Why have Bitcoin instead of cash?

[Soros Shorts]

9) It is far easier to carry 500 BTC with you on a plane than 500 BTC worth of cash.

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[batesresearch]

9) It is far easier to carry 500 BTC with you on a plane than 500 BTC worth of cash.

Very true, thus making it easier for us to move 'money' around when we travel or relocate.

[Gervais]

I don't think there's that many benefits about using bitcoin over fiat at the moment for the average person, but it's the future potential and benefits I'm interested in. Bitcoin is very risky currently as the price tends to go down than up, but if it gets adopted by more people or industries in the future then the value should steadily rise. There's also the benefits of you being in charge of it, so it would help citizens like in Greece or Cyprus who's banks were restricted or even raided.

9) It is far easier to carry 500 BTC with you on a plane than 500 BTC worth of cash.

And that's a reason why the taxman or law enforcement aren't going to like bitcoin very much.

[Herbert2020]

i will mostly introduce bitcoin by its usability.
it is great for sending money oversees.
it is good for micro transactions and large transactions both with very small fees.
it is a great way of gambling with bitcoin from anywhere and at anytime.
if you spend a little time it can be very secure.

[DannyHamilton]

I suppose a good question for your friend is...

"Why would you want cash instead of bitcoins?"

The 2 most significant answers I can think of are:

Cash is currently accepted in more locations than bitcoin. (Although bitcoin accepting locations increases every day, so it may be possible some day that bitcoin will be accepted in just as many locations, or more locations, than cash.)

The exchange value of cash doesn't change as much over short periods of time as bitcoin does, so it is easier to control your budget. In other words, If I there is something I can buy with $10 worth of cash, I'll most likely still be able to buy it with $10 worth of cash tomorrow, and next week, and possibly even next month.  Eventually inflation will significantly reduce what I can buy with that $10, but it will typically take several years for that to happen.  Meanwhile, something that I can buy with 0.05 BTC might cost only 0.04 BTC then next day, and 0.06 BTC a few weeks later.  I have no way of knowing if a month from now it will cost 1.0 BTC, 0.25 BTC, or something else entirely. This volatility can work to my benefit if things become significantly cheaper in the future, but it can be scary and difficult to accept when you are trying to maintain a budget. (Although, as bitcoin use increases it is quite likely that the exchange rate will eventually settle down into something much more stable than it has been in the past).

[bitcoinmasterlord]

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.

They can steal directly too. The current money restrictions in greece (only 60€ per customer per day) are only a slight steal. Though in cyprus the banks, and the governments, confiscated real money. There were people that took out a loan that freshly was on their bank account. At the end they had to pay back the loan and had no money lent in practise.

[Q7]

Because you don't need anyone to keep it for you on your behalf. You can use the Greece example and you can see how things can messed up so much just because you think that banks are safe but they are not. In other words, with bitcoin you are in control of your own money and use it when you want and everywhere you go.

[Zorrocoin]

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.

That is a great answer. I'd like to add that it is safer to carry around anywhere because it is virtual and physical at the same time so you don't have to worry about it. Plus , you don't need to depend on any system for handling and managing your own money.

[greBit]

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.

That is a great answer. I'd like to add that it is safer to carry around anywhere because it is virtual and physical at the same time so you don't have to worry about it. Plus , you don't need to depend on any system for handling and managing your own money.

yeah, but you are also kinda depending on the bitcoin system to handle and manage your money lol. Yes, the wallets are also handled and maintained by a service, obviously. its not wrong to depend on an external service, it is much, much safer to trust another service than to trust your own fucking bank. They all will screw you, fucking banksters.

[rayhan]

why bitcoin over cash? I would people with more conservative approach won't adopt this policy of bitcoins over cash. But the dynamic world doesn't need conservatism. So Bitcoins is the electronic currency. It is highly secured. It has less chances to get stolen. Then it has the potential to increase its value. Bitcoin is the new change this world needs to adopt..

[Miracal]

why bitcoin over cash? I would people with more conservative approach won't adopt this policy of bitcoins over cash. But the dynamic world doesn't need conservatism. So Bitcoins is the electronic currency. It is highly secured. It has less chances to get stolen. Then it has the potential to increase its value. Bitcoin is the new change this world needs to adopt..

History has been proof that anything good which is served on a sliver platter has always been rejected. They will adapt and learn the same thing the hard way, they will go to war and destroy countries to know that war isn't good for anybody, they will buy foreign goods when better things are available domestically.. the list goes on. Good things come to people late, probably cuz they are stupid. I am glad we are not one of those stupid people

[bumm]

1) Fast transaction
2)no intermediary fee
3)more secure (if used carefully)
4)scope of advancement in value.
5)can be invested easily.
there are lots of other benefits of bitcoin. but beware it can cause a real loss if not used carefully   

[adzino]

Cash cannot be transferred over the internet. Almost impossible but you can transfer bitcoins!

Bitcoins has some advantages like:
*they are impossible to counterfeit,
*you can send very small amounts (with reasonable fees),
*or very large amounts (without the blessing of a third party),
which give them a small advantage above cash.

The main advantage of Bitcoin, not over cash, but over every fiat currencies, being that the inflation rate is known in advance so that it can be used as a store of value (when cash cannot).

[pigzone]

BTC is rare to possess an s worth

[HarHarHar9965]

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.

The mastercard you own has electronic money, which is used from it. This money is recorded and the debit and credit takes place at the bank once the info is received. What the comparison is about, is between paper money which is notes of dollars, euros, yen, etc. These notes hold very less price value, easily destructible and are centralized. They can also be tracked.

[Miracal]

It has less chances to get stolen.

The chances of a bitcoin wallet being hacked is far more than a person being a part of a theft lol. There are so many cases regarding money laundering, money theft, hacking, etc which has thrown a negative light on bitcoin. Once bitcoin is able to overcome its own personal flaws, only then can it be considered by the many for major adoption!

[greBit]

9) It is far easier to carry 500 BTC with you on a plane than 500 BTC worth of cash.

[rivoke]

Well having a cash, we usually keep it on bank. As we know when we keep the bank we will got charge every month. Also if you want to transfer into other curency, you need convert first into required currency. It's surely cost a fee.

With bitcoin, there no monthly fee ! We can send to all address without convert into other currency. That become save your expense a bit.

[bumm]

It has less chances to get stolen.

The chances of a bitcoin wallet being hacked is far more than a person being a part of a theft lol. There are so many cases regarding money laundering, money theft, hacking, etc which has thrown a negative light on bitcoin. Once bitcoin is able to overcome its own personal flaws, only then can it be considered by the many for major adoption!

yep bitcoin lacks security and most of the people do not want to invest in bitcoin because there is no central force governing it. i would personally want to keep my asset in the form of bitcoin only and only if i have illegal money. otherwise i am happy keeping my money with bank. what do you guys say ?   

[rayhan]

Bitcoin is the tool of freedom. You can use it anywhere at any time. It is a universal currency. It doesn't need any conversion. Also government involvement in the transactions via bitcoins is negligible. So there is a sense of security. No centralized system has an authority over Bitcoin. Also it allows me to use my money the way i want to.