens?
would it work?
What security and privacy risks would it raise?
And how would public and privately issued monies interact?
Paper money will be banned entirely?
How long do you think that happens?
would it work?
What security and privacy risks would it raise?
And how would public and privately issued monies interact?
I believe that if the growth of cryptocurrency will still continue even in the future then there will be a huge chance for fiat to be removed since most of the countries has already a plan to live a cashless nation in the future.
good news for bitcoin users, but I think bitcoin will not replace paper money, because there are still many countries that have not known bitcoin and also have not been interested in bitcoin ..
The future of paper money seems to be stable, the only thing that would affect paper money would be the inflation rate, if the inflation rate is higher then it would loose all its value and people would prefer to hold more bitcoin rather then fiat.
I think cryptocurrencies will soon completely displace paper money, since they practically do not require funds and it is much more difficult to lose or steal them.
I believe that if a government of a rich country like England would initiate the creation of a state-backed digital currency, it can be a reality since it is the government already who will manipulate it. We all know that its role is to regulate the use and operation of the currency it cannot happen instantly and definitely it is gonna be a big change in the monetary system especially that now it is digital and online. However, paper money will not be banned any time soon, it will be difficult because not all countries can fully be digital most likely the third world counties.
Andrew Haldane said one solution would be for the Bank of England to issue a state-backed digital currency based on bitcoin. Supporting this initiative would be a negative interest rate levied on paper currency relative to the digital currency, with these measures do you think there is more possibilities that sometime:
Paper money will be banned entirely?
How long do you think that happens?
would it work?
What security and privacy risks would it raise?
And how would public and privately issued monies interact?
Paper money will be banned entirely?
How long do you think that happens?
would it work?
What security and privacy risks would it raise?
And how would public and privately issued monies interact?
Paper money is very important and 100% I'm sure it will last forever.
Paper money will be banned entirely?
I wouldn't call it banned, but will be out of the use someday, surely
How long do you think that happens?
Are we talking about the world or particular contries, because some of the countries are already testing it in certain municipalities? If we are talking about whole world - many, many years, some people still don't have internet or digital money. Well, many people don't have money at all.....
Would it work?
Why not? I, for instance, use it less and less, and I only use it because cards are not accepted at some place (and they should be)
What security and privacy risks would it raise?
None whatsoever, it is easier to protect a card then to protect paper money.
And how would public and privately issued monies interact?
This is the most interesting of your questions. I believe we are all keeping an eye on the Bitcoin vs Banks case..... However, there is one thing you might not know - almost all of the banks issuing money are privately owned. Hence - we already have that system enforce. You can observe how it works..... The problem with this system is that it is tightly controlled by those that only want profit for themselves. Cryptocurrencies could make a case for decentralisation (are not making it yet though, rather the opposite)
I wouldn't call it banned, but will be out of the use someday, surely
How long do you think that happens?
Are we talking about the world or particular contries, because some of the countries are already testing it in certain municipalities? If we are talking about whole world - many, many years, some people still don't have internet or digital money. Well, many people don't have money at all.....
Would it work?
Why not? I, for instance, use it less and less, and I only use it because cards are not accepted at some place (and they should be)
What security and privacy risks would it raise?
None whatsoever, it is easier to protect a card then to protect paper money.
And how would public and privately issued monies interact?
This is the most interesting of your questions. I believe we are all keeping an eye on the Bitcoin vs Banks case..... However, there is one thing you might not know - almost all of the banks issuing money are privately owned. Hence - we already have that system enforce. You can observe how it works..... The problem with this system is that it is tightly controlled by those that only want profit for themselves. Cryptocurrencies could make a case for decentralisation (are not making it yet though, rather the opposite)
It is difficult to keep paper money for a long time, as we know that today many countries are preparing digital money to replace paper money so as to make the use of paper money continue to decline.
You can always save your paper money in the bank, they will take in charge and most banks provides insurance for your deposit. Paper money will always be popular as long as people will be more comfortable in using it than online transaction.
It is difficult to keep paper money for a long time, as we know that today many countries are preparing digital money to replace paper money so as to make the use of paper money continue to decline.
I think very soon, somewhere around 10 years, in developed countries paper money will completely disappear and instead of it will be only digital money.
The obstacle for non-cash economy is the situation with poor countries. If it’s solved, the rest world could perfectly exist without fiat at all.
Some countries try to issue their currency as digital currency, paper money will be still alive and it will be used by people for buying goods and things. Many people still dont even use credit cards.
In recent times, when the era of digital currency is growing, some countries are trying to develop a digital currency of their own, but this is just as meaningful as building a foundation for the future when paper money becomes no longer loved, more precisely, a backup plan. This plan will not affect too much on the future of paper money when paper money is still a dominant product across different eras, convenience and the love of the people with paper money is still very stable, people still have no sign of removing the paper money, the future still can not be shaken 
Paper money id doomed in any case. It is just a relict of the past and the prove is that over 90% of the existing money already does not even exist in paper form, but only in numbers inside computers. Transition to a cashless society is inevitable. The question is if it will be done in a fair way or as a way to enforce control and totalitarism. I'd bet the latter will come true.
Some countries try to issue their currency as digital currency, paper money will be still alive and it will be used by people for buying goods and things. Many people still dont even use credit cards.
Gold and silver have been chosen throughout time as a medium of exchange, a store of value, and has been used in trade ever since several thousand years B.C. Gold and silver is first and foremost money. It has been chosen as money for a lot of reasons and those reasons are still in existence today.
Only the people of the government will decide on when the paper money exist. Most people didn't know how bitcoin works. But its all about future nothing's know what happen next, its possibly only.
More and more countries around the world are seriously studying and accepting bitcoin as well as cryptocurrency. This shows that cryptocurrency is being accepted and that in the next few years, when the world is digitized, fiat will be less used. Life changes and things that are not suitable will be replaced.
With so much advancement in technology and everything starting to be electronically based it won't be long before paper money starts becoming obsolete as there will be no more use for it when everything is being done online.
Only the people of the government will decide on when the paper money exist. Most people didn't know how bitcoin works. But its all about future nothing's know what happen next, its possibly only.
More and more countries around the world are seriously studying and accepting bitcoin as well as cryptocurrency. This shows that cryptocurrency is being accepted and that in the next few years, when the world is digitized, fiat will be less used. Life changes and things that are not suitable will be replaced. Jump to: