The future of the paper money - page 132.

Oralmat

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Quote from: PetroffVany on March 08, 2017, 03:45:51 PM

Quote from: Oralmat on March 08, 2017, 12:18:39 PM

Quote from: NEWGOODOUBLE on March 08, 2017, 09:52:30 AM

Quote from: genny2kuk on March 08, 2017, 09:16:59 AM

The countdown for paper money extinction is on. The foundation of this monetary policy is flawed and have to be fundamentally changed. Bitcoin offers good option though

although it will be replaced by paper money in the form of digital currency. but it does not automatically bitcoin will replace paper money. I think it will still be difficult for bitcoin

It is really difficult for bitcoin to convert into paper money, So same situation have paper money, it is not easy that paper money change into bitcoin. I don't think that bitcoin is made for paper money, and on one country accept the bitcoin for their own paper money. In short bitcoin made only for digital currency.

I disagree with you. Now it is very easy to buy bitcoin and sell bitcoin. There are many exchangers that will provide conversion in a few hours or even minutes.
Paper money can easily be exchanged for bitcoin. But it seems to me that they will not be soon

Whats' going on with you? Do you think i am talking about bitcoin is difficult to exchange into fiat?
No way, read the thread carefully and than read my opinion, than you could understand what actually i want to tell.
I am talking about future fiat money will never be changed into bitcoin and bitcoin will never be changed into fiat.

bravehearth0319

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Quote from: Huobi-USD on September 21, 2015, 03:23:32 AM

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?

As we all know that paper money was made by the government of each nations. So the future of this was depend on the decision of the government officials of how or what they are going to do with the with the paper money. If ever there is a private key, security, all of it are centralized, which means there's nothing we can hide to them.

PetroffVany

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Quote from: Oralmat on March 08, 2017, 12:18:39 PM

Quote from: NEWGOODOUBLE on March 08, 2017, 09:52:30 AM

Quote from: genny2kuk on March 08, 2017, 09:16:59 AM

The countdown for paper money extinction is on. The foundation of this monetary policy is flawed and have to be fundamentally changed. Bitcoin offers good option though

although it will be replaced by paper money in the form of digital currency. but it does not automatically bitcoin will replace paper money. I think it will still be difficult for bitcoin

It is really difficult for bitcoin to convert into paper money, So same situation have paper money, it is not easy that paper money change into bitcoin. I don't think that bitcoin is made for paper money, and on one country accept the bitcoin for their own paper money. In short bitcoin made only for digital currency.

I disagree with you. Now it is very easy to buy bitcoin and sell bitcoin. There are many exchangers that will provide conversion in a few hours or even minutes.
Paper money can easily be exchanged for bitcoin. But it seems to me that they will not be soon

Oralmat

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Activity: 588

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Quote from: NEWGOODOUBLE on March 08, 2017, 09:52:30 AM

Quote from: genny2kuk on March 08, 2017, 09:16:59 AM

The countdown for paper money extinction is on. The foundation of this monetary policy is flawed and have to be fundamentally changed. Bitcoin offers good option though

although it will be replaced by paper money in the form of digital currency. but it does not automatically bitcoin will replace paper money. I think it will still be difficult for bitcoin

It is really difficult for bitcoin to convert into paper money, So same situation have paper money, it is not easy that paper money change into bitcoin. I don't think that bitcoin is made for paper money, and on one country accept the bitcoin for their own paper money. In short bitcoin made only for digital currency.

NEWGOODOUBLE

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Quote from: genny2kuk on March 08, 2017, 09:16:59 AM

The countdown for paper money extinction is on. The foundation of this monetary policy is flawed and have to be fundamentally changed. Bitcoin offers good option though

although it will be replaced by paper money in the form of digital currency. but it does not automatically bitcoin will replace paper money. I think it will still be difficult for bitcoin

Fatanut

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Quote from: Doms on March 08, 2017, 04:18:10 AM

Everytime a new technology that involves money comes out, talk of gradual death of paper money arises. When the credit card was introduced, [1]people said that is the beginning of a cashless society. We can almost say the same about bitcoin. But it seems that the paper money isn’t just about to go away that easily. [2]Statistics even show that the paper money in circulation even grew by some percentages over the last few years. Cash still proves handy especially when e-payment systems go offline.

[1] People only say what they see. They said that it was the beginning of cashless society, and it was. The progress will be quite slow but as you can see right now, people are using physical cash lesser and lesser.

[2] Of course it will. Many countries have tons of debt. Their government simply print out tons of paper money although it will have their currency less valuable. It's alright for them since it's the fastest way for them to get out of debt and the easiest one as well.

Lieldoryn

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Quote from: Xester on March 08, 2017, 08:37:05 AM

Quote from: ChineTownMan on March 07, 2017, 05:42:32 PM

Paper money goes into digital format. This is so that you can monitor where you spend your money.
I am sure that money will become digital. But this will not happen soon

Converting fiat paper money into a digital money will take some time and eventually a long time before that date in the future there will be many preparations and adjustment that has to be done before that can come true. In order for it to be realized there are certain conditions to be met, first is that all people will have an internet connection and will be knowledgeable about digital currency. Another thing a system must also be set so that even in the place without internet payment system can still be processed.

Now trust the Internet 100% impossible. Hacking can deprive you of all the savings. To hide cash is much easier than to protect your e-wallet. If the government tries to spend all the money in the Bank people will keep their savings in gold.

genny2kuk

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The countdown for paper money extinction is on. The foundation of this monetary policy is flawed and have to be fundamentally changed. Bitcoin offers good option though

Xester

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Quote from: ChineTownMan on March 07, 2017, 05:42:32 PM

Paper money goes into digital format. This is so that you can monitor where you spend your money.
I am sure that money will become digital. But this will not happen soon

Converting fiat paper money into a digital money will take some time and eventually a long time before that date in the future there will be many preparations and adjustment that has to be done before that can come true. In order for it to be realized there are certain conditions to be met, first is that all people will have an internet connection and will be knowledgeable about digital currency. Another thing a system must also be set so that even in the place without internet payment system can still be processed.

Lancusters

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Quote from: BeGoods on March 08, 2017, 05:33:47 AM

Quote from: ChineTownMan on March 07, 2017, 05:42:32 PM

Paper money goes into digital format. This is so that you can monitor where you spend your money.
I am sure that money will become digital. But this will not happen soon

of course, change paper money into digital money of course it will take a very long time. probably more than 10 years
because the current paper money is still very active in use worldwide

Paper money more difficult to control. I think that for this reason the world shall never refuse cash. I am also against. In the transition to electronic payments will not be possible to hide their income and will have to pay taxes.

BeGoods

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Quote from: ChineTownMan on March 07, 2017, 05:42:32 PM

Paper money goes into digital format. This is so that you can monitor where you spend your money.
I am sure that money will become digital. But this will not happen soon

of course, change paper money into digital money of course it will take a very long time. probably more than 10 years
because the current paper money is still very active in use worldwide

mikecgna

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Quote from: Reid on March 08, 2017, 04:23:52 AM

Quote from: Doms on March 08, 2017, 04:18:10 AM

Everytime a new technology that involves money comes out, talk of gradual death of paper money arises. When the credit card was introduced, people said that is the beginning of a cashless society. We can almost say the same about bitcoin. But it seems that the paper money isn’t just about to go away that easily. Statistics even show that the paper money in circulation even grew by some percentages over the last few years. Cash still proves handy especially when e-payment systems go offline.

Yes and I have been a victim for many times by an offline electronic payment or a maintenance at their end.
There is no solution to that but just wait.
Even ATM machines do require some maintaining or it will be left cashless.
This things that use electricity will go off sometimes and where would we run without fiat on our wallets?
That says it all.

The entire digital currency will depend on electricity and the Internet. If this does not happen, all people will get tired by the bottom, while they will have millions in their accounts. It is still too early to send paper money for retirement.

Reid

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Quote from: Doms on March 08, 2017, 04:18:10 AM

Everytime a new technology that involves money comes out, talk of gradual death of paper money arises. When the credit card was introduced, people said that is the beginning of a cashless society. We can almost say the same about bitcoin. But it seems that the paper money isn’t just about to go away that easily. Statistics even show that the paper money in circulation even grew by some percentages over the last few years. Cash still proves handy especially when e-payment systems go offline.

Yes and I have been a victim for many times by an offline electronic payment or a maintenance at their end.
There is no solution to that but just wait.
Even ATM machines do require some maintaining or it will be left cashless.
This things that use electricity will go off sometimes and where would we run without fiat on our wallets?
That says it all.

Doms

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Everytime a new technology that involves money comes out, talk of gradual death of paper money arises. When the credit card was introduced, people said that is the beginning of a cashless society. We can almost say the same about bitcoin. But it seems that the paper money isn’t just about to go away that easily. Statistics even show that the paper money in circulation even grew by some percentages over the last few years. Cash still proves handy especially when e-payment systems go offline.

Ziskinberg

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Quote from: ChineTownMan on March 07, 2017, 05:42:32 PM

Paper money goes into digital format. This is so that you can monitor where you spend your money.
I am sure that money will become digital. But this will not happen soon

The users are more important on this one, if the government feels the need of implementing this kind of system people will abide. However, not all people will be able to adopt with it, it requires information to educate people on how to transact and mostly on how to stay secured while transacting online. Maybe we already have a good training since we are transacting bitcoin and we were able to learn the basics and when time comes we go full digital, it will be easy for us and we can use both bitcoin and fiat digital if bitcoin is still alive that time.

ChineTownMan

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Paper money goes into digital format. This is so that you can monitor where you spend your money.
I am sure that money will become digital. But this will not happen soon

markyminer

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Quote from: gabmen on March 07, 2017, 09:24:33 AM

Quote from: CEJ on March 06, 2017, 09:44:40 AM

Paper money is not going to last for more than 3-4 decades.Most of the paper money is going to be demonetized.I think that instead e-money is gonna be popular.Nevertheless paper money is a drag. Cheesy

Why carry liquid cash,when u can easily do transaction over mobile,?

Well I don't think so. Yeah if we're talking about convenience then I have to agree with you that electronic or digital money would be a lot easier than having physical paper money in your pocket. But that requires technology that is not easily accessible to some parts of the world. 40 years from now, you may be right, most people will probably be using digital money but definitely paper money won't be demonetized and will still be used

yes to me i think still there is nothing wrong to the fiat currency, because more that 99% people are still using fiat for fulfilling their needs. i think it will take much more time when the the majority of people will start using bitcoin. may be it take decades.

BlendCraft

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Quote from: gabmen on March 07, 2017, 09:24:33 AM

Quote from: CEJ on March 06, 2017, 09:44:40 AM

Paper money is not going to last for more than 3-4 decades.Most of the paper money is going to be demonetized.I think that instead e-money is gonna be popular.Nevertheless paper money is a drag. Cheesy

Why carry liquid cash,when u can easily do transaction over mobile,?

Well I don't think so. Yeah if we're talking about convenience then I have to agree with you that electronic or digital money would be a lot easier than having physical paper money in your pocket. But that requires technology that is not easily accessible to some parts of the world. 40 years from now, you may be right, most people will probably be using digital money but definitely paper money won't be demonetized and will still be used

Yes and people would be implanted with bio chips that will store all their data including their financial data. Credit cards would become obsolete because technology would be integrated into people's bodies. Paper money might still exist on some poor countries though together with gold and bartering.

gabmen

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Quote from: CEJ on March 06, 2017, 09:44:40 AM

Paper money is not going to last for more than 3-4 decades.Most of the paper money is going to be demonetized.I think that instead e-money is gonna be popular.Nevertheless paper money is a drag. Cheesy

Why carry liquid cash,when u can easily do transaction over mobile,?

Well I don't think so. Yeah if we're talking about convenience then I have to agree with you that electronic or digital money would be a lot easier than having physical paper money in your pocket. But that requires technology that is not easily accessible to some parts of the world. 40 years from now, you may be right, most people will probably be using digital money but definitely paper money won't be demonetized and will still be used

kidoseagle0312

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Quote from: Huobi-USD on September 21, 2015, 03:23:32 AM

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?

If we are going to base it now into our generation, majority of the country are not yet accepting what bitcoin is. Even some of the nations heard about already in bitcoin but still they keep on silent and moreover there is a country really not accepting bitcoin because their technology was not that fully developed. So in other words paper money will not disappear in all countries, or it maybe happen but it will take more decades year.

Topic: The future of the paper money - page 132. (Read 416566 times)