Why would customers use Bitcoins?

[johnyj]

The opposite question is more interesting: Why would consumers use fiat money?

1. Because they receive fiat money as income, they spend it as a natural result
  This is also the main reason that consumer do not use bitcoin: Not enough people receive them as income. And since you can not create bitcoin endlessly like fiat money, it will be impossible to make bitcoin a lot of people's income

2. Because fiat money is widely accepted domestically
  Fiat money has first mover advantage. At this stage, it is very difficult to persuade billions of people to switch to another currency that is very high-tech with steep learning curve. Similarly, most of the merchants do not accept payments in foreign currency, because those currencies are difficult to spend domestically, and always involve some risk if you convert them to domestic currency

In fact, it is interesting to observe that people refuse to accept Euro/USD payment in Japan, even they know that those foreign currencies are much more stable than Japanese Yen. People only trust their domestic fiat currency for some strange reason. I don't think they are forced by government violence, they just unconsciously made the choice due to fear of financial loss from a foreign currency

So consumer would not use bitcoin most of the time, they will just treat it like a foreign currency. However, when they are traveling abroad or do international trading, then bitcoin is very similar to any foreign currency, and even better, you might not need conversion at all if it can be accepted anywhere in the world (That's the long term vision of bitcoiners)

Charge your bitcoin account so that you can spend it anywhere in the world without currency conversion, this would attract some consumers that do lots of international travel (Spend fiat at home and spend bitcoin when going abroad)

[1714554080]

1714554080

[samuel999]

In fact, it is interesting to observe that people refuse to accept Euro/USD payment in Japan, even they know that those foreign currencies are much more stable than Japanese Yen. People only trust their domestic fiat currency for some strange reason. I don't think they are forced by government violence, they just unconsciously made the choice due to fear of financial loss from a foreign currency

Why would someone in Japan begin accepting the Euro or USD for payment? They can't spend that anywhere in Japan so naturally they won't want to accept a foreign currency that cannot be spent domestically.

[johnyj]

In fact, it is interesting to observe that people refuse to accept Euro/USD payment in Japan, even they know that those foreign currencies are much more stable than Japanese Yen. People only trust their domestic fiat currency for some strange reason. I don't think they are forced by government violence, they just unconsciously made the choice due to fear of financial loss from a foreign currency

Why would someone in Japan begin accepting the Euro or USD for payment? They can't spend that anywhere in Japan so naturally they won't want to accept a foreign currency that cannot be spent domestically.

This is the chicken and egg problem: If no one accept it, then you can't spend it. If no one spend it, no one will accept it. You can have a foreign currency accepted by merchants domestically in airport and communication hubs where there are lots of Forex exchange desks, but not anywhere else since the domestic fiat money already get first mover advantage - people seldom need more than one type of currency in their daily life

[MTBTT]

Because we can pay any service provided remotely, and hide our identity. It is quick and cheap. No one is easy to identify the source of the money.

[Jeremycoin]

Well, Bitcoin is actually better then credit card.
And you can send or receive Bitcoin all over the world, at anytime.
It's also easy to set up, you just need an internet and a computer (Don't bother to write sign some papers on the Bank).
And there's no limit for age

[secone]

I came to figure out, why would a consumer/customer use Bitcoins?
You have to pay the 3 cent fee, while you dont have to pay anything when paying with a credit card.

So what is really a benefit for using Bitcoins, customer wise?

bitcoin is easy to use , if you compare with other payment method like payeer and paypal the fee of bitcoin is very cheap
also bitcoin is  anonymously

[CryptoBjorn]

I came to figure out, why would a consumer/customer use Bitcoins?
So what is really a benefit for using Bitcoins, customer wise?

Well with Bitcoin is easy to use. But 3 cent is just nothing if you buy something in grocerys .
Like comparing sending money to the other country is more expensive with normal money than Bitcoin.
With bitcoin 10x cheaper the fee's.

[franky1]

i think people are getting too obsessed about the fee..

the argument about fee is a moot point. after all applepay is fee free for both merchant and user..(supposedly)

so lets stick to the subject.

comparing bitcoin to applepay..
knowing applepay only takes 3 presses of a button and zero fee's.. explain why someone who gets paid a wage in fiat, would go to all the trouble of converting to bitcoin, just to spend it..

come on lets hear some inspiring reasons..

[JITENDERPAR]

this is the best question man !!!!
there is a great need to use of bitcoins
with the use of bitcoins we can store unlimited amount of money without any objection of government of your country
. since use of bitcoins are termed as illegal according to some countries government but use of bitcoins is a latest way for income also.

[Pollak]

You do have to pay a fee in some shops if you pay with credit card. This fee will depend on the amount that you have to pay. With bitcoin it will always be 3 cents.

It would be more beneficial if bitcoins were accepted in more stores that you visit everyday.

[OmegaStarScream]

I came to figure out, why would a consumer/customer use Bitcoins?
You have to pay the 3 cent fee, while you dont have to pay anything when paying with a credit card.

So what is really a benefit for using Bitcoins, customer wise?

For different reasons , you don't get your account frozen and you can also make a new wallet in couple of seconds without the need of a centralized third party .
It's easier and faster then credit card and also cheaper (Pretty sure that credit card have fees) and also I don't have to reveal my identity wherever I go . also this :

[bearex]

I came to figure out, why would a consumer/customer use Bitcoins?
You have to pay the 3 cent fee, while you dont have to pay anything when paying with a credit card.

So what is really a benefit for using Bitcoins, customer wise?

For different reasons , you don't get your account frozen and you can also make a new wallet in couple of seconds without the need of a centralized third party .
It's easier and faster then credit card and also cheaper (Pretty sure that credit card have fees) and also I don't have to reveal my identity wherever I go . also this :

True, but this is for transfering money. It is different when you are paying for example your groceries. Then it is easier to use fiat cash (0 fees) than Bitcoin (0.0001 BTC fee).

[RealPhotoshoper]

this is why costumer must use bitcoin,or at least try to use it..
If you want your customers to spend more, make it easy for them! Setup your business to start accepting bitcoin.
Bitcoin users tend to be smart, high net worth consumers who prefer to purchase goods using bitcoin over other methods. And evidence shows that bitcoiners tend to make more frequent purchases than consumers who use cash or credit cards. This means that they will gravitate toward merchants that offer them ability to pay for goods and services via bitcoin. What does this add up to? Incremental sales for your business!
Keep in mind that your competitors may already be accepting bitcoins, or soon will. If you don't start accepting bitcoin payments, your customers may decide to go elsewhere. Remember, convenience is a strong factor that influences a buying decision.
https://coinofsale.com/whyAcceptBitcoin

[LiteCoinGuy]

I came to figure out, why would a consumer/customer use Bitcoins?
You have to pay the 3 cent fee, while you dont have to pay anything when paying with a credit card.

So what is really a benefit for using Bitcoins, customer wise?

3 Reasons Why Bitcoin Beats Credit Cards for Businesses & Consumers

https://news.bitcoin.com/bitcoin-shows-security-no-card-fees-better-businesses-consumers/

[bearex]

I came to figure out, why would a consumer/customer use Bitcoins?
You have to pay the 3 cent fee, while you dont have to pay anything when paying with a credit card.

So what is really a benefit for using Bitcoins, customer wise?

3 Reasons Why Bitcoin Beats Credit Cards for Businesses & Consumers

https://news.bitcoin.com/bitcoin-shows-security-no-card-fees-better-businesses-consumers/

Some things are true, but the most benefits come to the merchant, not the buyer.

[secone]

It’s fast, secure and global

Bitcoin doesn’t discriminate. You can use it anywhere in the world, to send value almost instantly, nearly for free. Transferring bitcoins costs just a few pennies and you can send as much value as you want. It’s important to remember that bitcoins can’t be counterfeited or duplicated.  The cherry on top is that transactions are conducted in a peer-to-peer method, without the need for a bank or third party to oversee it.
- See more at: http://blog.blockchain.com/2015/04/06/the-top-5-reasons-to-use-bitcoin/#sthash.6KOm8w1L.dpuf

[Ninjaskills]

I came to figure out, why would a consumer/customer use Bitcoins?
You have to pay the 3 cent fee, while you dont have to pay anything when paying with a credit card.

So what is really a benefit for using Bitcoins, customer wise?

For different reasons , you don't get your account frozen and you can also make a new wallet in couple of seconds without the need of a centralized third party .
It's easier and faster then credit card and also cheaper (Pretty sure that credit card have fees) and also I don't have to reveal my identity wherever I go . also this :

Haha lol good image i will share it to my friends, maybe he want to be customers of bitcoin
its a striking difference, maybe the users of WU, will switch to bitcoin

[ajun96]

Well, Bitcoin is actually better then credit card.
And you can send or receive Bitcoin all over the world, at anytime.
It's also easy to set up, you just need an internet and a computer (Don't bother to write sign some papers on the Bank).
And there's no limit for age

if there is an ATM bitcoin might be very helpful for prospective customers, it is still very few bitcoin atm machine in the world

[johnyj]

i think people are getting too obsessed about the fee..

the argument about fee is a moot point. after all applepay is fee free for both merchant and user..(supposedly)

so lets stick to the subject.

comparing bitcoin to applepay..
knowing applepay only takes 3 presses of a button and zero fee's.. explain why someone who gets paid a wage in fiat, would go to all the trouble of converting to bitcoin, just to spend it..

come on lets hear some inspiring reasons..

A rational consumer will always first spend depreciating fiat money while saving the appreciating bitcoin

So you can observe that many people using their easy-to-get fiat money to purchase bitcoin and hold them as long term value storage. Of course not everyone has investment talent, for casual spenders, if they receive bitcoin, they are only interested in how to exchange into domestic fiat currency, similar to when they receiving some foreign currency. But the psychology behind that behavior is interesting, indicating that they have more trust in domestic fiat currency, maybe because they were used to it since they were born

It is also interesting to study the behavior of those European people cross the transition period, e.g. changing from their domestic currency to Euro. Would they still use their domestic currency or those domestic currencies totally crashed to no value? I guess in this regards people are blindly listen to what banks tell them, since without bank they can not do any large transaction

A latest example is Swedish central bank's new cash notes:
http://www.riksbank.se/sv/Sedlar--mynt/Sedlar/

Under the old note, it states: Valid until 30 June 2016. What is the meaning of this?  How come a money will suddenly lose its value after a certain date? Now you can see people are not really trusting their domestic currency, they are just blindly follow the directive of their central bank

And this demonstrated a weakness of bitcoin: There is no powerful organization like a central bank behind it, but all voluntarily bitcoin accepting merchants

[OrientA]

Because we can pay any service provided remotely, and hide our identity. It is quick and cheap. No one is easy to identify the source of the money.

The bitcoin transaction is traceable. If you pay with your bitcoin to a on line shop, and the goods is delivered to your home. From that moment on, all the bitcoin in that wallet address will be linked to you. It is not anonymous any more. The authority can ask the shops to reveal your identity.