Bitcoin solving the problem of intermediary

[BIN-BIN]

I am quite familiar with the fact that one of the primary features of Bitcoin is to eliminate the third party system in financial transactions such as banks; I have been shipping goods from the US to my country and selling them in my retail store but over the years I have been using the traditional method of going to the bank to convert my native currency into US dollars before sending the money to my customer in the US and this has not been an easy process for me and my transactions some time take days to be cleared and it take weeks before getting my good delivered, this have always caused delay and set back in my business.

But during the covid-19 Lockdown, I was forced to look for an alternative way to get payment across to my US partner, for which we both agreed to use Bitcoin to carry out the transaction. Within an hour my partner confirms the payment, and I got my goods delivered within a week through DHL, going to a year now since then I have never used the traditional banking process to make the payment again and business has been moving smoothly all thanks to Bitcoin.

Note we have an agreement on price changes because of volatility in Bitcoin price. I choose to share my experience here to encourage members to use Bitcoin for their businesses.

What is your personal experience with Bitcoin?

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[avikz]

It's indeed great to know that you are actively using bitcoin for your businesses. It solves one major problem you were facing in your business. It completely eliminates the intermediary called banks and you now get the funds with a great speed compared to traditional currency exchange business.

But I am interested to know how you are handling the price volatility? That's a huge risk for you if you don't convert your bitcoins immediately after receiving the payment. If you keep it as it is, you either will get huge profit or generate huge loss. How you are hedging against the volatility?

[Upgrade00]

What is your personal experience with Bitcoin?

A common example of my experience with Bitcoin is here on the forum. I have been an a signature campaign for a couple of years now and have always received payments in Bitcoin each week. Without Bitcoin it would have been amost impossible as I would not want to post my banking details here on the forum, in addition to the stress of actually receiving international transactions through the banking system, Bitcoin eliminates the need for a third party and allows seamless transactions.

I've also been part of donations using Bitcoin and it went smoothly as usual.

[Imran232]

............

Well bitcoin easily solve your problem simply. And bitcoin proves its a solution for any sector no what is it. And bitcoin must be a solution for those business who has related with import export. Because we know in import export business payment is a biggest issue because of its currency exchange. But now you don't need to go bank, exchange currencey to currency, do not need to wait day you just stay calm at your sit on your office and send payment from your phone.

What is your personal experience with Bitcoin?

Well my experience with bitcoin is unbelievable. Its change my life. Because of bitcoin now i don't need to do job for money. Now as a student of College in a asian country work and salary is just nothing. Where now i manage ny study cost, my younger brother study cost, family all expense i bear as a student. Where i asked pocket money to my mom 1 year ago now i give them money for family cost. Crypto is becoming my life now. Its my job, business whatever you guys say.

[ChrisPop]

First I'd like to correct you. You said you "have been shipping goods from US to your country and selling them in your retail store" and then you say you are converting native currency to US dollars before sending the money to your "customer" in the US - if you are sourcing goods from an entity it is called a SUPPLIER, not a customer. Maybe you hurried and made that mistake.

Second of all, congratulations for adopting Bitcoin. Advanced technology is here to make things simpler for us by optimizing processes. Great to hear that both you and your supplier managed to make thsi change.

Unfortunately I don't have my own business yet, but Bitcoin is a viable solution for companies around the world to trade in no doubt about that. The volatility of the asset shouldn't be a problem neither as the transactions are more or less instant, so they can quickly convert back to fiat or a stablecoin.

[hatshepsut93]

Banks are not going to stand in one place, most European banks have instant transactions within their own country, it's a matter of time before international transactions will become faster too, especially if there will be a bigger demand for that. Bitcoin never had a goal of providing cheap or fast transactions, it's main goal is providing control over your money without any third parties.

So, to me the main benefit of Bitcoin is not worrying if my government will decide to freeze my account and ask about the origin of my funds and if I have fully paid my taxes and so on.

[Shenzou]

I am quite familiar with the fact that one of the primary features of Bitcoin is to eliminate the third party system in financial transactions such as banks; I have been shipping goods from the US to my country and selling them in my retail store but over the years I have been using the traditional method of going to the bank to convert my native currency into US dollars before sending the money to my customer in the US and this has not been an easy process for me and my transactions some time take days to be cleared and it take weeks before getting my good delivered, this have always caused delay and set back in my business.

But during the covid-19 Lockdown, I was forced to look for an alternative way to get payment across to my US partner, for which we both agreed to use Bitcoin to carry out the transaction. Within an hour my partner confirms the payment, and I got my goods delivered within a week through DHL, going to a year now since then I have never used the traditional banking process to make the payment again and business has been moving smoothly all thanks to Bitcoin.

Note we have an agreement on price changes because of volatility in Bitcoin price. I choose to share my experience here to encourage members to use Bitcoin for their businesses.

What is your personal experience with Bitcoin?

Sure bitcoin could be used for business but the problem is like you said the volatility of the price, now if you were to be using bitcoin to the full meaning you buy goods with bitcoin and you sell them for bitcoin than you might be able to make profit , but if you are trying to exchange between fiat and bitcoin than you might have some days where you are not making profit.

[franky1]

i dont see the volatility being a big issue for this topic creators scenario
he pays the guy in under an hour...

volatility is noticable if people are trading where the request and the payment are days apart..
but when the request and payment are less than an hour the volatility is near meaningless

say a guy in europe buys bitcoin using euro and wants to pay an american.
sending a private key via postal mail on a 7day stamp..
well, then the value change can be noticable when the american recipient gets the btc and then tries to convert to dollar.

same with wire transfers of just euro-usd in a 7 business day contract. the exchange rates can be noticable
especially with forex and international wire transfer fees added on

but a euro guy buying btc on a euro exchange and withdrawing it to the americans us exchange. in under an hour. makes the price difference negligible, especially when skipping the forex/wire transfer fees of fiat methods of remittance

[franky1]

This looks amazing. I thought what if all remote payment systems like this used Btc or altcoins, especially for business transactions such as online shops, maybe we wouldn't need a third party like this, namely the online shop page, I mean. We only need to market the product on our personal pages such as blogs or social media. This is so much easier. After reading this i feel like i should do this too but i'm not ready.

third parties are still needed
(the btc exchanges to fiat on both sides).
it just uses a different third party that doesnt have extreme forex/wire transfer fees/time added on

it changes (imagine euro to USD)
 
euro>bank wire>forex central service >bank wire>usd
euro>btcexchange>btcexchange>usd

the whole
bank wire>forex central service >bank wire
is a time/fee headache.

so still needs middlemen. but just ones causing less time/fee headache

[stompix]

I have been shipping goods from the US to my country and selling them in my retail store but over the years I have been using the traditional method of going to the bank to convert my native currency into US dollars before sending the money to my customer in the US

Ok, so before things were
Your currency > Deposit at bank > Exchange to US dollars > Send wire >

But during the covid-19 Lockdown, I was forced to look for an alternative way to get payment across to my US partner, for which we both agreed to use Bitcoin to carry out the transaction. Within an hour my partner confirms the payment, and I got my goods delivered within a week through DHL

Now you claim you have, send bitcoins to get goods!

Yeah, sounds wonderful but you forgot one step to make this credible.
If you get "native currency" for your sales you also need to exchange that into bitcoins, so the step is

Your native currency> Bank > Send to exchange > Exchange fiat to bitcoin > Withdraw bitcoin > Send bitcoin (or compress the last two in one by sending directly from the exchange to your partner) Receive good > Sell them for your own currency
One more thing, if covid lockdown prevented you to go to the bank and deposit cash, how did you manage during the same lockdown to exchange cash to bitcoins?
To me it seems that you've just added one more intermediary than getting rid of them

[Tim-BTC]

In fact, I would choose USDT instead of Bitcoin to pay. The funds exchanges between my friends and I sometimes use wallets to transfer funds. USDT avoids price fluctuations and is more convenient than Bitcoin.

[yazher]

Banks are not going to stand in one place, most European banks have instant transactions within their own country, it's a matter of time before international transactions will become faster too, especially if there will be a bigger demand for that. Bitcoin never had a goal of providing cheap or fast transactions, it's main goal is providing control over your money without any third parties.

So, to me the main benefit of Bitcoin is not worrying if my government will decide to freeze my account and ask about the origin of my funds and if I have fully paid my taxes and so on.

But when they saw the problem with the transactions they want to develop it into a fast lightning network. Which will give us the convenience to use it on payments and rush hours. Right now is under development and it's not been recognized by the other payment system yet because right now there prefered to pay more transaction fees but as soon as they fixed some bugs, they will release its fully developed and fastest bitcoin payment method you could use.

[yhiaali3]

This is a really interesting and useful experience, despite all that is said about the delays and high fees in the Bitcoin network, but it remains better than the old financial system, especially when there are some special circumstances such as the Corona virus, the transmission is done quickly and without need for a third party, also the fees are considered low compared to the old traditional system.
For me, I tried to buy some games with bitcoin and it was really fun. There are still some problems, of course, but everyone should share their experiences with Bitcoin so as to encourage others to spread the culture of using Bitcoin around the world and overcome the existing problems.

[BIN-BIN]

In fact, I would choose USDT instead of Bitcoin to pay. The funds exchanges between my friends and I sometimes use wallets to transfer funds. USDT avoids price fluctuations and is more convenient than Bitcoin.

It depends on your location in my country the government has some restrictions on cryptocurrency so the only means of getting any cryptocurrency is through P2P means we don’t use exchange and since Bitcoin is the most popular cryptocurrency, it’s easier to get access to Bitcoin than USDT.

[o_e_l_e_o]

To me it seems that you've just added one more intermediary than getting rid of them

Maybe. Or maybe he was going to be depositing some money in his bank, sending it to a bitcoin exchange, and buying bitcoin with it anyway. Whether he does that with $100 or $10,000, it's still the same process, and so these extra steps are trivial for him. It also opens the possibility of people purchasing goods from him with bitcoin, and him sending that bitcoin directly to his supplier, meaning no intermediaries at all for him.

USDT avoids price fluctuations and is more convenient than Bitcoin.

And also more centralized and less secure.

[Ucy]

This is actually nice to read. But I wonder if you used a Bitcoin payment processor for this, or were they direct p2p payments? How do you handle disagreements with your peer? Or does it have an escrow or something? Sometimes I thought about trying this but always got discouraged due to disputes or disagreement issues that may arise between me and peer. So, I decided it's better to do such transaction on advanced smart-contract platform that works automatically, even though it may have human arbiters.

[SFR10]

Note we have an agreement on price changes because of volatility in Bitcoin price.

Out of curiosity, is it around 5 to 10% up and down? Usually, a markup is around 20 to 50% ^{[depending on the item]}, so even on a bad day minus the exchange fees ^{[around 5% if he/she converts it right away]}, your supplier would still profit from his/her sales. Did I get it right?

[dupee419]

Convenience, from the old hassle and discovering Bitcoin for an easier transaction and a hassle-free delivery, Bitcoin may be volatile but I think it's not really a problem, I guess the only problem is if the price heavily fluctuates, not much of a problem though, it may just cause inconvenience, try using USDT just like what the others have said, a much more convenient process compared to Bitcoin, but both currencies work anyways.

[pealr12]

Yeah in a way btc transaction is more effective than through the bank especially when you have to convert to another currency before buying, however you still need bank in a way for your transaction to complete, except you are able to buy btc directly from seller and pay cash, and I must say you are lucky to have an understanding and trusted seller's  that have are willing to cooperate with the new payment method, it is good to know btc can serve as a good alternative.

[mrongoz_imut]

bitcoin solves the intermediary problem, I think this might be the right answer, Bitcoin is a consensus network that allows new payment systems and fully digital money. Bitcoin is the first decentralized peer-to-peer payment network that is completely controlled by its users without any central authority or intermediary. From the user's point of view, Bitcoin is like cash in the internet world. Bitcoin can also be seen as the most prominent triple bookkeeping system in existence today.

[swiftbits]

We can really feel the ease when we transact with someone accepting Bitcoin as payment, not everyone is open to it as a payment method, they still have to deal with volatility, transaction fee, and ways of selling them in the market. In my case, people who offer online services such as design and web tools are much open to it. it can be circulated and use to buy items on the web so it's acceptable for them.

[Rruchi man]

Bitcoin and cryptocurrency has really been beneficial in eliminating some of the problems we face when making transactions through an intermediary (the bank).

I once had to go buy some materials i use for work from a supplier, i moved money from one of my bank account with money to another that  had nothing, i did so because at that point in time, that was the only bank account i had with a functional ATM Card. Having done this, i set out to my suppliers place which was like an hour away from my residence. On getting there, i noticed that the transaction i did some hours ago had not been posted probably my the staffs of the bank maybe because of their workload or something... I waited for over 4 , hours at my suppliers office hoping to receive the money i sent to myself, but didn't. It was Getting late, and i had to return home...at the mid of the night that day, i received the money, but i was already angry because i had wasted my time and money i used in transporting myself there.

Since i switched to payment in cryptocurrency, transaction with my supplier has been hitch free because he is crypto conscious. So whenever i make a crypto deposit to his wallet address, it reflects within minutes and the problem of waiting for a lazy or overworked bank staff to post money from one account to another has been eliminated.

[Marvell1]

In fact, I would choose USDT instead of Bitcoin to pay. The funds exchanges between my friends and I sometimes use wallets to transfer funds. USDT avoids price fluctuations and is more convenient than Bitcoin.

It depends on your location in my country the government has some restrictions on cryptocurrency so the only means of getting any cryptocurrency is through P2P means we don’t use exchange and since Bitcoin is the most popular cryptocurrency, it’s easier to get access to Bitcoin than USDT.

It depends on the area we live in and depends on the needs of each person.I also often pay in usdt, instead of bitcoin or eth. Because my clients don't like the volatility of bitcoin. When trading I always have to convert my bitcoins or altcoins to usdt before transacting with clients.

[BIN-BIN]

In fact, I would choose USDT instead of Bitcoin to pay. The funds exchanges between my friends and I sometimes use wallets to transfer funds. USDT avoids price fluctuations and is more convenient than Bitcoin.

It depends on your location in my country the government has some restrictions on cryptocurrency so the only means of getting any cryptocurrency is through P2P means we don’t use exchange and since Bitcoin is the most popular cryptocurrency, it’s easier to get access to Bitcoin than USDT.

It depends on the area we live in and depends on the needs of each person. I also often pay in usdt, instead of bitcoin or eth. Because my clients don't like the volatility of bitcoin. When trading I always have to convert my bitcoins or altcoins to usdt before transacting with clients.

That is the point, before I choose to use Bitcoin I and my partner have a long and detailed analysis of the peculiarity of our regions and thereafter resolved to use Bitcoin because Bitcoin is the only crypto that is easily accessible to me in my country.

[Freezingel]

Wow that's great, but for sure bitcoin really helps right, especially if you have different currency, and your currency is in a weak condition so its value lower, then it will cause more problems that you have to pay higher price since you're paying it in USD. But with bitcoin, the currency value won't differ anymore, you two will have the same currency to transact, of course it will save a lot of time, inconvenient and might be more fair for both of you as well, without needing to care about the value of your own currency and the exchange rates. For me myself, i haven't got any experience like that since i haven't been able to use bitcoin for anything, but maybe if in the future i need to transact for anything outside my country, i might use bitcoin instead since it's easier and more convenient.

[stompix]

To me it seems that you've just added one more intermediary than getting rid of them

Maybe. Or maybe he was going to be depositing some money in his bank, sending it to a bitcoin exchange, and buying bitcoin with it anyway. Whether he does that with $100 or $10,000, it's still the same process, and so these extra steps are trivial for him

But he wasn't doing this previously, funny enough. One thing I find weird, it was a real pain in the ass to deposit cash to the bank, and now 3-4 extra steps including this are trivial? Common, this is a completely biased view on the situation and you know it.

It also opens the possibility of people purchasing goods from him with bitcoin, and him sending that bitcoin directly to his supplier, meaning no intermediaries at all for him.

A thing he didn't do previously although he could, and a thing he didn't even mention.
If bitcoin is saving your business a lot of time, don't you think you would at least mention what business you have and what he deals with, not this merit phishing sob story? Common, analyze it for a few seconds and you realize it lacks logic all around.

Before it took days to clear the payment and weeks to have them delivered, now he gets it in under a week via DHL, well, I guess bitcoin speeds even DHL 

[lightning0]

The decentralization of Bitcoin is completely controlled by users themselves, without any central agency or intermediary agency.

It completely eliminates third-party intermediaries such as the government or central bank, and is safer than traditional finance.

[wahyu wida]

with bitcoin pioneered as a currency, this will harmonize currencies around the world. There are many advantages, including because there are no intermediaries, so transactions will be faster. but on the other hand this has not received permission from the government, for various reasons. but in my opinion when the changing conditions have relevance to bitcoin, the relevant decisions must also be made

[RILWAN]

 the problem of intermediary has made cross border transaction hard and expensive as most business have to pay high fees and longer transaction time, but with bitcoin cross border transaction is easy and takes less time for the transaction to get confirmed.

[mckinleeanael07]

I am quite familiar with the fact that one of the primary features of Bitcoin is to eliminate the third party system in financial transactions such as banks; I have been shipping goods from the US to my country and selling them in my retail store but over the years I have been using the traditional method of going to the bank to convert my native currency into US dollars before sending the money to my customer in the US and this has not been an easy process for me and my transactions some time take days to be cleared and it take weeks before getting my good delivered, this have always caused delay and set back in my business.

But during the covid-19 Lockdown, I was forced to look for an alternative way to get payment across to my US partner, for which we both agreed to use Bitcoin to carry out the transaction. Within an hour my partner confirms the payment, and I got my goods delivered within a week through DHL, going to a year now since then I have never used the traditional banking process to make the payment again and business has been moving smoothly all thanks to Bitcoin.

Note we have an agreement on price changes because of volatility in Bitcoin price. I choose to share my experience here to encourage members to use Bitcoin for their businesses.

What is your personal experience with Bitcoin?

Most of us still know this great feature of BTC, if you trade or buy with other countries, the money transfer and transaction fees are quite complicated, often have to go through their bank to confirm and cost quite a bit. a lot of time, BTC is always our solution, especially in this covid season, banks are almost not working, BTC is the fastest transaction payment currency to help us solve this problem that banks Traditional banks can't do it, I like you choose BTC payment solution as the fastest method that I choose.

[Woodie]

As long as the merchant can wait for confirmations to avoid buyers from acting dishonest like double spending their transaction ...bitcoin and crypto payments in general are a good alternative to fiat the only problem could be the fluctuations in price which could be a cost on you should bitcoin be bearish but overall bitcoin is far much better than our traditional currencies.

the problem of intermediary has made cross border transaction hard and expensive as most business have to pay high fees and longer transaction time, but with bitcoin cross border transaction is easy and takes less time for the transaction to get confirmed.

That's the thing which is my bitcoin keeps getting popular and gaining ground over fiat because it's a currency without boarders

[zanezane]

We can really feel the ease when we transact with someone accepting Bitcoin as payment, not everyone is open to it as a payment method, they still have to deal with volatility, transaction fee, and ways of selling them in the market. In my case, people who offer online services such as design and web tools are much open to it. it can be circulated and use to buy items on the web so it's acceptable for them.

Really? The time it takes to reach the other one right now is really slow I mean even with the gas fee. But the title is right, bitcoin solves the problem of having a middleman that takes a chunk of the transaction to serve as a payment for their services.

[cotton ball]

bitcoin solves the problem of intermediaries,I totally agree with your review,because we really have felt the freedom since the emergence of bitcoin,Bitcoin is a consensus network that allows new payment systems and money that is completely digital. Bitcoin is the first decentralized peer-to-peer payment network that is fully controlled by its users without any central authority or intermediary. From the user's point of view, Bitcoin is like cash in the internet world. Bitcoin can also be viewed as the most prominent triple bookkeeping system in existence today.

[RokokGudangGaram]

bitcoin solves the intermediary problem,?? it is for this reason that people flock to want to know bitcoin more deeply, because bitcoin gives us freedom in all fields, without any intermediaries, we are free to do whatever we want.. this is what causes us to feel safe investing in bitcoin..

Exactly. Freedom from these intermediaries, and the constraints that they are making, is among the top contribution of Bitcoin to the world. Users have the power and control now over their coins and able to do transactions in any border than when there are intermediaries.

[Dhoe]

does btc solve the problem of intermediaries,,?? this thread is very true, when we want to sell and invest we don't need to find a third person to make transactions, we just need to be with the seller who makes transactions without having to use any intermediaries, unless we want to exchange to fiat currency, then we need a bank, to be able to withdraw our money..

[AakZaki]

Exactly. Freedom from these intermediaries, and the constraints that they are making, is among the top contribution of Bitcoin to the world. Users have the power and control now over their coins and able to do transactions in any border than when there are intermediaries.

but even so, Bitcoin without intermediaries does not mean free from all risks. Bitcoin still has a big risk. mistakes made during transactions are irreversible and there will be no insurance. Must be very careful when making transactions. Bitcoin does not need an intermediary, but if bitcoin wants to be fiat it needs an intermediary from the bank to be able to withdraw it to a bank account.

[bhooscream]

It is nice to know that at least, Bitcoin is legal to be used as a payment in your country.  It can really suppose you to have another alternative for the transaction.
I am wondering how you can manage the payment with the high volatility of Bitcoin.
is it based on the USD rate at first and the amount of the BTC is suited to the current rate? or fixed BTC paid?

Bt, I have no experience in using Bitcoin as payment because it is not legal here.

[techearn17]

bitcoin solves the intermediary problem,?? it is for this reason that people flock to want to know bitcoin more deeply, because bitcoin gives us freedom in all fields, without any intermediaries, we are free to do whatever we want.. this is what causes us to feel safe investing in bitcoin..

Exactly. Freedom from these intermediaries, and the constraints that they are making, is among the top contribution of Bitcoin to the world. Users have the power and control now over their coins and able to do transactions in any border than when there are intermediaries.

That's right bitcoin has given us freedom how nice it is that we own our money if fiat currency is seen how difficult it is to use our money considering the freedom of bitcoin people are adopting it bitcoin day It is gaining popularity and gaining strength over Fiat.

[Liamttw]

Compared with the traditional financial system, the decentralized nature of Bitcoin is not controlled by the government and central bank, and its transactions do not need to go through any third parties. So solve the problem of financial intermediary.Bitcoin adopts a common accounting method. Each node will participate in data recording and share it with others at the same time, so as to obtain a complete data and ensure the validity and authenticity of the data.

Bitcoin's consensus network mechanism eliminates the need for third parties and enables fast transactions, and its users completely control assets for easier transactions and barrier-free delivery.

[cotton ball]

I totally agree with your review, bitcoin solves the problem of intermediaries, excellent method of issuing bitcoins, not involving anyone in transactions or investing, bitcoin really gives us freedom in all areas, but we must always be aware of every transaction we make. do. because if we are deceived and wrong in the transaction, we cannot claim back what we have sold, because our mistakes are not borne by anyone, bitcoin actually teaches us to live independently..

[BuNga_cute]

Compared with the traditional financial system, the decentralized nature of Bitcoin is not controlled by the government and central bank, and its transactions do not need to go through any third parties. So solve the problem of financial intermediary.Bitcoin adopts a common accounting method. Each node will participate in data recording and share it with others at the same time, so as to obtain a complete data and ensure the validity and authenticity of the data.

Bitcoin's consensus network mechanism eliminates the need for third parties and enables fast transactions, and its users completely control assets for easier transactions and barrier-free delivery.

After knowing Bitcoin, I can send money quickly abroad, because I make transactions using Bitcoin without a financial intermediary. In contrast
to fiat, which must go through a bank as a third party to verify data, this is what makes sending Bitcoin much faster. So I'm lucky to live in a country
that legalizes Bitcoin, because not all countries legalize Bitcoin. Some countries feel threatened by the presence of Bitcoin, then some countries
prohibit their citizens from using Bitcoin. Though Bitcoin has many benefits that can help humans in living life, this is the importance of increasing
education about Bitcoin. There are still many people who understand Bitcoin wrongly or even there are still many people who do not understand Bitcoin.

[Wiwo]

In my opinion, bitcoin itself can hardly solve any problems at all. Another question is what use people have found for it.

Well there are not of use of Bitcoin to the people, just like the ops have said it solved his transactions issue as sending money out of some countries is really hard and stressful some times.

[BIN-BIN]

In my opinion, bitcoin itself can hardly solve any problems at all. Another question is what use people have found for it.

From the body of the post, you will find the use of Bitcoin, but as additional information Bitcoin is used to transfer money across borders without haven’t to visit any bank through your mobile device or any device with an internet connection. And also bitcoin is a store of value, etc.