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Question: As a consumer, what are the advantages of Bitcoin over fiat currencies ?
Near-Instant transactions
Scarcity
Investment Vehicle
Anonymity
Merchants Discounts
Low Transaction Fees
Decentralization
Constant Availability
Ease of access

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Author Topic: Why do you use Bitcoin? A report to determine it's competitive advantages.  (Read 2488 times)
alex0909
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August 12, 2015, 03:15:36 PM
 #1

Good evening fellow Bitcoiners,

I am writing a research paper on the dematerialization of Money for a business case.

We need you Bitcoiners to answer this question and if you feel that something is missing, let me know !

I feel that Bitcoin will thrive because consumers/users will embrace the currency if they find some use to it. It is a superior form of payment even if it is not ready for mainstream applications yet.

What are your thoughts about it?

Thanks Smiley
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August 12, 2015, 03:32:43 PM
 #2

In my use case it's just an investment, I don't use bitcoin to make purchases, although I hope someday I can use bitcoin almost the same way I use cash, or at least the debit card.

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August 12, 2015, 03:40:12 PM
 #3

mostly an investement aswell for the moment for now but im pretty sure we will reach a time where the price should be stable so it would be more because of the transaction speed and the low fees and being annonymus too.

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August 12, 2015, 03:51:04 PM
 #4

Purely as a speculative investment currently, but I wish to use it in the future and the low fees, semi-anonmous and decentralised independent nature of it are all pluses to me.
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August 12, 2015, 05:06:15 PM
 #5

There should also be an option for decentralization.
Most important to me is that I can be independent of merchants for my transactions.
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August 12, 2015, 09:17:41 PM
 #6

Good evening fellow Bitcoiners,

What are your thoughts about it?

Thanks Smiley

Thanks for setting this up, i've responded to the poll.

My thoughts are simple, once you finish your research paper could you please post it somewhere in this forum for us all to read? We give you our thoughts, our ideas, our votes, and our time and it's very fair for us to expect to see the analysis and conclusions you make from the data we've provided.

Please share with us your conclusions so the entire community can benefit from your work (and our contribution)!

Thanks Smiley

alex0909
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August 12, 2015, 10:09:41 PM
 #7

There should also be an option for decentralization.
Most important to me is that I can be independent of merchants for my transactions.

Added, thanks for your input !
alex0909
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August 12, 2015, 10:10:59 PM
 #8

Good evening fellow Bitcoiners,

What are your thoughts about it?

Thanks Smiley

Thanks for setting this up, i've responded to the poll.

My thoughts are simple, once you finish your research paper could you please post it somewhere in this forum for us all to read? We give you our thoughts, our ideas, our votes, and our time and it's very fair for us to expect to see the analysis and conclusions you make from the data we've provided.

Please share with us your conclusions so the entire community can benefit from your work (and our contribution)!

Thanks Smiley

Well, this is obviously something that can be done, but in order to rely on this poll i will need quite a few more answers. I also interviewed a few experts about this subject, this poll is to confirm my analysis.
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August 12, 2015, 10:18:35 PM
 #9

Mainly the fact that you can use it to trade with anybody across the world instantly without divulging a bunch of sensitive information.

Anonymity (not complete but good enough)
Ease of access
Quickness of fund availability

Miss Fortune
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August 12, 2015, 11:09:40 PM
 #10

I`m into it due to since I`m pretty much jobless.

And its used as a temporary income while im still job hunting so not much of a choice, more of a survival thing at the moment.
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August 13, 2015, 02:21:41 AM
Last edit: August 13, 2015, 04:14:51 AM by Snorek
 #11

I feel that you should add some pretty good reasons to your initial poll. While your every point is good and valid there are some additional features which bring people toward bitcoin.
Namely: 1. People are using bitcoin because they want to to be hipsters, because for now bitcoin is like new technology and not widely known. Some geeks and nerds likes this fact.
2. People are using bitcoin as a protest against corrupt financial system and government discredited with endless quantitative easing.
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August 13, 2015, 03:35:15 AM
 #12

Mainly the fact that you can use it to trade with anybody across the world instantly without divulging a bunch of sensitive information.

Anonymity (not complete but good enough)
Ease of access
Quickness of fund availability

I agree 100%
It's so easy to send a tip to some one, and i think it's safer than other means.
For larger amounts to total strangers escrow is a must have.

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August 13, 2015, 06:37:37 AM
 #13

decentralization isn't a tangible advantage, i mean there is not much difference between a centralized system and decentralized one, but i still like to have 100% freedom, which you can have in some bank too

i voted for anonimity and low fee, but the latter will not last forever if we need to go against spam and rise the fee in the future
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August 13, 2015, 09:17:02 AM
 #14

Thanks for your inputs and comments.

Obviously we can agree that people are here for various reasons, Bitcoin has more than one advantage over Fiat or other payment methods.

I don't feel that Being a new technology and the fact that this brings in Hipsters can be considered as a competitive advantage Snorek. However i agree with the fact that it is in opposition with Fiat currencies,. This is why i used the term Scarcity.

I agree with ease of access.

Keep going, and thanks to the people who answered.
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August 13, 2015, 09:32:55 AM
 #15

From the options available, Investment Vehicle and Decentralization are probably my main reasons, having money that cannot disappear if bank gets in trouble and increases my purchase power over time are major reasons to embrace bitcoin.

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August 13, 2015, 09:41:34 AM
 #16

i mostly use in small amounts couse its digital good and fast trasactions and funny to have floating points too

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August 13, 2015, 10:06:37 AM
 #17

Bitcoin as a tech is very interesting for sure and it is clear that we've only scratched the surface when it comes to possible applications. However I do believe that the majority of bitcoiners are drawn in by the lure of money/easy money. That's of course totally fine, it's actually helping Bitcoin grow faster. Over time as this initial gold rush period simmers down, I believe we'll see more people embracing Bitcoin the tech/payment system and less people being fazed by volatility.
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August 13, 2015, 10:51:26 AM
 #18

I like it for the capability to transfer money anonymously, without banks and it can't be shut down because of decentralization.

Let's see the results of this vote... it will be interesting.

Perhaps we will end up forking, one side for decentralization (1MB max block size for a while camp) and the other for payment (increase blocksize now camp) Sad

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August 13, 2015, 02:21:23 PM
 #19

I like low transaction fees, I can buy cheap stuff without been charged a lot for it (say, a discounted game, a cheap-shirt, etc.). If transaction fees increase so that they become close to that of other payment methods, I will lose all my interest in BTC. I have never exchanged fiat for btc (nor the other way around) since I cannot buy it "directly" (at or near to market price) and buying it more expensive would be pretty much the same than paying traditional fees.

I also like the availability (24/7 transactions, right?).

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August 14, 2015, 07:25:15 AM
 #20

Perhaps we need a definition of what "low transaction fees" means. Low compared to other payment methods? For what amount?

Because personally I would consider even $5 / tx to be a low transaction fee. Others may think 0.2$ / tx is no longer a low transaction fee.

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