The future of the paper money - page 52.

Nanot

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Quote from: Huobi-USD on September 21, 2015, 03:23:32 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?

May be the paper money was unvalid or no value when the electronic money price was higher than paper money so it is possible

KingdomHearts

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Quote from: wismases on November 09, 2017, 03:09:52 AM

I am even think that in the future, digital systems will be used more often than physical ones. So also with money, will later transform into something more concise than credit card. Paper money will be a collection item.

Exactly! There is a very common misconception amongst the people that bitcoin and all other crypto currencies will eliminate the need of paper money in the society. The fact is still there is only 1% population of the entire world who actually knows about this concept of crypto currency. Paper money will be used in the very similar fashion as it is being used now in the future as well.

MFY151

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Quote from: mindrust on September 21, 2015, 03:40:32 AM

I like paper money. I like to feel the buying power in my hands :p Bitcoin makes me feel like a robot. I am not saying paper money is better tho.

The robot comparison is funny haha but I guess that is correct in some way because we are processing our transactions through internet like an computer, but still I prefer bitcoin in many ways compared to paper money though I wouldn't mind becoming a robot too haha.

Dr.Osh

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Quote from: Zooplus on November 14, 2017, 11:48:22 PM

Quote from: thedarksun on November 14, 2017, 02:38:25 PM

Quote from: Md.Sufian on November 13, 2017, 02:28:01 PM

people are interested in trading online.In the era of information technology, people are not willing to deal with money. So there is no possibility of paper money in the future.

Days of paper money are calculated cause internet and developmnet of whole world is going to internet Times.

Not that fast I believe, the internet is here a long time ago already and yet paper money is still in the circulation.
People has different preference, some are using online or digital money but most people are using paper money as it's more simple to use.

agree with you. a very simple use makes people prefer to use paper money in comparison to digital money. well, actually, using digital is so inconvenient, even though it's so instant, but there are still many people who do not understand in using it. so that's why paper money will survive.

Zooplus

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Quote from: thedarksun on November 14, 2017, 02:38:25 PM

Quote from: Md.Sufian on November 13, 2017, 02:28:01 PM

people are interested in trading online.In the era of information technology, people are not willing to deal with money. So there is no possibility of paper money in the future.

Days of paper money are calculated cause internet and developmnet of whole world is going to internet Times.

Not that fast I believe, the internet is here a long time ago already and yet paper money is still in the circulation.
People has different preference, some are using online or digital money but most people are using paper money as it's more simple to use.

thedarksun

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Quote from: Md.Sufian on November 13, 2017, 02:28:01 PM

people are interested in trading online.In the era of information technology, people are not willing to deal with money. So there is no possibility of paper money in the future.

Days of paper money are calculated cause internet and developmnet of whole world is going to internet Times.

bytomboy1234

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Quote from: Visbay on November 14, 2017, 01:59:41 PM

Quote from: ?? on ??

Quote from: yusupjatigumilar on November 11, 2017, 09:58:41 PM

Perhaps in the future paper money will be very few in number because replaced with electronic money but with the same value and more secure and practical in conducting transactions, it will also save the state budget because the cost of raw materials and production of money will be less.

It seems like what is said will not happen if the paper money will be in production only a little.

Well I think every think have its own value and paper money have also a value but as we know that now a days every ting is going digital and currencies are also going digital and bitcoin is one of the example of it so I think in coming time every will move toward digital currency because bitcoin price is very high and its very popular in market.

i think Paper money is expensive and unnecessary and usage of paper money become lesser with the passage of time.
But i can't except that bitcoin will be his successor. Banks already have their ideas maybe even "better" for them, with endless supply of total coins ..Maybe even on block chain.many other cards are also used by people instead of paper money these days.

Visbay

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Quote from: ?? on ??

Quote from: yusupjatigumilar on November 11, 2017, 09:58:41 PM

Perhaps in the future paper money will be very few in number because replaced with electronic money but with the same value and more secure and practical in conducting transactions, it will also save the state budget because the cost of raw materials and production of money will be less.

It seems like what is said will not happen if the paper money will be in production only a little.

Well I think every think have its own value and paper money have also a value but as we know that now a days every ting is going digital and currencies are also going digital and bitcoin is one of the example of it so I think in coming time every will move toward digital currency because bitcoin price is very high and its very popular in market.

omashi

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crypto based currencies pegged to real assets like gold/silver/bitcoin

conected

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Quote from: diegz on November 14, 2017, 05:42:45 AM

Quote from: Yukyzu on November 14, 2017, 12:38:16 AM

in advanced countries it may happen, because now bitcoin has begun to receive and use bitcoin widely in their country. but in some developing countries, the bitcoin is increasingly restricted because it harms many parties.

Paper money will still remain, bitcoin is not enough and i think not yet ready to replace paper money. Paper money is much much convenient to use in real life compared to bitcoin. You don't have to wait for transactions to confirm and you don't need internet to transact if you are just dealing with people around you. You won't be paying fees too each time you pay for something.

- I agree with you, paper money will still exist but the amount of paper money will decrease because society will gradually become more modernized, people will also gradually shift to digital currency, especially the young generation, working with modern technology, they would prefer to use digital currency. However, it will be a very long time because if want people to use digital currency is not simple, they will need time to adapt to it, in addition, digital currency also need time to improve, it still has many limitations, especially time to confirm the transaction and transaction fees, when it improves this problem, I think that is also the time, digital currency is more popular than ever

voztata

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Quote from: alexzorgo on November 07, 2017, 10:54:25 PM

Paper money will disappear anyway. With bitcoin or with any other digital currency. It is the law of evolution. Traditional currencies and the economy based on them demand reforms because they got rid of the opportunities and are not in time behind the current rate of development of digital economy. Sweden is going to pass completely to non-cash payments by 2025. I think, other countries will strongly not lag behind Sweden

Everyone can see the value of the bitcoin and the fiat money and they are aware of the bitcoin value and the price I hope you will see in the future that all the people will use the bitcoin but not the fiat because the income of the bitcoin will be more than this till the end of the year I hope the bitcoin will be the only currency and this Is the best thing about the bitcoin that it is very easy to use.

diegz

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Quote from: Yukyzu on November 14, 2017, 12:38:16 AM

in advanced countries it may happen, because now bitcoin has begun to receive and use bitcoin widely in their country. but in some developing countries, the bitcoin is increasingly restricted because it harms many parties.

Paper money will still remain, bitcoin is not enough and i think not yet ready to replace paper money. Paper money is much much convenient to use in real life compared to bitcoin. You don't have to wait for transactions to confirm and you don't need internet to transact if you are just dealing with people around you. You won't be paying fees too each time you pay for something.

Kadal Ijo

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It is difficult to predict that paper money can last for a long time, many complaints about the use of paper money so much that diverts to digital money. maybe paper money can last up to 100 years from now.

Hotrod_88

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Quote from: Huobi-USD on September 21, 2015, 03:23:32 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?

No matter what we do we cannot deny the fact that the future of the paper money will be them no going to be used anymore because we are going to the future. And we all know that future means all thing are going ot be technological. Even money will also ve virtual and bitcoins are the start of that. We can see that in the future bitcoins will be considered as an official currency which can be used to buy some stuffs. But not necessarily paper money will be banned they will be more likely to be phased out.

jpoker272727

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Quote from: wismases on November 09, 2017, 03:09:52 AM

I am even think that in the future, digital systems will be used more often than physical ones. So also with money, will later transform into something more concise than credit card. Paper money will be a collection item.

I think everything have a value on his place and paper money have also a value in this world but as we know that this time is a modern technology time and everything is going digital so currency are also going toward digital and bitcoin is the best example for it and now it’s going to take lead from paper money its price is high than any other currency.

GrayFullbuster

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Quote from: Huobi-USD on September 21, 2015, 03:23:32 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?

Many people are still thinking if the cashless society will happen. It is advantage for us it if it will happen in the future but it is a disadvantage to the normal citizen because they don't have a prior knowledge about bitcoin. It will gonna hard for them to understand how the bitcoin works.

stadus

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Quote from: Sir Paijoe on November 14, 2017, 03:13:51 AM

Quote from: Maslate on November 14, 2017, 12:16:21 AM

Quote from: Md.Sufian on November 13, 2017, 02:28:01 PM

people are interested in trading online.In the era of information technology, people are not willing to deal with money. So there is no possibility of paper money in the future.

When you say people, do you mean the majority of population in the world? Well, that is really an optimistic prediction but I am still not convince
that paper money will be eliminated since not all transactions or should I say majority of transactions are not done through online transaction.

The weakness of paper money is difficult to control, and easily counterfeited, perhaps with this consideration the government chooses the use of digital money to reduce paper money, transactions and circulation of digital money more easily traced than paper money.

Both have weakness actually, paper money is easy to use by people with different status in life.
We need to educate people in order for them to use digital and that requires a lot of time when all of the population will be covered.
It's still better for digital and paper money to exist so anyone can use based on its preference.

The Cryptologist

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Quote from: Sir Paijoe on November 14, 2017, 03:13:51 AM

Quote from: Maslate on November 14, 2017, 12:16:21 AM

Quote from: Md.Sufian on November 13, 2017, 02:28:01 PM

people are interested in trading online.In the era of information technology, people are not willing to deal with money. So there is no possibility of paper money in the future.

When you say people, do you mean the majority of population in the world? Well, that is really an optimistic prediction but I am still not convince
that paper money will be eliminated since not all transactions or should I say majority of transactions are not done through online transaction.

The weakness of paper money is difficult to control, and easily counterfeited, perhaps with this consideration the government chooses the use of digital money to reduce paper money, transactions and circulation of digital money more easily traced than paper money.

There will be a day that fiat will be just a collection for people and will not have any value anymore. Digital currencies are going to make fiat removed little by little until no one will ever use it again.

Sir Paijoe

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Quote from: Maslate on November 14, 2017, 12:16:21 AM

Quote from: Md.Sufian on November 13, 2017, 02:28:01 PM

people are interested in trading online.In the era of information technology, people are not willing to deal with money. So there is no possibility of paper money in the future.

When you say people, do you mean the majority of population in the world? Well, that is really an optimistic prediction but I am still not convince
that paper money will be eliminated since not all transactions or should I say majority of transactions are not done through online transaction.

The weakness of paper money is difficult to control, and easily counterfeited, perhaps with this consideration the government chooses the use of digital money to reduce paper money, transactions and circulation of digital money more easily traced than paper money.

ThunderCatSteve

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Quote from: alexzorgo on November 07, 2017, 10:54:25 PM

Paper money will disappear anyway. With bitcoin or with any other digital currency. It is the law of evolution. Traditional currencies and the economy based on them demand reforms because they got rid of the opportunities and are not in time behind the current rate of development of digital economy. Sweden is going to pass completely to non-cash payments by 2025. I think, other countries will strongly not lag behind Sweden

There are lot of talking amongst the people regarding the future of paper money like it is going to be a cashless society in the future and thing like that. In my opinion, nothing like this is going to happen in the future. Paper money will remain at its very own place and people will keep on using paper money in a very similar fashion as they are using it now. The market of paper money will work in exactly the same manner.

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