The future of the paper money - page 130.

deisik

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Quote from: Hydrogen on March 14, 2017, 11:36:27 PM

The value of paper money is closely linked to the balance sheet of the state issuing paper money.

The more a government goes into debt, the less the paper money is worthfloor

There is no direct correlation between debt and inflation

If debt is externalized (i.e. it is mostly bought by foreign investors), there is no mechanism that would transfer that into inflation (if you come to disagree, care to explain one such). If we take the US as the most glaring and conspicuous example, their debt (at least, that part of it which is held by foreign investors, say, Gulf countries) is not actually a debt. It is basically the toll that the countries pay to the US for the protection the latter allegedly provides. More generally, externalized dollars are used as a reserve currency across the world by many countries, so these dollars can hardly be called as debt either

Gameroid

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Quote from: Seccerius on March 14, 2017, 06:17:17 AM

The future of paper money depends on people. If all users go to bank cards or bitcoins, then paper will cease to exist. I prefer virtual money because they can not burn, stealing them is much more difficult and convenient to use.

yes that is a fact that paper money is depending on the people interest but in fact government is also supporting fiat. i think if the governments will stop supporting fiat then bitcoin will become more and more popular.

Hydrogen

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The value of paper money is closely linked to the balance sheet of the state issuing paper money.

The more a government goes into debt, the less the paper money is worth.

In these times of growing deficit and debt, it seems the value of paper money is destined to diminish.

Bitcoin could ultimately prove to be more stable and better at keeping value as mounting deficit puts the value of paper currencies through the floor.

markyminer

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Quote from: Erza on March 13, 2017, 10:04:22 AM

Quote from: mega on March 12, 2017, 05:18:10 PM

Quote from: gildartzclive25 on March 12, 2017, 04:20:38 PM

I cant really tell how long paper money will last, the thing is that we can make unlimited amount of it and we can counterfeit it. Government cant control bitcoins and powerful individuals are opposing cryptocurrency. When it comes to privacy and security bitcoin will win unless some genius individual find a way to break sha-256. Paper money is good to have in hand too because there are circumstances that I am going to pay in a past pace(e.g in a crowded bus).
I think accepting both paper money and bitcoin as a value of exchange is a great phenomena.

People from poor countries will always use paper money as they don't have bank accounts and they get their salary in cash and that is the only option for them for their spending and scenario will not change drastically in future even if bitcoin becomes more popular and paper money will always survive as it has support from the Governments.

Paper money is really needed for now, and there is no other money that can be used except your credit card or even bitcoin. But still many people are believing on paper money instead of number on your account. But the changes here is starting because new technology is keep being developed, if you are not going to follow, you will be dead as nothing. No matter what you do, you will always follow the era, it just same as phone, you can try to see past and present, try to look the difference that have been made

to me i think still there is nothing wrong to the future of paper money, because still almost all the the people of the world are depending fiat and some people are using bitcoin as optional.

BillCoin

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its only the volume that matters either in bitcoin or paper money as it gives you a feeling that you are holding good sum of money in your wallet either physical or digital and I think till bitcoin will not be used and accepted everywhere, paper money will always survive and not everyone will prefer to use bitcoins.

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Quote from: Fatanut on March 14, 2017, 12:50:53 AM

Quote from: gildartzclive25 on March 13, 2017, 01:26:56 PM

We cant blame people that they still cant digest the information about bitcoin. Paper money is the traditional way of exchange. Its longevity and its existence is unparalleled compare to other money. That is one of the main reason why people still believe in paper money than in bitcoin. People want to believe in something concrete, something that last and paper money is the closest value of exchange that have that kind of characteristic.

Funny how people think that fiat money is real when it isn't. It doesn't hold any value since the Nixon shock. Gold doesn't back up fiat anymore and so fiat is no different than bitcoin at all that is all digital/virtual. The value of it is just how much people are willing to work or pay for it. Fiat is not directly convertible to gold anymore.

I sort of disagree that we cannot blame people if they still "can't" digest the ideology of bitcoins. It's just that, they don't want to. We are just normal people and we were able to understand all of these because we allotted time to do so.

You are likely measuring other people's feet by your own last

It is not so much about them not wanting to but about mental effort it takes from them. Most people after, say, 40 years are not teachable overall. It is not that they lack something, it is more like the whole process causes them real mental suffering to learn anything new beyond what they already know. Basically, their brains are kinda frozen, and it is not so much about memory as about ability to draw conclusions and make inferences, i.e. about rebuilding their mental processes

gracia0023

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There will come a time that people wont need paper money anymore. It is because of the technology we have. Humans are full of knowledge. They will think of the possible way of transacting business without the use of paper money.

NEWGOODOUBLE

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Quote from: Seccerius on March 14, 2017, 06:17:17 AM

The future of paper money depends on people. If all users go to bank cards or bitcoins, then paper will cease to exist. I prefer virtual money because they can not burn, stealing them is much more difficult and convenient to use.

I do not think it depends on the person. but time and technology that will change all that technology will continue berkembag gradually so inevitably people should follow the development of this era and leave the paper money

Seccerius

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The future of paper money depends on people. If all users go to bank cards or bitcoins, then paper will cease to exist. I prefer virtual money because they can not burn, stealing them is much more difficult and convenient to use.

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Quote from: BeGoods on March 14, 2017, 02:15:03 AM

Quote from: carlerha on March 13, 2017, 05:13:59 PM

Quote from: mega on March 12, 2017, 05:18:10 PM

Quote from: gildartzclive25 on March 12, 2017, 04:20:38 PM

I cant really tell how long paper money will last, the thing is that we can make unlimited amount of it and we can counterfeit it. Government cant control bitcoins and powerful individuals are opposing cryptocurrency. When it comes to privacy and security bitcoin will win unless some genius individual find a way to break sha-256. Paper money is good to have in hand too because there are circumstances that I am going to pay in a past pace(e.g in a crowded bus).
I think accepting both paper money and bitcoin as a value of exchange is a great phenomena.

People from poor countries will always use paper money as they don't have bank accounts and they get their salary in cash and that is the only option for them for their spending and scenario will not change drastically in future even if bitcoin becomes more popular and paper money will always survive as it has support from the Governments.

i do not think that there will be a single country where there will be no bank, i think banks are available everywhere, even in very poor third world countries banks will be available there.

I think in the poor countries the technology definitely will go though it will take a long time. but I'm sure poor countries would have started developing and using digital money in the future. although it will take a very long time

Definitely we need to time to realize our expectation with bitcoin, along the way there are a lot of trials towards our goal but with our support we will be able to surpass us. Bitcoin was not created by a person who can control it, it is our will that makes bitcoin a strong currency.
This will be used widely as online currency that will result to lessen the usage of paper money.

BeGoods

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Quote from: carlerha on March 13, 2017, 05:13:59 PM

Quote from: mega on March 12, 2017, 05:18:10 PM

Quote from: gildartzclive25 on March 12, 2017, 04:20:38 PM

I cant really tell how long paper money will last, the thing is that we can make unlimited amount of it and we can counterfeit it. Government cant control bitcoins and powerful individuals are opposing cryptocurrency. When it comes to privacy and security bitcoin will win unless some genius individual find a way to break sha-256. Paper money is good to have in hand too because there are circumstances that I am going to pay in a past pace(e.g in a crowded bus).
I think accepting both paper money and bitcoin as a value of exchange is a great phenomena.

People from poor countries will always use paper money as they don't have bank accounts and they get their salary in cash and that is the only option for them for their spending and scenario will not change drastically in future even if bitcoin becomes more popular and paper money will always survive as it has support from the Governments.

i do not think that there will be a single country where there will be no bank, i think banks are available everywhere, even in very poor third world countries banks will be available there.

I think in the poor countries the technology definitely will go though it will take a long time. but I'm sure poor countries would have started developing and using digital money in the future. although it will take a very long time

Fatanut

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Quote from: gildartzclive25 on March 13, 2017, 01:26:56 PM

We cant blame people that they still cant digest the information about bitcoin. Paper money is the traditional way of exchange. Its longevity and its existence is unparalleled compare to other money. That is one of the main reason why people still believe in paper money than in bitcoin. People want to believe in something concrete, something that last and paper money is the closest value of exchange that have that kind of characteristic.

Funny how people think that fiat money is real when it isn't. It doesn't hold any value since the Nixon shock. Gold doesn't back up fiat anymore and so fiat is no different than bitcoin at all that is all digital/virtual. The value of it is just how much people are willing to work or pay for it. Fiat is not directly convertible to gold anymore.

I sort of disagree that we cannot blame people if they still "can't" digest the ideology of bitcoins. It's just that, they don't want to. We are just normal people and we were able to understand all of these because we allotted time to do so.

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Quote from: carlerha on March 13, 2017, 05:13:59 PM

Quote from: mega on March 12, 2017, 05:18:10 PM

Quote from: gildartzclive25 on March 12, 2017, 04:20:38 PM

I cant really tell how long paper money will last, the thing is that we can make unlimited amount of it and we can counterfeit it. Government cant control bitcoins and powerful individuals are opposing cryptocurrency. When it comes to privacy and security bitcoin will win unless some genius individual find a way to break sha-256. Paper money is good to have in hand too because there are circumstances that I am going to pay in a past pace(e.g in a crowded bus).
I think accepting both paper money and bitcoin as a value of exchange is a great phenomena.

People from poor countries will always use paper money as they don't have bank accounts and they get their salary in cash and that is the only option for them for their spending and scenario will not change drastically in future even if bitcoin becomes more popular and paper money will always survive as it has support from the Governments.

i do not think that there will be a single country where there will be no bank, i think banks are available everywhere, even in very poor third world countries banks will be available there.

I certainly disagree with it, even those poor countries still have their very own bank and their citizens still manage to get their very own bank accounts. In a poor country, not all the people there are considered poor, there are still people who are in the middle class and lives a decent life and has a very good way to live.

carlerha

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Quote from: mega on March 12, 2017, 05:18:10 PM

Quote from: gildartzclive25 on March 12, 2017, 04:20:38 PM

I cant really tell how long paper money will last, the thing is that we can make unlimited amount of it and we can counterfeit it. Government cant control bitcoins and powerful individuals are opposing cryptocurrency. When it comes to privacy and security bitcoin will win unless some genius individual find a way to break sha-256. Paper money is good to have in hand too because there are circumstances that I am going to pay in a past pace(e.g in a crowded bus).
I think accepting both paper money and bitcoin as a value of exchange is a great phenomena.

People from poor countries will always use paper money as they don't have bank accounts and they get their salary in cash and that is the only option for them for their spending and scenario will not change drastically in future even if bitcoin becomes more popular and paper money will always survive as it has support from the Governments.

i do not think that there will be a single country where there will be no bank, i think banks are available everywhere, even in very poor third world countries banks will be available there.

gildartzclive25

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Quote from: Erza on March 13, 2017, 10:04:22 AM

Quote from: mega on March 12, 2017, 05:18:10 PM

Quote from: gildartzclive25 on March 12, 2017, 04:20:38 PM

I cant really tell how long paper money will last, the thing is that we can make unlimited amount of it and we can counterfeit it. Government cant control bitcoins and powerful individuals are opposing cryptocurrency. When it comes to privacy and security bitcoin will win unless some genius individual find a way to break sha-256. Paper money is good to have in hand too because there are circumstances that I am going to pay in a past pace(e.g in a crowded bus).
I think accepting both paper money and bitcoin as a value of exchange is a great phenomena.

People from poor countries will always use paper money as they don't have bank accounts and they get their salary in cash and that is the only option for them for their spending and scenario will not change drastically in future even if bitcoin becomes more popular and paper money will always survive as it has support from the Governments.

Paper money is really needed for now, and there is no other money that can be used except your credit card or even bitcoin. But still many people are believing on paper money instead of number on your account. But the changes here is starting because new technology is keep being developed, if you are not going to follow, you will be dead as nothing. No matter what you do, you will always follow the era, it just same as phone, you can try to see past and present, try to look the difference that have been made

We cant blame people that they still cant digest the information about bitcoin. Paper money is the traditional way of exchange. Its longevity and its existence is unparalleled compare to other money. That is one of the main reason why people still believe in paper money than in bitcoin. People want to believe in something concrete, something that last and paper money is the closest value of exchange that have that kind of characteristic.

Erza

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Quote from: mega on March 12, 2017, 05:18:10 PM

Quote from: gildartzclive25 on March 12, 2017, 04:20:38 PM

I cant really tell how long paper money will last, the thing is that we can make unlimited amount of it and we can counterfeit it. Government cant control bitcoins and powerful individuals are opposing cryptocurrency. When it comes to privacy and security bitcoin will win unless some genius individual find a way to break sha-256. Paper money is good to have in hand too because there are circumstances that I am going to pay in a past pace(e.g in a crowded bus).
I think accepting both paper money and bitcoin as a value of exchange is a great phenomena.

People from poor countries will always use paper money as they don't have bank accounts and they get their salary in cash and that is the only option for them for their spending and scenario will not change drastically in future even if bitcoin becomes more popular and paper money will always survive as it has support from the Governments.

Paper money is really needed for now, and there is no other money that can be used except your credit card or even bitcoin. But still many people are believing on paper money instead of number on your account. But the changes here is starting because new technology is keep being developed, if you are not going to follow, you will be dead as nothing. No matter what you do, you will always follow the era, it just same as phone, you can try to see past and present, try to look the difference that have been made

Fatanut

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Quote from: mega on March 12, 2017, 05:18:10 PM

People from poor countries will always use paper money as they don't have bank accounts and they get their salary in cash and that is the only option for them for their spending and scenario will not change drastically in future even if bitcoin becomes more popular and paper money will always survive as it has support from the Governments.

Even in poor countries, people still have bank accounts. Not every single one of them gets paid in cash especially those people that work for the government (i.e. Teachers, Government office employees). They all get paid through their bank accounts. Besides, there's no fee when you're going to open a bank account. You only need to verify your identity by submitting one or two valid IDs.

Quote from: gildartzclive25 on March 12, 2017, 04:20:38 PM

I cant really tell how long paper money will last, the thing is that we can make unlimited amount of it and we can counterfeit it. Government cant control bitcoins and powerful individuals are opposing cryptocurrency. When it comes to privacy and security bitcoin will win unless some genius individual find a way to break sha-256. Paper money is good to have in hand too because there are circumstances that I am going to pay in a past pace(e.g in a crowded bus).
I think accepting both paper money and bitcoin as a value of exchange is a great phenomena.

It doesn't necessarily require a genius to do so, only a powerful machine. Even if some guy finds an algorithm to crack SHA-256, it will still require a lot of computing power.

mega

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Quote from: gildartzclive25 on March 12, 2017, 04:20:38 PM

I cant really tell how long paper money will last, the thing is that we can make unlimited amount of it and we can counterfeit it. Government cant control bitcoins and powerful individuals are opposing cryptocurrency. When it comes to privacy and security bitcoin will win unless some genius individual find a way to break sha-256. Paper money is good to have in hand too because there are circumstances that I am going to pay in a past pace(e.g in a crowded bus).
I think accepting both paper money and bitcoin as a value of exchange is a great phenomena.

People from poor countries will always use paper money as they don't have bank accounts and they get their salary in cash and that is the only option for them for their spending and scenario will not change drastically in future even if bitcoin becomes more popular and paper money will always survive as it has support from the Governments.

gildartzclive25

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I cant really tell how long paper money will last, the thing is that we can make unlimited amount of it and we can counterfeit it. Government cant control bitcoins and powerful individuals are opposing cryptocurrency. When it comes to privacy and security bitcoin will win unless some genius individual find a way to break sha-256. Paper money is good to have in hand too because there are circumstances that I am going to pay in a past pace(e.g in a crowded bus).
I think accepting both paper money and bitcoin as a value of exchange is a great phenomena.

ImHash

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The fact that paper money isn't really an evil thing however if governments around the world try to manipulate our lives using them. I heard some where that the cost of printing and delivering maintaining/securing/insurances of paper bills is roughly 20% of their total worth combined.
You can't deny the fact that people need fiat but the question is do we really need the paper money?
In my country the telecommunication company was able to save almost $11M in a year because of a few million people decided to receive their bills electronically rather having them mailed at their door steps using normal paper.
Now imagine the magnitude of a worldwide opt-in of people to do their daily businesses using digital money and trust me when they do they'll start to be familiarized with digital/virtual world and could understand the importance of a decentralized digital currency more easily.
Paper money was invented when there was no better solutions or no computers were invented yet and I don't know when are we going to migrate and start adapting to the new technologies?
I'm afraid that older generations may never submit to the new world order of digital era but fortunately our generation and the next ones will be more open minded to new ideas.

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