Sweden to Become World’s First Cashless Country

[medUSA]

Most people living in cities are already moving towards cashless. We use credit and credit cards most of the time and only use small bills and coins for trivial things. I believe Sweden ahead in this direction because it is difficult for shops/banks to transport cash when they are snowed in. They are departing from physical notes and coins, but still staying with fiat as the unit of accounting. They are far from using cryptos as everyday currency.

[pawel7777]

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.

This will make huge difference for Bitcoin.

If physical cash is no longer accepted by any bank or merchant, Bitcoin could take its role as a payment method for quick and anonymous transactions. There is and will be a fair demand for cash (or cash-like) payments, anything from giving money to beggars to buying weed, paying prostitute etc.

[aakashsangwan]

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.

This will make huge difference for Bitcoin.

If physical cash is no longer accepted by any bank or merchant, Bitcoin could take its role as a payment method for quick and anonymous transactions. There is and will be a fair demand for cash (or cash-like) payments, anything from giving money to beggars to buying weed, paying prostitute etc.

if your are telling this then, everything is online, who ever buying or selling all transactions are made online, so its a good news and bad news, because now you have to carry your smartphone or laptop to do any type of business. but it is good for bitcoin as it is online payment. but alone sweden change cannot bring more difference to bitcoin, until big continents then accept it.

[gentlemand]

I thought Denmark was going to be the first. Either way the 'convenience' that cashlessness offers will rapidly turn around and bite them on the arse if the government wants to implement some Funny Stuff.

Cash is one of those things that people will only truly understand and appreciate what it did for them once it's gone. As all the attempts to keep the plates spinning become increasingly convoluted, They will do everything they can to squeeze financial freedom and herd people into areas where their money can be controlled.

[pawel7777]

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.

This will make huge difference for Bitcoin.

If physical cash is no longer accepted by any bank or merchant, Bitcoin could take its role as a payment method for quick and anonymous transactions. There is and will be a fair demand for cash (or cash-like) payments, anything from giving money to beggars to buying weed, paying prostitute etc.

if your are telling this then, everything is online, who ever buying or selling all transactions are made online, so its a good news and bad news, because now you have to carry your smartphone or laptop to do any type of business. but it is good for bitcoin as it is online payment. but alone sweden change cannot bring more difference to bitcoin, until big continents then accept it.

Not sure what you mean. Carrying your phone with you doesn't sound like much inconvenience, since (almost) everyone does it anyway.
Sweden isn't the biggest country in the world, but trust me, if Bitcoin took over all the physical cash transactions in Sweden, you would see the reflection in BTC price.

[teukon]

Sad yet inevitable.  As someone that uses cash heavily just for the basic dignity of financial privacy, I'm glad I don't live in Sweden.

[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.

This will make huge difference for Bitcoin.

If physical cash is no longer accepted by any bank or merchant, Bitcoin could take its role as a payment method for quick and anonymous transactions. There is and will be a fair demand for cash (or cash-like) payments, anything from giving money to beggars to buying weed, paying prostitute etc.

I didn't get your point. If you will pay with Bitcoin, you can pay a hooker with a "gift" payment from their bank payment.

[pawel7777]

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.

This will make huge difference for Bitcoin.

If physical cash is no longer accepted by any bank or merchant, Bitcoin could take its role as a payment method for quick and anonymous transactions. There is and will be a fair demand for cash (or cash-like) payments, anything from giving money to beggars to buying weed, paying prostitute etc.

I didn't get your point. If you will pay with Bitcoin, you can pay a hooker with a "gift" payment from their bank payment.

You could, but you probably don't want such tx to be shown in your statement.
But the point is, when you're a hooker, you won't get far with multiple 'gifts' received every day, or dozens (hundreds?) a month. That would be quickly marked as suspicious behaviour by your bank and/or taxman.

Accepting cash/bitcoins gives you much more options to stay below the radar.

[Betwrong]

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.

This will make huge difference for Bitcoin.

If physical cash is no longer accepted by any bank or merchant, Bitcoin could take its role as a payment method for quick and anonymous transactions. There is and will be a fair demand for cash (or cash-like) payments, anything from giving money to beggars to buying weed, paying prostitute etc.

I didn't get your point. If you will pay with Bitcoin, you can pay a hooker with a "gift" payment from their bank payment.

You could, but you probably don't want such tx to be shown in your statement.
But the point is, when you're a hooker, you won't get far with multiple 'gifts' received every day, or dozens (hundreds?) a month. That would be quickly marked as suspicious behaviour by your bank and/or taxman.

Accepting cash/bitcoins gives you much more options to stay below the radar.

Absolutely! And since you can't use cash anymore, you use Bitcoin. I like it! The demand will rise and consequently the price will rise.

[Operand]

Probably a step towards government regulation there?

[Q7]

I think people are now taking more interest and are willing to make a change. I expect to see bitcoin to be on par with credit card and other payment options some day.

[bearex]

Very nice, if that is true, then this is awsome news.

[cellard]

From what i've researched the tittle is actually a bit misleading. We may still be a bit far from an actual cashless society. Not "far", but a couple of years, not anytime soon. But the trend is clear, you can kiss goodbye to cash, therefore you can kiss goodbye fungibility, unless we come up with a way to make Bitcoin anonymous enough so that everyone can enjoy true fungibility. There's always XMR I guess tho.

[OrientA]

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.

May not be the case if we use Bitcoin or some anonymous coins like Monero or dash

[NorrisK]

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?

People in Sweden are already hardly using cash anymore. They are already having most of their fiat in a bank account. Also, since only Sweden uses their currency, they can also just stop emitting any bank notes and coins. Every retailer turns in any cash they receive and slowly cash will disappear.

Next, they will probably set a 20 year limit for people to hand in their cash, after that, it will be a worthless piece of paper or copper.

[Kprawn]

I doubt if this will happen soon... " ...data from the European Central Bank indicate that Swedes, while enthusiastic about bank cards and digital payments, still regularly withdraw quite a bit of money from ATMs. Surveys from the Riksbank show that for transactions under 100 kronor, 41 per cent of people still prefer to use cash. And the Swedish National Pensioners’ Organization, which represents some 400,000 of the country’s elderly, says 7 per cent of its members never use bank cards. "

SOURCE : http://www.sbs.com.au/news/article/2015/10/16/sweden-its-way-becoming-first-cashless-society-earth

The older generation will never fully adopt digital payment methods and the tourist from other countries will be discouraged if they have to learn new payment methods, when they

visit the country. Cash is still king, in many countries.. and people are used to it. 

[NorrisK]

I doubt if this will happen soon... " ...data from the European Central Bank indicate that Swedes, while enthusiastic about bank cards and digital payments, still regularly withdraw quite a bit of money from ATMs. Surveys from the Riksbank show that for transactions under 100 kronor, 41 per cent of people still prefer to use cash. And the Swedish National Pensioners’ Organization, which represents some 400,000 of the country’s elderly, says 7 per cent of its members never use bank cards. "

SOURCE : http://www.sbs.com.au/news/article/2015/10/16/sweden-its-way-becoming-first-cashless-society-earth

The older generation will never fully adopt digital payment methods and the tourist from other countries will be discouraged if they have to learn new payment methods, when they

visit the country. Cash is still king, in many countries.. and people are used to it. 

The elder generation that is afraid of bank cards is rapidly diminishing.

The population that is causing the ageing of society (50-70 now) should be very used to using bank cards all the time.

[BitMaxz]

I think europe is the first having bitcoin to be legal.and  will be first cashless country i just read the victory of europan people that bitcoin is legal now in there country..
I will wait soon my country is the next cashless..

[gentlemand]

I think europe is the first having bitcoin to be legal.and  will be first cashless country i just read the victory of europan people that bitcoin is legal now in there country..

It's always been legal in Europe. As for cashlessness, be careful what you wish for...

[pawel7777]

I think europe is the first having bitcoin to be legal.and  will be first cashless country i just read the victory of europan people that bitcoin is legal now in there country..

Europe is not a country.

It's always been legal in Europe. As for cashlessness, be careful what you wish for...

This.

No cash means more banks' control over pretty much everyone and no annonymity. Bitcoin could provide a little relief, but with no mass adoption, that won't solve the problem.

Applauding 'cashlessness' just to drive BTC price up is borderline retarded (or just ignorant at best).