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Author Topic: What makes Bitcoin better than dollars?  (Read 379 times)
EverettMarm
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December 11, 2013, 11:24:43 AM
 #1

1) I can send dollars quickly and cheaply using services like Paypal or Dwolla.
2) If I want a low-risk store of value, I can buy bonds.
3) If I want to be anonymous, I can use cash.

Granted, bitcoin can do both #1 and #3 at the same time (though dollar<->bitcoin fees seem to be high everywhere). I hear Bitcoin is supposed to do #2, but in reality, it's extremely volatile/high-risk right now.

Is being able to do #1 and #3 at the same time really that useful? Are there any other advantages I'm missing?
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StarvingMarvin
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December 11, 2013, 11:41:28 AM
 #2

1) I can send dollars quickly and cheaply using services like Paypal or Dwolla.
2) If I want a low-risk store of value, I can buy bonds.
3) If I want to be anonymous, I can use cash.

Granted, bitcoin can do both #1 and #3 at the same time (though dollar<->bitcoin fees seem to be high everywhere). I hear Bitcoin is supposed to do #2, but in reality, it's extremely volatile/high-risk right now.

Is being able to do #1 and #3 at the same time really that useful? Are there any other advantages I'm missing?

1. Payment providers can choose to block your account whenever they feel like it. They can charge whatever fees they like.

2. Bitcoin is booming and it is very volatile at the moment. It will take time to mature and stabilize. If you are a merchant you can use a payment processor like bitpay who will allow you to accept bitcoin, and who will pay you, the merchant, out in your preferred currency. This makes the volatility the risk of the payment processor when the value of BTC dips, and the profits theirs if the value increases.

Other advantages:

- Cryptocurrrency allows you to send money to anyone anywhere on the planet for mere cents. No one can block your transaction, no one can tell you what to do, no banks are involved. Think about how mindblowing this actually is.

- Counterfeiting is impossible.

- Chargebacks are impossible.

 Smiley
ZeWaren
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December 11, 2013, 11:43:01 AM
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Also, if you're not in the US, you might not care much about the dollar.

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hairycoins
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December 11, 2013, 11:47:53 AM
 #4

1) I can send dollars quickly and cheaply using services like Paypal or Dwolla.
2) If I want a low-risk store of value, I can buy bonds.
3) If I want to be anonymous, I can use cash.

Granted, bitcoin can do both #1 and #3 at the same time (though dollar<->bitcoin fees seem to be high everywhere). I hear Bitcoin is supposed to do #2, but in reality, it's extremely volatile/high-risk right now.

Is being able to do #1 and #3 at the same time really that useful? Are there any other advantages I'm missing?

I think BTC is only advantageous for e-commerce business. There is no risk of chargeback but to be honest it's a haven for scams as well. BTC is built on trust which makes it extremely precarious especially if you make transactions online. From a seller point of view they might be questioning themselves saying how do I know that the merchant will deliver me the correct goods, how do I know that the merchant will deliver the goods at all. Once the btc are transferred to the merchant it's gone they have your money. But there are services like escrow and bitpay that prevent this from happening but in my honest opinion it still can happen. There is no buyer protection only seller protection. The other advantage of BTC is that there is no fees, no taxes and it's not regulated but I think if BTC is the cryptocurrency of the future fees will incur so that miners will mine when BTC coins runs out that is. If there are no miners the security of block chains will be weak. I am a bit of an optimist to cryptocurrency but lets see how far it goes. I am here for the long ride Smiley.
StarvingMarvin
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December 11, 2013, 11:54:05 AM
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Also, if you're not in the US, you might not care much about the dollar.
Agreed, cryptocurrency is the world's currency.  Smiley

Quote
I think BTC is only advantageous for e-commerce business. There is no risk of chargeback but to be honest it's a haven for scams as well. BTC is built on trust which makes it extremely precarious especially if you make transactions online. From a seller point of view they might be questioning themselves saying how do I know that the merchant will deliver me the correct goods, how do I know that the merchant will deliver the goods at all. Once the btc are transferred to the merchant it's gone they have your money. But there are services like escrow and bitpay that prevent this from happening but in my honest opinion it still can happen. There is no buyer protection only seller protection. The other advantage of BTC is that there is no fees, no taxes and it's not regulated but I think if BTC is the cryptocurrency of the future fees will incur so that miners will mine when BTC coins runs out that is. If there are no miners the security of block chains will be weak. I am a bit of an optimist to cryptocurrency but lets see how far it goes. I am here for the long ride Smiley.

I actually prefer having no chargebacks built into the system. The infrastructure is still being built obviously but escrow services as you mentioned as well as regulatory and legal implications still mean that the seller is accountable and can be prosecuted if he were to scam someone. Doesn't matter how he gets my money, paypal, dwolla, wire, crypto, he is stll accountable. 

Anyway I'm with you on the long ride, let's not forget bitcoin has still not seen version 1.0 Smiley
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