Topic: The future of the paper money - page 133. (Read 416603 times)

No, that is not the only basis why paper money will not last, it's just a value and even if it's subject for inflation what you are getting if you are working will also increase or being adjusted by the government. It's the government that created paper money, hence they will do everything to keep its value and people will still use it. Government has taken in charge of this world and whatever they want will be followed, I do not even consider bitcoin as a competitor of fiat as it's way behind in terms of value and popularity.

I think the reason it will not last forever not only because of its use is less practical but also because of the high inflation rate. that causes fiat continually loses value. I'm sure we will realize that the saving fiat in big quantities, is very harmful and risky, especially if we save the fiat aside usd.

although it is more easy to use digital currency but currently the users of bitcoin are very low that is why most of the people are depending on fiat for fulfilling their needs.

Well, no doubt that Andrew Haldane (Chief Economist) is the smart decision maker. However, state-backed digital currency sounds little of the track for entirely banning paper money. Issuing a digital currency first of all will need to re-invest in entire countries economy meaning they will have to run big campaign throughout the nation to let people know what Bank of England is up to. There would be obvious discrepancies among the public where to trust an Internet based digital currency. Because many of them won't trust the electronic payments even today (cards, internet banking etc. ) Moreover, they will have to gain trust over the digitization as anybody would love to see hard cash at many times. What I mean by this is, people are use to hard cash since they born and bought up and sudden change in (that to major and related to money!) would be little unhappy to accept straight away.

Though they decide to get this job done then I believe it will take up to 1 decade! Changing whole currency in nation is not just about that nation. There are so many outward factors such as economic relationship with other countries. Big currency exchanges, trades between two different nation all works on harmony of currencies' value. It means if the change is in one nation then it has to be accepted world wide to take effect.

This explains about security and privacy concerns also. Well thinking about rapid changing technology, if virtual currency like bitcoin has taken such hike then people will tend to make it insecure (Hackers!) to gain control over it as it is handy and available over a network. Moreover Bitcoin being anonymous no one will ever find out where and who stole your bitcoin!

Thus, all the discussion takes my thinking towards negative scale of paper money future. I mean people will love to have both type of currencies in their wallet (paper + digital) this will make them feel more secured.

:-)

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

I don't think that bitcoin can become official currency as not all the Governments will stand in support of bitcoins as it can be a threat to their national currency and no Government will wish that their national currency would get replaced with any digital currency and bitcoin will always be used as a secondary currency and not the primary one.

That's what I think too, paper money would still exist in the future. We always need cash for transcation that needs an instant payment. The more choices, the merrier lol  I don't think that paper moeny will disappear when time comes that bitcoin become a official currency.

Paper money would still exist as there are still lots of people who are unaware of digital transactions.Even in india, they have tried to demonitize notes and change people to digital currencies,but it failed to succeed.In venizuela also, it failed.Hence, paper money couldnot be fully demolished.But in future,usage of paper money will get reduced.

Paper money's future will be more challenging be because of digital world products, service payment and other optional payment options is widely known to be adopted at online transaction of cashless payments. This method actually encourages everyone who has bank account balances to register at online cashless transactions. Well some people might think paper money will be gone, but its not true and for my own idea of paper money will still be preserved for optional use and manual payment transaction.

We are into digital era and everything is getting digital and people who are not aware about bitcoins are using debit/credit cards for making purchases and there will be more people in future who will prefer to go cashless but the fact is paper money will always exist as people who don't have bank accounts and who are illiterate will always prefer to use paper money as that is the only way they get their wages and will find it easy to use and bitcoin can be complicated for them.

Yes that is a fact and it is a huge possibility that in the future paper money will no longer be used in small transactions due to the existence of digital currencies. But paper money will still be there as it will serve as a back-up to the existing value of this cryptocurrencies and other digital money. But whatever the future holds it is best to earn and save more bitcoins for future use.

What a lot of the governments are attempting to do is take physical cash completely out of circulation so people have no option but to use a form of digital money, they are doing this as just another step in their dream to completely control all citizens, and they will continue do this under the blanket fear of "terrorism"

Use bitcoin and take so of you almost gone freedoms back.

- I think in the near future, paper money will continue to exist but demand for paper money will decrease because the birth of electronic transactions. However paper money will be still payment method popular even when the digital currency become commonly use. Paper money will change and develop to suit near future but in the distant future, people might prefer using credit card because it very fast and convenient

We don't know yet but one thing I can assure is that paper money will never be out of the circulation. It is widely use by the people and even those who are using digital money are also using paper money. Not all people knows about internet so paper money will stay.

but it wasnt gradually every corner of the village in every country began to internet and digital currency. I believe the future of paper money will not be too good

Many people who have access to the Internet simply do not trust Bitcoin and do not use it. Therefore, having access to the Internet does not guarantee the use of cryptocurrency. Since the inception of Bitcoin took very little time, so we can not talk about the total use cryptocurrency

By replacing the mass is still a lot of time will pass. The fact that we do not consider the periphery, where people live is not always having the internet and even a proper education to use bitcoin. It's not so simple. Even elderly will need paper money.

I totally agree, as time goes on the whole world is going toward becoming more and more digital, I mean look at us now we are using virtual reality and using digital money to buy food on the internet, and I think that in the future bitcoin is going to become the main used currency because everything will become digital, and the paper money with disappear.

This is the point, I believe into that the paper money will not find its survival against bitcoin ecosystem. Definitely in future people will choose a decentralized system over the centralized one.

For now yes, they're aren't interested in incorporating bitcoin. Because they think there some other ways which that bitcoin can be possible to be regulated but that's not going to be happen, because decentralize is a decentralized and centralize will still remain as centralize. And in the end paper money will just be like be use in the toilet paper.

Your insight is good but if you are thinking that way paper money is under extinction, well it might be not good to hear for those people who could not appreciate those terms that you are mentioning like those online transactions of money using digital methods. Actually online payments, like banking, bills or whatsoever that may applied through digital world of internet nowadays were only credited to those who have but not into a general purpose, because not all of the people is actually using online transactions. There were still a lot of people who has not been using this kinds of money transaction that uses cashless spending. We should not deny the fact that paper will still be produced in the future, whatever changes may happen to society paper money will still be the same in a cash form.