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Author Topic: Why have Bitcoin instead of cash?  (Read 239943 times)
BTCfan97
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July 08, 2015, 06:10:49 AM
 #1

I recently paid for some local tacos using Bitcoin. My friend who was unfamilar with Bitcoin thought it was strange, like I technically didn't pay for them or something. We got into discussing Bitcoin and one of the questions he asked me was:
"Why would you want Bitcoins instead of cash?". For a second I didn't know what to say; then I thought about it and here is what I came up with. Feel free to contribute to this.

1) More security (especially if you are careful).

2) Bitcoins are a potential investment, cash is not. Paper currency only really goes down in value, Bitcoins have a lot of potential to be worth more as time goes on.

3) Fast, worldwide transactions at your fingertips.

4) Similar to #3, but it's a universal currency. It's legal in most countries of the world and you don't need any kind of currency conversion to send money to people in a different country than your own.
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Kazimir
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July 08, 2015, 06:28:36 AM
 #2

Very good points. I'd like to add:

5) Banks can't steal it from you. You may think they can't steal cash either; that's not true. With central banks printing money by the hundreds of billions, and commercial banks creating money as debt like there's no tomorrow, they're effectively lowering the relative worth of your money in their advantage. Remember: stealing 5% off your deposit, or increasing the total money supply by 5% by creating it out of thin air, has essentially the same effect.

In theory, there's no difference between theory and practice. In practice, there is.
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BIT-Sharon
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July 08, 2015, 06:33:37 AM
 #3

Besides, Bitcoin is an invisible gold and do not be restricted by the customs.
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July 08, 2015, 06:47:21 AM
 #4

Besides, Bitcoin is an invisible gold and do not be restricted by the customs.

Very good point! This basically allows you to bring more than 10k in "cash" around the glob in your pocket without customs having a chance to find out.. Can potentially be problematic though, helping illegal transactions.

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July 08, 2015, 07:05:26 AM
 #5

The way I see it, Bitcoin gives us the true freedom of currency. We are not dependent upon any system to use our money. So it basically is and always will be BTCFREEDOMBTC

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July 08, 2015, 07:18:20 AM
 #6

I recently paid for some local tacos using Bitcoin. My friend who was unfamilar with Bitcoin thought it was strange, like I technically didn't pay for them or something.
The friend is strange. If you would pay with credit card he also will be surprised? With the card transaction technically you also don't leave anything tangible in the shop. No principal difference.
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July 08, 2015, 07:25:10 AM
 #7

I recently paid for some local tacos using Bitcoin. My friend who was unfamilar with Bitcoin thought it was strange, like I technically didn't pay for them or something.
The friend is strange. If you would pay with credit card he also will be surprised? With the card transaction technically you also don't leave anything tangible in the shop. No principal difference.
True. How does this friend get his monthly salary? I bet he does his job, yet his boss does not give him a bag with money at the end of the month. So then isn't he technically working for free?

In theory, there's no difference between theory and practice. In practice, there is.
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July 08, 2015, 07:25:13 AM
 #8

6) Bitcoin can be in virtual and physical state simultaneously without the need for conversion I.e. online wallets and, for example, PaperSafe

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July 08, 2015, 07:27:22 AM
 #9

I recently paid for some local tacos using Bitcoin. My friend who was unfamilar with Bitcoin thought it was strange, like I technically didn't pay for them or something. We got into discussing Bitcoin and one of the questions he asked me was:
"Why would you want Bitcoins instead of cash?". For a second I didn't know what to say; then I thought about it and here is what I came up with. Feel free to contribute to this.

1) More security (especially if you are careful).

2) Bitcoins are a potential investment, cash is not. Paper currency only really goes down in value, Bitcoins have a lot of potential to be worth more as time goes on.

3) Fast, worldwide transactions at your fingertips.

4) Similar to #3, but it's a universal currency. It's legal in most countries of the world and you don't need any kind of currency conversion to send money to people in a different country than your own.

i totally agree with # 1, 3 and 4. especially 3 and 4. it is the best way to transfer money between countries , and in long distances. especially since it is so much faster than any other way and also you should pay the lowest fees in order to do it.

but if you are looking for reasons on "why choose bitcoin over cash" number 2 is not a very good argument.
because while bitcoin has potential of going up in value (as we can see right now in the market), it is also very volatile which means it can go down the same way it went up. and this IMO makes it not a suitable substitute for cash.

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July 08, 2015, 07:29:02 AM
 #10

I recently paid for some local tacos using Bitcoin. My friend who was unfamilar with Bitcoin thought it was strange, like I technically didn't pay for them or something. We got into discussing Bitcoin and one of the questions he asked me was:
"Why would you want Bitcoins instead of cash?". For a second I didn't know what to say; then I thought about it and here is what I came up with. Feel free to contribute to this.
-snip-
Don't mind your friend. The majority  of humans are ignorant sheeps that have no mind of their own. They can not think outside of the set up rules, and it will be very hard for them to realize how good Bitcoin is and all its potential. I've encountered this on several ocassions and it pretty much happens with technology as well.

You should get yourself very well informed about the situation in Greece and the one in Cyprus last year. Then you could explain to him how the government would have not be able to steal the peoples money if they had been using Bitcoin before it happened.        


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Amph
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July 08, 2015, 07:43:08 AM
 #11

cash are not that easy to use in different countries, you need to exchange them everytime, a pain in the ass, bitcoin is a global currency, and very easy too move also

and cannot be faked like cash so easily, add on top of this, the less fees required...
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July 08, 2015, 08:34:34 AM
 #12

Another thing you can add is, you can keep 1-100000 worth of Bitcoins in your home safe from theft, you can't do the same with cash.

The way I see it, Bitcoin gives us the true freedom of currency. We are not dependent upon any system to use our money. So it basically is and always will be BTCFREEDOMBTC

Well we are dependent on Mining farms and let's hope there are no more stress tests as they really disrupt things.

 

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BTCPOOLMINING
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July 08, 2015, 08:40:27 AM
 #13

if you are traveling to somewhere you can easily take thousands or millions of usd worth bitcoin with you easily without any problem but you can't take that much cash with you, also they don't check your phones of pendrive for digital currencies, so you are safe from amy kind of risk of moving money aboard.

Hopalong
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July 08, 2015, 09:58:23 AM
 #14

cash are not that easy to use in different countries, you need to exchange them everytime, a pain in the ass, bitcoin is a global currency, and very easy too move also

and cannot be faked like cash so easily, add on top of this, the less fees required...

I can use my mastercard in a lot of contries without even knowing what currency they have.
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July 08, 2015, 10:13:22 AM
 #15

I think that cash isn't a safe thing, as their values drop by time (inflation). However with bitcoin there is no such problem (there is a limit on total amount of BTC, which is 21m) and their value could stand.
BTW bitcoin have a larger security over cash, because when some thief steal some cash, no one can prove the cash is yours. However with bitcoin's signed message, we can proof that the address (and hence the coins) belongs to the message-signer.


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turvarya
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July 08, 2015, 10:22:48 AM
 #16

cash are not that easy to use in different countries, you need to exchange them everytime, a pain in the ass, bitcoin is a global currency, and very easy too move also

and cannot be faked like cash so easily, add on top of this, the less fees required...

I can use my mastercard in a lot of contries without even knowing what currency they have.
and mastercard thanks you for that.
I guess, besides not knowing the currency, you also don't know the fees you are paying.

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July 08, 2015, 10:25:37 AM
 #17

7) Bitcoins can be backed up. When you lose a wallet with cash, it's gone. When you lose a wallet with bitcoins, you still have a backup.

8) Bitcoins can be password protected. When someone steals your wallet with cash, it's gone. When someone steals your wallet with bitcoins, they can see how much is in there, but they can't spend a dime.

Two very unique advantages of Bitcoin over cash, imho. Helps a lot in avoiding losses.

In theory, there's no difference between theory and practice. In practice, there is.
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July 08, 2015, 10:27:23 AM
 #18

I can use my mastercard in a lot of contries without even knowing what currency they have.
And without knowing what ridiculous fees and conversion rates they will charge you. But rest assured, they will be ridiculous.

The whole credit card system is hopelessly old fashioned, and you're paying for that. Whether you know it or not.

In theory, there's no difference between theory and practice. In practice, there is.
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July 08, 2015, 10:36:53 AM
 #19

I think bitcoin is more secure than cash, but, people must have the basic knowledge about computer, internet, virus, trojans & malwares. If people shall be trained about the security of bitcoin wallet, then, it's more hard to steal their coins .........

So, some websites must be developed to train people online for teaching them about basics of bitcoin, wallet security, offline transaction, cold storage, paper wallet, hardware wallets, multi-sig wallet etc.

If anybody knows this kind of websites then please, list here in your reply ...... Grin

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July 08, 2015, 10:51:44 AM
 #20

cash are not that easy to use in different countries, you need to exchange them everytime, a pain in the ass, bitcoin is a global currency, and very easy too move also

and cannot be faked like cash so easily, add on top of this, the less fees required...

I can use my mastercard in a lot of contries without even knowing what currency they have.

we are talking about cash not electronic money, also your other issue is the withdrawal limit on basically any atm, you know that with your master card you cannot withdrawn more than a certain amount, with bitcoin there are no restriction of any sort

yes you can use your mastercard but they will charge you a great fee for conversion, with bitcoin you don't need to convert in the local currency because bitcoin works globally
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