Topic: How Bitcoin will rise as EU cash payments fall - page 2. (Read 255 times)

Digital payments are the future, but probably not bitcoin. Cash will almost certainly be obsolete within our generation and one of the only complaints I've seen from people against getting rid of it are old people who still use cash because they fear or don't understand the tech, but in 20-30 years when they all die off they'll likely be no excuses, but this all doesn't mean that people will be flocking to bitcoin. Have you ever seen anyone using bitcoin to buy anything in the real world? Nope. It's rarity unless it's a niche shop that accepts bitcoin and people go out of their way to find it or shop there. People mostly just use their debit/credit card or phone apps these days and that's what they'll continue to use, though I guess we might see bitcoin integrated into these payment processors eventually as they become more popular/prevalent and the merchant just gets the cash equivalent. Eventually there might even be things like RFID implants or other sorts of devices that include them (bands or rings etc) that people will use to pay with but I think phone payments will eventually reign supreme because lets face it, nobody really leaves the house without their phone on them.

There is no mistake about it, there is a big trend that many countries are going to go cashless or less use of the fiat money and more into digital ways of conducting, transacting business everyday. Maybe the biggest reason is that cashless is more convenient as there is no more need to be bringing paper money which can be hazardous at times. On the side of the government, the most important thing is that all transactions can be traced from now on, something which they find some difficulty when people are using the usual cash where paper trail in many cases can be hard to establish. I am not sure if this can mean that we are also drifting into a controlled society in this way.

However, the biggest question for us in the cryptocurrency community is this: Will going cashless means that people will be going to Bitcoin or at least cryptocurrency at the very least. Concluding yes can be hard to establish and maybe we should be waiting for years before we can see the direct correlation between these two big trends: going cashless and going Bitcoin. Let's just hope that somehow this can prod people to adopt cryptocurrency.

No matter all digital processes and rise of cryptocurrencies cash will not disappear. Many people still have that habit and don't trust other payment methods or just don't want to leave traces. Total cashless society will be never achieved, people love banknotes.

Thank you for the information.

Where else could we really get the real answers but only with the locals there.
Here is one who had been there and tried payments in different stores.

This might just be another advertisement for their application.


I loved how you did the effort of everything pushing bitcoin as payment method.
According to the article though. Seems like that is not really the point here.

Nice catch. Bitcoin payments have never really recovered from the debacle of 2018 when the mempool ballooned to over three weeks.

I think we all need to accept that bitcoin is now an asset rather than a means of payment. It will be an alt that ends up being a means of payment, most likely an inflationary alt to encourage people to spend it.

I did not notice the great desire of the countries of the European Union to get rid of cash. This was discussed only in Sweden, I did not read that it was discussed in other European countries. In my country, the question of refusing cash circulation is not even raised. If state-owned enterprises or business structures refused to accept cash, they would be sanctioned because they would violate the law. We are increasingly using non-cash payment methods, but cash is indispensable.

You're talking about all of the EU, but every country has its differences. I live just a bit outside of the EU, and some places still don't accept anything but cash, so answering the first question in the post I paid with cash today on multiple occasions where there was no card payment option.
I've recently been to Sweden, though, and the cashless stuff they say about it is totally true. I've been there for 4 days and I did not use cash even once, it was very convenient! Italy, however, is known for not being as card-friendly as other EU countries and often requiring cash.
If the trend continues, though, countries might either encourage people to pay with card/smartphones in local fiat or there can appear solid state-controlled cryptos, but I don't see how Bitcoin would benefit from that.

Most of my payments are still cash just because of  the habit of paying with banknotes at the cash payer. I need to remind myself to put the money on the card and stop carrying papers in my wallet. Better just put all of them into crypto. I'm 99% that the next step to the evolution of payments are cryptocurrrencies and Africa will probably be the first one to adopt them. The skip one technology, but they get a cutting edge generation one instead. For the countries with solid banking systems in place is much harder to make a change to a currency that is not controlled by govt. and the Central Banks.

*I can see where JollyGood got the idea for his topic


Uh...what?
And app bundled with a MasterCard card...isn't that ironic?
Let me check the fee page:

Why even bother to use this revolutionary method when with my current Mastercard I have zero fees?

Do you remember the last time you paid in cash? You’re probably an anomaly if you do. Cash payments in the EU (and the rest of the world) have been on the decline for a while now, with many merchants no longer accepting cash as a payment method. Unless you’re doing some old school shady dealings that involve a briefcase and stacks of cash, you probably haven’t seen that much paper money changing hands lately. Over the last decade or so, we’ve made a shift towards a cashless society. The rise of online banking and, most recently, cryptocurrencies, has sufficiently made the case for a switch from cash to ‘Coin. So, let’s take a look at how Bitcoin will rise as EU cash payments fall.

https://twitter.com/redditbtc/status/1206914276524462080?s=12

Cash use is falling
In Sweden, fewer and fewer merchants (restaurants, shops, and even museums) are accepting cash payments. Sweden’s transport system also, mostly, only accepts transactions via card or mobile payment. According to a report from Bloomberg, “no cash accepted” signs are becoming commonplace around the nation.

All of this follows a historic decision by Swedish banks in 2013. According to reports, banks like SEB, Swedbank, and Nordea Bank all began to refuse to hand over physical cash to clients in 75% of their branches. Now, more than half of all Swedish banks refuse to deal with cash.

According toRiksbank, cash payments made up less than 2% of the value of all transactions made in Sweden in 2015. This has likely declined even further today. Circulation of the Swedish Krona has plummeted from around 106 billion in 2009 to only 80 billion last year. The Swedes truly are leading the way to a cashless society, and the rest of Europe seems to be following suit.

https://www.youtube.com/watch?v=-0ph-pvCSPc

Norway has also made a bid to become a cashless society. The Norwegian Conservative Party committee previously set out a plan for Norway to become a cashless society by 2030. Norway will first allow businesses to refuse cash payments, before rolling out online billing and payments as mandatory. According to Trond Betestuen, the executive vice president at DNB, only 6% of Norwegians use cash on a daily basis.

Comparatively, the UK - now racing towards Brexit - doesn’t seem to be making the move to a cashless society anytime soon. London might have adopted a cashless transport system with Oyster cards, but it’s hardly set the precedent for the rest of the country. According to the Bank of England, the number of banknotes in circulation has been on the rise since 2013. However, this isn’t reflected in the transactions of the British population. Cash transactions have actually been falling by 10% per year, with card payments overtaking notes and coins quite a while ago.

Bitcoin on the rise
Now let’s take a look at how Bitcoin will rise as EU cash payments fall. According to BitPay, a Bitcoin payment service provider, payments made using BTC increased by a whopping 328% from 2016 to 2017. In 2017, Europe was the second largest Bitcoin market, behind North America. 35% of payments made through the service provider came from Europe.

Estonia, Sweden, and Russia all seem to be following in the footsteps of Venezuela, in developing their own national cryptocurrencies. These will likely be stablecoins, and probably won’t oust Bitcoin as the most trusted cryptoasset. Bitcoin and blockchain technology could play a massive role in the future of European payment systems.

Now’s the time to get in on Bitcoin. Download the Tap app and take advantage of their multiple exchange trade technology. The app scans all the top crypto exchanges to find you the best trade price, no matter your pairing, while ensuring liquidity. Another unique feature of the app allows you to send money directly from your crypto wallet to another person’s bank account. Tap also offers a Prepaid card alongside the app which allows you to instantly convert your crypto and spend it anywhere in the world , find out more here.

Bitcoin is the future
We’ve taken a look at how Bitcoin will rise as EU cash payments fall, and the future is looking pretty exciting. As cash payments plummet around the world, but particularly in Europe, it makes more and more sense for us to accept the cryptocurrency as a valid and viable payment method. Bitcoin, the cryptocurrency with the largest market cap, really is the only crypto contender to replace cash in Europe.

Cash payments have been falling around the world for a long time now. The advent of debit cards and mobile and online payment systems have made things vastly more convenient for us - something which many of us take for granted. Bitcoin will change this further. A digital future includes cryptocurrencies, there’s no denying that.

https://www.tap.global/how-bitcoin-will-rise-as-eu-cash-payments-fall