A little bit of perspective for all of us. A reminder for all of us.

[Wilikon]

A little bit of perspective for all of us. A reminder for all of us as to why we are here. Why Bitcoin.


Right now if you want to sell something on the internet, how much do you think you could charge at the lowest scale? A musician could sell a 4 min. track for 99 cents. A 8 min. track for 99 cents. How about a 15 second remix as a ringtone of his track he is selling for 99 cents? It would still be 99 cents. How about a poet? How about buying a poem online? 99 cents. How about a one line poem that would be perfect on a card for your loved one? 99 cents.

And yet with cash you can buy a single pack of chewing gun for 25 cents, candies even for less. A dude with a guitar plays at a street corner. He has a box with a $ sign on it. You can pay him with pennies. Another dude is helping you with your shopping at the end of that cash register at the supermarket. Are you going to give him 99 cents because he holds your plastic bag? 99 cent for the dude with the guitar just outside?

Now how big is the market online, untapped, between 1 cent to 99 cents? How about less than 1 cent? How big is it? Want a poem for 10 cents? No problem. Want to tip someone 15 cents? No problem. How about less than 1 cent? No problem.

No! Actually it is a problem when you need to use Paypal or your credit car to pay for a poem on a website worth 5 cents. The transaction fees are higher than the article you want to purchase, so you are stuck with selling a poem for 99 cents. Or no one will want to pay for it. Or everyone will love it and using it for free with not even a feedback nor credits, nor a "Hello!"
Now do you remember why we were blown away by the concept of bitcoin? Why so many variations of it were created after that REVOLUTION?

It is a big idea. We have to make it right. We have to make it foolproof for generations.

http://www.reddit.com/r/Bitcoin/comments/222owu/a_little_bit_of_perspective_for_all_of_us_a/

[iraszl]

Good point. Especially if you think about regions where people only earn $1-10 a day and can't afford a bank account of any kind.

[Wilikon]

Good point. Especially if you think about regions where people only earn $1-10 a day and can't afford a bank account of any kind.

Yes. But it is also for us with a bank account who can't afford to pay a poet online for his talent for less than 99 cents. I wanted to remind people why we were into it. Also to tell anyone new to the scene what other dimensions Bitcoin can open.

[Beliathon]

Now how big is the market online, untapped, between 1 cent to 99 cents? How about less than 1 cent? How big is it?

I would guess it's in the billions per year, easily. Especially if we're talking about a global, rather than national, scale.

[S4VV4S]

Good point. Especially if you think about regions where people only earn $1-10 a day and can't afford a bank account of any kind.

Hey, apart from that there is people with millions in their bank account but are only allowed €300 a day - from their own money!
Cyprus for example.....

Of course the only reason they did this is because if people tried to withdraw all their money they would find out that the bank doesn't have their money.....

 

[Wilikon]

Good point. Especially if you think about regions where people only earn $1-10 a day and can't afford a bank account of any kind.

Hey, apart from that there is people with millions in their bank account but are only allowed €300 a day - from their own money!
Cyprus for example.....

Of course the only reason they did this is because if people tried to withdraw all their money they would find out that the bank doesn't have their money.....

 

This is also why some of us are into bitcoin indeed. The memory of all of those cases we share is bigger than the sum of all the FUD dirt throwing at bitcoin.

Only the code matters as trust.

[soothaa]

Now how big is the market online, untapped, between 1 cent to 99 cents? How about less than 1 cent? How big is it?

I would guess it's in the billions per year, easily. Especially if we're talking about a global, rather than national, scale.

Not only that, but no exchanges, no restrictions, no exchange rates!

[Wilikon]

Now how big is the market online, untapped, between 1 cent to 99 cents? How about less than 1 cent? How big is it?

I would guess it's in the billions per year, easily. Especially if we're talking about a global, rather than national, scale.

Not only that, but no exchanges, no restrictions, no exchange rates!

Bitcoin is so young. Another revolution in the concept of a global exchange could be the next step.

When you read what the banks are saying about bitcoin they compare the volume of it to their volume worldwide. They compare a 0.9 beta platform versus a century + old platform. When you think about it, the bitcoin numbers are simply miraculous.

[atp1916]

Here is one of the many things Bitcoin will eliminate: credit card fees

http://www.ilsr.org/soaring-credit-card-transaction-fees-squeeze-independent-businesses/

And... there was an attempt to reform the laws governing these credit card transaction fees: https://www.govtrack.us/congress/bills/111/hr2695  

It died in Congress, naturally.

When the leaders of our country fail to act in the peoples' / market's best interest, steps must be taken to begin a revolution to fix the problem.

[Wilikon]

The thing is, as another reminder, the very concept of a banking system was as revolutionary then as bitcoin is today. Corruption and total abuse of the banking system took centuries. Just like Freedom, if you are not checking its pulse every minute you lose it. If bitcoin developers are not on it for centuries, generation after generation, we will lose bitcoin.

[CurbsideProphet]

Micropayments have been touted as a good niche for Bitcoin for quite a while now.  Although I don't know anywhere you can buy a pack of gum for 25 cents anymore.....

[Wilikon]

Micropayments have been touted as a good niche for Bitcoin for quite a while now.  Although I don't know anywhere you can buy a pack of gum for 25 cents anymore.....

A 4 pack for $1 maybe? But basically it is what I was saying: it is not worth selling anything with the actual system for less than a dollar. Yet some stuff are still worth 1 penny or less. Billion upon billion of stuff.

[amspir]

No! Actually it is a problem when you need to use Paypal or your credit car to pay for a poem on a website worth 5 cents. The transaction fees are higher than the article you want to purchase, so you are stuck with selling a poem for 99 cents. Or no one will want to pay for it. Or everyone will love it and using it for free with not even a feedback nor credits, nor a "Hello!"
Now do you remember why we were blown away by the concept of bitcoin? Why so many variations of it were created after that REVOLUTION?

Since the consensus of developers of bitcoin has made micropayments approaching 0.0001 btc impractical, there may be room for an alt coin that is more conducive to micropayments.