The future of the paper money - page 265.

mrhelpful

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Quote from: tn211 on March 14, 2016, 03:40:12 PM

The future of the paper money is very bad if you ask me due to the fact everything is gonna be digital soon or later.
Its just a matter of time in my opinion before it will happen.

Okay, so lets say we did get rid of fiat currency today.

You think the #`s of transactions can hold for everyone with current network? I dont think so.. there needs to be a smaller side chain for daily transactions that dont add up to fees or people wont even consider using it.

tn211

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The future of the paper money is very bad if you ask me due to the fact everything is gonna be digital soon or later.
Its just a matter of time in my opinion before it will happen.

richmcrich

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Paper money has decent future but overall it is mainly becoming digital and electronic methods, excluding bitcoin which is even higher IMO CreditCards and DebitCards are already rising on top of paper money in real life transactions.

Nameless Coin

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Quote from: richmcrich on March 14, 2016, 01:13:28 PM

I think it's too early to actually consider paper money obselete, it's usefulness certainly is less than before Credit/Debit Cards era and now most people use these but paper money still has advantages and acceptance among people "and I think it has a long time of use of paper money".

Paper money is vital in today's economy. Sure there are a lot of CC payments available but in today's economy many merchant still work with paper money.
So there will be the need of/for paper money for quit some time now.

richmcrich

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I think it's too early to actually consider paper money obselete, it's usefulness certainly is less than before Credit/Debit Cards era and now most people use these but paper money still has advantages and acceptance among people "and I think it has a long time of use of paper money".

Altcoinsupporter

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Quote from: BeGoods on March 14, 2016, 10:35:51 AM

Quote from: tampazeus on March 12, 2016, 03:24:02 PM

Quote from: tommorisonwebdesign on March 12, 2016, 01:35:13 PM

Paper money is always going to be needed in the future. Many people still don't even know what a Bitcoin is. In addition, many of the world's economies rely on printing it's own money. What we might see is a state sponsored altcoin to compete with Bitcoin. Banks are not in favor of Bitcoin.

Yes the future of paper money is safe and it don't have any threat from bitcoins even now and not even in future as if you compare the uses of bitcoins with fiat then you can get your answer very easily and its never easy to disappear the paper money so easily.

I would say that may only be a few people who use paper money. banknotes will remain valuable even though. I'll admit that digital era where all financial transactions will be completely wiht online. the proof is already visible when you use a credit card for the transaction. for most people rarely carry cash in their wallet. is true

We all hope that Bitcoin will be the most used as a payment method. But you never know what can happen.
If the value will go down of Bitcoin than nobody will use it and that will be very bad.

phreaky

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Paper money will not disappear, but it will reduce of course. We all know that Bitcoin will be more used in the future.
And that is very good because the world is becoming more digital and that is very good also for Bitcoin.

BeGoods

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Quote from: tampazeus on March 12, 2016, 03:24:02 PM

Quote from: tommorisonwebdesign on March 12, 2016, 01:35:13 PM

Paper money is always going to be needed in the future. Many people still don't even know what a Bitcoin is. In addition, many of the world's economies rely on printing it's own money. What we might see is a state sponsored altcoin to compete with Bitcoin. Banks are not in favor of Bitcoin.

Yes the future of paper money is safe and it don't have any threat from bitcoins even now and not even in future as if you compare the uses of bitcoins with fiat then you can get your answer very easily and its never easy to disappear the paper money so easily.

I would say that may only be a few people who use paper money. banknotes will remain valuable even though. I'll admit that digital era where all financial transactions will be completely wiht online. the proof is already visible when you use a credit card for the transaction. for most people rarely carry cash in their wallet. is true

jt byte

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In my eyes the paper money will disappear in the future, but in my opinion it will never fully disappear because of the fact you also got old people and people that want to stash their money in their house.
Maybe there will be a point this will be reached that it disappear for good but I think it will be a long journey for sure.

danherbias07

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Quote from: Farma on March 14, 2016, 08:45:55 AM

Quote from: diodio5 on March 14, 2016, 08:03:49 AM

Quote from: bob123 on March 14, 2016, 07:16:21 AM

Papermoney is fine, but with Bitcoin growing this should be replaced in the next ~20 years.
The Pros overweight way to much to still hold onto Papermoney for such a long period of time.

many pros and cons of the paper money. anyone argues that the paper money will not likely disappear. but I agree with a digital currency that will replace paper money. today many people in distress. in bringing a lot of money in their wallets

well, maybe a digital currency will replace paper money, but it takes a very long time, probably more than 20 years, although the technology has now advanced sanagt but not everyone can use it, might as well with digital currency

That is the key words there "not everyone can use it" Not everyone knows it. Not everyone have the time to try it or maybe listen to how it is done. There are different reasons and still needed to do some research on how it can be worked out.

twister

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Quote from: bankingbtc on March 14, 2016, 08:40:38 AM

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 think in near future, like in 20 years, we won't see much paper money in use, because we will play with electronic cards or bitcoins only, ofc younger and older people will still use it, but rest won't do that anymore, and countries will try to make people toget rid of paper money

It'll happen ultimately but not everywhere, the most developed countries will opt to this then others might follow because firstly they have to provide internet to all the regions of the world for this to happen.

Farma

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Quote from: diodio5 on March 14, 2016, 08:03:49 AM

Quote from: bob123 on March 14, 2016, 07:16:21 AM

Papermoney is fine, but with Bitcoin growing this should be replaced in the next ~20 years.
The Pros overweight way to much to still hold onto Papermoney for such a long period of time.

many pros and cons of the paper money. anyone argues that the paper money will not likely disappear. but I agree with a digital currency that will replace paper money. today many people in distress. in bringing a lot of money in their wallets

well, maybe a digital currency will replace paper money, but it takes a very long time, probably more than 20 years, although the technology has now advanced sanagt but not everyone can use it, might as well with digital currency

bankingbtc

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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 think in near future, like in 20 years, we won't see much paper money in use, because we will play with electronic cards or bitcoins only, ofc younger and older people will still use it, but rest won't do that anymore, and countries will try to make people toget rid of paper money

diodio5

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Quote from: bob123 on March 14, 2016, 07:16:21 AM

Papermoney is fine, but with Bitcoin growing this should be replaced in the next ~20 years.
The Pros overweight way to much to still hold onto Papermoney for such a long period of time.

many pros and cons of the paper money. anyone argues that the paper money will not likely disappear. but I agree with a digital currency that will replace paper money. today many people in distress. in bringing a lot of money in their wallets

bob123

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Papermoney is fine, but with Bitcoin growing this should be replaced in the next ~20 years.
The Pros overweight way to much to still hold onto Papermoney for such a long period of time.

romero121

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Quote from: Corenin on March 13, 2016, 07:50:32 PM

Quote from: 7Priest7 on March 13, 2016, 03:20:39 PM

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?

even now countries wats people to use banks and virtual wallets and so and less paper money, good thing atleast is that if bitcoin won't die in next 20 years, bitcoin might be very popular so it might even be alternative currency and we will use it

Bitcoin will be used as a currency in future for sure but it will be always treated as a secondary currency and not the primary one, as fiat would be always primary choice of majority of the people.

That's the reality, bitcoin will be used as a secondary currency till every part of the world get digitalized.

Corenin

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Quote from: 7Priest7 on March 13, 2016, 03:20:39 PM

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?

even now countries wats people to use banks and virtual wallets and so and less paper money, good thing atleast is that if bitcoin won't die in next 20 years, bitcoin might be very popular so it might even be alternative currency and we will use it

Bitcoin will be used as a currency in future for sure but it will be always treated as a secondary currency and not the primary one, as fiat would be always primary choice of majority of the people.

7Priest7

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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?

even now countries wats people to use banks and virtual wallets and so and less paper money, good thing atleast is that if bitcoin won't die in next 20 years, bitcoin might be very popular so it might even be alternative currency and we will use it

newcoins1978

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I think the paper money is gonna disappear for good because the digital currency's are the future, you also can see online payments are getting more standard and also in real life its easier.
I think it will never disappear for good but the amount will lower for sure.

fiatvacation

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Quote from: 4by2 on March 13, 2016, 01:24:55 PM

Quote from: chaosknight on March 13, 2016, 01:23:42 PM

Quote from: SquallLeonhart on March 13, 2016, 10:31:40 AM

Quote from: DeDordtenaar on March 13, 2016, 08:18:30 AM

Quote from: 23dzmaz on March 13, 2016, 04:33:32 AM

Quote from: jaysabi on March 12, 2016, 11:26:25 AM

Paper money is more durable than electronic money. Obviously, you cannot accept electronic money any place that is not specifically set up to take it, or when power or internet is out. I'm not sure you'll ever eliminate physical currency for that reason.

I agree with you, especially in my country there are many place that hard to get internet. So paper money very usefull on that place. I think paper money will permanent in some place.

agree. this time not all the places in the world connected to the internet. so digital era can not be implemented at this time of paper money will always be valuable.

Yes just think of poor countries where there is no access to internet and mainly people are paid on daily wages in fiat, so they will only use fiat as they don't have any other option for their spendings.

Agreed, the future of paper money is safe as I don't think that bitcoin can have an impact on it as people will use only those currency that they are comfortable and they will continue to use which is easy for them.

Fiat will always have it's place for the exact reason you detail, people are comfortable with the current system and don't have any intent on changing something that already works well, in their eyes.

Most people who have studied sociology or economics already know this is what is going to happen, it's not something that is unexpected Cheesy

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