'Banks to abandon paper money soon'

[pawel7777]

http://rt.com/op-edge/198060-denmark-electronic-money-cash-banks/

Denmark’s Central Bank Nationalbanken plans to stop printing banknotes and minting coins by the end of 2016. It claims that people increasingly prefer to use credit cards and electronic money in transactions rather than cash.

Physical cash may disappear sooner than expected, although in the above case Denmark will probably just significantly reduce cash money and outsource printing/minting of notes and coins.

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[Lethn]

This is the crash, it's going to start now guys, they'll be pulling more moves like this soon enough.

[cma3]

http://rt.com/op-edge/198060-denmark-electronic-money-cash-banks/

Denmark’s Central Bank Nationalbanken plans to stop printing banknotes and minting coins by the end of 2016. It claims that people increasingly prefer to use credit cards and electronic money in transactions rather than cash.

Physical cash may disappear sooner than expected, although in the above case Denmark will probably just significantly reduce cash money and outsource printing/minting of notes and coins.

not surprising at all. most financial transactions are done digitally anyway. it wouldnt surprise to find out that the material to mint coins are worth more than the value they represent too.

moves like this and, say, applepay/NFC payments -- will simply pave the way for the average schmo to wrap his head around operating in digital currency and in the long run, embrace bit[Suspicious link removed]d for Denmark.

[samaricanin]

There is no reason for concern  

[pawel7777]

...it wouldnt surprise to find out that the material to mint coins are worth more than the value they represent too.

Correct. Take Poland for example, cost of material (not even including production cost) to mint 1 'grosz' (PLN 0.01) was around 3g.


On the subject - I don't think any country can currently totally abandoned physical cash anytime soon. They would have to make sure that absolutely everyone have access to banking services, that includes minors, homeless, fresh immigrants (both legal and illegal) and tourists (their credit cards may not be accepted in other countries.

But if that happens, that will be a time to shine for bitcoin.

[alani123]

But if that happens, that will be a time to shine for bitcoin.

A time to shine? More like competition.

[pawel7777]

But if that happens, that will be a time to shine for bitcoin.

A time to shine? More like competition.

Bitcoin is like digital cash. If there's no physical money and you can only pay with credit card or payment systems connected to your bank account (so fully traceable), then demand for bitcoin could be huge. It could be main (if not the only) way to make/accept payments for those without bank account, those who don't want to fully rely on their bankers and those who want their financial activity to remain anonymous (for whatever reason).

[alani123]

Bitcoin is like digital cash. If there's no physical money and you can only pay with credit card or payment systems connected to your bank account (so fully traceable), then demand for bitcoin could be huge. It could be main (if not the only) way to make/accept payments for those without bank account, those who don't want to fully rely on their bankers and those who want their financial activity to remain anonymous (for whatever reason).

I want to be optimistic, but I don't believe that bitcoin will become more sucesfull from one day to anoter. The general population needs time to understand and accept bitcoin's advantages. Most people see digitalization of payments through credit cards as a positive thing. We don't, I'm pretty sure most people here strongly believe that bitcoin is by far a better alternative to credit cards for money tranfering transactions. But good luck educating others.

[jbrnt]

READ THE ARTICLE!

The spokesperson said they will stop printing fiat themselves, but will outsource any printing of new notes. So, they are not completely relying on electronic money.

[pawel7777]

READ THE ARTICLE!

The spokesperson said they will stop printing fiat themselves, but will outsource any printing of new notes. So, they are not completely relying on electronic money.

READ THE FIRST POST

I already stated that.

Article itself is not very detailed tho.

[jbrnt]

READ THE FIRST POST
I already stated that.

My comment is not directed at you, but other comments which seemed to think Denmark will not be using note and coins any longer.

[pawel7777]

READ THE FIRST POST
I already stated that.

My comment is not directed at you, but other comments which seemed to think Denmark will not be using note and coins any longer.

OK. Sorry.

[pawel7777]

Bitcoin is like digital cash. If there's no physical money and you can only pay with credit card or payment systems connected to your bank account (so fully traceable), then demand for bitcoin could be huge. It could be main (if not the only) way to make/accept payments for those without bank account, those who don't want to fully rely on their bankers and those who want their financial activity to remain anonymous (for whatever reason).

I want to be optimistic, but I don't believe that bitcoin will become more sucesfull from one day to anoter. The general population needs time to understand and accept bitcoin's advantages. Most people see digitalization of payments through credit cards as a positive thing. We don't, I'm pretty sure most people here strongly believe that bitcoin is by far a better alternative to credit cards for money tranfering transactions. But good luck educating others.

True. But in the theoretical scenario, when there's no cash money, lots of people will be actively looking for alternatives. So no need to convince or educate anyone, they'll do it themselves (sort of like Mr Bitcoin from 'Rise and rise of bitcoin', who managed to "lern the geek stuff").

And I don't see anything wrong with digitalisation of payments through cc, as long as you're able to use alternatives, such as cash or bitcoin.

[bf4btc]

http://rt.com/op-edge/198060-denmark-electronic-money-cash-banks/

Denmark’s Central Bank Nationalbanken plans to stop printing banknotes and minting coins by the end of 2016. It claims that people increasingly prefer to use credit cards and electronic money in transactions rather than cash.

Physical cash may disappear sooner than expected, although in the above case Denmark will probably just significantly reduce cash money and outsource printing/minting of notes and coins.

not surprising at all. most financial transactions are done digitally anyway. it wouldnt surprise to find out that the material to mint coins are worth more than the value they represent too.

moves like this and, say, applepay/NFC payments -- will simply pave the way for the average schmo to wrap his head around operating in digital currency and in the long run, embrace bit[Suspicious link removed]d for Denmark.

For a lot of the low value coins (for example the penny) it does cost more to produce the coin then the monitory value of such coin.

A digital system of paying for things will always be more cost efficient then using paper bills.

[drmundo]

i thought they just enter #`s on how much these banks want.

The federal reserve has like accounts like we do at a bank do right.

[Lethn]

That's right the paper though is to give the illusion that we all still have money, once they go fully digital everyone will realise we actually have nothing and then the economy will collapse because people will start to question everything the banks have done. The idea behind paper currency was that it was originally an IOU for gold or silver but that has been quietly removed from the system so now we're just going to be dealing with numbers on the screen that banks type out rather than doing anything sophisticated like Bitcoin.

Basically in Bitcoin terms, they're about to create a centralised altcoin that they have 100% pre-mined and it has no difficulty, proof of work or proof of stake whatsoever.

[pawel7777]

Basically in Bitcoin terms, they're about to create a centralised altcoin that they have 100% pre-mined and it has no difficulty, proof of work or proof of stake whatsoever.

It's even worse than that. 100% would mean there's a fixed cap, but there isn't any, and there's no fixed new-money creation model.

[cryptocoiner]

That's why you should quit using fiat money.

[jbrnt]

That's why you should quit using fiat money.

There is nothing wrong with fiat money, it's the banking system which inflates the money supply.