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Author Topic: How Does Bitcoin Appeal to Average Consumers?  (Read 784 times)
mrwillwhitehead
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December 21, 2014, 07:25:28 PM
 #1

Hello all,

I'm a student writing a paper on how Bitcoin appeals to the average consumer. I'm suggesting
that even if all the alleged flaws with Bitcoin were fixed, what would incentivise the consumer to adopt it?
I think this is an issue that is often overlooked.

I'm doubtful that average western consumers really care about banks debasing a currency, stealing their money,
leaking their information, etc. I'm sure they're content with the security of their money in the hands of banks and
payment processors.

The money they'd save buying with Bitcoin would be minimal, even if the merchant passed all the savings on to the consumer.

Not many average consumers make international payments so the whole 'avoid western union fees' benefit doesn't stand strong here.

I've been thinking hard and here's a few possible things I can see appealing to average consumers:

Being able to make mobile payments at small shops rather than having to get cash from the ATM
Making micropayments online in some kind of new market (e.g. tipping constructive comments / answers).

But that's all I can think of.

So guys - please hit me with what you think will make Bitcoin appeal to average consumers!


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Elwar
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December 21, 2014, 08:06:05 PM
 #2

Not having to carry a wallet around, knowing that if you are robbed your money is safe, faster payments...

Though when it comes down to it, they will use it or not. It does not matter. Those who see the significance of it will start using it and enjoy the benefits. For those that ignore it will have to deal with what they are dealt.

During WWII some jews saw the big picture and got out of Germany. What would be appealing to the average jew in WWII Germany to leave the country? That was their home, they were comfortable there, no real need to change their lives because some people have wild theories about their government.

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mrwillwhitehead
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December 21, 2014, 08:19:29 PM
 #3

Cheers for replying Elwar - I think there are some issues with what you've said.

Quote
Not having to carry a wallet around


You can make mobile payments with your phone using regular fiat currency.

Quote
knowing that if you are robbed your money is safe

Your money is safe if you pay with your phone too.

Quote
faster payments...

I can't remember the last time I had a problem waiting for a mobile or card payment to go through. They've always been instant.

Quote
Though when it comes down to it, they will use it or not. It does not matter. Those who see the significance of it will start using it and enjoy the benefits. For those that ignore it will have to deal with what they are dealt. During WWII some jews saw the big picture and got out of Germany. What would be appealing to the average jew in WWII Germany to leave the country? That was their home, they were comfortable there, no real need to change their lives because some people have wild theories about their government.

I think that consumer / wider adoption of Bitcoin is essential if it is to thrive. The greater the demand, the greater its value. Not to mention it would be accepted in more places if it was adopted by consumers.
Superhitech
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December 21, 2014, 08:22:27 PM
 #4

Well, some people I know know the fact that Bitcoin is a digital currency, however they are very skeptical, as they say things like "Bitcoin is a bad idea. You could probably easily hack and generate unlimited bitcoin for yourself." And things like that. There are so many myths about bitcoin, like the myth we use Bitcoin for buying drugs, consumers are scared of using it. I agree with you that most people don't care that banks charge fees, etc, they feel safe having the banks hold the money. I think, if Bitcoin were to appeal to the average consumer, it would have to be adopted by a lot of big company's and become mainstream, that way myths would be debunked, and people would be more comfortable using it. Good luck on your paper!
Elwar
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December 21, 2014, 09:15:36 PM
 #5

Cheers for replying Elwar - I think there are some issues with what you've said.

Quote
Not having to carry a wallet around


You can make mobile payments with your phone using regular fiat currency.

Quote
knowing that if you are robbed your money is safe

Your money is safe if you pay with your phone too.

Quote
faster payments...

I can't remember the last time I had a problem waiting for a mobile or card payment to go through. They've always been instant.

Quote
Though when it comes down to it, they will use it or not. It does not matter. Those who see the significance of it will start using it and enjoy the benefits. For those that ignore it will have to deal with what they are dealt. During WWII some jews saw the big picture and got out of Germany. What would be appealing to the average jew in WWII Germany to leave the country? That was their home, they were comfortable there, no real need to change their lives because some people have wild theories about their government.

I think that consumer / wider adoption of Bitcoin is essential if it is to thrive. The greater the demand, the greater its value. Not to mention it would be accepted in more places if it was adopted by consumers.

There you go then, I've never used mobile payments with fiat. Does the average consumer use them? It is certainly an easier way to pay. I hope people get to used to it.

I really don't care if the average consumer discovers Bitcoin now or when it is almost too late. They will use it. I'm sure at one point people were concerned about how many confederate dollars their currency was worth.

http://www.bitpools.com
Pool your bitcoins with others. Vote on solutions using the Bitcoin blockchain. Keep your bitcoins in your cold storage until you find a solution you like.
Links and Reviews of useful every day places to spend bitcoins: https://bitcointalk.org/index.php?topic=943143.0
franky1
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December 21, 2014, 09:40:58 PM
 #6

the OP's question is a trick question..

a CONSUMER is someone that likes to spend funds as soon as they get them. which is the mindset of inflationary lovers that know there is no point in saving any income and its much wiser to spend it as soon as they get it.

bitcoin is more for those that want to be 'savers' or are thinking about investments, retirements, etc.

i personally have 100% income from bitcoin and i do spend it on food, car stuff, rent and other bills. and i find it easier than trying to log into my online bank to set up wire transfers, i find it better than holding a debit card with risks of card cloning and ID theft. i find bitcoin better than a multitude of things.. but the OP's question has been loaded to a narrow segment of population that are instant spenders.. and to be honest, they should learn to not be consumers any longer and to hold a small percentage of income as bitcoin and then spend that bitcoin next year when really needed.. then they will learn the benefits

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slacknation
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December 22, 2014, 05:01:19 AM
 #7

tourism, no hassle to change to other currencies while travelling
BitcoinBoost
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December 22, 2014, 05:06:55 AM
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tourism, no hassle to change to other currencies while travelling

We have a winner.
nahtnam
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December 22, 2014, 05:23:17 AM
 #9

I have also thought about this.

Truthfully there is nothing better for the average consumer. I think bitcoin is more appealing to people of the black market and tech nerds.

For average consumers it might be an interesting investment like a stock or commodity.

MicroGuy
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December 22, 2014, 06:30:51 AM
 #10

I'm a student writing a paper on how Bitcoin appeals to the average consumer. I'm suggesting
that even if all the alleged flaws with Bitcoin were fixed, what would incentivise the consumer to adopt it?

When the consumer grows tired of quantitative easing, the Bitcoin will become appealing. I'm not sure about which flaws you speak of, but decentralized currencies are in fact the future of money. The future won't come in the form of a single digital currency, but the winners will be decentralized.

The reason for this is simple. Decentralized digital currencies have the rarity characteristics of Gold combined with the transaction properties of digital money.   

"The Internet unshackled information, Satoshi Nakamoto unshackled money. And money makes the world go round."
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