Topic: How Bitcoin will rise as EU cash payments fall (Read 254 times)

It’s even better because it’s sephora.
Sephora is a millennial thing right now. It’s like sephora is part of millennial “starter pack”.

Check this article:
Victoria’s Secret, Sephora and Nike rank as millennial consumers' favourite brands
https://www.thedrum.com/news/2017/04/20/victoria-s-secret-sephora-and-nike-rank-millennial-consumers-favourite-brands

It’s great, because they are more familiar with internet and tech, so IMO bitcoin can be well introduced to them.

So slowly but surely digital currencies are making their move into taking over what fiat can't do best. This is good news I must say, as this open doors for bitcoin as a bonafide cryptpcurrency that everyone can use with their everyday living and not just some form of asset they can take on to gain profits. This is beginning to take form it's all coming together if I do say so myself.

Have you guys read this?
In this year, 25k retailers in france is ready to accept bitcoin payment.
https://coinrivet.com/why-france-could-see-a-bitcoin-boom-in-2020/

I still haven't found a strong foundation for his argument, the main question is how does a country accept decentralized bitcoin? this is the problem now. And maybe everyone will answer that question with "let time be answered later". I understand that, but at least when we argue we need to have good reasons for that argument.

Some people are really confused in this life. I don’t see anything much with Bitcoin price going, that’s how it’s meant to be. Bitcoin is an asset and the reason we invest in it is because we want to make profit, and how do you plan to make that profit if the price is not increasing? So, saying that EU cash is dead because Bitcoin is increasing is wrong.

I still make use of fiat and that is mainly what I use for payment and not Bitcoin, I have never used Bitcoin to make any purchase except sending money to people I know and work with. So, I’m sorry you’re wrong. Imagine that the price of Bitcoin starts to fall, a lot of people are going to sell it back for their original currency.

As long as bitcoin will be invested, it will exist. And it does not matter whether it is cash or "digital" money.

But at the end of the day, this is a great start for bitcoin's journey. People seeing the need to go cashless will be one of if not the catalyst that will drive them towards bitcoin. Really happy as you are that they are using bitcoin or at least interested in bitcoin because of it's innate desirable features instead of mainly for profit which most of people involved with bitcoin are right now.

Well, bitcoin is fast becoming the in-demand currency or cryptocurrency in every crisis. From Iran, Venezuela bitcoin become a solution and a better option in the situation.EU's financial uncertainty will push bitcoin too to be the sought-after haven for the people. This is the adoption we need where people know already the alternative, just keep using and we witness the full potential of this cryptocurrency.

Now just think about one thing - in the last couple of years in many countries, banks had been refusing to provide services to new customers/closing existing accounts of people and companies with some unpopular political views or who had been involved in the cryptocurrency environment.

Imagine that you could find yourself practically excluded from cashless society in such case, with almost no alternative available. Theoretically, you could switch fully to cryptocurrencies IF they are widely adopted and your employer could pay your salary in crypto. Otherwise, you would be forced to ask someone to allow you to use their bank account/card for daily use (if this would be legal of course - otherwise imagine that you may not be able to get a salary, pay for your bills etc).  

It is nice that Europe does it for convenience rather than necessity. Here we became cashless because the banknotes lose their value so quickly, you'd need a ton of them to buy anything meaningful, and because the gov doesn't even have money to print enough, they have also become scarce to the point of extinction.

Indeed we also use debit cards and phone (sms or custom app) for payments. Bitcoin is a little bit more involved, but much more safer than sending an sms with your personal ID to a random merchant...

I don't think losing cash necessarily points people to bitcoin. I have yet to see bitcoin use here in everyday transactions, people are mostly using it to either trade and make money from the absurd exchange rates hyperinflation + distorted economy does or as a means to keep value when access to more "conventional" fiats is difficult.

As the article itself mentions, debit and phone can be used instead. But you could take advantage of that to teach people that they only need to do one extra step to become secure and independent from the State.

I think it will eventually do. A cashless society is coming and I know its not that can happen easily. There are regulations and right timing as well. Traditional people are very conservative and we cannot eliminate it. We all know the significance and efficient transactions cab be. A faster and lesser processing time are most of the customers demand. If its not happening fully now, most likely in the next decades.

A few years ago I had to go to the bank and withdraw around 20k euros to buy some agricultural equipment from some guys around our county, obviously second hand and obviously not a business transaction with receipts or pay via card option  
So, the girl at the desk processed the order and handed me a pack of 100x200 euros bills.
I nicely told her, "You know miss, I'm no drug dealer but please give me the money in 50 and 20 bills"  
Good thing the 500 were not still around as I would have smacked her with those, nobody but the bank was accepting 500 bills, even the cashier at the Aldi I visit every two or three days said they are not taking them.


Forget Greece, there will be riots in Germany, they also had a plan of introducing a 5000 euro limits on payments but the feedback from the population made them rethink the whole situation. I don't know why they cling to cash but it's not because of age, even youngsters walk around with their pockets full of banknotes and coins.


This makes me think of a way to keep both the cabbage and the goat in one piece.
Simply print only low denomination banknotes like 1 and 2 euros.

Are drug dealers going to walk around with 20 packs of cash on them? Probably not! Nor are restaurants or clubs going to deal with the trouble of having to count 300 bills from each customer, rather than hiring two people to count bills they would simply stop the tax evasion.
And grandma won't have anything to be angry about either, it's not that the average elderly person would have to carry too many of those while doing groceries.

You are right. But that "matter of time" is actually the time needed for "a new generation of elderly people" replace the current one.
The "expensive phone" is indeed a fake problem. Many of them receive for free their kids' 2 year old phone.
Imho the real problem the elderly people have is that the technology is "strange" for many of them. My mom is afraid of using her debit card (!), I simply cannot expect from her to pay with the phone at a shop.

It's really already happening in Sweden and there's been lots of attention on the fact that it's becoming mostly cashless and likely will become the first fully digital economy fairly soon: https://www.youtube.com/watch?v=xe-j5D9CNPY

 Ikea already don't take cash and they stopped accepting cash for their public transport recently. Most are already in favour of it but as I mentioned above some of their old people aren't liking it but they're not going to be around forever so it will gradually become more prevalent and make cash obsolete. A lot of the arguments from the elderly seem to be based on really naive views like smartphones are too expensive etc. Sure, a brand new iPhone might be but you can get a decent smart phone for hardly anything these days. Cash is a dinosaur really and it is going to extinct whether people like it or not. It's only a matter of time and fighting it is futile.

It all hugely depends on a country, if Sweden announced tomorrow that they start removing cash, there would be some angry posts on the internet and maybe a hundred of protestors, if the same happened in Greece, there would be riots. But I agree with your point that cash will be slowly and naturally fading away, and that's how Bitcoin will start getting more attention - people will view it as digital cash. Bitcoin is not a part of cashless society, it's a direct opposition to it.

Well tax evasion is surely then the biggest reason why the powers that be will want to change it to digital. Cash is far too anonymous for them and that's why criminals favour it. There's even been talk in some countries of getting rid of things like the 50 or 100 denomination notes because they're the notes of choice for criminals. I think it was only a few years ago that I first saw a £50 note in person because they're that rare. Many shops wont even accept them because they're that suspcious of them and they're the most likely note to be counterfeited given their value. That's why I think it's inevitable we will eventually transition to a blockchain based system because govs can track exactly how much you're earning and also what you're spending it on, which is slightly scary and Orwellian but I think that's the way we're heading. I think most bushiness that deal with cash or the self-employed probably diddle their taxes or misreport their earnings in some way and it's very easy to do when there's no records or you're the one that's in charge of keeping the records in the first place and a public ledger of all transactions would likely put an end to that pretty swiftly.


This doesn't really make sense and seems to suggest the opposite of what you're claiming. What power would criminals have to keep the government making cash?
If the government stops issuing it then there's nothing they can do unless they invent their own paper currency. People complaining, and especially criminals, isn't really going to make a difference and I don't think that would be an issue as cash will just become obsolete gradually over time naturally so it's inevitable it will disappear eventually as people will just stop using it and criminals wanting to tax evade obviously isn't a reason the government will keep printing and minting it.

If we take just western world, there's still a huge contrast between countries that are going to be nearly cashless soon and those that still cling to cash and don't hurry to switch away from it. Probably the single biggest reason for staying with cash is tax evasion - merchants accept cash to avoid reporting transactions, employers pay salaries in cash to avoid social security taxes. As long as people will want to evade taxes, cash will exist, and it could be very hard for some government to fight it, attempts to quickly jump to cashless society could be met with protests.

This will be pushed to become a payment of all goods even though it's for basic needs, and cryptocurrency isn't intended all alone for digital goods. Many reasons came out from every individuals, that's why it's more interesting nowadays and most of the discussions pertains directly for the interest of everyone to bitcoin.
Cash payments is ineffective once the system will shutdown, and thereafter bitcoin solves the possible delays of transactions.

Fiat currency could be digital payment at the future and have accepted from now but with bitcoin many feature getting by investor, seller and buyer if use bitcoin as payment transaction, look ahead with fiat currency payment always have inflation value every year and have different with bitcoin can increase higher price depend how much bitcoin can raise up to higher price.

In some eurozone countries, they do not mint anymore 1 and 2 Eurocent coins (and in general all the payments in cash are rounded to .05 or .00 value). And the discussion is already taking place, as technically without cash (in the opinion of many people) money laundering would not be possible.
This, of course, would have potential big-brother style impact on people (imagine that bank could sell/forward some data of yours to authorities and other companies - so then if you eat fast-food frequently and buy it with your own card, your health insurance would be twice higher than now).