Bitcoin Forum

besides Silk Road  :o

uh oh i said the ultimate question.  Now you answer    :D

So peoples wives don't see porn purchases on the bank statement, duh.

So when some totalitarian party take over the country, will be harder for them to steal all ma money

Humans Love  changes...

To make international transaction at lower cost ...is just one reason.

We used barter system before we had money, why use money? You answer this one!!  :P

Brainwallets

there is still no trust.  if i want to sell something on here, i have to send it first to get the money.  8)

centuries ago we had the pound, so why need the dollar
decade ago we had FIAT so why do websites use microsoft/facebook/itunes credits.

answer
1) there is a need for something that is faster then wire transfer
2) there is a need for something that is not reversable
3) there is a need for something that is not controlled by one entity (person/corporation/government)
4) there is a need for something that is created without limits(rare)
5) there is a need for something that is rare but doesnt weigh anything
6) there is a need for something that is as anonymous as bank notes (not fully anonymous) but is digital instead of physical based
there are more, but basically other forms of value from IOU's, FIAT, Gold etc may hold one or two factors listed above, but bitcoins has all 6 (plus more not listed)

1) Government won't be able to cut you off from your money. You need to watch the film Enemy of the State because that shit became real when they cut Wikileaks off from the money system after they were passed the 39 minute classified Crazy Horse 18 Apache gunship video where two Reuters reporters and others were killed. :o

2) No government/central bank can dilute the supply of money to paper over banking losses/fraud. (Inflation is the ultimate stealth tax.)

4) As there won't be inflation, old people will be able will be able to retire on their savings, and so won't have to take jobs young people should be working!

5) You can see proof of funds which will mean you won't have to trust the honesty of a rating agencies or accountants.

6) Bitcoin is a good alternative currency should the banking system ever collapse too, I've used it when my credit card was blocked, and thought what a good idea it is to have a backup currency, it's way more useful than gold when you want to order a pizza!  ::)

7) People can trade with each other without having a bank in the middle of every transaction taking a cut. This is especially noticeable when trading with someone in another country as not only are the card fees but also exchange fees.

Because bitcoin reduces transactional friction in our modern electronic global economy. And that's the entire point of money. Bitcoin is currently the thing that does so best.

Why do we need credit cards?  Why do we need Paypal?

Credit Cards (not worried about Paypal in 2000) ----> Paypal (not worried about Bitcoin in 2014) ---->

I'm actually doing a research project on EBay/Paypal and it is amazing the similarities between Paypal in 2000 and BTC right now.  Peter Thiel - "We (Paypal) will always be free" in 1999.  Believe his name has floated around the Bitcoin world in the last year or so.

Quotes from the early users of Paypal in the articles - "OMG You've got mail money!  And it only took two days!  So much better than checks!"

In 2001, Paypal decided it would increase its targeting of companies because "they are used to paying fees" and Paypal could undercut the ~6% CC fee with a ~3% fee. What could the next logical step be?


Get on LexisNexus and do the reading yourself.  It's almost scary how similar it all is.

Unlike credit cards there is no limit and you don't have to deal with your company not processing your payments.
It is a lot more difficult to purchase something from someone's bitcoin wallet (requires some type of advanced computer skill), then it is to fraudulently use someone's credit card (requires being able to read numbers.)
Unlike paypal, your bitcoin will not note rape or rob you (excluding exchanges.)  
The ability to transfer money/control your money.  Go to your bank and ask for ten thousand...go to your bitcoin wallet ask for 10k (well my wallet would laugh at me lol)


I enjoyed that ;D

coz no frickin bank can close or freeze your BTC account

A reformation of the monetary system, in the very least.

Silk Road supporters, anarchists, and fundamentalist Libertarians can go crawl back under the Tor rock they hide under.

yes they can once you exchange btc to fiat and withdraw it into your bank they can freeze your $$$$$

Because we need to get chipped.

That's more than enough :p

Uh.. Paypal is a clearing house.   Credit cards are "credit"

Nothing at all like bitcoin

because fiat inflation is running at about 10% per year (as measured using 1980s metrics) in the US alone. http://www.shadowstats.com/alternate_data/inflation-charts

If you live in Venezuela, Argentina, or many other places in the world, another form of money would be most welcome.

Because unlike Gold and Cryptocurrency, fiat scam-currency is NOT REAL MONEY. It's HORRIBLE as a form of money.

Hyper-inflation gave rise to Hitler, and that's a fact, jack.

https://www.youtube.com/watch?v=iFDe5kUUyT0

There is a need for anonymity with everyday transactions.   For example, the Target data breach shows that people not doing anything illegal were victimized by being transparent in their financial matters.   If all those Target credit card transactions had been in bitcoin rather than credit card, there would be no need for victims to change their credit card numbers and pay for identity theft protection.

I may go to a shady pawn shop and buy a used computer.  Normally I'd pay cash, but I'd never dream of using a credit card, so that the meth heads in the back can later charge some porn on that card.   I'd have no problem in paying in bitcoin.

Because Dorian gave us Bitcorn.   And we must use the Bitcorn.

-B-

People use credit cause they want to buy now pay later.   Thats what credit is.   They could have just used cash at Target and no identity theft either.  

We already have the Sopwith Camel, so why do we need the F-22 Lightning?

Using the term "credit card" is a misnomer on my part.   Lots of people, especially the under-banked, use VISA/Mastercard branded debit cards.   Many low wage jobs are being paid through debit cards, rather than payroll checks.

This is not correct.   Money always existed according to historical record and logic.  It existed as credit before coins were invented.

Mitchell Innes challenged the idea of a barter economies in 1913. The fallacy comes from Adam Smith and became erroreuosly accepted in Economics although there has never been any anthropological evidence of a barter economy.   Modern eceonomists don't believe this anymore than scientists believe in Creationism

you are incorrect.
in the ages of hunters, farmers, and blacksmiths. a baker would trade a loaf of bread for a horse shoe to be fitted to his donkey, so that the baker can make deliveries to the next village, using his trailer pulled by his muel. the baker then accepts clothing for loaves of bread in other villages, maybe some alcohol or fish. he also traded other items to then get wheat to then mill into flour to make more bread.

it was only later where one village argued that their "wares" were worth more then other villages, or that one loaf of bread was not worth a horse-shoe. that bartering became an argument instead of friendly discussions and agreements. so the kings invented a centrally recognized system. depending on the area, some kings used tally sticks, some used gold. bt this was way before "money" was invented

Protection from unlimited inflation.
Low fees for sending large amounts, etc.

The e-commerce side of Bitcoin will take off much sooner than you see countries dropping their national currency to adopt BTC.  The payment processing side of it is what all the investors are looking at.  They don't care about the Libertarian ideals, they don't really care about decentralization.  It can be faster, safer, and cheaper.  Therefore, it will work.

Lol.   What university taught you this?   Barters only work if there is a reciprocity of wants as your post demontrates.   If any of the agents don't want what is offered for barter then the the trade must revert to credit.   Money is just a representation of debt/crebit.   Anthropologists believe that early forms of economies were gift based and money evolved from these gift economies.  Barter existed as a rarity between external communities.  Barter between strangers because lack of trust and therefore the debts could be settled immediately.   But internally early communities used credit.   Coins (physical money)  weren't invented til later.   But credit money always existed

Its just advancement of technology. More convenient, faster, more secure, less transaction fees, and you can be assured your bitcoins won't become worthless DUE to inflation  ;)

A taxpaying citizen will still have to pay the insidious USD inflation tax, by paying a tax on capital gains that were made with bitcoin.  However, this is less than the "tax" taken by simply debasing the dollar, which taxes every dollar holder directly.

I already have feet and legs. What do I need a car for?

Why are you here, OP?

No, you don't have money, what you have is a piece of green paper printed out of nothing

Now with bitcoin you have real money (money must have a production cost close to its value, otherwise it is a scam)

or you can just keep your bitcoins, hence no capital gains in terms of USD
and keeping your bitcoins can avoid spending bitcoins through an exchange that has your information, hence preventing them from associating the wallet address to your identity and unable to provide evidence that you own those bitcoins to tax you.

That one is the main reason why...

The reason Bitcoin is needed is because we need good money.

With dollars you are funding a lot of bad stuff, like wars, invasions, and it is money that you do not control.
With Bitcoins the rules of the game are clearly defined.

It is about freedom to do things better.

Also is depends if you believe if money should be based on debt or not.

Also you are standing to the man and telling him you can do things better not only with words but with action, and I think he is beginning to learn to listen.

Also if we compare to what the US constitution defines as money neither the dollar or bitcoin comply, but at least bitcoin comes closer it terms of compliance.

Lots of great posts "why".  And if you're holding dollars, another reason is the 17.5 trillion dollar public debt with no end in sight.  

www.brillig.com/debt_clock

Na, that's not reasonable. The effort for 2 people who want to send and receive money from country a to country b is much bigger, then the low fee for send the money.

At least you would need few days for that.

But the exchanger could grab it and run, plus the bank still can freeze the money, or how you change btc in fiat back?  ::)

money -> inflation

bitcoin give me simplest and cheapest way to send money abroad  ;D

2 user which never had heard about Bitcoin, try to figure out how "simple" is for them to send the money from 1 country to another one, even abroad...

Same applies to any foreign currency like Yen, RMB, THB, etc... the list to learn is endless. With bitcoin you need only learn once and then you can go anywhere on the planet

Recent experience.

Bought a bitcoin miner using fiat and international wire transfer. Wait time 5-7 days.. Oh wait he didn't receive payment... Bank verified info said it was Good to go.. Wait another few days still no payment I sellers account... Call bank still assured everything is ok.. Skip to a couple days ago. Call bank agian, turns out they left 3 digits off sellers bank account number.... Sent a wire to fix data.. Called today say it will be another 5-7 days

Should have purchased bitcoin...

I dint talk about selling. I said it about remittance. But the example you have given here is because you are not a trusted merchant. This does not happen for TigerDirect or Gyft.

So that venerable ASIC-based bitcoin miner manufacturers can pre-sell and deliver on time money-making machines that will ROI, or a refund or their MPP would be in order.

That really would scare me if I had to do an international wire transfer.  There is no check digit in the account number, so anybody involved in the process could corrupt the account number without knowing that they did.   If instead the account number is valid instead of non-existent, then it could be a real mess.

At least a credit card number has a single check digit, and a bitcoin address has a real-honest-to-goodness checksum.

Go to a WU office, drop the money and go to another one, get the money is alot easier.

the point of bitcoin is to be THE worldwide accepted currency, at this stage people won't need to learn about how to use it anymore than people still need to learn how to use email or text messaging, as simple as any other convenience in the modern world

WU is a lot more EXPENSIVE, its around 35$ to send USA-> USA in USD last time I sent money, other money conversions and across borders adds more fees

Bitcoin is simply more efficient as a base money system, thats why it will thrive, its cheaper and easier to use over any distance longer than arms reach, and arms reach ease is only NFC integration away, because it is cheaper to use any economy or group that uses it widely will have an economic edge over anyone who doesn't, it is less wasteful than paper money energy wise and once a person adapts to using it, it is more secure.

Whether we need bitcoin or not is a moot point, bitcoin is here already, and bitcoin will thrive because it is the fittest in the ecosystem

Bad trol is just bad

we had photographs before. buy a kodak film, take your 30 pictures. send the film to a developer. receive printed photos a few days later for a dollar a piece. grandma wants to see them ? put them in an envelope and send via mail.

= expensive, slow, pay for bad photos, no enhancement possible. then came digital photography. different game now.


we had letters before. when was the last time you wrote one ?

= expensive, slow, ... then came the digitalization of text. email. different game now.


we had music before. remember the tapes ? ..... 

= expensive, slow, ... then came digitalization of music content. different game now.


we had knowledge before. buy a book, go to a library...

= expensive, slow, ... then came the digitalization of knowledge. different game now.


we had money before. remember banks ? ....

=expensive, slow, ... then came the digitalization of money. with bitcoin this will be a different game.


do not underestimate the power of digitalization. it is a new era of mankind history. the digital age will have an impact on our lives as crucial as the industrialization in the 19th century. once money is digital and liberated from the semi-medivial gatekeepers called banks and in the hands of the individuals, this will boost the globalized economy to levels never thought possible. 

We already have mail. Why do we need Email??

Same thing.

Good point.

One of the best / most accurate answers I've seen in the topic.


Well said




TWC

Well because it's decentralized and deep down we all want to be rebels  ;D My personal reason is because it has a low transaction fee unlike fiat banks and exchanges

That's why people here are promoting BTC
Hoping one day we can ditch the stupid cash and use BTC only.
Then nobody can freeze it.

this explains why http://www.youtube.com/watch?v=iFDe5kUUyT0 (http://www.youtube.com/watch?v=iFDe5kUUyT0)

Cause our Dollar notes suck, since the gov brought inflation and value to the dollar it brought debt so this is why i prefer bitcoin

That's about as dumb as saying mothers birthing babies on April 20, 1889 gave rise to Hitler.

maybe the btc will rplace the $$$ in the futur, nobody knows            8) 8)

Well there is only 24 percent into btc right now if we can 10 percent more into, then we can start seeing some changes

Now you have bitcoin ATM, just several more months and you will have them in all the major cities around the world

Why do we need bitcoin? Well having the ability to send any amount of money for free (almost) to anywhere quickly and safe.

Free! How.... I wanna know this. Would have helped a lot with my payment to china, 3 weeks on the xfer might be resolved in the next few days. Cost $25usd

This is it. Money is not debt.

How? You simply send coins.  Learn bitcoin basics my friend.

AHHH I misread the post, my bad I completely agree with original poster.

the original poster is a stoned fool.

We already have Bitcoin. Why do we need money?

good question.  to buy stuff at Publix  :o

THEY have money, we don't. We have Bitcoin.

Here are 10 good reasons that will answer to your question why we need bitcoin:
1.It’s fast
When you pay a cheque from another bank into your bank, the bank will often hold that money for several days, because it can’t trust that the funds are really available. Similarly, international wire transfers can take a relatively long time. why use bitcoin Bitcoin transactions, however, are generally far faster. Transactions can be instantaneous if they are “zero-confirmation” transactions, meaning that the merchant takes on the risk of accepting a transaction that hasn’t yet been confirmed by the block chain. Or, they can take around 10 minutes if a merchant requires the transaction to be confirmed. That is far faster than any inter-bank transfer.
2.It’s cheap
What’s that you say? Your credit card transactions are instantaneous too? Well, that’s true. But your merchant (and possibly you) pay for that privilege. Some merchants will charge a fee for debit card transactions too, as they have to pay a ‘swipe fee’ for fulfilling them. Bitcoin transaction fees are minimal, or in some cases free.
3.Central governments can’t take it away
Remember what happened in Cyprus in March 2013? The Central Bank wanted to take back uninsured deposits larger than $100,000 to help recapitalize itself, causing huge unrest in the local population. It originally wanted to take a percentage of deposits below that figure, eating directly into family savings. That can’t happen with bitcoin. Because the currency is decentralized, you own it. No central authority has control, and so a bank can’t take it away from you. For those who find their trust in the traditional banking system unravelling, that’s a big benefit.
4.There are no chargebacks
Once bitcoins have been sent, they’re gone. A person who has sent bitcoins cannot try to retrieve them without the recipient’s consent. This makes it difficult to commit the kind of fraud that we often see with credit cards, in which people make a purchase and then contact the credit card company to make a chargeback, effectively reversing the transaction.
5.People can’t steal your information from merchants
credit cards This is a big one. Most online purchases today are made via credit cards, but in the 1920s and ’30s, when the first precursors to credit cards appeared, the Internet hadn’t yet been conceived. Credit cards were never supposed to be used online and are insecure. Online forms require you to enter all your secret information (the credit card number, expiry date, and CSV number) into a web form. It’s hard to think of a less secure way to do online business. This is why credit card numbers keep being stolen. Bitcoin transactions, however, don’t require you to give up any secret information. Instead, they use two keys: a public key, and a private one. Anyone can see the public key (which is actually your bitcoin address), but your private key is secret. When you send a bitcoin, you ‘sign’ the transaction by combining your public and private keys together, and applying a mathematical function to them. This creates a certificate that proves the transaction came from you. As long as you don’t do anything silly like publishing your private key for everyone to see, you’re safe.
6.It isn’t inflationary
The problem with regular fiat currency is that governments can print as much of it as they like, and they frequently do. If there are not enough US dollars to pay off the national debt, then the Federal Reserve can simply print more. If the economy is sputtering, then the government can take newly created money and inject it into the economy, via a much-publicised process known as quantitative easing This causes the value of a currency to decrease. If you suddenly double the number of dollars in circulation, then that means there are two dollars where before there was only one. Someone who had been selling a chocolate bar for a dollar will have to double the price to make it worth the same as it was before, because a dollar suddenly has only half its value. This is called inflation, and it causes the price of goods and services to increase. Inflation can be difficult to control, and can decrease people’s buying power. Bitcoin was designed to have a maximum number of coins. Only 21 million will ever be created under the original specification. This means that after that, the number of bitcoins won’t grow, so inflation won’t be a problem. In fact, deflation – where the price of goods and services falls – is more likely in the bitcoin world.
7.It’s as private as you want it to be
Sometimes, we don’t want people knowing what we have purchased. Bitcoin is a relatively private currency. On the one hand, it is transparent – thanks to the block chain, everyone knows how much a particular bitcoin address holds in transactions. They know where those transactions came from, and where they’re sent. On the other hand, unlike conventional bank accounts, no one knows who holds a particular bitcoin address. It’s like having a clear plastic wallet with no visible owner. Everyone can look inside it, but no one knows whose it is. However, it’s worth pointing out that people who use bitcoin unwisely (such as always using the same bitcoin address, or combining coins from multiple addresses into a single address) risk making it easier to identify them online.
8.You don’t need to trust anyone else
In a conventional banking system, you have to trust people to handle your money properly along the way. You have to trust the bank, for example. You might have to trust a third-party payment processor. You’ll often have to trust the merchant too. These organizations demand important, sensitive pieces of information from you. Because bitcoin is entirely decentralized, you need trust no one when using it. When you send a transaction, it is digitally signed, and secure. An unknown miner will verify it, and then the transaction is completed. The merchant need not even know who you are, unless you’ve arranged to tell them.
9.You own it
There is no other electronic cash system in which your account isn’t owned by someone else. Take PayPal, for example: if the company decides for some reason that your account has been misused, it has the power to freeze all of the assets held in the account, without consulting you. It is then up to you to jump through whatever hoops are necessary to get it cleared, so that you can access your funds. With bitcoin, you own the private key and the corresponding public key that makes up a bitcoin address. No one can take that away from you (unless you lose it yourself, or host it with a web-based wallet service that loses it for you).
10.You can create your own money
In spite of the amazing advances in home office colour printing technology, most national governments take a fairly dim view of you producing your own money. With bitcoin, however, it is encouraged. You can certainly buy bitcoins on the open market, but you can also mine your own if you have enough computing power. After covering your initial investment in equipment and electricity, mining bitcoins is simply a case of leaving the machine switched on, and the software running. And who wouldn’t like their computer to earn them money while they sleep?
source : http://www.coindesk.com/information/why-use-bitcoin/

Lol, good point. And also, post #69  ;D

Its easier to use bitcoin for anything, whether for good and sadly bad, than it is with money

because money is a mafia system now ... only politic and centrla bank can "deal with it".
it's not normal.

only citizen must old the economy and choose the choice of his value.

war is the first debt machine in the world (yes, in europe too !).

it is hard to justify until there is something more backing these "coins" (like a commodity, advertising credits, etc.)

Are you talking about bitcoin? I like to think that more computational power than top supercomputers combined and a roaring community is pretty strong backing. Also the theory behind bitcoin and the hard limit is pretty good too.

People are tired of paying for the privilege of having and exchanging currency?  Sounds good enough.

I love bitcoin so it cant be inflated or reproduced, this is the reason why i got into bitcoin

We already had windows 95, why did we need windows 98, or xp, or 7, or 8? We already had rotary telephones, why did we need touchtone phones?

Cryptocurrency is just the natural evolution of an increasing technological age. Pretty soon paper bills will be obsolete and worthless. Most people don't want to carry around a wad of bills anymore. And fiat transactions are so cumbersome and often time consuming. It often takes 5 days to do a banking transaction, even within the same country. But a bitcoin transaction is done often in a manner of hours (or sometimes only minutes).

Cryptocurrency is the final solution to inflation caused by every government.

Because fiat contantly looses value because they are printing it like crazy. See what you could buy with 1 million usd 50 years ago. And see now