The future of the paper money - page 98.

Reid

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Quote from: Unknown Enforcement on June 16, 2017, 03:07:11 AM

I think using paper money wont disappear in near future because of the areas that have slow internet or dont have. Maybe far in the future the world will acceptedly use e-currencies and paper money will disappear.

It can happen in the cities only.
But with areas that cannot be reached by technology or they have to travel far for that service it will be a problem.
I have been through some place like that and it was really hard to get even just a reception for my smart phone.
This places will stay on using paper money for easier trades. Money for food and vice versa.

oegarod

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Paper money gets used for generations and after which the things might vary. In the early days only few were educated and now more has started to learn. So in the future paper money will get used and at some extent the usage might decrease.

Unknown Enforcement

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I think using paper money wont disappear in near future because of the areas that have slow internet or dont have. Maybe far in the future the world will acceptedly use e-currencies and paper money will disappear.

mastadonballs

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I think with this rate of e-currencies' grown, Real cash is going to disappear but not that soon, I think it must be in next 10 - 20 years or even 50 years later

arseaboy

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Quote from: Boov on June 16, 2017, 01:42:41 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?

For 1st world countries it is possible and it may happen in number of years. But I guess it would take a really long time. Paper money system were developed and strengthened over decades or should I say centuries and it wouldn't be easily replaced. Also, bitcoin and altcoin is still starting and it is subjected to many limitations and risks. One of which is that countries who are not very advance in technology would find it hard to adopt such money system. So I guess, paper money would still exist for a very long time.

For now it would be very impossible to replace paper money. If we're going to replace it we need to make sure that every people in the world are already familiar with digital currency even the people who doesn't have much technology when it comes to internet. It sould really take years before they can replace paper money but for now it's really not that simple to do.

Himanshu111

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I don't think that paper currency is facing any competetion from Bitcoin as Bitcoin is very volatile commodity and its not as stable as paper money. Moreover transaction in Bitcoin charge high transaction fee which makes small transaction in Bitcoin impossible.

Boov

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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?

For 1st world countries it is possible and it may happen in number of years. But I guess it would take a really long time. Paper money system were developed and strengthened over decades or should I say centuries and it wouldn't be easily replaced. Also, bitcoin and altcoin is still starting and it is subjected to many limitations and risks. One of which is that countries who are not very advance in technology would find it hard to adopt such money system. So I guess, paper money would still exist for a very long time.

Fappanu

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Quote from: neon_colors01 on June 15, 2017, 07:21:20 PM

Hardly, fiat is too strong to get replaced.
We have been using it for centuries.

However, there is a possibility that it might get replaced if cryptocurs can prove its worth
It might still take several decades before it could happen.

But still i think, paper money won't lose its value.
It replaced gold back then but it's because
It's tangible
and people love to hold on something that have value and has physical form

Im sure cryptocur would still work its way up and work with fiats because it's easy to transact withbit.
I would still love to see paper money though.
They smell great ! Cheesy

Just wanna add to that.
If they will remove the paper money and we will use the digital currency it will be a confusion in some countries and its people.
It will take many years to happen. Digital currency will also be use by some scammers and hackers, they will hack or manipulate the system like they did in credit cards and lately in debit cards. Too much using technology can always be harmful to our society.

jayc89

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Quote from: malikusama on June 15, 2017, 07:06:06 PM

Chances are low but if it will happen surely within few years paper money will be vanished. I can't exactly predict the time period how long it will take but surely it will take few years. State-backed currency means that government will have a full control on it and i don't think so it will work like bitcoin today. off course the security and privacy risks will raise.

Even if paper money went to the shredder the people that use Bitcoin or any other digital currency will have a controlling entity that won’t allow them to do whatever it is that they want to do. I would try to hold a little bit of both assets just in case something were to happen.

neon_colors01

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Hardly, fiat is too strong to get replaced.
We have been using it for centuries.

However, there is a possibility that it might get replaced if cryptocurs can prove its worth
It might still take several decades before it could happen.

But still i think, paper money won't lose its value.
It replaced gold back then but it's because
It's tangible
and people love to hold on something that have value and has physical form

Im sure cryptocur would still work its way up and work with fiats because it's easy to transact withbit.
I would still love to see paper money though.
They smell great ! Cheesy

Fredomago

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Quote from: krisnt80 on June 15, 2017, 06:04:42 PM

If you think a bit the banks are the middle entity between we and countries, banks are already providing online services, soo in the next 10-20 years pretty sure each country will exchange the fiat to digital currencie, creating for sure their own crypto coin, being the only difference that the coin will be controlled by countries.

I also agree with that mate since they already seen he big potential using this crypto currency they will offer their own version of it i already heard some humored about jp morgans but still havent see if that really exist but anyhow things will happen for a reason and for thier own benefits.

malikusama

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Chances are low but if it will happen surely within few years paper money will be vanished. I can't exactly predict the time period how long it will take but surely it will take few years. State-backed currency means that government will have a full control on it and i don't think so it will work like bitcoin today. off course the security and privacy risks will raise.

krisnt80

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If you think a bit the banks are the middle entity between we and countries, banks are already providing online services, soo in the next 10-20 years pretty sure each country will exchange the fiat to digital currencie, creating for sure their own crypto coin, being the only difference that the coin will be controlled by countries.

chalkboard17

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Quote from: matuson on June 15, 2017, 06:34:07 AM

Paper money have their irreplaceable position so they will long to live. Only the government is interested in switching to electronic payments. For example, I do not understand why when you pay in cash, the goods is cheaper than the transaction.

Since the technology is getting more and more advance, paper money will be replaced by something called electronic cash and soon their will be no one uses paper money. However, right now, paper money still have a plenty of time to be used and to be accepted by the rest of the world

Pattart

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Quote from: matuson on June 15, 2017, 06:34:07 AM

Paper money have their irreplaceable position so they will long to live. Only the government is interested in switching to electronic payments. For example, I do not understand why when you pay in cash, the goods is cheaper than the transaction.

I think it depends on where you buy the goods. If you buy goods in real life in supermarkets or the like of course cash will take precedence. But in many online stores it would be better if you pay them with a credit card or debit card

EdenHazard

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Quote from: matuson on June 15, 2017, 06:34:07 AM

Paper money have their irreplaceable position so they will long to live. Only the government is interested in switching to electronic payments. For example, I do not understand why when you pay in cash, the goods is cheaper than the transaction.

i don't exactly understand on what you said but if you mean when you pay used electronic money it is cheaper than when you pay in cash then as it is part of the promotion , marketing strategy you know to make a lot of people use and switch to electronic money .

paper money are indeed won't that easy erased from the world history.

Seram1

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Quote from: NEWGOODOUBLE on June 15, 2017, 07:20:48 AM

Quote from: matuson on June 15, 2017, 06:34:07 AM

Paper money have their irreplaceable position so they will long to live. Only the government is interested in switching to electronic payments. For example, I do not understand why when you pay in cash, the goods is cheaper than the transaction.

Nope I think you'll find a cheaper price even with a discount if you pay it using a credit card. Because many banks are providing that facility. You can see it in many online stores in your country. Many of them provide good deals when paying by credit card.

Yes paying by credit card is definitely cheaper with easier transactions than on paper money.

But paper money can not be replaced because it is still needed when traveling holiday in some countries.

NEWGOODOUBLE

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Quote from: matuson on June 15, 2017, 06:34:07 AM

Paper money have their irreplaceable position so they will long to live. Only the government is interested in switching to electronic payments. For example, I do not understand why when you pay in cash, the goods is cheaper than the transaction.

Nope I think you'll find a cheaper price even with a discount if you pay it using a credit card. Because many banks are providing that facility. You can see it in many online stores in your country. Many of them provide good deals when paying by credit card.

matuson

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Paper money have their irreplaceable position so they will long to live. Only the government is interested in switching to electronic payments. For example, I do not understand why when you pay in cash, the goods is cheaper than the transaction.

kpcian

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Future of paper money still doesn't look any negative impact, paper money has huge popularity across the countries and people, so they are feeling comfortable to use cash in their daily life. So the future of the paper money is not scared yet. But there are some factors which can make change the situation, such as security and availability, if these things are going well then there is worry about the future money...

Topic: The future of the paper money - page 98. (Read 416603 times)