We used to hold up 'Hello Mum' signs behind Celebrities.Now its 'Buy Bitcoin'.

When  USA Federal Reserve Chair, Janet Yellen, was speaking  the other day about the problems with the cash we use every day - a man standing behind held up  a 'Buy Bitcoin' sign - See the image below -

Image Credit Bloomberg

The identity of bitcoin sign guy hasn’t been revealed. But CNBC reported that he’s made nearly $15,000 from his clever stunt. How?

People sent him fractions of Bitcoin (called Satoshis) to his bitcoin wallet. According to coindesk.com, “As of press time, that address has garnered 6.32570673 BTC, an amount worth just under $15,000 at current prices.

While most of the transactions involved, numbering 556 according to Blockchain.info, were small in scale, one notable contribution was for 1 Bitcoin. (Exchange  Symbol BTC.” I.E  approx $2500)

The crypto revolution is a cheerful one so far. When you have hundreds of people sending in fractions of a bitcoin, it’s a little like when you chuck a coin in the guitar case of a busker on the Southbank. It’s all in good fun.

But the “crypto revolution” itself is a serious and earnest rebellion against a financial and monetary system controlled by the government.

Don’t think the monetary establishment is idle in the face of this revolutionary crypto threat. While bitcoin and the cryptos harry the flanks of the Fed, the war on cash continues on other fronts. It’s a kind of “Axis of Cashless” between central banks, academics and corporations who have a vested interest in consigning cash to the hellfire of history.

Take Visa. Its CEO Jack Forestell says it wants to “put cash out of business”. The company is willing to put its… er… plastic where its mouth is. It will pay small businesses to abandon cash. According to The Wall Street Journal

Visa Inc. has a new offer for small merchants: take thousands of dollars from the card giant to upgrade their payment technology. In return, the businesses must stop accepting cash. The company unveiled the initiative on Wednesday as part of a broader effort to steer Americans away from using old-fashioned paper money.

 Visa says it is planning to give $10,000 apiece to up to 50 restaurants and food vendors to pay for their technology and marketing costs, as long as the businesses pledge to start what Visa executive Jack Forestell calls a “journey to cashless.”

De-cashing is defined as the gradual phasing out of currency from circulation and its replacement with convertible deposits. This initiative does not in any way target the abolition of money as an institution, but is, rather, a sweeping reduction of the role of currency, its cash component, in favour of transferrable deposits, its non-cash component.

The monetary authorities in many countries have already taken steps towards de-cashing. These steps include abolishing large denomination bills, imposing ceilings on cash transactions, introducing declaration requirements on the carriage of cash in and out of the country, reporting requirements for cash payments exceeding a specified amount, and even taxing cash transactions.

What is going on in the financial world ?. Is it any wonder that more and more people are getting nervous about the actions surrounding cash. De cashing as its called, without any clear explanation.

This unease almost certainly prompted the 'Buy Bitcoin' placard. To put money out of reach of bank and government control.

The best place to learn about the currency is at the coal face (No pun intended - err miners - coal face) Join Steemit. Earn and Learn. - http://steemit.com

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