The future of the paper money - page 193.

deisik

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Quote from: Aamir1 on September 25, 2016, 03:22:12 AM

Quote from: Fatanut on September 25, 2016, 01:32:06 AM

Let's face the fact that our population is just a small percentage in the population of the whole world. There's 800K users in this forum, some even have plenty of alts and there are other Bitcoin users that aren't registered in this forum. Even if we add all of them, it's still not enough to influence the remaining ~6 billion people. The paper money would stay for a long time, it can't be replaced easily by crypto-currency.

Exactly, people say that majority has an authority, so the users of bitcoin community are nothing compared to the users of the world using fiat money, they would probably not let it happen that soon, maybe after many years that happens as fiat has been around for centuries and it is widely trusted in the whole world.

People are mindless sheeple en masse that are being led down the paths of life by a sort of shepherd. That wouldn't be much of a problem for individuals (such as bitcoiners) who want to pursue their own ways and which don't want to blindly follow the shepherd, but people are also very intolerable to an allegedly black sheep among them...

Unless it becomes a new shepherd (or Judas goat, just in case)

wibuindon

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I think paper money has so much pride in it and wont be going anywhere else bitcoin will remain just a internet currency and won't replace fiat.

freedomgo

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Quote from: BlackPanda on September 25, 2016, 03:31:07 AM

Quote from: Kotone on September 25, 2016, 03:01:19 AM

The fact here is you bitcoin can't disappear the paper money we are using this since bitcoin is not a part of community we all using paper since we born on earth and we still using it to buy bitcoin it has a bitcoin potenial to grow more our community and economics soon paper money is very important

I agree with you . the power of paper money will still be used by many people in this world. even in some places still do not have a good infrastructure, paper money is spearheading an economy.

We cannot deny the fact that we will not enjoy life without paper money, not all the establishments and businesses will adopt to bitcoin even if it will be come very popular, paper money is the simplest money that everyone can use without any complicity.

BlackPanda

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Quote from: Kotone on September 25, 2016, 03:01:19 AM

The fact here is you bitcoin can't disappear the paper money we are using this since bitcoin is not a part of community we all using paper since we born on earth and we still using it to buy bitcoin it has a bitcoin potenial to grow more our community and economics soon paper money is very important

I agree with you . the power of paper money will still be used by many people in this world. even in some places still do not have a good infrastructure, paper money is spearheading an economy.

Aamir1

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Quote from: Fatanut on September 25, 2016, 01:32:06 AM

Let's face the fact that our population is just a small percentage in the population of the whole world. There's 800K users in this forum, some even have plenty of alts and there are other Bitcoin users that aren't registered in this forum. Even if we add all of them, it's still not enough to influence the remaining ~6 billion people. The paper money would stay for a long time, it can't be replaced easily by crypto-currency.

Exactly, people say that majority has an authority, so the users of bitcoin community are nothing compared to the users of the world using fiat money, they would probably not let it happen that soon, maybe after many years that happens as fiat has been around for centuries and it is widely trusted in the whole world.

Kotone

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The fact here is you bitcoin can't disappear the paper money we are using this since bitcoin is not a part of community we all using paper since we born on earth and we still using it to buy bitcoin it has a bitcoin potenial to grow more our community and economics soon paper money is very important

deisik

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Quote from: ObscureBean on September 25, 2016, 02:28:58 AM

Quote from: deisik on September 23, 2016, 03:20:04 AM

Quote from: Daneric on September 23, 2016, 02:55:44 AM

Quote from: nova-rider on September 22, 2016, 11:58:36 PM

Interesting thoughts, I believe that over time the paper money will become obsolete. The convenience of electronic payment systems brings great market opportunities ahead.

It is a pity that paper moneyight become obsolete with time buy it has its own conciniency. Electronic currencies depend on technology which can fail at one time. Imagine a situation where there is total lack of internet even for just 5 minutes. I bet trillions will be lost over the world.

What do you mean by trillions lost? No money will be lost even if there is a total blackout, not just some internet connection severed. A few monies may not get earned, indeed, but certainly not in the range of trillions unless there is no more electricity for good (just like in the Revolution movie series). Beside that, digital currencies started off decades before Internet...

The technology behind electronic funds transfer (wire transfer) had been developed in the late 1950s - early 1960s

He's not entirely wrong though, after all we live in a world where time is money. If Bitcoin is the most used currency in the world and the internet goes down for a few minutes, it is likely companies worldwide would experience sizable losses. Also you can't really compare crypto to wire transfer, wire transfer may be electronic but the actual money is physical and can be used independently of electricity, internet etc.

The inference is that Bitcoin will never become a mainstream money simply for the lack of sufficient robustness. You can cut Internet, you can switch off electricity, and you can still use today's money (though on a lesser scale but still). For Bitcoin to become ultimately unusable and thrown away eventually, it is enough just to isolate a few large Internet segments from each other (for example, cut Europe and Asia from Americas), and Bitcoin is pretty much done with...

Provided it somehow becomes the most widely used currency across the world in the first place

Tanic

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Quote from: Fatanut on September 25, 2016, 01:32:06 AM

Let's face the fact that our population is just a small percentage in the population of the whole world. There's 800K users in this forum, some even have plenty of alts and there are other Bitcoin users that aren't registered in this forum. Even if we add all of them, it's still not enough to influence the remaining ~6 billion people. The paper money would stay for a long time, it can't be replaced easily by crypto-currency.

That is the true that today the number of bitcoin users is very small in all the mass of people on the Earth. buit this number is growing.
I just want to say is it bitcoin or ordinary well known dollar - today many financial operations are provide through the interntet, people are paying almost for everything with cards. So it is already mean that people use paper money rearly. And in USA and Europe it became normally this days. So I think that will spread on other countries as well. And that fact is showing that paper money are becoming our past.

ObscureBean

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Quote from: deisik on September 23, 2016, 03:20:04 AM

Quote from: Daneric on September 23, 2016, 02:55:44 AM

Quote from: nova-rider on September 22, 2016, 11:58:36 PM

Interesting thoughts, I believe that over time the paper money will become obsolete. The convenience of electronic payment systems brings great market opportunities ahead.

It is a pity that paper moneyight become obsolete with time buy it has its own conciniency. Electronic currencies depend on technology which can fail at one time. Imagine a situation where there is total lack of internet even for just 5 minutes. I bet trillions will be lost over the world.

What do you mean by trillions lost? No money will be lost even if there is a total blackout, not just some internet connection severed. A few monies may not get earned, indeed, but certainly not in the range of trillions unless there is no more electricity for good (just like in the Revolution movie series). Beside that, digital currencies started off decades before Internet...

The technology behind electronic funds transfer (wire transfer) had been developed in the late 1950s - early 1960s

He's not entirely wrong though, after all we live in a world where time is money. If Bitcoin is the most used currency in the world and the internet goes down for a few minutes, it is likely companies worldwide would experience sizable losses. Also you can't really compare crypto to wire transfer, wire transfer may be electronic but the actual money is physical and can be used independently of electricity, internet etc.

Fatanut

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Let's face the fact that our population is just a small percentage in the population of the whole world. There's 800K users in this forum, some even have plenty of alts and there are other Bitcoin users that aren't registered in this forum. Even if we add all of them, it's still not enough to influence the remaining ~6 billion people. The paper money would stay for a long time, it can't be replaced easily by crypto-currency.

freedomgo

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Quote from: carlfebz2 on September 23, 2016, 11:08:09 PM

Quote from: btcking101 on September 23, 2016, 11:33:28 AM

I love paper money more than anyone else.Yes i love bitcoin alot but any one would love paper money in his hand than bitcoins or any other crypto-currency in this wallet.So i dont think paper money's future will be effected by the bitcoin.You can show the power of paper money anywhere while many doesnt even know about bitcoins.

Strongly agreed with your statement, people would surely love to use fiat money than spending bitcoin on their pockets and also paper currency is being used since in the beginning of time even how bitcoin would be succesful in the future theres no possibility that it would replace paper currency anytime soon. Bitcoin does also depend on paper currency value , if fiat would be useless then bitcoin would also be useless too.

When I have so much paper money in my wallet I feel rich than having more bitcoin in my wallet, that is the big difference maybe as the perception of the majority bitcoin has no worth without fiat, and the fact that only few of us knows about bitcoin we should choose to use fiat in spending.

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Quote from: btcking101 on September 23, 2016, 11:33:28 AM

I love paper money more than anyone else.Yes i love bitcoin alot but any one would love paper money in his hand than bitcoins or any other crypto-currency in this wallet.So i dont think paper money's future will be effected by the bitcoin.You can show the power of paper money anywhere while many doesnt even know about bitcoins.

Strongly agreed with your statement, people would surely love to use fiat money than spending bitcoin on their pockets and also paper currency is being used since in the beginning of time even how bitcoin would be succesful in the future theres no possibility that it would replace paper currency anytime soon. Bitcoin does also depend on paper currency value , if fiat would be useless then bitcoin would also be useless too.

Cast12

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Paper money would most definitely be used in the future since it is tied to bitcoin(off-topic question: do people buy bitcoin with gold, and vice versa?). If there was a mass adoption of bitcoin then that would be great but I don't see that happening any time soon.

btcking101

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I love paper money more than anyone else.Yes i love bitcoin alot but any one would love paper money in his hand than bitcoins or any other crypto-currency in this wallet.So i dont think paper money's future will be effected by the bitcoin.You can show the power of paper money anywhere while many doesnt even know about bitcoins.

pocarime32

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I'm sure people will keep using the paper money even the digital money comes. Because not all people accept "new" money, especially on a country that still low about technology.

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Quote from: vero on September 23, 2016, 10:55:23 AM

Quote from: mindrust on September 23, 2016, 10:33:52 AM

I know both bitcoin and gold pumped and dumped hard in the past. That is why i took a long time frame as an example. That is why i said, i hold cash for 2-4 years and gold/btc for 5+ years. In the long run, cash is a loser. Both Bitcoin and gold will be winners against USD in the long run. You know why? Because you cant make them.

did you sure with that in 5+ years both investment will give you a profit because only if the price increase but if the price down you will loses your money it's different with you hold a money in bank.

Tbh, I am not sure of bitcoin. I am with deisik in this matter as i really don't know if bitcoin gonna make another 5 years. That's why i wouldn't put everything i got into bitcoin. Risky move. %5 would be safe. %10+ would be an adventure.

But gold will be there. It will make you profit, I know it because on a time frame longer than 5 years, who can guarantee that everything will go as we expect them to go? There will always be financial crisises (in like every 7 years) and people will always buy gold to get protected.

Gold can't lose value.

End of the story.

p.s: i hold %95 usd, %1btc, %4 gold atm. (I aim to get %3 btc, and %10 gold) Planning to buy a house. No need volatility, as i need more stability. :)But those gold and bitcoins there i got will never gonna get converted into USD in the next 5+ years. If gold or bitcoin makes a massive drop, i will buy more. Because that's when you make profits. You gotta buy them cheap if you wanna make profit

After i got my house, will replace the numbers and gold will be the majority.

Rostadom

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I don't think paper money would vanish in the future. If so, what are they going to do with the existing paper money? Burn it? I think not, the government gives a lot of value with their money. They won't just let a crypto-currency take over. There will be a lot of issues about it and the media would surely be used by the government to control the common people.

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Quote from: Fadsiman on September 23, 2016, 10:56:16 AM

Quote from: deisik on September 23, 2016, 10:40:27 AM

Quote from: mindrust on September 23, 2016, 10:33:52 AM

I know both bitcoin and gold pumped and dumped hard in the past. That is why i took a long time frame as an example. That is why i said, i hold cash for 2-4 years and gold/btc for 5+ years. In the long run, cash is a loser. Both Bitcoin and gold will be winners against USD in the long run. You know why? Because you cant make them.

It is not even given that Bitcoin will still exist in 5+ years. Nevertheless, you have only 1 year for gold and 2 years for Bitcoin left until your plans of holding tight start to massively lose ground. If I remember correctly, we haven't yet even reached the inflation adjusted ATH of gold which has been sticking around for over 30 years...

Are you ready to wait another 30 years?

That is right for the gold. But the bitcoin has more potential to rise. It has much fewer invesotrs than the gold at present.

That's what I hope for myself. Namely, that Bitcoin will profit handsomely from fiat currencies competitive devaluations. In fact, all it needs to do is just stick around for a few more years until this or that major fiat currency spectacularly collapses (euro seems to be everyone's favorite here), and peeps start running from it into Bitcoin...

And that would be worth seeing

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Quote from: deisik on September 23, 2016, 10:40:27 AM

Quote from: mindrust on September 23, 2016, 10:33:52 AM

I know both bitcoin and gold pumped and dumped hard in the past. That is why i took a long time frame as an example. That is why i said, i hold cash for 2-4 years and gold/btc for 5+ years. In the long run, cash is a loser. Both Bitcoin and gold will be winners against USD in the long run. You know why? Because you cant make them.

It is not even given that Bitcoin will still exist in 5+ years. Nevertheless, you have only 1 year for gold and 2 years for Bitcoin left until your plans of holding tight start to massively lose ground. If I remember correctly, we haven't yet even reached the inflation adjusted ATH of gold which has been sticking around for over 30 years...

Are you ready to wait another 30 years?

That is right for the gold. But the bitcoin has more potential to rise. It has much fewer invesotrs than the gold at present.

vero

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Quote from: mindrust on September 23, 2016, 10:33:52 AM

I know both bitcoin and gold pumped and dumped hard in the past. That is why i took a long time frame as an example. That is why i said, i hold cash for 2-4 years and gold/btc for 5+ years. In the long run, cash is a loser. Both Bitcoin and gold will be winners against USD in the long run. You know why? Because you cant make them.

did you sure with that in 5+ years both investment will give you a profit because only if the price increase but if the price down you will loses your money it's different with you hold a money in bank.

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