Bitcoin Forum

One big thing I can think of is that every time you use a credit/debit card, a transaction fee goes to a big bank/payment processor.  With btc, it goes to a miner.

Other than that, how does it benefit you to use btc?  I mean you need fiat to get btc, and then usually need to take fiat out.  So where is the net benefit besides the fees being lost by the big banks/payment companies?

I guess being annonymus is just another thing aswell , some people don't want to reveal their real informations and they have the right for that and there is low fees & fast transactions , other people simply see it as investement for long term and don't really care about the features as long as they make money from it .

It depends where you live and what you want to do with the money.

Generally it can be used as an investment, bitcoin value tends to increase, but you may also use it to circumvent restrictions on the usual monetary system.

One difference is the easiness of international transfers. I can pay someone in Russia or China without much problem. Such a bank transfer would be more complicated and have expensive fees.

Futhermore, you can do microtransfers of cents or fractions of a cent. Again, if I want to send a small 2 cents to someone in China by way of a bank, the fee would be much higher than the amount sent. With bitcoin it is possible to send it without a high fee, and will arrive at destination faster.

Speed and cost.

I posted this earlier in another thread but will repeat it here.

When making withdrawals from my trading account the funds were sent by wire transfer [swift] which would take anything from 4 to 7 days to reach my bank account and it would cost me anything from $25 to $50 depending on amounts etc...

My broker has however started accepting bitcoin for both deposits and withdrawals. I now do all my withdrawals in bitcoin. If I do a withdrawal before around 3 in the afternoon I can receive and convert it and have it deposited to my local bank account in under 24 hours for a cost which is nothing compared to what I paid before.

So I'm now able to cut almost 6 days off this whole process just by making use of Bitcoin, that is almost a whole week less.

I usually make one withdrawal a week and my savings through using bitcoin is on average $26 per withdrawal so using bitcoin also saves me roughly $1,300 per year just in fees.

There are other areas where bitcoin has also saved me some money and time but the above it the most important one for me or at least the one that had the biggest impact on my daily life.

Not always. You can earn bitcoins in various ways or sell/trade something for them. I think using bitcoin is just a great way to buck the current system and use something that s truly decentralized. "Be the change you wish to see in the world". Hopefully one day we'll be able to spend bitcoins around the world just like we would use cash.

you don't need fiat to have btc, i never bought any of my btc, all earned through good old mining day and signature, even today you can earn a good amount via signature campaign

so there is a big gain in privacy/anonimity, fee and time, no one will know how many coins you're holding, and aside form this i find more confortable to use bitcoin than putting sensitive info like cvv in a suspicious site

To me BTC is nice to buy anything that isn't in my local currency.
The local government has a lot of laws and taxes for buying something with your CC to buy, let's say, in USD.
So, I avoid paying the annually fee from having a international CC and avoid the ridicously fees that my non-sense government set.

Well, the vast majority of people has to buy bitcoin if they want bitcoin...

thats kind of what I'm getting at...where is the net benefit if you NEED fiat to aquire btc, and eventually will just be exiting with fiat, whether it's because you were just speculating in the first place or just need fiat for something else.

If it all just goes back to fiat, then were is the benefit?  I know some have said billions could be saved in opayment processing fees, but currently that numbers got  to be WAY less than that, and the electricity consumed by miners is, at the end of the day, paid for in fiat, which goes to large billion dollar electricity companies (mostly).

yeah i know, for those people there isn't much to do besides waiting for when the wage will be payed directly with bitcoin, for now they can see more, bitcoin, as a speculation and less as a currency

When I start using bitcoin instead fiat, I feel more untraceable and more efficient.
Also bitcoin's fee is cheaper because I'm often to send payment to Bangkok for my brother that college there.

Personally, I use it because I am in control of my finances.
You have no idea in how many ways a bank can rip you off just by doing a transaction using a VISA.

Example: Your currency is Euro, you want to buy something in GBP.
You will pay the transactions fees, plus whatever it is the rate your bank sells GBP for.
And believe me it's quite a bit of money just from that transaction.
Oh, and I forgot to mention that they will make that EURO/GBP exchange a few days later when the GBP is higher,
regardless of the fact that you (think you) paid for it a week ago when GBP was .80 EUR and they charged you .90 EUR.

Apart from that, the same rule applies as it does with Bitcoin.
If you are not the holder of your private keys you are not the owner.
Let's not forget the "haircuts" and whatever they can do and get away with it.

to me the difference when i use bitcoin is,iam not afraid anymore for transaction on internet because before i using bitcoin i was used paypal and i was very scared if someday my paypal get limited
and then i start using bitcoin,i can transaction safely and no worry about my money get limited by the company,thank you mr satoshi

Well there are some factors that make a difference. For example bitcoin does't need any ID verification in order to create a wallet, try to open a bank account or a visa credit without giving private information. With bitcoin you just load your wallet with coins and pay.

You are being short-sighted here, it's not all about the payments as a currency for buying stuff. It's also about financial freedom, it's about having your money when you want it and spending it where you want it and not about capital controls that have hit Greece for example. And also it's about not having to answer to the questions, why are you withdrawing your money from your bank account!  

It's also about financial transparency and not about printing dollars when you feel like it. It's about time, try sending a wire transfer form France to US for example. It's about cost, how much will bank charge you for that bank transfer.

It's about many things!

Nope.

It's anonymous, for the most part. It's quick and easy. I feel much more fully in control of my money.

It's just a slow process.
Companies are starting to keep Bitcoin, paying wages in Bitcoin paying suppliers with Bitcoin. There will be more companies doing that eventually.

What we have now, is not the optimum, but such a process takes time.

One current personal benefit for me: A discount on Amazon purchases via purse.

The benefit I have while I hold and use bitcoin is to not be controlled by the banks. You don't need fiat for bitcoin if you have a service/business that pays you bitcoin, also why cash in bitcoin for worthless paper?

We should have all only invested what we could afford so there really should be no need to be withdrawing to fiat. Especially at this low ass price. I will stay being in control of my own savings and not some thieving manager at the bank, "and its gone"

I think that is different is the way to get it, bitcoin is very easy to use and very easy to get,, that's what makes it different

I started using Bitcoin because I was the victim of credit card theft twise on the internet. I wanted a payment method with more security.

Bitcoin make it possible for me to buy something online, without having to release all my information to a external entity, that might or might not lose the information to hackers or have one of their employees

steal the information and buy rubbish with my money.

Now I use Bitcoin with my hardware wallet {Trezor} and I feel more comfortable spending money online. { I can chose how much money, I have in that wallet...not how much money the bank wants to give to me on credit}

Bitcoin give me complete control over my own finances.  ;D

It is faster than a bank transfer of course..and you don`t pay anything 8)

I also think that when the transaction will take the fee, but the fee are small :) ,,and the best is faster transaction

for me the best benefit that bitcoin offers is the fact that i can transfer a large amount of money in form of bitcoin super fast and with the minimum amount of fees. and on top of that it can be most secure way with a little effort.

You can avoid chargebacks, which means after 1 transaction you can be pretty sure nothing weird will happen. Look at the statistics of how much money is lost in between the 0 to day 180 when a card credit transaction gets sealed.
In any case the real potential of Bitcoin is when you get directly paid in Bitcoin, because having do deal with the fiat system is a hassle.
Also in developing worlds is where the impact will be way higher, considering they dont even have banks and no easy access to any banking. We are privileged.

There are a number of key differences. I'm on my third debit card due to data breaches. That is because American credit cards are a joke. My Euro-friends may be shocked to hear that we still use the magnetic stripe cards that contain all the data needed to steal from you in an unencrypted form. Additionally all this data is sent to ???, well I have no idea who all get's this info. The seller, the payment processor, the weirdo who works behind the counter, the thief who steals the database, the Chinese forgery gang who bought the database, and?????  It's just not a safe way to move money.

Next comes utility. Bitcoins are far far more versatile and useful than cash or cards. I can send money to anyone with bitcoin. It does not matter if their nation is part of the credit card networks or what currency they use. It does not matter what the exchange rate is. All these are major factors in the price of sending money or even if it is possible. All transactions are possible with btc.

Lastly, expense. If I wanted to send $25 to a mate in the UK It would likely cost me more than the amount I am trying to send. With bitcoin it would cost a few pennies no matter if I'm sending $10k or $0.25. I can send it from here or send it while at a shop in London. Best of all it starts confirming in minuets. It can take weeks of back and forth to send fiat abroad.

I really don't know why people still use medieval card technology where they could use btc.

Here's the real problem with adoption.

Sure i can have a higher degree of control over my money and use it anytime / send anywhere when it is in btc.

But here's the chasm to public use. Say i want to send money, fiat, to my friend. I have to go buy btc, which is
1: a Big pain in the ass,
2: people charge Way to much, as much as 10% sometimes, to get btc
3: my friend also takes a hit on the other end if they want it in fiat.

So that $100 im trying to convert to btc becomes $90 instantly, then when whoever cashes out that $90 gets closer to $80.

There is no utility here other then when banks want to steal from your savings.

An unbanked person can go get an amazon card for say $100 for cash and the card has a spending value of, wait for it, $100. Not with bitcoin. You greedy nerds take way to much to use your system for most uses.

Want more adoption then lower the fees so my money doesnt evaporate as fast

Bullshit. Gyft allows you to buy a $100 Amazon code for $100 in BTC AND get 3-5% in points back. Which is $3 to $5 if you're bad at math.

Yeah, I always get a better deal buying with bitcoin. Some places offer up to 20% off buying with it. It's true that if you "cash out" your btc for fiat you will lose some money. But that's your choice to waste your money selling it at a loss. If you spend it you have no loss.
And frankly, I would pay extra for the iron security of bitcoin. That has a lot of value to me. I no longer use credit cards online, only bitcoin.

I agree that btc does make for a very useful tool to buy things online, and not have to send out personal info/credit card info.

BUT, as for magnetic strip technology, the US is rolling out the "chip" embedded cards, and I believe the changeover will mostly be complete by October of this year:

http://www.creditcards.com/credit-card-news/emv-faq-chip-cards-answers-1264.php

With bitcoin made the payment is easily.

Compared bitcoin and fiat: https://bitcointalk.org/index.php?topic=1153062.0 ;D

Actually you can work for bitcoin: https://bitcointalk.org/index.php?topic=985550.0 so you don't need to buy bitcoin with fiat. But i think you should change your fiat into the future of money(Bitcoin) too and start new live ;D

That's interesting. Not to get your thread off track but this sure is a needed upgrade. My understanding is that the hold up has been at the point of sale. Every retailer will need new machines to read the chip cards and that may take a long time. The last time I tried using my card in Europe the kid behind the counter was like "WTF is this?" lol. He thought it was some kind of gift card and had no way to read it.

If you buy socks with and pay with a credit card you're just buying socks, but if you pay with bitcoin, it's a revolution!

https://youtu.be/eKQKEi2-0Ws?t=3m39s

I had a really good laugh with your post! I can't believe that you guys are still using such an old technology. Aren't you guys a super power or something? :)

No but seriously, I bet it's not in somebody's interest to upgrade all these old credit cards.

EMV seems like a waste of money and focus-stealer: http://www.chainstoreage.com/article/ihl-emv-costly-time-consuming-out-date-most-retailers

Of course its a waste, and probably will do little no nothing to stop cc fraud.  The numbers can still be stolen at atm's, phone & online purchases still work the same, so intercepted data/stored customer data (like what happened at Home Depot & target recently) is still an issue.

btc, each time I've tried to use my new "chip" card, it hasnt worked, and they ended up MANUALLY typing in my card info.  I feel much safer...What a joke!

But anyway, isn't forced conformance the new norm these days?

You become leet and part of the crypto elite when you spend bitcoin. It's a much better feeling spending bitcoin than it is using shitty paypal or debit card. We can be part of the revolution!  :D

so the difference is the shape
bitcoin is vitrual money but dollar is real money

I think it helps me get rid of credit cards and the traditional banking system, which is time consuming, expensive and ofcourse now you have your own currency where you can buy goods online even without credit cards, Previously it was like credit cards were the monopolist when it comes to online shopping but now we don have alternate option in the form of bitcoins  ;D

When I use Bitcoin, it never ask my name, where do I live, or whatever is it.
And I don't need to keep a physical thing (fiat), my money is in the internet. ;D

they dont get your personal info like your name. its just way more anonymous

Yes it is nice to buy a btc ,, but not all things can buy btc hehe,,  and taxes yet btc is the most easiest way to spend money because u cn pay bills in less time effort

i guess that is simple way to put it, but more to it than this  ::)

The big difference for now is that the government doesn't know where I spend my money. They don't need to know where people spend their money, and people are increasingly accepting that governments know about their lives; Bitcoin is just the blue pill...

my money is always in my own pocket and never in banks pocket. i can carry hundred of thousand (if i had this) all on my smart phone and send instantly with no one watching over my shoulder!!

Staying anonymous is key xD

Exactly we have now control on our own money with no bank intervention nor from the governments who impose very high taxes on your income and in return just cheats us with false promises, Using bitcoins is something a great feeling whenever I use bitcoins it brings a smile on my face and a great level of satisfaction that I am an owner of bitcoins.

I can send money throughout the world without covering large fees and it's a great deal for me :)

Low fees, no tax charge,big exchange rate.
For me this are the benefits you can get using btc.
Btc is not that popular yet but I can pay my house bills
Through btc directly which is convenient.

I bought like G2A steam games and OPSKINS for csgo, its just scan the QR code then done.

this is major draw right now that consumers want from it.

The difference is I am in control all of the time and can transfer where ever I want without being investigated or questioned

you are right mister .
when i had started the use of btc then the my first attention toward the btc was low transaction fee.
since some time the amount of transaction fee increases or decreases
but it is a greatest way for payment to a bitcoin users.
i think due to this facility of the bitcoins in blockchain.info like web wallet will increase the use of bitcoins instead of bank money .

You can't really send money around the globe, especially to unbanked countries, unless you're using snail mail. Even that's risky. Wire transfers cost at least €30 and take 1-5 working days to arrive and in the end the only one who wins from this are the banks. Bitcoin eliminates the middleman and works as a peer to peer, with low fees and relatively low confirmation times.

But if you buy something physical then you need to deliver a place so you get your package delivered, they will also need your personal data, which means they can now inspect your transaction history and see where the coins came from, sure you can use a tumbler always before buying anything but thats just too annoying. I can't wait for all the good stuff coming for increased anonymity.

Yeah. Wire transfers are costly and time consuming, On the other hand bitcoin transactions are too fast when it comes to online transfers and with minimum transaction fees, the payments are instantly made and that's the difference now I am having when I use my BTC and also got rid of bank charges.

The transaction fee, and the instant of me sending and receiving money.
That is the best thing about using BTC for me

Yes the transaction fees is very low but reveiving and sending money is not instant, it need confirmations.

I like the anonymity of Bitcoin. I don't want to reveal my identity when I buy products, that is why I like sites like purse.io. It is also very safe compared to credit and debit cards. If you put your credit card details into a dodgy website, they could steal all those details and drain out your whole credit card. Whereas if you transfer some Bitcoin to a website, it is completely anonymous and they can't get into your Bitcoin wallet.

Yes that is true. But when you try and withdraw money from and ATM, owned by another bank, they charge you a fee as well. Like in Australia, it is $2, whereas for Bitcoin, the fee is only like a couple of cents so it doesn't really make a difference. That is one problem with Bitcoin, the transactions aren't instant and that is one of the things I hate about it.

The main benefit of me is that I dont have a credit card/debit card. Using Bitcoin (maybe earning Bitcoin) enable me to buy things online at merchants such as NewEgg and Overstock which accept Bitcoin. I am also able to buy from Amazon.com by buying Giftcards from Gyft and eGifter. I already bought two things online from using Bitcoin. And the two things is literary the only two things I bought online.

The difference is i cn pay my bills using online payment, amd its cool to hav that

Its not truly anonymous.. just pseudo anonymous..

But the difference is the speed it takes to send money around the world.. You can send several thousand of dollar around whole word for like fees worth 3 cent.
Furthermore u are the holder of your money.. You dont have to trust any 3rd Party to keep your money safe

I dunno, it just feels good.

The feeling when you ask 'do you accept bitcoin' in some brick and mortar store or restaurants look cool. If they also use bitcoin they may give you a huge discount! dude!

For hackers and criminals: anonymous transaction
For small workers: no tax and low fee to get and move money
For paypal restricted countries: Good way to get funds in hand
For me: Low fee, i can't use paypal, i don't have credit cards.

I really like the low transaction fees I get by using bitcoin.

I can save my bitcoins without having to worry about the bank getting bankrupt and running off with my money

I think this is what he is saying.... you do not benefit from lower fees, if you have to pay to get Bitcoin, then pay miners fees when you use it, and then pay again to get it

converted back to fiat. You score more fee's when you do not convert to fiat, and I think this is where the real difference comes in. Do not convert, pay in BTC.

Bitcoin will work best, when everything is done in BTC... NOT fiat.  ;D

Except, not every retailer or monthly bill that i'm paying is accepting in bitcoins, I'm still going to need fiat for now.

Like it or not we are tied to fiat as long as governments exists, or as long as governments accept BTC, which is unlikely that this is happening anytime soon. We don't need to wait for this tho. Even if you needed to still convert your BTC to fiat to pay taxes, you could do everything else with BTC and BTC only as more merchants accept it and as more people get paid with it.

I don't want this is sound off-topic it is actually going straight to your topic.  What I picture for the future is a world without paper and without a "wallet".  This is getting there already with things like ApplePay and PayPal, but I think that BTC is more suited to the final stages.  I picture leaving the house everyday with nothing more than my phone.  It will have my ID in it and all my money.  I think the way that BTC does this is better than PayPal or Google or whomever.

for me its the speed and transaction fees , sending money from betting sites and stock exchanges and the fees adds up.

When we use bitcoin we can reserve our personal informations safe and also keep in our pocket the amnts needed usually as fee, when using fiat or banking services. Also the transactions with bitcoin don't take long time

The difference is on physic,i can buy aomething without going anywhere,juat use my smartphone,ans low fee. If i use debit card,i must register it in bank,and with bitcoin i'm not,just simple make own wallet

When we use bitcoin we don't need to give our data and perso info for third person or company , as usually when we use the banking services

the benefit is,you can find bitcoin faucet,but you can't find money faucet,you can collect bitcoin for free,but you will hard to collect money for free.
its already benefit,agree?

this will not make much difference in the end, because you need to give your shipping address anyway, which is full of your infor, unless you have a friend at whom you can send stuff

but then he is in trouble if something happen, no escape from that

The main benefits are really showing at merchants, because they dont have to pay CreditCard fees.

Don't forget about the chargebacks! I have watched a testimony of a small merchant store in the NY. The owner has said that he has about 25% chargeback rate on its monthly credit card payments, every month!

That's a huge hit for the owners of these little stores that goes out of their pockets directly!

Very low fees, simple and usually complete within an acceptable time period and most important of all... no damn charge-backs from scams.

When using BTC u have full control of money and flow of money.
No 3rd party moving your money from A to B.

I can see where this would be hugely beneficial to merchants getting ripped off.  I am always weary selling on eBay too, considering paypal now give a 6 MONTH window for disputes to be filed.

I've gone though a paypal dispute, facts dont seem to matter, only their "terms of service".  So if you know the terms of service and how to use them to your advantage, its very easy to cheat people on there.

the main part of using bitcoin is that no one knows who sent the payment you dont get this with credit card transactions.

The difference is the delay time when paying by bitcoin comparing to paypal which is instant and i get the digital product instant, when using bitcoin i should wait from 1 to 6 confirmation and then to get the product.