Jump to content
Sign in to follow this  

Cash is Rapidly Disappearing in Sweden

Recommended Posts

interesting. This was discussed for the UK by carney (here https://www.bankofengland.co.uk/-/media/boe/files/speech/2018/the-future-of-money-speech-by-mark-carney.pdf) which shows the opposite. It's a  nice title for the internet for sure, and I know as a Londoner I never use cash probably less than 20 times in the last year which isn't much given how many transactions you take out on an average day!)

"The first form of money is the banknotes issued by central banks, such as the Adam Smith £20s. These account for just 3% of the stock but 40% of all consumer transactions. Next is electronic central bank money in the form of the reserves that commercial banks hold with us, including to settle transactions with one another. To note, banknotes accounted for 45% of transactions in 2015..."

Share this post


Link to post

@cryptotrader,

The use of physical cash has been declining over the years and the use electronic payment including debit/credit cards and mobile payments has been increasing. The report relates to the UK but the UK is behind some of the Scandinavian countries when it comes to adopting a cashless society framework. 

Your quote has a reference (8) which is as follows:

8 The data are for 2016. To note, banknotes accounted for 45% of transactions in 2015, and as such there was a 5 percentage point fall year-on-year which may be related to increased use of cards and online payments.

I am not so sure how much I trust Mark Carney. Obviously if Cryptocurrencies became mainstream his views and his worth could possibly become redundant. We are only at the beginning cycle of Cryptocurrencies and are many years away from mainstream adoption if it will happen as it may not. The fact that Mark Carney needed to include a specific and large in proportion to the report section on Bitcoin and Cryptocurrencies shows that Central Banks and Governors are worried and this is a classic example of scaremongery and information bias. Is Mark Carney all of a sudden a Cryptocurrency expert?

I think the report discusses the issues with Bitcoin and Cryptocurrencies now which to be fair are valid points.  The scaling issues will improve going forwards and so too will transaction times. For me the use of Blockchain technology enables such transactions to be more secure and transparent and also transactions which cannot be tampered with. For audit trail purposes they are superior. Yes they still have their flaws and we are many years away from the final version but I am positive that it will come. Things have to be put into perspective and a new crypto - payment system cannot evolve overnight. It will take many years and many improvements but when it comes then it will make payment and transactions pure 'digital'. I think tokenising assets will come before this stage within the evolution of Crypto Payments.

Share this post


Link to post

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
You are posting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Member Statistics

    • Total Topics
      7,424
    • Total Posts
      37,754
    • Total Members
      47,723
    Newest Member
    Smallbear
    Joined 18/09/19 20:46
  • Posts

    • Wow. Just look at the volatility. The price action is erratic to say the least. This has happened before on quite a few occasions in the past.  In one hour from my initial post to this post the price action has reversed. It is all about waiting for a clear signal for which direction these indices are going to go in. 
    • So you have to admit this S&P chart is as bullish as you could get, traders have been waiting for the Fed who haven't disappointed, have refused to break lower during that wait and are just staring at that ATH just a short reach away. Barring a war there seems nothing to hold back the continued march onward and upward. Daily chart; 
    • I think we now have the potential and it is potential shorting opportunity on Dow Jones (Wall Street), S&P 500 (US 500) and Nasdaq (US Tech 100) as well as other indices. The FTSE 100 is not looking too good in advance of Brexit. The 'daily' chart is looking rather bearish. The price action is looking bearish. However the price has not breached any of the key moving average indicators as of yet for the US 500. Hence why I am using the word potential in terms of trading opportunity. Some of the ultra aggressive traders will already be short the S&P 500 and other similar indices but if they are wrong the price does not continue downwards then they will be out quickly. 
×
×