The future of the paper money - page 135.

TravisNeko

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Quote from: Huobi-USD on September 21, 2015, 02:23:32 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?

I don't think that they will ban paper money entirely because to much people are using it, and some of them cash everything they have because they don't trust banks.
I personally don't think that it would work and I can't think of a day that paper money will be entirely banned.

diegz

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Quote from: Rude Boy on March 01, 2017, 01:11:48 PM

Politicians never throw the paper currencies. Because if they stop paper currency and force peoples to use digital currency, the politicians will caught by corruptions. Paper currency don't even need to have bank accounts. But, in Digital currency each and every transaction will be stored.

Isn't it the other way around? Politicians will be bribed easily as they could just talk and the bitcoin address will be given and sent, then voila!! bribery at its finest.

Though each transaction is recorded, we can't name names on who is the owner of such address, that would look like a mere heresy. While in paper money, they can be caught, we could even use marked money to set them up.

Rude Boy

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Politicians never throw the paper currencies. Because if they stop paper currency and force peoples to use digital currency, the politicians will caught by corruptions. Paper currency don't even need to have bank accounts. But, in Digital currency each and every transaction will be stored.

deisik

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Quote from: Japinat on March 01, 2017, 08:50:31 AM

Quote from: icecube45 on March 01, 2017, 08:28:10 AM

Quote from: deppil on March 01, 2017, 05:46:21 AM

Quote from: MONKEYJUNK on February 28, 2017, 06:12:24 PM

Like many people already said is that the paper money future is not so good because it has the digital word against.
Everything these days will get digital the world is really changing.

I think the future really will make paper money dies or no longer used. now even been seen that digital money is already starting to master in any transaction.

Yes indeed now digital money is already widely used for transactions but I think it will not make paper money is gone / dead. Digital money that is widely used now only as an alternative payment and it does not decrease interest in the use paper money. Paper money will always be there and circulate because there will always be used for direct transactions, until now the demand paper money is still high. For the next 10 years paper money is still will always be used.

It's better to always be conservative with our prediction, this world does not only run for selected people. We have a big population that composes of different status in life, digital money is very effective to those who need and wants to use it. But look outside the box, you will see that in the other side, majority of the population are still not into technology when it comes to online transaction and they will remain dependent on transacting using paper money

Yeah, better safe than sorry

It is interesting when (or whether at all) people will ever start using digital money (Bitcoin, electronic fiat, or whatever) en masse in the future. On the one hand, some folks have difficult times coping with computers as such (e.g. sending emails, using social networks and similar things), but these are mostly from older generations (most likely, they just don't want to learn anything new). On the other hand, just a couple centuries ago most people were completely illiterate and couldn't even read, so there is hope

Japinat

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Quote from: icecube45 on March 01, 2017, 08:28:10 AM

Quote from: deppil on March 01, 2017, 05:46:21 AM

Quote from: MONKEYJUNK on February 28, 2017, 06:12:24 PM

Like many people already said is that the paper money future is not so good because it has the digital word against.
Everything these days will get digital the world is really changing.

I think the future really will make paper money dies or no longer used. now even been seen that digital money is already starting to master in any transaction.

Yes indeed now digital money is already widely used for transactions but I think it will not make paper money is gone / dead. Digital money that is widely used now only as an alternative payment and it does not decrease interest in the use paper money. Paper money will always be there and circulate because there will always be used for direct transactions, until now the demand paper money is still high. For the next 10 years paper money is still will always be used.

It's better to always be conservative with our prediction, this world does not only run for selected people. We have a big population that composes of different status in life, digital money is very effective to those who need and wants to use it. But look outside the box, you will see that in the other side, majority of the population are still not into technology when it comes to online transaction and they will remain dependent on transacting using paper money.

icecube45

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Quote from: deppil on March 01, 2017, 05:46:21 AM

Quote from: MONKEYJUNK on February 28, 2017, 06:12:24 PM

Like many people already said is that the paper money future is not so good because it has the digital word against.
Everything these days will get digital the world is really changing.

I think the future really will make paper money dies or no longer used. now even been seen that digital money is already starting to master in any transaction.

Yes indeed now digital money is already widely used for transactions but I think it will not make paper money is gone / dead. Digital money that is widely used now only as an alternative payment and it does not decrease interest in the use paper money. Paper money will always be there and circulate because there will always be used for direct transactions, until now the demand paper money is still high. For the next 10 years paper money is still will always be used.

deppil

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Quote from: MONKEYJUNK on February 28, 2017, 06:12:24 PM

Like many people already said is that the paper money future is not so good because it has the digital word against.
Everything these days will get digital the world is really changing.

I think the future really will make paper money dies or no longer used. now even been seen that digital money is already starting to master in any transaction.

Soul Reaper

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I don't think that bitcoin paper money has any future .I have already mentioned this in my few earlier posts.

People slowly new have started to recognize the power of Internet and how useful it would be.
Here crypto currencies would act as a catalyst for this process .
This is because loosing online money to some thief or fraud organization would be difficult as easy it is now for cash.
I would also have a great impact on nature which very less people think off.
I.E - tonnes of wood that is wasted in making paper currency would be minimised.
This implies less cutting of trees so indirectly or directly the environment is also saved.
Also another reason why online transactions will be successful is that it would save the cost of labour which is utilised in making paper notes at factories.
Hence I think that future of paper money is very less.

btvlGainer

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Quote from: Qastessa on March 01, 2017, 03:41:34 AM

Quote from: Natalim on February 28, 2017, 10:00:48 PM

Quote from: zidanw on February 28, 2017, 09:46:16 PM

in 2009 bitcoin be made followed by altcoin and is now a successful crypto currency and many who are interested with virtual currency such as bitcoin, in my opinion someday the paper money will fade

Majority of people who came in the crypto does not really know that there are altcoins, bitcoin is the most popular and in the crypto world and will continue to be the most dominant crypto currencies. Because of the continuing increase of price, some altcoins had slightly losses their value because investors focus their funds on bitcoin. Now, talking about paper money I think this will stay as long as all people will not adopt into digital currencies.

As long as there are active developments of the bitcoin , it will prosper long term.

Yes, you are right, paper money will long live. There are many countries where people do not use plastic cards. Basically this situation in poor countries. About Bitcoin there do not know

Qastessa

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Quote from: Natalim on February 28, 2017, 10:00:48 PM

Quote from: zidanw on February 28, 2017, 09:46:16 PM

in 2009 bitcoin be made followed by altcoin and is now a successful crypto currency and many who are interested with virtual currency such as bitcoin, in my opinion someday the paper money will fade

Majority of people who came in the crypto does not really know that there are altcoins, bitcoin is the most popular and in the crypto world and will continue to be the most dominant crypto currencies. Because of the continuing increase of price, some altcoins had slightly losses their value because investors focus their funds on bitcoin. Now, talking about paper money I think this will stay as long as all people will not adopt into digital currencies.

As long as there are active developments of the bitcoin , it will prosper long term.

Natalim

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Quote from: zidanw on February 28, 2017, 09:46:16 PM

in 2009 bitcoin be made followed by altcoin and is now a successful crypto currency and many who are interested with virtual currency such as bitcoin, in my opinion someday the paper money will fade

Majority of people who came in the crypto does not really know that there are altcoins, bitcoin is the most popular and in the crypto world and will continue to be the most dominant crypto currencies. Because of the continuing increase of price, some altcoins had slightly losses their value because investors focus their funds on bitcoin. Now, talking about paper money I think this will stay as long as all people will not adopt into digital currencies.

zidanw

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in 2009 bitcoin be made followed by altcoin and is now a successful crypto currency and many who are interested with virtual currency such as bitcoin, in my opinion someday the paper money will fade

NEWGOODOUBLE

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Quote from: DoublerHunter on February 28, 2017, 05:18:02 PM

I think there is nothing special about the future of the paper money because there is nothing to change because it is impossible for bitcoin to replace paper money and also paper money supports by the government which makes it nearly impossible to beat by just a piece of technology like bitcoin.

I think bitcoin will not replace paper money. of course because of the government ban. the government would issue a more sophisticated version of course in accordance with the demands of the times

PaymyBills

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I think that paper money will eventually disappear but not in the nearest future. It doesn't mean that another form of solid currency will not exist. It will, but in some other form than paper I think. The non-cash currencies will be in the major someday.

BitDane

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Quote from: MONKEYJUNK on February 28, 2017, 06:12:24 PM

Like many people already said is that the paper money future is not so good because it has the digital word against.
Everything these days will get digital the world is really changing.

Indeed! The paper money is doomed!. Even if the government does not approve cryptocurrency, they still have this digital money in their arsenal and the cashless system that I think is being practiced in some country. If this cashless system is proven to be effective or successful where it was tested then probably this will be adopted by every government.

MONKEYJUNK

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Like many people already said is that the paper money future is not so good because it has the digital word against.
Everything these days will get digital the world is really changing.

DoublerHunter

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I think there is nothing special about the future of the paper money because there is nothing to change because it is impossible for bitcoin to replace paper money and also paper money supports by the government which makes it nearly impossible to beat by just a piece of technology like bitcoin.

vrm86

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Quote from: Fatanut on February 28, 2017, 05:39:10 AM

Quote from: Kollor on February 27, 2017, 09:08:43 PM

Quote from: vrm86 on February 27, 2017, 02:05:42 PM

Simple solutions are most effective, so I think that cash will survive all more advanced means of payment. It can be used anywhere, by anyone and anytime. you don't need network access or even electricity. It's hard to track down and easy to hide (that depends on amount). However, paper money can be counterfeited, it's also vulnerable to fire, flood and many other hazards. I think that one day we will back to money based on rare ores, like gold and silver.

We are not going back to that point in life where we have to weigh those rare metals in exchange of what we want[1], that is more primitive and I think not efficient of conserving our resources. That would just raise the price of those metals and makes it difficult to make transaction where there is a scarcity of those.

What I see as a [2]solution to that is to produce paper money that are resilient from fire, and any disasters, which I think is not going to happen that easy, paper money printing is also a business and the cost of it too.

[2] Should it really be paper money? I don't think the materials will still be paper if it can survive disasters and all that. Even gold will be melted by fire. Even other materials will be destroyed by a disaster. It's an absurd idea to produce a paper money that is very durable because it will consume a lot of resources (imagine re-printing all the paper money) and paper money is nothing but a measure of unit (i.e. currency).

This is where the age of digital money takes over. Digital data can't be destroyed by any disaster and it can't be burnt or melted by fire since it's just a data. It's simply a stream of zeros and ones all saved on the Internet.

Ok, where the Internet starts from? From servers, with disks containing all of the data. Moreover, this system needs electricity and network access to remain operational plus electrical circuits can be destroyed by EMP etc... From that perspective, data is more vulnerable than any other 'off-line' medium.

I agree, that some ultra durable and printable notes would be a decent idea, but still cost of manufacturing couldn't exceed it's nominal value to make it reasonable.

EdenHazard

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Quote from: Mia Wallace on February 28, 2017, 09:04:12 AM

Quote from: Dr.Osh on February 27, 2017, 11:05:52 AM

think about paper money, I think it will still always be used. remember this is very much an update of paper money, I think it will still be used as legal tender in the future. it is also the easiest form to use as money.

There will be a time when paper money will give way to electronic money in the future .But for that to happen it will take a really long time as you really cannot implement those things all of a sudden.People have to be educated about the use of online banking and only through that we could reduce the usage of paper money.

indeed but i think it will not automatically erase paper money from the financial world .

it could bitcoin / digital money come as an optional payment rather than the old one like paper money. so both will exist at same time. it wasn't easy to make something well established like paper money to become disappeared , am i right?

danherbias07

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Quote from: Mia Wallace on February 28, 2017, 09:04:12 AM

Quote from: Dr.Osh on February 27, 2017, 11:05:52 AM

think about paper money, I think it will still always be used. remember this is very much an update of paper money, I think it will still be used as legal tender in the future. it is also the easiest form to use as money.

There will be a time when paper money will give way to electronic money in the future .But for that to happen it will take a really long time as you really cannot implement those things all of a sudden.People have to be educated about the use of online banking and only through that we could reduce the usage of paper money.

This two should work with each other not trying to disintegrate one another. Paper money is very helpful from the past up until now. Without it, people from suburbs or the average ones could not transact easily. Small markets also that dont have the capacity to change the way they transact by trading items to paper money will have a lot of problem. Countries without the high end technologies will only get weaken instead of getting stronger by this event.

Topic: The future of the paper money - page 135. (Read 416603 times)