The future of the paper money - page 157.

diegz

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Quote from: Rinder on January 13, 2017, 09:50:03 AM

China is already working into their digital currencie, another altcoin, but as i know it will be centralized, soo it will give others countries the time and the vision to see what will happen with those. I dont see paper money being present on the next 30 years, almost all people does have a phone and internet its getting cheaper, soon it will be free and only phone had to be bought.

china I think could do whatever they want, Now they are about to release their own digital money. It's centralized for sure and most probably it will be a manipulated and regulated one.

But anyway, back to the topic, I still don't see paper money disappear in the next years, the creation of digital money could only decrease the use of paper money but for sure it will still be there, and if paper money has no use in the future, it will still be present, just remember those postage stamps, not needed but still present and being collected.

Rinder

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China is already working into their digital currencie, another altcoin, but as i know it will be centralized, soo it will give others countries the time and the vision to see what will happen with those. I dont see paper money being present on the next 30 years, almost all people does have a phone and internet its getting cheaper, soon it will be free and only phone had to be bought.

Bitcoin0916

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Quote from: Attaman on January 11, 2017, 05:09:08 PM

Paper money is normal a good pay method but everything is indeed getting more digital and due to that we can say that it will disappear in about 20 years from now without any doubts.

Assuming that paper money would disappear unlikely to ever happen. behold now, data storage technology is very advanced, but all of them are still using paper. just as later, though the use of digital money is already massive, any country will keep the paper money.

Rosberger

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Quote from: Attaman on January 11, 2017, 05:09:08 PM

Paper money is normal a good pay method but everything is indeed getting more digital and due to that we can say that it will disappear in about 20 years from now without any doubts.

Yes we still have to see what is gonna happen of course but most likely it will slowly disappear over the years that are coming.

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Quote from: LovelyPrey on January 13, 2017, 06:37:12 AM

Well, ultimately, it all depends on the adoption of bitcoin. But I don't think that paper money will be diminished anytime soon. It's true that we are living in a fast-paced and digital world, but technology itself has some flaws and we want to make sure that we have a fallback in case digital currency takes its place in society. Because I'm sure that people will always want something that they can hold on to.

If a lot of people start using and promoting it, the end of paper money is inevitable but if the public leans the other way, then it will never be possible. It's just a matter of which one is more accessible and easy to use for the public.

On top of that, many people already are used to trusting banks, so it will be hard for them to trust technology in order to switch to bitcoin. Many people are afraid of hacks, scams and other security issues. This is one of the major issues to overcome.

You're right there and digital currency mainly relies on online access and connection which not only is unavailable in some parts of the world, but is prone to sabotage and manipulation. A lot of people still feel safer if they hols their money physically in their hands

LovelyPrey

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Well, ultimately, it all depends on the adoption of bitcoin. But I don't think that paper money will be diminished anytime soon. It's true that we are living in a fast-paced and digital world, but technology itself has some flaws and we want to make sure that we have a fallback in case digital currency takes its place in society. Because I'm sure that people will always want something that they can hold on to.

If a lot of people start using and promoting it, the end of paper money is inevitable but if the public leans the other way, then it will never be possible. It's just a matter of which one is more accessible and easy to use for the public.

On top of that, many people already are used to trusting banks, so it will be hard for them to trust technology in order to switch to bitcoin. Many people are afraid of hacks, scams and other security issues. This is one of the major issues to overcome.

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Quote from: jossiel on January 13, 2017, 12:39:37 AM

Quote from: marcoman22 on January 13, 2017, 12:27:39 AM

Paper money would still survive. In india also, same measures are taken to convert people to cashless transactions. They have banned most notes and it has caused lots of inconveniences to people. Most people know only about paper money. Security is also a big issue in digital transactions as you lots of news coming about credit card passwords stolen. Paper money would be in existence but its usage will be much less compared to current situation.

That's why paper money will always be important and what happened to India upon banning their rs' did really made a lot of inconvenience.

I feel sorry for those people there. Security is really not guaranteed in digital transactions and so with digital wallets because a lot of cases that many invaders manage to monitor those people.

And it is hard to make yourself secured from it as long as you are connected in internet. Everyone is watching you.

There will be always a need for paper money.

There's no perfect method or system that we can use where we can avoid others from watching us, what you are pointing is only the negative things about online transaction but if you could see how many crimes committed in a day due to stealing money and robbers rob banks to get deposits you can say that it's more safer with online transaction. Now, we have bitcoin that we can be anonymous, hence it makes it more safer. Paper money is convenient but not safe enough though.

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Quote from: marcoman22 on January 13, 2017, 12:27:39 AM

Paper money would still survive. In india also, same measures are taken to convert people to cashless transactions. They have banned most notes and it has caused lots of inconveniences to people. Most people know only about paper money. Security is also a big issue in digital transactions as you lots of news coming about credit card passwords stolen. Paper money would be in existence but its usage will be much less compared to current situation.

That's why paper money will always be important and what happened to India upon banning their rs' did really made a lot of inconvenience.

I feel sorry for those people there. Security is really not guaranteed in digital transactions and so with digital wallets because a lot of cases that many invaders manage to monitor those people.

And it is hard to make yourself secured from it as long as you are connected in internet. Everyone is watching you.

There will be always a need for paper money.

marcoman22

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Paper money would still survive. In india also, same measures are taken to convert people to cashless transactions. They have banned most notes and it has caused lots of inconveniences to people. Most people know only about paper money. Security is also a big issue in digital transactions as you lots of news coming about credit card passwords stolen. Paper money would be in existence but its usage will be much less compared to current situation.

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Quote from: acroman08 on January 12, 2017, 04:20:27 PM

Quote from: millgates on January 11, 2017, 05:55:09 PM

Quote from: mornabo on January 11, 2017, 05:45:16 PM

Quote from: Attaman on January 11, 2017, 05:09:08 PM

Paper money is normal a good pay method but everything is indeed getting more digital and due to that we can say that it will disappear in about 20 years from now without any doubts.

yeah something obsolete will be replaced with something new, more sophisticated, I know that paper money is very easy to use, but the digital money will be easier and will replace it in the future

I agree, thats because bitcoin is better than fiat. For me bitcoin is as worth as gold. Some people is get saturated of using fiat then they convert it into gold or bitcoin. Bitcoin brings so many adavntage for us such no inflation.

I hope you realize that if the paper money disappears doesn't mean bitcoin will replace it. and IF paper money did disappear governments will just create their own digital currency which they can control just like paper money.

Everything is under the control of the government, if ordinary people can make a bitcoin like sytem, the government can easily make the same. Digital currency might be the trend in the future but I doubt if that will eliminate the popularity of paper money, it's still convenient to use paper money.

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Quote from: millgates on January 11, 2017, 05:55:09 PM

Quote from: mornabo on January 11, 2017, 05:45:16 PM

Quote from: Attaman on January 11, 2017, 05:09:08 PM

Paper money is normal a good pay method but everything is indeed getting more digital and due to that we can say that it will disappear in about 20 years from now without any doubts.

yeah something obsolete will be replaced with something new, more sophisticated, I know that paper money is very easy to use, but the digital money will be easier and will replace it in the future

I agree, thats because bitcoin is better than fiat. For me bitcoin is as worth as gold. Some people is get saturated of using fiat then they convert it into gold or bitcoin. Bitcoin brings so many adavntage for us such no inflation.

I hope you realize that if the paper money disappears doesn't mean bitcoin will replace it. and IF paper money did disappear governments will just create their own digital currency which they can control just like paper money.

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Quote from: jaysabi on January 11, 2017, 02:14:43 PM

Quote from: South Park on January 11, 2017, 12:45:34 PM

Quote from: mornabo on January 07, 2017, 05:57:36 PM

Quote from: hatshepsut93 on January 07, 2017, 06:26:20 AM

Governments also prefer digital money over paper, because it's very easy to track transactions. Cash is the main form of money for black market right now, and it's also used for tax evasions and other illegal activities. So, I think people will be reaching towards crypto currencies as governments push people away frosh cash.

using digital money, the government can control the velocity of money and where the money someone will go. yeah I think the government will just love it but is it that could make paper money disappear?

The government cannot control the velocity of money, that is something controlled by the users of fiat, all of us, they can try but history has showed us they always fail, besides when the government tries to control the velocity of money is because something way worst is happening like big inflation.

The central bank does indeed control the pace of money creation through the use of interest rates. The central bank prints physical notes, but more money is created through fractional reserve banking, which is mostly digital. By raising the interest rates banks pay to the federal reserve, they can control the rate at which the banks are able to create new money through fractional reserve banking. By lowering the rates, the opposite happens.

That is a mistake, that is not money velocity, that is money supply a different term, money velocity refers to how fast money changes hands, and that is not controlled by the government, when the velocity of money is very fast it means that no one wants to hold fiat for long periods of time and if that is happening then inflation must be out of control.

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Quote from: mornabo on January 11, 2017, 05:45:16 PM

Quote from: Attaman on January 11, 2017, 05:09:08 PM

Paper money is normal a good pay method but everything is indeed getting more digital and due to that we can say that it will disappear in about 20 years from now without any doubts.

yeah something obsolete will be replaced with something new, more sophisticated, I know that paper money is very easy to use, but the digital money will be easier and will replace it in the future

paper money will remain till last and it will not disappear even after 20 years but the use of paper money will be reduced much and maybe from some hands it disappear but will not escape from market and the use of bitcoin will be everywhere which is sure to happen.

millgates

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Quote from: mornabo on January 11, 2017, 05:45:16 PM

Quote from: Attaman on January 11, 2017, 05:09:08 PM

Paper money is normal a good pay method but everything is indeed getting more digital and due to that we can say that it will disappear in about 20 years from now without any doubts.

yeah something obsolete will be replaced with something new, more sophisticated, I know that paper money is very easy to use, but the digital money will be easier and will replace it in the future

I agree, thats because bitcoin is better than fiat. For me bitcoin is as worth as gold. Some people is get saturated of using fiat then they convert it into gold or bitcoin. Bitcoin brings so many adavntage for us such no inflation.

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Quote from: Attaman on January 11, 2017, 05:09:08 PM

Paper money is normal a good pay method but everything is indeed getting more digital and due to that we can say that it will disappear in about 20 years from now without any doubts.

yeah something obsolete will be replaced with something new, more sophisticated, I know that paper money is very easy to use, but the digital money will be easier and will replace it in the future

Attaman

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Paper money is normal a good pay method but everything is indeed getting more digital and due to that we can say that it will disappear in about 20 years from now without any doubts.

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In the nearest future i think paper money will disappear, because banks are doing everything for us to pay with cards, not with cash. The same goes for cryptocurrencies, online payments for the bills and etc. Why the heck you need a bunch of paper money if you have a card or internet, which you can use everywhere nowadays Cool

Darwintas

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The future of the paper money is not so good because of the fact that everything will be digital in the future all over the world, paper money will never disappear fully but it will partly.

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Quote from: jaysabi on January 11, 2017, 02:14:43 PM

Quote from: South Park on January 11, 2017, 12:45:34 PM

Quote from: mornabo on January 07, 2017, 05:57:36 PM

Quote from: hatshepsut93 on January 07, 2017, 06:26:20 AM

Governments also prefer digital money over paper, because it's very easy to track transactions. Cash is the main form of money for black market right now, and it's also used for tax evasions and other illegal activities. So, I think people will be reaching towards crypto currencies as governments push people away frosh cash.

using digital money, the government can control the velocity of money and where the money someone will go. yeah I think the government will just love it but is it that could make paper money disappear?

The government cannot control the velocity of money, that is something controlled by the users of fiat, all of us, they can try but history has showed us they always fail, besides when the government tries to control the velocity of money is because something way worst is happening like big inflation.

The central bank does indeed control the pace of money creation through the use of interest rates. The central bank prints physical notes, but more money is created through fractional reserve banking, which is mostly digital. By raising the interest rates banks pay to the federal reserve, they can control the rate at which the banks are able to create new money through fractional reserve banking. By lowering the rates, the opposite happens

You seem to be confusing something here

Obviously, you refer to reserve requirements which are the amounts that commercial banks are obliged to hold at the Fed (if we are talking about the US). The interest rates (federal funds rates) you refer to are the rates at which banks offer their excess reserve balances as short term (typically overnight) loans to other banks which fall short for money, for example, due to cash gaps. Moreover, in some countries (e.g. in Canada) banks don't have to keep any reserves at the central bank, i.e. their reserve requirements are equal to 0

StevensonCarl

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It will be less more used but still will stay existing because we still need it for some payments and some countries cannot go fully digital.

Topic: The future of the paper money - page 157. (Read 416566 times)