Re: How much longer until paper money is no longer in circulation?
In a decade, things will remain most likely the same way as they are right now. But set yourself forward 4-5 decades from now, and paper money will no longer exist as a standard means of payment. Our society is advancing quickly by making good use of technology. With CBDCs, governments will be able to reduce waste and gain more control over people's finances. They won't be able to do that with paper money, though.
The advent of crypto/Blockchain tech has raised the bar of the way we pay for goods and services. Central banks and mainstream governments became interested in the tech after the industry grew quickly in popularity. Exactly when will paper money cease to exist, is a mystery. I wouldn't worry about this, as long as we've got decentralized cryptocurrencies at our side. Just my opinion
If we talk about 2-5 decades, it is not impossible that paper money will be replaced. I believe in those days we have progressed to a more sophisticated technology sector than we are today. Or maybe there will be a new technology that goes beyond blockchain. We can only speculate, I believe the CBDC will also experience rule changes in the next 5 decades.The advent of crypto/Blockchain tech has raised the bar of the way we pay for goods and services. Central banks and mainstream governments became interested in the tech after the industry grew quickly in popularity. Exactly when will paper money cease to exist, is a mystery. I wouldn't worry about this, as long as we've got decentralized cryptocurrencies at our side. Just my opinion
To narrow down a topic related to today's finances, namely paper money we need to look back before there was a medium of exchange. At that time, it had not been thought that there would be a name for paper money, so we did not know what it would be like in the future.