Sweden to Become World’s First Cashless Country

[avatar_kiyoshi]

"Cash is still an important means of payment in many countries' markets, but that no longer applies here in Sweden."

Full: http://cointelegraph.com/news/115452/sweden-to-become-worlds-first-cashless-country

Sweden open their eyes to "future of money."

[CasioK]

That must be great news to hear. Many people would have expected Greece to be the first one to come out to accept crypt-currencies. If it comes in full swing, we can see many other countries will join this race.

[NorrisK]

Quite old news actually. It was reported on more than a year ago (that they were trying to go there http://www.theguardian.com/world/2014/nov/11/welcome-sweden-electronic-money-not-so-funny)

I think it is an interesting move nonetheless.

Do you think this is good for bitcoin or not? Or do people get even more depended on centralized banks? I guess a lot of die hard bitcoiners prefer cash over digital fiat. 

[Supercrypt]

Quite old news actually. It was reported on more than a year ago (that they were trying to go there http://www.theguardian.com/world/2014/nov/11/welcome-sweden-electronic-money-not-so-funny)

I think it is an interesting move nonetheless.

Do you think this is good for bitcoin or not? Or do people get even more depended on centralized banks? I guess a lot of die hard bitcoiners prefer cash over digital fiat. 

Digital fiats are nothing different from using Paypal.

Bitcoin has the potential to become a commonly used currency in Sweden.

This is the point, I prefer to look for as a bitcoiner. May Sweden preemptively act to avoid a situations like Greece faced. Lets wait a little before this to happen.

[MikeCoin]

"Cash is still an important means of payment in many countries' markets, but that no longer applies here in Sweden."

Full: http://cointelegraph.com/news/115452/sweden-to-become-worlds-first-cashless-country

Sweden open their eyes to "future of money."

If they do we all become richer

[RustyNomad]

Many will think this is a good thing but I'm in two minds about a cashless society.

No more privacy, each and every little transaction recorded in your banks database. No backup for those times when the power is out etc....

I still prefer cold hard cash in many situations thank you.

[Amph]

so how it work they seek everyone and start destroying their cash, or they wait until those remained cash are spent in some way

you can't just burn people money, so they must offer the same value in their bank to accelerate the process, can their citizens ask for something extra in this case?

[Come-from-Beyond]

Do banks charge fees for cashless transactions?

[tiggytomb]

Many will think this is a good thing but I'm in two minds about a cashless society.

No more privacy, each and every little transaction recorded in your banks database. No backup for those times when the power is out etc....

I still prefer cold hard cash in many situations thank you.

Eventually we will all live in a cashless society, as soon as online banking became a thing and the ability to pay using your bank card became the thing to do we entered into the beginnings of a cashless society.

It is as you say one step closer to a big brother 1984 type deal but even cash is not safe if it at some point it is deemed worthless.
Bitcoin at least is a start to another means, another way to exist outside of the control of any one body, the only way it will fail is if they switch the internet off in which case would probably mean we have been hit by a solar flare from the sun and the power grid has been wiped out

[Mickeyb]

Many will think this is a good thing but I'm in two minds about a cashless society.

No more privacy, each and every little transaction recorded in your banks database. No backup for those times when the power is out etc....

I still prefer cold hard cash in many situations thank you.

Eventually we will all live in a cashless society, as soon as online banking became a thing and the ability to pay using your bank card became the thing to do we entered into the beginnings of a cashless society.

It is as you say one step closer to a big brother 1984 type deal but even cash is not safe if it at some point it is deemed worthless.
Bitcoin at least is a start to another means, another way to exist outside of the control of any one body, the only way it will fail is if they switch the internet off in which case would probably mean we have been hit by a solar flare from the sun and the power grid has been wiped out

Yes, the world is becoming heavily controlled and technology doesn't do nothing but helps people that want this control. Online banking and digital/cashless society does exactly this as well. Your every move and every transaction is written somewhere out there. Heck I can find and review my every transaction that did go through my online bank in the last 5 years.

As you have said it, at least with Bitcoin we are starting to offer at least a little dose of semi anonymity.

Cash was a king here, as it was the easisest to lose the trail. But we are moving away very far from cash and towards banks centralized blockchains that will give banks and governments even more control.

[StarofBTC]

Wow thats a great news to hear ....i hope it comes in my country INDIA too lol..... .....Its a nice news that bitcoin is taking a huge feet in Sweden....
 

[el kaka22]

Huh, if it is true, then the BTC price must increase a lot! I see in the news that there are 80B SEK (about 9B USD) in circulation now, that means the 'market cap' of the Swedish currency is 9B, while that of bitcoin is only 4B as of now. If Sweden makes bitcoin as their national currency (at least their population use it in daily price), it could push the bitcoin market cap to at least 9B, i.e. price would up at least 100%.

[Denker]

Many will think this is a good thing but I'm in two minds about a cashless society.

No more privacy, each and every little transaction recorded in your banks database. No backup for those times when the power is out etc....

I still prefer cold hard cash in many situations thank you.

Right! This is a nightmare if cashless means centralized digital money. You will leave in a glass house.Fully transparent and everything you do with that money can be tracked and will be monitored.
Bitcoin and other decentralized cryptos are the only way out of this.

[Rude Boy]

so bitcoin having more adoption in sweden. Thats the reason for increase in price?

Wow thats a great news to hear ....i hope it comes in my country INDIA too lol..... .....Its a nice news that bitcoin is taking a huge feet in Sweden....
 

It'll not be good for indian peoples. Because, we're already facing a lot of financial problems (black money).

[Light]

The article barely mentions Bitcoin much at all. Honestly the title tends to imply Bitcoin adoption - but in reality they are just restating the same news that Sweden is shying away from the usage of cash. While it means there are more digital transactions - there is no indication of any new developments in the market nor legislation that will support Bitcoin in becoming a currency to rival fiat in any significant way anytime soon.

[Raimonn]

This wasn't for bitcoin adoption, its a credit card based system. They can pay all with credit or debit card, nord-european countries users normalydon't use cash. But these could be a society more open to use bitcoin. 

[jak1]

Everyone is awared about transaction status and development in Sweden, a beautiful country for sure! Sweden is now progressing towards almost becoming cashless 90% of transactions are done cashlessly,either using cards or bitcoins. This has greater advantages over cash
(1) Security-- Money stays safe, no one can steal it from you
(2) Carefree-- you don't have to worry about where should I keep my money how, etc...
(3) Easy-- no hassle of notes, it's digital, technological and simple mode of payment
(4) No robberies-- what will be robbed when there will be no cash!!
So, other countries should learn from sweden and move towards being called "cashless"

[dothebeats]

Hmm, so they would rely on bank cards completely controlled by government and the banks? That means centralization for me.

Thanks but no thanks. Cash seems to work out well for me, and I don't think they will employ the idea of bitcoin that much in their nation.

[ingiltere]

That's not about Bitcoin, it's about credit and debit cards. Most of the developed countries already use that but strictly do it like that is definitely a game changer. No cash means everything is under control, government knows every spending you make. I'm sure Swedish people will look into Bitcoin more because they have to save their financial freedom.

[DarkHyudrA]

People are mixing things.
They aren't avoiding fiat, they are avoiding physical cash. Paper ones. But they still use CC from banks.
This will do no difference for Bitcoin. It has been an option today, and there will be no advantage for it after the ban on cash.