The future of the paper money - page 63.

eekkaa

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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?

the future of paper money will be echange to digital money like bitcoin, about 10 years to come

gunungkembar

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the future of of the paper money will echange to digital money or digital currency using digital more healhty and safe the jungle

pejuang_mamak

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Quote from: Protomono on October 12, 2017, 10:16:03 PM

Paper money maybe will lose, but certainly takes very long time. And indeed, now a technological era where financial transactions can be done using card or even in the presence cryptocurrency will further accelerate the displacement paper money.

if you can quickly replace the paper money means cryptocurrency will be increasingly known to many people and the more expensive the price but maybe it will impact on the currency of the country that resulted in such a country of China

anhhung409

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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?

In the near future, I think paper money will continue to grow as human needs are still paper money. But in the distant future, as people grow, things become more modern then I think paper money will be replaced by digital money. Because of the increasing demand of people, they have to be fast, convenient and easy to navigate, but they have to be high security and global transactions that can be used anywhere in the world and digital money meets those requirements

Protomono

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Paper money maybe will lose, but certainly takes very long time. And indeed, now a technological era where financial transactions can be done using card or even in the presence cryptocurrency will further accelerate the displacement paper money.

Flodemaga

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Even knowing paper money is loosing space to credit and online transactions it still required for the most merchants as way to pay, since they wont pay or loose any money with fiat payment, unlike online transaction with cards. Crypto does bring a new way to make business, and some coins are coming already with no fee transaction, soo in the end you will need to pay a fee to exchange those money to fiat and just, reducing the waste of the fee.

Farma

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think again. I think paper money will still be in use in the future. because paper money is a practical means of payment for now, and can be used anywhere, even in places far from crowds, or technology.

Himanshu111

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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 don't think that paper money is facing any competetion from Bitcoin simply because of the fact that paper money works offline and does not require any Internet for transactions. The confirmation time of transactions of paper money is zero.Paper money is also very stable because of the fact that the government backs it. People mostly see Bitcoin as an investment as it has a very fast growth rate.

Ardenoss

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Later supply paper money will be reduced. Because, technological advancements are driving innovation to financial world also those related to it. But, absolutely nothing will disappear.

Fatanut

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Quote from: whaawh on October 11, 2017, 01:01:08 PM

Quote from: ?? on ??

Quote from: d.mas on October 10, 2017, 12:06:19 PM

I personally don't think paper money will completely disappear any time in the near future. It is true that electronic transactions have become more and more common over the last few decades and I see no reason why this trend will not continue. We may even get to the point where paper money transactions become incredibly rare. At that point, the tables could turn and what we now consider paper money may actually act as the backing to our electronic currency, the way the gold standard once backed paper money.

With electronic money there is question of privacy security and many people don't believe in electronic money they still prefer physical money and this will prevail in the future too.

Digital money is very develop now in most of the countries because using of digital money is easy as compare than paper money but keep in mind that paper money have his own value everywhere and it is not possible that paper money will complete disappear from the world because without paper money currency is not possible of any country.

The fact is that to date electronic money occupies a very low place in the financial sector in the world economy, but we must also take into account the fact that many people are not ready to use crypto currency. The fact is that to use crypto currency, you need a lot of specific knowledge and even education.

But a lot of things happen without people getting ready. Was the world ready to be filled of the Millennials who are constantly depressed, pressured, and on the verge of suicide? I don't think so. The world becomes what it becomes and as humans, we tend to adapt with our environment. Even if you are dumb, once everyone starts using bitcoin, you are also going to start using bitcoin. There are people in my place who have no proper education yet they are using Smartphones. Smartphones have English as language and that should be really hard for them. Yet the developers have made it intuitive by using corresponding logos that can easily be remembered by the user. I think the same thing was done with bitcoin. Online wallets are pretty intuitive and self explanatory.

It's their problem to deal with if they are not ready to use bitcoin yet. Once it becomes mainstream, they have no choice but to adapt to the environment because everyone is already doing it.

guoyu78

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Quote from: denny27 on October 11, 2017, 02:33:24 AM

I don't think that paper money will disappear in this world, although if later the crypto currency will become more popular and growing as well can exceed the excess of paper money.. I think paper money will still exist and will not be extinct. I am guessing in the future the paper money will remain and coexist with crypto currency in the countries if the crypto currency is still alive.

Paper money can’t be demolished. There will not be any concept of a cashless society. Without physical things system can’t run. And this is the system of the whole world. How can you think that there will be the whole online transactions, if you have to buy fruit pay bitcoin to the shopkeeper and all that low level chores can’t be transacted in bitcoins.

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Quote from: Zooplus on October 10, 2017, 12:48:34 AM

Quote from: treather on October 09, 2017, 02:26:32 PM

The future of money is digital, paper money will disappear eventually and most transactions will move online, but not necessarily crypto.

I don't think it will disappear, it will be minimize in use but will not totally disappear in the circulation.
That would not make all the people happy, digital requires internet to transact and we cannot educate all people about the internet.
More options are better than one.

For sure, if you are thinking that bitcoin will be the sole currency in future. Don’t think it, it is just useless. There are so many options now, as to transact online, offline, paper money, and so many currencies are there. But if these all get away, there will be no proper management. Plus people are illiterate about internet things, so can’t happen.

whaawh

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Quote from: d.mas on October 10, 2017, 12:06:19 PM

I personally don't think paper money will completely disappear any time in the near future. It is true that electronic transactions have become more and more common over the last few decades and I see no reason why this trend will not continue. We may even get to the point where paper money transactions become incredibly rare. At that point, the tables could turn and what we now consider paper money may actually act as the backing to our electronic currency, the way the gold standard once backed paper money.

With electronic money there is question of privacy security and many people don't believe in electronic money they still prefer physical money and this will prevail in the future too.

Digital money is very develop now in most of the countries because using of digital money is easy as compare than paper money but keep in mind that paper money have his own value everywhere and it is not possible that paper money will complete disappear from the world because without paper money currency is not possible of any country.

The fact is that to date electronic money occupies a very low place in the financial sector in the world economy, but we must also take into account the fact that many people are not ready to use crypto currency. The fact is that to use crypto currency, you need a lot of specific knowledge and even education.

Sled

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Quote from: Gozie51 on October 11, 2017, 05:02:36 AM

I really don't think paper money would fissle out, the much that can happen is that both will exist side by side in locals.

Meanwhile, I see a situation where bitcoin will be highly preferred in international transactions other than the known paper currencies. The reason is that, bitcoin is easily accessible, secured and fraudulent curtailed at least for now, is not carried about physically as you don't need a mobile excort for it etc.

Bitcoin will really change the financial topography of the business world with time. Many people will prefer it for larger and bigger financial payment because of its advantages and it is not carried about. Thus, paper money might just be reduced to small retail businesses.

I agree to that. That is the scenario that can only happen in the paper money, they can experience a lesser amount of users for using it as a mode of payment because the other people or businesses will prefer bitcoin and other type of easy mode of payment like digital payments rather than paper money because the online businesses are getting more popular and trending so we can expect cryptocurrencies will be more crowded in the future.

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Quote from: Unplugged on October 11, 2017, 04:10:07 AM

Paper money would always be preferred by most since they've pretty much live their whole life using it. Cryptocurrency will never replace paper money due to many reason.

1. Bank notes (Issued and legalized by government)
2. Fiat Money Transactions (Majority will always prefer their fiat currency over digital)
3. Quick Transaction (Buying from a small store or stall)

For big transactions use crypto for small transactions use paper money. In the near future, the market would be a hybrid of paper money and digital money transactions.

We are living in that kind of world now even before Bitcoin existed in the world. People as of today are using other payment methods rather than using their Fiat currency straight up with the payment methods such as debit cards, credit cards, and Paypal you will see that we are living a world where digital transactions exist. The problem that I see here is that all of those payment method does not incur any kind of transaction fees for the buyer while Bitcoin transaction has.

Gozie51

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I really don't think paper money would fissle out, the much that can happen is that both will exist side by side in locals.

Meanwhile, I see a situation where bitcoin will be highly preferred in international transactions other than the known paper currencies. The reason is that, bitcoin is easily accessible, secured and fraudulent curtailed at least for now, is not carried about physically as you don't need a mobile excort for it etc.

Bitcoin will really change the financial topography of the business world with time. Many people will prefer it for larger and bigger financial payment because of its advantages and it is not carried about. Thus, paper money might just be reduced to small retail businesses.

detector

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If you want to compare with bitcoin, I think it can't be compare since they are different commodity
Even bitcoin are officially accept , it won't affect anything

HarleyQuinn9876

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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 paper money will survive. A few decades later, paper money would hold an important position. It is still the most used currency. The emergence of virtual currency affects paper money, but it will take a long time for new paper money to disappear

Unplugged

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Paper money would always be preferred by most since they've pretty much live their whole life using it. Cryptocurrency will never replace paper money due to many reason.

1. Bank notes (Issued and legalized by government)
2. Fiat Money Transactions (Majority will always prefer their fiat currency over digital)
3. Quick Transaction (Buying from a small store or stall)

For big transactions use crypto for small transactions use paper money. In the near future, the market would be a hybrid of paper money and digital money transactions.

speem28

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Quote from: perfect999 on October 11, 2017, 01:51:35 AM

Quote from: mesra126 on October 09, 2017, 08:44:01 AM

I don't know, maybe the more advanced technology more modern transactions made by some countries for the convenience of the community. but I am worried that in my country there are still many people who do not know the advanced technology, just like the ATM is still many who do not know even do not trust 100% if the account is safe. most people are afraid of losing money in the ATM.

This is something which needs good amount of knowledge. With knowledge and experience, you get used to such kind of things. As far as future of paper money is concerned, I think it will be affected though not very much but enough to bring the value of paper money down with the introduction of this digital currency. There will be more users of digital currency in the future.

I ought to disagree with that one. Digital currency can never bring down the value of paper money, as long as we give it value. We are used to using paper money ever since so it's really hard for bitcoin to overthrow the use of paper money. Also, unlike paper money which is produced mainly by central banks, there is a cap set on total bitcoins, that limits how much currency can devalue through inflation.

Topic: The future of the paper money - page 63. (Read 416603 times)