Spain is now looking towards Bitcoin for financial security

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December 3, 2016, 5:01 pm

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Spain is now looking towards Bitcoin for financial security

The united states is trying to ban the 50 and 100 dollar bills. India has mentioned that it has banned the 500 and 1000 Rupee bills, and that all citizens have until the end of December to cash them in before they become invalid. Spain is planning to limit the amount of cash you can carry, send or receive per transaction to the max of 1000 Euros. We are not to far off from the average person being able to use Bitcoin in everyday life. Soon everyone will be able to use BTC without having to worry about bills being phased out or having transaction limits.

This shows the importance of having a decentralized currency. Imagine having no access to your money? They have not taken it to this extreme yet but it sure looks like its heading that way. If this kind of war on cash continues then the price of Bitcoin and other digital currencies will go up. Guys the war on cash has begun my advice is to get as much money as you can into Bitcoin. I currently have 0 savings in the bank and all my money is in 3 different currencies. What do you guys think about this war on cash?

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Lynne

Oh I had no idea there was a movement already to cut down on cash. I'm not sure I've seen that here in South Africa.

I do have to just say that I really don't like carrying cash and when someone asks me to pay in cash I get seriously annoyed because having to go and draw cash is a royal pain in the ass.

My kids play school often asks for certain things to be paid in cash and as a rule I just don't have cash on me. I like to pay for things via internet banking or with my mobile banking.

It is so "old school" to pay with cash.

So I can certainly see how there is going to be a movement against cash. I've started it already!

0 7 years ago

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CryptoGuru

The thing is people are evading taxes by turning money into cash and hiding it. Most of the people who hide cash are drug dealers, and other people doing illegal activities. When you have alot of cash to hide 50's and 100 dollar notes become a necessity to keep the amount of spaced used down. I agree with you paying with cash is very old school and can be dangerous depending on where you live on the earth. This is just another attempt by the government to control cash flow into and out of the country. Spending limits and transaction limits are next for the USA. We will not have to wait to long before BTC is 2000 dollars because of this cash war.

0 7 years ago

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MasterA

I agree that there is lots of potential with Bitcoins and I heard lots of things about changing to digital currency in the future. However, I think it will take a long time before we totally change to digital currency and just get rid of cash. With cash, I think it will still be used for a long time. While there are always these new bills coming out, you can use alternatives like bank transfers and it will will take a while before all the countries will implement something similar. With buying Bitcoins, I think the price is too high at the moment and it can be a risky investment at this moment in time. Firstly, there has been security breaches with Bitcoins in the past and it isn't 100% safe to hold a lot of bitcoins as it will be a very long term investment and there is a lot of uncertainty. Bitcoin is still not accept in most shops and it has a lot way to go before it can be used to replace cash.

0 7 years ago

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CryptoGuru

Well sir i think you may have been a bit mis informed about Bitcoin and you should go back and check my posts. Investors consider Bitcoin to be a safe haven for investments money. Some people have their life savings in BTC and have been doing well the last 2 years. Did you know that many major companies accept Bitcoin and other currencies?

Here is the list and its rather long. Keep in mind this does not count the thousands of family run businesses that accept BTC as a form of payment.

https://99bitcoins.com/who-accepts...s-take-bitcoins/


As far as Bitcoin being a long term investment i think you are correct but it could also be a short term investment as well. Bitcoin is expected to be over 900 dollars by the end of July so if you invested last week at 730 you could make 170 a coin in just a short few months. 10 coins that is 1700 bucks with no work done at all. Bitcoin is probably the least risky of all crypto currencies and also more stable.

0 7 years ago

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Cristian

Why is the US wanting to cut down the 50 and 100 dollar bills? Force people to migrate from cash payments to credit card payment?
One the other hand I can understand the benefits, having lower bills means back robberies and stuff like that may become obsolete, because who would want to rob anything if all the cash they could find would be lower bills?

I don't think is a good idea and may backfire, I don't think everyone is ready to go fully digital, myself included, I still hold some good old cash for rainy days.

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CryptoGuru

They are doing it to cut down on tax evasion. India just cut the two largest bills in the country and they are allowing people to deposit the bills by the end of December or lose the money. This forces people who are hiding money to deposit the money into the bank or lose. Here in the USA many people are holding cash to avoid paying taxes or holding cash instead of putting it in the bank to make it look like they don't have as much. Your better off taking that cash that is losing value and putting it into Bitcoin before whatever you have is worthless. I never use cash im almost to the point of using BTC for everything.

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clerkboy3

That is awful news!

I hope that rule does not materialize. People should have the freedom to carry cash, debit card, credit card, cheques, etc.
Governments should not be able to dictate everything...

Even 10000€ is not a wonderful sum of money (it is too much for me because I'm poor ), 1000 € is a joke...
Unfortunately, some sectors want to force us into a cashless society where your every move is controlled and your privacy is massively reduced!

Bitcoin can be important in order to diversify your investments.

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Barida

I agree with you in this! There should be no limitations on the way the citizens of a country decide to do the things that they want to do with the cash in their possession. Yea, I am also an advocate that Bitcoin should be accepted worldwide, but forcing those that don't have interest on it to join ain't the best way to go about it.

0 6 years ago

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Corzhens

Pardon me for asking this because I will be affected if the US will ban the currency $50 and $100 bills. Now this question – is the ban implemented already or is it just a suggestion by some economists? With Spain, I think it will be foolish if the country’s financial mechanism will rely on the Bitcoin. Take note that the Bitcoin is a pseudo currency which means it is not an accepted currency so why would Spain with an accepted currency would rely on Bitcoin?

0 6 years ago

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Barida

I think this is just a suggestion since the financial policy of the Spanish people are always regulated by the European Central Bank which means that the nation got no power to take such decision without approval from the Continental bank. I am Keen to see how everything pans out at the end of the day.

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