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Author Topic: Why Bitcoin Is Better Than Your Bank  (Read 1328 times)
Exponere Mendaces
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June 01, 2011, 05:39:35 PM

Why Bitcoin is better than your bank?

No Oppressive Fee Structure - most banks set minimum balances, monthly fees when your balance falls below
a set amount, ATM usage fees and a slew of other caveats and 'gotchas' that make opening a new account at
a bank a rather harrowing experience. Rather than straining your eyes reading the fine print of an
account agreement, downloading and installing the Bitcoin client is easy - the only startup task is the
mandatory downloading of the blockchain, a secure transaction history communicated to every client
connected to the internet. You can have *zero* in your balance, 0.01 or whatever amount you desire --
there's no middleman waiting in the wings to charge you anything.

Try getting that kind of deal at your local bank. We'll save you the trouble -- you can't.

Transaction Security - banks maintain their own private networks for securing your bank balance
information, the strings of ones and zeros that describe your account balance, debits and credits, among
other things. This means that you are reliant on their diligence. Most large corporations conceal the
release of sensitive data, mostly out of the fear of their stock price plummeting when the event is
revealed, among other shareholder-centric policies. This results in a data leak not being addressed when
it should, and the harm being much greater than it would if everything was out in the open. Bitcoin
brings transparency to the security process. How? The source code, instructions that tell the computer
exactly how to construct bitcoins and transfer them securely are open-source. This means anyone can read
the code, and be able to tell if there are any flaws or obvious problems. It also means upgrading
encryption methods is possible in a short time frame, if any weakness is found in the future.

There are no standards in banking today that require any sort of code review in a public forum. Their
secrecy and lack of transparency only hurt you, not help you.

No Chargebacks - the current financial system is prone to problems that often beset such schemes, the
untrustworthyness of potential trading partners, customers who write bad checks and skip out on the debt,
credit charges that are disputed and reversed. This creates a very hairy problem for running a small
business when dealing with banks. Your accounts could be debited from a customer reversing a transaction,
potentially stuffing up the entire operation of your fledgling enterprise. Bitcoin solves this problem by
only allowing you to spend like cash, once you've made a payment - it is verified and sent immediately.
By virtue of its encryption methods, it also allows you to trade with others you may not necessarily
trust. Bitcoin's secure transfer and proof-of-work (a main mechanism that ensures the entire transaction
integrity stored in the 'blockchain') is the only guarantee you need. No chargebacks, ever.

Banks will never offer this type of service, ever. (Unless they adopt Bitcoin as a payment method.)

Financial Freedom - you should spend your money the way you want it spent. Want to contribute to a cause?
Go do it. Want to support someone you believe in for political office? Spend away. Bitcoin doesn't put
arbitrary policy decisions on your money. The entire project is decentralized, which means there isn't a
single person who can control where or when you make a transaction. This makes other methods seem
downright barbaric and feudal in comparison.

Banks will never protect your monetary rights. Their allegiance is to their stockholders, not you. The
moment a political cause becomes too controversial, their predictable reaction is to reverse course and
run with their tail between their legs. Isn't it time you had a financial system with some backbone?

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June 01, 2011, 05:50:07 PM

I like your essays.  You can add Financial Privacy to this list, the most important characteristic to me.  The right guaranteed by the U.S. Fourth Amendment to the Constitution, as envisioned by the Founders, has been restored.

"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history." --Gandhi
Exponere Mendaces
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June 01, 2011, 10:44:56 PM


Appreciate the reply. There was a post that suggested I start a blog, but I like being here. I concur that privacy is a fundamental right and has been demonized lately in the name of whatever pressing task seems to occupy the talking heads on tv. I'm encouraged that projects like Bitcoin exist, it demonstrates a common belief in freedom no matter where you are in the world.
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