BitCoin from the USER's viewpoint

Canada's budget announced yesterday indicated that there would be legislation for BitCoin to control laundering. Should be interesting to see what Harper comes up with.

Quote: boymimbo

Canada's budget announced yesterday indicated that there would be legislation for BitCoin to control laundering. Should be interesting to see what Harper comes up with.

Sweden has a 1000 kronor note (=US$155) since 1894. The 1000-krona note issued in 2006 and has a foil strip, see-through picture and a feature known as motion (see below).



Despite this fancy anti-counterfeiting device, the government seem determined to get rid of these notes. They destroyed over half of them last year, and are down to roughly 1 banknote per capita in circulation. Still over 70% of the value of the banknotes and coins in circulation is the 500 kronor note.

I sometimes think that Canada will be the first major power to try and eliminate their large banknotes. They seem awfully interested in getting people to switch to electronic money.

Interac is a major force here in Canada (it's our debit card system). The Federal Government is eliminating checks, meaning that all tax recipients must have a bank account. That's a major step.

It would be the banking industry who are interesting in switching to electronic money. The major problem in Canada however is the small number of banks, most of which charge huge service fees (on the order of $20/month) for "full service banking" (which includes as many electronic transactions, withdrawals, checks, electronic bill payments as you can eat). There are smaller niche players that charge less and of course the fee is waived if you have minimum balances or you hold a mortgage with them.

But I don't think money is going away anytime soon, but I have never seen anything (personally) larger than a $100 bill in my life.

Bitcoin ATMs, already active in Canada, are now operating in the USA: Alburquerque, Austin, Boston ...

Toshiba and BitPay add six thousand new merchants.

Slashdot.

New digital currency based solely on reputation, not a race to solve complex math formulas or anything else.

Quote: boymimbo

Interac is a major force here in Canada (it's our debit card system). The Federal Government is eliminating checks, meaning that all tax recipients must have a bank account. That's a major step.

Are there any ATM's in Canada that are not Interac? I understand that all the ATM's require a chip now instead of just a magnetic strip. By next year the point of sale transactions will require the chip

Quote: boymimbo

But I don't think money is going away anytime soon, but I have never seen anything (personally) larger than a $100 bill in my life.

In the USA there are roughly 165K thousand dollar bills in circulation. They were all printed in 1928 and 1934. By now they all have some collectors worth and are all in private collections.

In the USA since they were only discontinued 15 years ago, there is still a million $1000 notes in circulation. They have no collectible worth since there are so many of them, but they are all held by criminals. They are not criminals for holding the CAD$1000 banknote, but criminals are basically the only ones who use them anymore. It is popular to pay off business associates in the bills.

In most countries (like the UK) after a certain amount of time, an old bill is declared "not money". USA has a policy of never doing that. I don't know what Canada's policy would be.

Quote: Pacomartin

In most countries (like the UK) after a certain amount of time, an old bill is declared "not money". USA has a policy of never doing that.

Mexico has made more currency changes than I can remember. First some bills were removed in favor of coins, and said bills were demonetized. I'm not old enough to recall the 1 Peso bill being in circulation, but I do recall the old 5, 10 and 20 notes. Later there was a change to "New Pesos" after a bout of hyperinflation which required excising 3 zeros from the currency (cents were reintroduced, too). Again bills changed and the old ones were demonetized. Then the New Pesos were renamed just plain pesos again (WHY????), and so another bout of changes.

Tough the old notes and coins are demonetized, the Bank of Mexico will exchange them at real value. That is, an old pre-New peso 50,000 note can be traded in for 50 pesos. An old, old 50 peso note for 0.05 pesos.

Quote: Nareed

Later there was a change to "New Pesos" after a bout of hyperinflation which required excising 3 zeros from the currency (cents were reintroduced, too). Again bills changed and the old ones were demonetized. Then the New Pesos were renamed just plain pesos again (WHY????), and so another bout of changes.

United states has not has enough inflation to drop three zeros. However since $1 is worth the same as 7.5 cents in 1928 when the currency began being printed, most countries have turned it into a coin by now.

Quote: Nareed

Though the old notes and coins are demonetized, the Bank of Mexico will exchange them at real value. That is, an old pre-New peso 50,000 note can be traded in for 50 pesos. An old, old 50 peso note for 0.05 pesos.

The cien mil peso banknote circulated from 1988-1993.

The old and new peso circulated side by side from 1993-1996 when they demonetized the old peso. At this point, that offer to exchange the old currency isn't worth much, because the notes value as collectibles is at least that high.

Britain's £50 note, entered circulation on 2 November 2011.The old ones were demonetized on 30 April 2014 (a period of only 130 weeks). They are very paranoid about counterfeits. Britain is going to join Australia, New Zealand, and Canada by introducing polymer £5 notes in 2016. Euro banknotes will remain paper.

Despite the increasing hostility to currency, Sweden is still planning to issue new banknotes

Quote: Pacomartin

However since $1 is worth the same as 7.5 cents in 1928 when the currency began being printed, most countries have turned it into a coin by now.

Most countries woulnd't ask, either. They'd start issuing coins and removing notes from circulation, not ot mention they wouldn't keep issuing new notes.

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The cien mil peso banknote circulated from 1988-1993.

I'm thinking it didn't circulate that long. I remember it, but only rather late in the hyperinflationary cycle. Like 90-91. But I might be wrong.

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At this point, that offer to exchange the old currency isn't worth much, because the notes value as collectibles is at least that high.

Oh, you'd be surprised how many idiots kept old notes thinking they'd be worth more later. My parents had a 100-note stack of old, old, old 50 peso notes for some reason.

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Euro banknotes will remain paper.

And ugly and devoid of character.

Really, can't they print notes that depict something? They could put Augustus on one side and Arminius on the other :P