War on cash in the EU : very bullish for BTC

olushakes

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Quote from: boumalo on July 28, 2017, 02:54:40 PM

The EU is trying to limit the cash payments to control the EU citizens and tax more easily and broadly. The pretext for the limits will be to fight crime.

http://wolfstreet.com/2017/01/28/europe-limits-on-cash-transactions-war-on-cash/

BTC could become the new cash as cash is slowly banned.

If the government can stop the flow of cash by going fully cashless, then they can equally stop the penetration of bitcoin because bitcoin is also cashless and a lot of people will have to concert to Fiat before having to spend their earnings from bitcoin which still goes back to the point of running away from cash in first place. However, the way out is to find someone who is willing to buy bitcoin and pay cash or willing to trade bitcoin for his goods below the radar otherwise, I don't see a way out of the scenerio.

Qartersa

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Bitcoins replacing cash won't happen unless there would be more people willing to accept bitcoins as payment or as there new way of transacting business. As of now, there is little interest from citizens to change from cash to any other form of payments. We need to educate people about other ways of financing any transaction and they have other options than cash.

oblivi

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Quote from: olubams on July 31, 2017, 01:52:53 AM

Quote from: boumalo on July 28, 2017, 02:54:40 PM

The EU is trying to limit the cash payments to control the EU citizens and tax more easily and broadly. The pretext for the limits will be to fight crime.

http://wolfstreet.com/2017/01/28/europe-limits-on-cash-transactions-war-on-cash/

BTC could become the new cash as cash is slowly banned.

Government of every nation is trying as much as possible to reduce the influence of cash and they are succeeding at it. They hide under the control of inflation, checking of crime among other reasons but the real truth is to ensure that citizens are taxed and no one is outside the tax net which cash makes possible. However. I don't see how bitcoin will replace such in the EU because it will only replace cash if the merchant or dealers accept it as a form of payment which is currently not the case and keeping funds in bitcoin comes with a lot of risk.

I have some friends in Norway, Sweden and other north European countries. Almost nobody uses cash anymore there, everyone either pays with a credit card, debit card, or with the phone. Digital payments are the norm. A generation from now, once all the old people is dead, there will only be people that grew up during this digital era and doesn't even think about what cash was and what it meant to have free money.

Cash will be gone soon and only bitcoin users will have any sovereignty.

bluefirecorp

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Quote from: Ultegra134 on July 30, 2017, 08:55:03 PM

I can confirm that this is actually happening, as the article says, in Greece (Where I live) you have to use a credit or debit card for any purchase above 500 Euros. You're also getting some "benefits" from using credit/debit cards such as building up a specific amount of money you earn which doesn't get taxed each year.

If your government allow you to buy 500 euro then what you will except from your government. You are the person who are depended on the country economy and that economy is allowing you to buy me. So should think that is it really right ?

I would like to sell instead buying euro go for bitcoin because bitcoin can be increase on daily while euro is just a local currency.

Croin

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Quote from: maeusi on July 31, 2017, 04:23:30 AM

Yes, holders of Bitcoins and other cryptocurrencies will take profit from EU cash war. At least as long as governments and financial institutes will not have implementet their own cryptocurrencies. I guess, this will take 10 to 20 years

.

They will but I am not bullish right now and not for 20 years at one point Cryptocoins will implode.

iram1011

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Quote from: olubams on July 31, 2017, 01:52:53 AM

Quote from: boumalo on July 28, 2017, 02:54:40 PM

The EU is trying to limit the cash payments to control the EU citizens and tax more easily and broadly. The pretext for the limits will be to fight crime.

http://wolfstreet.com/2017/01/28/europe-limits-on-cash-transactions-war-on-cash/

BTC could become the new cash as cash is slowly banned.

Government of every nation is trying as much as possible to reduce the influence of cash and they are succeeding at it. They hide under the control of inflation, checking of crime among other reasons but the real truth is to ensure that citizens are taxed and no one is outside the tax net which cash makes possible. However. I don't see how bitcoin will replace such in the EU because it will only replace cash if the merchant or dealers accept it as a form of payment which is currently not the case and keeping funds in bitcoin comes with a lot of risk.

Why not Bitcoin can be a digital medium of payment in case of cash limit?

Offcourse it will be an option in case of digital payment boost. Government is basically putting a cash limit and supporting the digital payment to have a watch on transaction. This in one way will help in curbing corruption and illegal activities. But the disadvantages include zero expectation of privacy from the government. So in that case, Bitcoin and other cryptocurrencies would come handy and help in maintaining the privacy.

maeusi

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Yes, holders of Bitcoins and other cryptocurrencies will take profit from EU cash war. At least as long as governments and financial institutes will not have implementet their own cryptocurrencies. I guess, this will take 10 to 20 years

.

9000

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Essentially it is to fight tax evasion by merchants.

They charge the normal taxes to consumers but then they don't declare and just keep the money, if people pay with cash and don't ask for an invoice with their VAT number there is no registry of the operation.

Bitcoin will leave a registry, it's a good system to fight tax evasion.

User365

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physics, mathematics and engineering

Quote from: boumalo on July 28, 2017, 02:54:40 PM

The EU is trying to limit the cash payments to control the EU citizens and tax more easily and broadly. The pretext for the limits will be to fight crime.

http://wolfstreet.com/2017/01/28/europe-limits-on-cash-transactions-war-on-cash/

BTC could become the new cash as cash is slowly banned.

I really hope BTC is adoped fast enough, as the usage of cash gets restricted more and more, and cash is still better than digital fiat tx.

Undermood

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They are trying to promote credit-debit cards.
They can easyly follow the money flow and can get tax.
Thats why we need crypto coins. We need to pay less taxes.
Goverments will not try to get tax from rich people they only try to get from middle.

olubams

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Quote from: boumalo on July 28, 2017, 02:54:40 PM

The EU is trying to limit the cash payments to control the EU citizens and tax more easily and broadly. The pretext for the limits will be to fight crime.

http://wolfstreet.com/2017/01/28/europe-limits-on-cash-transactions-war-on-cash/

BTC could become the new cash as cash is slowly banned.

Government of every nation is trying as much as possible to reduce the influence of cash and they are succeeding at it. They hide under the control of inflation, checking of crime among other reasons but the real truth is to ensure that citizens are taxed and no one is outside the tax net which cash makes possible. However. I don't see how bitcoin will replace such in the EU because it will only replace cash if the merchant or dealers accept it as a form of payment which is currently not the case and keeping funds in bitcoin comes with a lot of risk.

Idrisu

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Hope the cash control will impact on crytocurrency and bitcoin in particular positively. I expect bitcoin price to go up because many of the EU will likely prefer to they money in crytocurrency or bitcoin in other to still have full control on their capital. Bitcoin make things easy it doesn't have an alternative.

NUFCrichard

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Quote from: boumalo on July 28, 2017, 02:54:40 PM

The EU is trying to limit the cash payments to control the EU citizens and tax more easily and broadly. The pretext for the limits will be to fight crime.

http://wolfstreet.com/2017/01/28/europe-limits-on-cash-transactions-war-on-cash/

BTC could become the new cash as cash is slowly banned.

The real question is: if they are having a war on cash, and Bitcoin can be used to replace cash, when will they start their war on Bitcoin?

You can already travel with large amounts of Bitcoin on your phone/laptop/usb stick/online wallet, which they don't like. If Bitcoin acceptance as a currency rises, then I expect that they will come down on it too.
And don't worry, every transaction is on the blockchain forever for all to see, so when they do come, they'll have all the information they need!

iamTom123

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The war on cash is actually a war for the control of the people and how they spend their money and of course to make taxation easier on the part of the government. The whole world is now entering a different phase where we would have conflicts because there are a group of people who are using any tool available just to gain the upper hand...to control...to make people more beholden to the government.

Ultegra134

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I can confirm that this is actually happening, as the article says, in Greece (Where I live) you have to use a credit or debit card for any purchase above 500 Euros. You're also getting some "benefits" from using credit/debit cards such as building up a specific amount of money you earn which doesn't get taxed each year.

cakravothy

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Chainjoes.com

Quote from: boumalo on July 28, 2017, 02:54:40 PM

The EU is trying to limit the cash payments to control the EU citizens and tax more easily and broadly. The pretext for the limits will be to fight crime.

http://wolfstreet.com/2017/01/28/europe-limits-on-cash-transactions-war-on-cash/

BTC could become the new cash as cash is slowly banned.

bitcoin can't replace money
and in europa bitcoin user not majority, bitcoin user still dominate from asia, china, japan and korea
what ever baned or not i think bitcoin still can run

boumalo

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Quote from: pitham1 on July 28, 2017, 09:01:45 PM

Quote from: boumalo on July 28, 2017, 02:54:40 PM

The EU is trying to limit the cash payments to control the EU citizens and tax more easily and broadly. The pretext for the limits will be to fight crime.

http://wolfstreet.com/2017/01/28/europe-limits-on-cash-transactions-war-on-cash/

BTC could become the new cash as cash is slowly banned.

This is pretty old news (more than 6 months). Governments across the world are conducting a war on cash.
This is bad for anybody who wants privacy in his financial transactions, although he might be a perfectly law abiding citizen who pays his taxes.

Germans will fight the war the cash since they use a lot of cash and are attached to the privacy benefits of using cash.

Wanted to point out that cash can be use efficiently to buy anonymously and BTC use should grow as cash use goes down. On one hand bans and restrictions on cash are bullish for BTC, on the other hand they are a bearish sign for freedom and BTC could be next to be attacked.

neurotypical

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Theres a video of the latest DAVOS (im not sure if 2017 or 2016 edition) and Laggarde says that in 10 years, she doesn't think that physical money will exist. Since these things don't happen from one day to another, the transition will happen smoothly, so in about 5 years, most of the cash will be banned, I think only the smallest bills will prevail, probably for the older people to keep being able to do common shopping, because most old people will never understand how to pay digitally.

In about 2027 cash will be over in most developed countries. The BTC price will be insanely high assuming big blockers don't win.

pitham1

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Quote from: boumalo on July 28, 2017, 02:54:40 PM

The EU is trying to limit the cash payments to control the EU citizens and tax more easily and broadly. The pretext for the limits will be to fight crime.

http://wolfstreet.com/2017/01/28/europe-limits-on-cash-transactions-war-on-cash/

BTC could become the new cash as cash is slowly banned.

This is pretty old news (more than 6 months). Governments across the world are conducting a war on cash.
This is bad for anybody who wants privacy in his financial transactions, although he might be a perfectly law abiding citizen who pays his taxes.

DaMut

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Quote from: boumalo on July 28, 2017, 02:54:40 PM

The EU is trying to limit the cash payments to control the EU citizens and tax more easily and broadly. The pretext for the limits will be to fight crime.

http://wolfstreet.com/2017/01/28/europe-limits-on-cash-transactions-war-on-cash/

BTC could become the new cash as cash is slowly banned.

From that article they're doing it just to 'control' circulation of the money and the essential is 'taxes',
even thought Bitcoin is well known about its anonymity,global goverment will always find the way to track the circulation.
just like they did in the case of Alexander Vinnik
One of those article about it :
http://www.newsweek.com/2016/12/23/virtual-currencies-bitcoin-being-monitored-us-government-532063.html
it's been started a few years ago but global goverment still do nothing about it,

how about make a wild guess,Global goverment trying to implement 'Cryptocurrency' as a replacement of 'Real Cash' ?
using a limitation for citizen using cash as a payments ( for me it's absolutely an excuse ).

if global goverment succeed ,doesn't that mean there'll be 'More Taxes'?

boumalo

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The EU is trying to limit the cash payments to control the EU citizens and tax more easily and broadly. The pretext for the limits will be to fight crime.

http://wolfstreet.com/2017/01/28/europe-limits-on-cash-transactions-war-on-cash/

BTC could become the new cash as cash is slowly banned.

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