Cash will be abolished & negative interest rates via bank accounts enforced

[americanpegasus]

What sounded like a conspiracy theorist's rantings only a few years ago is rapidly becoming reality. 
 
Look at this: 
Negative interest rates could be necessary to protect UK economy, says Bank of England chief economist

http://www.telegraph.co.uk/finance/bank-of-england/11874061/Negative-interest-rates-could-be-necessary-to-protect-UK-economy-says-Bank-of-England-chief-economist.html 
 
Soon cryptocurrency will be the only 'free' money left.  If you want to use government backed currency, you will be forced to use a bank.  If you want to continue using a bank, you will be forced to pay for the privilege.  Instead of banks competing to give you the highest interest rate, they will compete to take as little of your money as possible.   
 
Holy shit.  It's really happening. 
 

[OmegaStarScream]

"Soon cryptocurrency will be the only 'free' money left" they probably won't let this happen for sure , it will become a threat for them definitly however if this happens for one reason or another , we will definitly go to the moon

[wxa7115]

I read the article and it’s interesting, but the attempt to try to abolish cash it’s nothing new, where I live there are a lot of thing that you cannot buy with cash (cars, houses, jewelry, etc)

[lyth0s]

"Soon cryptocurrency will be the only 'free' money left" they probably won't let this happen for sure , it will become a threat for them definitly however if this happens for one reason or another , we will definitly go to the moon

Is decentralized code not above law?

[Amph]

if cash isn't abolished in every countries, how then i can still convert to cash in another nation, and i doubt will be ever abolished everywhere

it will remain an option like other small crypto are to bitcoin

[Mickeyb]

I don't believe that cash will be abolished this easily. First of all, there is still not a sustainable option in order to replace cash on mass level. Yes, you heard me right, Bitcoin is not ready yet. Our block sizes, infrastructure, security, etc..is just not ready for a masses. We are a niche payment system at the moment.

Negative interest rates are the biggest BS ever. Many countries in Europe have installed them. This is not yet a case in France. There is still about 1.25% interest rate in France, which is nothing anyways but at least I don't pay to them. If my bank is to start charging negative interest rates I would withdraw all of my money the very next morning.

[markj113]

Why does everyone thinking banning cash = alternative needed such as bitcoin.

Why couldnt they just ban cash as in notes and coins and just keep the digital and we carry on using debit/credit cards to make payments.

[Q7]

Ideally in the system where they can manipulate and control it, they will do whatever they can to protect and ensure it remains in place. Cryptocurrencies will always be seen as a threat to their survival

[acquafredda]

On the long term cash is going to die, unfortunately.
It's sure as hell that Big Data & Govs want absolute control over our money. This is a fact.
Otherwise this holy war against the best payment solution would not be clear.

Is bitcoin going to survive such a thing? that is unpredictable.

[wxa7115]

On the long term cash is going to die, unfortunately.
It's sure as hell that Big Data & Govs want absolute control over our money. This is a fact.
Otherwise this holy war against the best payment solution would not be clear.

Is bitcoin going to survive such a thing? that is unpredictable.

True, governments want full control over your money, whether this is for taxes or being able to seize your funds with a few clicks, however abolishing cash completely seems very difficult to me especially in third world countries where there’s a lot of poverty.

[gentlemand]

Why does everyone thinking banning cash = alternative needed such as bitcoin.

Why couldnt they just ban cash as in notes and coins and just keep the digital and we carry on using debit/credit cards to make payments.

Because then you're trapped in the banking system with no viable escape route. That's what plenty of economists are currently fantasising about. You would be completely at their mercy. Did you notice what happened in a wee place named Greece recently?

Cash, like so much else, is one of those things that most would only realise how important it was after it had been extinguished. Places like Denmark are actively pursuing its demise. Pretty bonkers stuff.

[Pab]

 If banksters want to kill economy than will be negative rates,now rates are near zero for long time andwhere is inlation,More QE low rates and now inflation,why becouseall that printed moneyare going in to markets,real estates

It will be madness if they will do that,new currency war that time last one.Winner will be only one China

Cash abolished,it is almost done in many countrys.I can withdraw from bank atm machine onlly 250euro per day
But life without cash is not possible in many places,becouse people dont have  banks account.Generally banksare vey much not popular.In europe there is movement to make banks only like financial services,without possibility to land money

That guy from bank of england doesnt look to much seriousto me

[smoothie]

I don't believe that cash will be abolished this easily. First of all, there is still not a sustainable option in order to replace cash on mass level. Yes, you heard me right, Bitcoin is not ready yet. Our block sizes, infrastructure, security, etc..is just not ready for a masses. We are a niche payment system at the moment.

Negative interest rates are the biggest BS ever. Many countries in Europe have installed them. This is not yet a case in France. There is still about 1.25% interest rate in France, which is nothing anyways but at least I don't pay to them. If my bank is to start charging negative interest rates I would withdraw all of my money the very next morning.

IF you could beat the other 1000's or 10,000's or even millions of people rushing to the bank.

Can you run fast? Or better yet do you have a very fast car?

[smoothie]

"Soon cryptocurrency will be the only 'free' money left" they probably won't let this happen for sure , it will become a threat for them definitly however if this happens for one reason or another , we will definitly go to the moon

Is decentralized code not above law?

Define "above".

If you mean that it can't be stopped by law then yes.

But laws will come if the powers that be want the laws and see crypto as a threat to their existing financial power.

[gentlemand]

I wonder how it would be sold to the public. It's not as if it's of any benefit to them whatsoever.

[OROBTC]

if cash isn't abolished in every countries, how then i can still convert to cash in another nation, and i doubt will be ever abolished everywhere

it will remain an option like other small crypto are to bitcoin

Yep, that's one defense.  Buy Euros or Swiss Francs.

There's always the default choice too: Gold, Bitchez!

It is hard for me to see how another digital currency could be imposed, AND destroy Bitcoin at the same time.  So, HODLING some BTC just seems smart in the event they try to ban cash.

*   *   *

I had read in the past that CA$H would never be banned because how would all the crooked politicians (etc.) get their money on the sly?  But, elsewhere here at BTCtalk I read that the politicians could just have some kind of "exception" to having their ill-gotten gains placed in the public record.

[Mickeyb]

I don't believe that cash will be abolished this easily. First of all, there is still not a sustainable option in order to replace cash on mass level. Yes, you heard me right, Bitcoin is not ready yet. Our block sizes, infrastructure, security, etc..is just not ready for a masses. We are a niche payment system at the moment.

Negative interest rates are the biggest BS ever. Many countries in Europe have installed them. This is not yet a case in France. There is still about 1.25% interest rate in France, which is nothing anyways but at least I don't pay to them. If my bank is to start charging negative interest rates I would withdraw all of my money the very next morning.

IF you could beat the other 1000's or 10,000's or even millions of people rushing to the bank.

Can you run fast? Or better yet do you have a very fast car?

You might be talking about bank runs in the case of economic collapse! In Switzerland and in Germany there are already 0.1% negative interest rates and I don't see millions of people rushing to the banks!

[coinplus]

Negative interest rate must be a good sign of people look for bitcoin for their alternate investment for bigger returns. In many countries already negative interest in practice. When gold and bank interest are not favorable for investors their obvious choice would be bitcoin only. So, bitcoin has a greater future from these news.

[unpure]

Real negative interest rate has been around for more than a decade.

[bimasena25]

I think not easy like this
cash have development who can make economic manuver to protect value