Zemomtum
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April 25, 2020, 11:25:45 PM |
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What a terrible story, delay for almost day 7 days for a complete transaction due to middleman involvement. This is why the world need a decentralized form of payment that is fast and secure.
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Rengga Jati
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April 25, 2020, 11:58:52 PM |
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Not an important discussion, but i need to vent ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) First of all, this is one of the inspirations and hopefully, your wife will be really healthy at all. Moreover in this pandemic, health is very important thing to have and keep. If i would have used bitcoin as a payment system, i would have won 8 freaking days. I would have payed the bloke, and 1 hour later he would have had a funding transaction that was confirmed several times, and he could have sent me the stuff i bought. I don't like banks.
This is what we love from BTC, as one of the worldwide payment methods. If many more shops or countries accept Bitcoin as one of the transaction manner, it will help us more to do much easier transaction. One of the benefits of having BTC is for worldwide payment without any complicated rules and regulation, fast transaction, and also you can go for it easily. Of course, it needs moment to make this world accepts BTC as one of the easy payment method. Having a complicated and long regulation for worldwide payment from banks may be suffering, and from your story, this is so silly.
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BuNga_cute
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April 26, 2020, 02:04:38 AM |
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Unfortunately the government considers bitcoin not worthy of payment, because it cannot control and the price is volatile. Though bitcoin is more effective as a payment, especially for transactions abroad. I also experienced the same thing when buying goods abroad with a credit card, about a week a seller receives the money. So learning from this experience I decided to use bitcoin if want to buy goods from abroad.
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Yatsan
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April 26, 2020, 02:13:04 AM |
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Unfortunately the government considers bitcoin not worthy of payment, because it cannot control and the price is volatile. Though bitcoin is more effective as a payment, especially for transactions abroad. I also experienced the same thing when buying goods abroad with a credit card, about a week a seller receives the money. So learning from this experience I decided to use bitcoin if want to buy goods from abroad.
Yeah, but using paypal as payment method when buying abroad is really a good one! Using bitcoin is risky for me considering that, it is easy to use as currency for scam after you send it there's no way you can get your money back after that! Paypal is the best for me with regards to transaction abroad, you can gwet your money back when you got scammed but the fee is huge. Bitcoin is prefer if you are just transferring your money to abroad but when buying goods I don't see it as a good option.
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hatshepsut93
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April 26, 2020, 03:04:29 AM |
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My experience with banks so far is a lot better, my bank doesn't have any sort of account maintenance fees, transactions within the same bank or with other banks of my country are nearly instant, online shopping with foreign companies is also instant, I never encountered any errors/bugs/etc. One time they asked me to update my documents, I ignored them for 3 months and they still didn't close my account.
This is not to say that banks > Bitcoin, just want to point out that it can be very different from bank to bank and from country to country.
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Latviand
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April 26, 2020, 03:19:23 AM |
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Your story is right and i believe there are several of such situations that happens daily or weekly. but i think instead of waiting for the government all the time; businesses can take up the usage of bitcoin as a mode of payment as long as it is an international transaction, so instead of waiting for 3-5 days, you Wait for less than 5 minutes and boon payment arrives
Bitcoin adoption will grow more as the needs amongst individuals and businesses increases across borders.
When you say that it can be used as international transaction, bitcoin should have a globalization for each of the government to allow the use of cryptocurrency in many transaction, and yet not all of the countries are allowing the use of cryptocurrency in their businesses. There are a lot of business who uses advance technology just to have faster transaction and bitcoin can be used to it. In order to achieve that what you called adoption, we should make some promotion in our social medias to let other bitcoin holders to influence people who surrounds us. We should take advantage of our environment in order to fulfill the process of mass adoption in our country. It is not impossible to make bitcoin as a mode of payment in more transaction but we need first to let the government to understand how this bitcoin can help the economy grow. Bitcoin holders should help each other so that no one will have a hard time promoting it to the community.
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AniviaBtc
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April 26, 2020, 03:43:21 AM |
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I practically threw out all the possible payments that in any way involve banks and cards, for the reasons stated in the OP and because the banks have become too demanding regarding their clients' private lives. I have nothing against the rules and normal regulations, but when someone starts treating me like a criminal because I want to have a bank account, then I have to draw a line here and say that I will not tolerate that anymore.
Of course, it is not possible to live just by paying with BTC, so sometimes I need to use PayPal which from the perspective of the customer represents a very good choice, has excellent protection and is extremely fast. However, at every opportunity I use BTC with trusted local merchants, and that's always my primary payment method.
Waiting 8 days for someone to receive your payment is nowadays an almost unimaginable story, but as we can see it is something that is very realistic.
That mindset can really make us uncomfortable and not confident as we just want to use bitcoin in our banks, but luckily there is a Paypal that we can sue in our transaction and it has good services to manipulate and secure our money. We just need a fast and safe platform for online payments and it is the most used all around the world. Nowadays, we can send and receive money in just a second or minute and that's the advantage of technology and digital currency. Bitcoin can travel really fast than you can imagine that's why other people tends to use crypto in transaction because it is timely and we are now using advance technologies in a lot of platform so it is not that hassle to make this as an opportunity to promote bitcoin.
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malevolent
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April 26, 2020, 05:33:38 AM |
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CC payments should be near-immediate, and SEPA transfers take 1-2 business days max most of the time. Maybe the seller wasn't allowed to immediately withdraw the money to his bank account from whatever payment solution to accept CCs he's using, perhaps fearing you may have used a stolen CC, so he only sent the product once he was sure the buyer can't chargeback?
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KrisAlex18
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April 28, 2020, 12:49:58 PM |
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Well said mate, this is what we need right now, bitcoin or other cryptocurrency can be used even though we are facing this pandemic virus, as what our current condition is, we are all required to stay at hone snd restricted to go outside without valid reason, this is okay for me to maintain the safetiness of every people. If we ewant to do some transactions including payment, we can use bitcoin for it, if we want to buy some foods and some other thinngs we want, we can still use bitcoin, that is why bitcoin is being used by now and what we our world needs right now so we can still do some things without going outside.
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Gandam23
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April 28, 2020, 01:07:33 PM |
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It is really indeed that the bitcoin will be one of the most essential needs of everyone because we all know that the continues adaptation of the world is having a good and fast in terms of different aspects and later on the bitcoin will be the one who will dominates the currency and thats would be the time that the world will be able to need bitcoin for their lives in order to support it.
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Sanugarid
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April 28, 2020, 01:38:16 PM |
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Well said mate, this is what we need right now, bitcoin or other cryptocurrency can be used even though we are facing this pandemic virus, as what our current condition is, we are all required to stay at hone snd restricted to go outside without valid reason, this is okay for me to maintain the safetiness of every people. If we ewant to do some transactions including payment, we can use bitcoin for it, if we want to buy some foods and some other thinngs we want, we can still use bitcoin, that is why bitcoin is being used by now and what we our world needs right now so we can still do some things without going outside.
The best alternative to use for payment now is bitcoin and no other crypto. Bitcoin's adoption is on point to be the most alternative for payments since there are already companies and merchants that accepting bitcoin currency worldwide, however physical stores that accepts bitcoin seems impossible to operate now until the quarantine period is lift. You can still use the online stores but I doubt there are many of them that accepts bitcoin, mostly they are only accepting cards.
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ampere
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April 28, 2020, 04:06:56 PM |
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Op, it might be a storyline, but it does highlights the problems faced with fiats, and it also explains in details how bitcoin can solve troubles of international transfers all in few minutes.
The panic that bitcoin network clogs and is slow to process when the blocks are overworked does not stop the fact that, for international transfers, bitcoin will always arrive before fiats.
It is already happening, few webpages that sells vpn services already accepts btc as payment mode, families in different countries already send to themselves for support. Soon enough, it will be everywhere.
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FanatMonet
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April 28, 2020, 10:55:04 PM |
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You would have won 8 days if you used not only Bitcoin, but also a bank transfer using your plastic card, or you used the online transfer of one of the payment systems, which are quite numerous. It is unclear why just do not use a credit card, and look for such difficulties.
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Spaffin
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April 29, 2020, 11:22:06 AM |
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many cryptocurrency users want to see Bitcoin as a means of payment, but if you pay attention to the studies that were carried out in 2019, then almost 1,3% of all transactions were made to pay for goods and services, which suggests that Bitcoin is still not very popular as a means of payment, In addition, the infrastructure for using Bitcoin has not yet reached the appropriate scale. In addition, we must assume that Bitcoin is still a speculative tool, and therefore it is precisely the volatility of Bitcoin that stands in the way of its use as a means of payment. Thus, each cryptocurrency user must understand what exactly the future of bitcoin depends on us, or we will earn on the difference in price, or we will make Bitcoin an international payment instrument with a high value, due to its limited amount.
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Swapzone
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April 29, 2020, 11:49:04 AM |
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That's why we need a decentralized payment method to be adopted everywhere, that's why we need BTC:-\ You can just make an international transaction without thinking about all of these complicated rules and, of course, without waiting 8 days!
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20kevin20
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April 29, 2020, 12:02:26 PM |
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CC payments should be near-immediate, and SEPA transfers take 1-2 business days max most of the time. Maybe the seller wasn't allowed to immediately withdraw the money to his bank account from whatever payment solution to accept CCs he's using, perhaps fearing you may have used a stolen CC, so he only sent the product once he was sure the buyer can't chargeback?
Perhaps. But even with a 1-2 business days timeframe for a wire transfer to complete, if you execute them on Fridays AFAIK they'll only arrive in the destination account the next Monday which is 3 full days (possibly 4). Now even if Bitcoin txs could take just as long depending on the fees, there are solutions to this issue (tx accelerators, rebroadcasting with higher fee and so on). My usual main problem with wire transfers is that the destination account wouldn't see the initiated tx instantly to make sure that I did indeed send the money, unless it was the same bank as mine. In some situations, it was vital for the money to arrive exactly the next day which creates an unnecessary stress.. like OP says, "Do they still write all transactions for foreign banks on a floppydisk and drive them around by horse and carriage?"
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MicroGuy
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April 29, 2020, 12:11:22 PM |
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Op, it might be a storyline, but it does highlights the problems faced with fiats, and it also explains in details how bitcoin can solve troubles of international transfers all in few minutes.
The panic that bitcoin network clogs and is slow to process when the blocks are overworked does not stop the fact that, for international transfers, bitcoin will always arrive before fiats.
It is already happening, few webpages that sells vpn services already accepts btc as payment mode, families in different countries already send to themselves for support. Soon enough, it will be everywhere.
Thank you Blockstream for not totally disabling Bitcoin's attributes.
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