The future of the paper money - page 163.

farl2web

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Quote from: Mastsetad on December 28, 2016, 11:35:35 AM

Quote from: avikz on December 28, 2016, 10:15:02 AM

The future of paper money seems brighter tan ever. I see no threat to the future of paper money. Obviously most of the government is trying to introduce cashless transaction and promotion digital awareness, but that doesn't mean that paper money will be worthless.

The economy size of the country will be determined by the money available in the country physically and not electronically. So paper money will never be worthless even after 20 years.

20 years is a really small period of time, we should think about higher then that, and for sure there are chances of digital money taking over paper money in future, because every thing has to be updated once after it gets too old and now the technology has reached to the sky and i'm sure this revolution will take place too.

As for me, the paper money is also very useful, and I tell the truth really will be upset if they cease to exist. I think that their life will still continue, but how much long I do not know.

Mastsetad

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Quote from: avikz on December 28, 2016, 10:15:02 AM

The future of paper money seems brighter tan ever. I see no threat to the future of paper money. Obviously most of the government is trying to introduce cashless transaction and promotion digital awareness, but that doesn't mean that paper money will be worthless.

The economy size of the country will be determined by the money available in the country physically and not electronically. So paper money will never be worthless even after 20 years.

20 years is a really small period of time, we should think about higher then that, and for sure there are chances of digital money taking over paper money in future, because every thing has to be updated once after it gets too old and now the technology has reached to the sky and i'm sure this revolution will take place too.

avikz

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The future of paper money seems brighter tan ever. I see no threat to the future of paper money. Obviously most of the government is trying to introduce cashless transaction and promotion digital awareness, but that doesn't mean that paper money will be worthless.

The economy size of the country will be determined by the money available in the country physically and not electronically. So paper money will never be worthless even after 20 years.

lionheart78

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Quote from: farhaan on December 28, 2016, 08:54:07 AM

Paper currency will last and it cannot be destroyed. But due to the progress in digital currencies, use of paper currency will get reduced to a large extent. In india, the government is trying to ban paper currency totally by demonitising , but they are now facing serious consequences. So, paper currency cannot be totally avoided.

I don't think so, paper money is currently in danger of being replaced by digital currency or electronic money. Government are now looking at the Cashless society where paper money is not needed. If ever the study and experiment of implementation of Cashless Society succeed, then probably we won't be seeing paper money anytime soon. There goes the saying:

".“The Only Thing That Is Constant Is Change -"

... Heraclitus

farhaan

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Paper currency will last and it cannot be destroyed. But due to the progress in digital currencies, use of paper currency will get reduced to a large extent. In india, the government is trying to ban paper currency totally by demonitising , but they are now facing serious consequences. So, paper currency cannot be totally avoided.

virtualkeybuyer

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Quote from: brian_23452 on December 12, 2016, 09:35:02 AM

the paper money has been existing for now so people will want to prefer paper money because of it convenient and it worth so on like bitcoin every developing in the world country today are still using coin so with bitcoin still better chances to be preferred in times to come so for the fact that it has good potentials.

It is convenient to pay paper money for any purchase which is occurred face to face but carrying paper money nowadays is much hard as there is risk of robbers and thieves. while with digital money we do not feel any fear of these type of threats. In the future I believe that paper money will exist and will have the same value as now but most people will use digital money and digital ways of transactions.

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Quote from: Mometaskers on December 28, 2016, 12:05:03 AM

They might remove PAPER money but I doubt goverments would give up on their currencies that easily. They're much more likely to encourage the use of cashless transactions. That's already the case now for many people. Have your pay sent directly to your bank account, use debit/credit card for purchases, it wouldn't take that long for them to just get rid of the paper money. If you think about it, they might like that better since they save expenses by not printing.

They cannot completely remove paper money, imagine how many centuries paper money has already serve us and people are already very comfortable using it especially those people who lives in the country or area where online transaction is not popular.

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They might remove PAPER money but I doubt goverments would give up on their currencies that easily. They're much more likely to encourage the use of cashless transactions. That's already the case now for many people. Have your pay sent directly to your bank account, use debit/credit card for purchases, it wouldn't take that long for them to just get rid of the paper money. If you think about it, they might like that better since they save expenses by not printing.

Jambolb2

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Quote from: rajasumi3 on December 26, 2016, 03:17:47 PM

I think u are only talking about fiat currency which is not different at all .and there will be no paper money at all .and hope bitcoins rise to a next level .

Paper money system wont get vanished so easily as it has been used for centuries in the world and people wont just let it go like that because there are people in the world who does not know anything about technology so how would they manage if the monetary system of the world get digitalized?

rajasumi3

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I think u are only talking about fiat currency which is not different at all .and there will be no paper money at all .and hope bitcoins rise to a next level .

deisik

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Quote from: Pasutinmeur on December 19, 2016, 11:58:25 AM

Quote from: brian_23452 on December 12, 2016, 09:35:02 AM

the paper money has been existing for now so people will want to prefer paper money because of it convenient and it worth so on like bitcoin every developing in the world country today are still using coin so with bitcoin still better chances to be preferred in times to come so for the fact that it has good potentials.

If you have large amount of paper money in India, you might be in big trouble now as the government will change the money.

I don't know what's going on in India right now, but it may well be along the events that happened in 1991 in the former Soviet Union

Namely, on January 23d of that year the Soviet government carried out a confiscatory monetary reform. Late in the evening of the precious day they declared on the TV that the old 50 and 100 ruble notes (the highest denominations back then) should be exchanged for the new ones with severe restrictions. The reform lasted only 3 days, and no more than 1,000 rubles per person had been allowed to be exchanged. Apart from that, the amount of money which a single person could withdraw at the Savings Bank of the USSR was also limited to no more than 500 rubles monthly. To avoid multiple withdrawals by the same individual in different branches of that bank, records of the amounts withdrawn were made on the last pages of the passport of each such individual. Because to this reform many ordinary people lost their lifetime savings

Pasutinmeur

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Quote from: brian_23452 on December 12, 2016, 09:35:02 AM

the paper money has been existing for now so people will want to prefer paper money because of it convenient and it worth so on like bitcoin every developing in the world country today are still using coin so with bitcoin still better chances to be preferred in times to come so for the fact that it has good potentials.

If you have large amount of paper money in India, you might be in big trouble now as the government will change the money.

brian_23452

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the paper money has been existing for now so people will want to prefer paper money because of it convenient and it worth so on like bitcoin every developing in the world country today are still using coin so with bitcoin still better chances to be preferred in times to come so for the fact that it has good potentials.

deisik

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Quote from: bhadz on December 11, 2016, 02:06:58 PM

Quote from: Shenzou on December 11, 2016, 01:40:11 PM

If you think about it bitcoin only exists because internet exists so as long as internet is here so is the bitcoin, but if the internet goes down people will go back to the old ways and that is paper money because we don't live alone we always need that human interaction even if everything is done online nowadays.

Internet cannot go down either as it is used by all the government bodies all over the world. And all businesses are using internet so it is impossible that internet will be down unless a war will happen very soon and we are not able to connect to internet and bitcoin for all infrastructures are going to be destroyed.

Internet certainly won't go down

But this doesn't mean that governments couldn't try to limit Bitcoin usage through creating massive hurdles on using it in Internet. As there is already the Great Firewall of China (for those who are going to discard this idea out of hand), we could just as well expect the governments to establish something like the United Nations Bitcoin Firewall. Apparently, it won't stop people from using Bitcoin, but it would heavily hurt its further adoption among population

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Quote from: Shenzou on December 11, 2016, 01:40:11 PM

If you think about it bitcoin only exists because internet exists so as long as internet is here so is the bitcoin, but if the internet goes down people will go back to the old ways and that is paper money because we don't live alone we always need that human interaction even if everything is done online nowadays.

Internet cannot go down either as it is used by all the government bodies all over the world. And all businesses are using internet so it is impossible that internet will be down unless a war will happen very soon and we are not able to connect to internet and bitcoin for all infrastructures are going to be destroyed.

Shenzou

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If you think about it bitcoin only exists because internet exists so as long as internet is here so is the bitcoin, but if the internet goes down people will go back to the old ways and that is paper money because we don't live alone we always need that human interaction even if everything is done online nowadays.

BitcoinPC

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Quote from: roomfirst on December 05, 2016, 10:30:10 PM

Quote from: Mario274 on December 02, 2016, 04:29:54 PM

Quote from: FLoving on December 02, 2016, 03:40:31 PM

Quote from: Japinat on December 01, 2016, 09:42:29 PM

Quote from: JANGKRIK BOSS on December 01, 2016, 08:24:35 PM

Paper money will never be replace, not all transactions can be done with digital money, it is like the case with the use of paper for archival main documents or finance documents.

Exactly, even bitcoin users are using paper money for their daily transactions. The fact that it's the government who required as to use paper money as a legal tender to be use for daily transaction that gives us confidence over bitcoin. Government rule the world, they implement laws to protect its people so that makes sense to believe that money will still be strong in the future.

You have right point I was of the view that the people are going to use only digital means of payment in their future life and will forget the paper but with your points I have started to think about the government which is playing a good role in preserving paper money for their nations and will never like to replace it with any other thing/currency.

Many people still do not even know about the existence of Bitcoin. It's still early to say that it will replace paper money. It will take a lot of years before that happens. Maybe this will not happen

Even if the bitcoin already popular, i'm sure people will keep using paper money. Many people still don't know about digital money and lazy to learn about the new thing like bitcoin. Especially like at asian country, in my country paper money still used.

Accept it one thing, if bitcoin cross all the records, but bitcoin can't destroy the paper money. Because bitcoin is here only for paper money, I mean bitcoin has alternative with paper money. Otherwise if paper money finished so how can we use the bitcoin?
It is true and we should accept it that more than half country don't know about digital currency. And even they know that than also paper money always remain in this world.

roomfirst

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Quote from: Mario274 on December 02, 2016, 04:29:54 PM

Quote from: FLoving on December 02, 2016, 03:40:31 PM

Quote from: Japinat on December 01, 2016, 09:42:29 PM

Quote from: JANGKRIK BOSS on December 01, 2016, 08:24:35 PM

Paper money will never be replace, not all transactions can be done with digital money, it is like the case with the use of paper for archival main documents or finance documents.

Exactly, even bitcoin users are using paper money for their daily transactions. The fact that it's the government who required as to use paper money as a legal tender to be use for daily transaction that gives us confidence over bitcoin. Government rule the world, they implement laws to protect its people so that makes sense to believe that money will still be strong in the future.

You have right point I was of the view that the people are going to use only digital means of payment in their future life and will forget the paper but with your points I have started to think about the government which is playing a good role in preserving paper money for their nations and will never like to replace it with any other thing/currency.

Many people still do not even know about the existence of Bitcoin. It's still early to say that it will replace paper money. It will take a lot of years before that happens. Maybe this will not happen

Even if the bitcoin already popular, i'm sure people will keep using paper money. Many people still don't know about digital money and lazy to learn about the new thing like bitcoin. Especially like at asian country, in my country paper money still used.

mastica

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Bitcoin has made several companies invest deeply into better solutions to their financial system, besides make a small pression into the digital era that is starting to take their first steps. I do see we changing to digital transactions and forget and stop use printed money on the next 25 years.

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Quote from: Mario274 on December 02, 2016, 04:29:54 PM

Many people still do not even know about the existence of Bitcoin. It's still early to say that it will replace paper money. It will take a lot of years before that happens. Maybe this will not happen

that's right if bitcoin only well known amongst techy person whilst the rest just don't really give a shit even they've heard it,though it's an usual thing because a countries whose fiat aren't really known by people also exist. but at the end it's just matter about the time until bitcoin spreading around and will be popular amongst people around the world

Topic: The future of the paper money - page 163. (Read 416601 times)