Day by day computer technology and printers are advancing. A time is not far away when advanced computers of the future age will have the capability to identify the secret marks and codes of a genuine currency note and print an exact duplicate of it, which would be hard to identify as a fake one. What I am talking is not a science fiction. There are already fake notes in the market which use computer technology, which sometimes go unnoticed. The future fakes will be even harder to identify. My question is : if this really happens in future, what will be the mode of exchange in place of currency notes for selling and buying commodities and business in this world. Who will believe even a genuine currency note? How then we would tackle the chaos everywhere? It is said that there are already billions of fake money circulating world wide, which we not even have identified as fake.
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When Future Computers Will Be Able To Print Fake Currency Notes, What Will Be The Mode Of Exchange?
Posted on June 23, 2011.
there also will be the invention of strong fake currency detectors…so no need of worrying…
Electronic-Money.. an intangible yet valuable unseen bank note. You will never keep your money anymore, it will be on your iWallet. :))
If that were actually to occur, then there would need to be another way to authenticate the note — e.g. registering each note to a specific owner and then transferring that ownership. But at that point there would hardly be any point in having a physical note in the first place. This is already happening in the world. Physical currency is less and less used every year. The vast majority of transactions are handled electronically today. There is no technical reason why all of them can’t be — and will someday.
Hi there
The question you have asked is completely hypothetical.The currency notes are printed using sophisticated ink and paper and a person with both in hand and a normal laser printer with a good experience in printing can print notes.The said thing about billion of currency notes circulating is also not true,because such quantities are easily assimilated,but anyway for your question,the best answer is credit cards,it is portable and safer than money .
with regards
KJV
future transactions are going to be done with the extensive use of debit cards, credit cards or other smart cards.
Computers are able to print fake currency right now.
Counterfeiting is a problem faced by pretty much every government that prints currency. As technology advances, counterfeiters come up with more and more sophisticated methods. At the same time, governments keep trying to create more and more complex notes to make the counterfeiters’ job more difficult.
I don’t think the “mode of exchange” is going to drastically change any time soon. Counterfeiting is a problem, but not a big enough one to stop people from using paper money or coins. Over the long term, I think paper money may be phased out in favor of some sort of electronic exchange, but that is not because of counterfeiting; it’s just because modern technology makes electronic funds transfer more convenient for many people.
A real note will still be a mode and medium of exchange. Computer is man-made. The state has rights to stop it before it happens.
I feel the role of real money transactions – that is through currency notes and coins – is coming down day by day. May be the rate of reduction is slow in India – but it is happening. e.g. more and more train and air tickets are booked through internet, cinema tickets, more purchases through credit cards, more companies are crediting salaries to bank accounts. May be due to tax evasion, many transactions are taking place through hard currency – this will definitely continue.
In a very distant futuristic scenario, assuming tax evasion is wiped out, hard currency may also get wiped out. In such a case, 100% of transactions will take place through credit cards and internet. May be the cell phone will start functioning as a means of payment to shops.
In such distant scenarios, the printing of both good currency and fake currency will become IRRELEVANT.
Maybe Direct money transfer from bank account..
Even today there are computers to print fake currency notes…
In the future, trading with fake currency notes is going to be difficult..government will be more strict with the use of currency notes. And almost everything will be computerized, with net-banking becoming popular these days.
the local retailers will be hard to find with the malls coming in.