We already have money. Why do we need Bitcoin??

[Bitcoin Magazine]

besides Silk Road 

uh oh i said the ultimate question.  Now you answer   

[farlack]

So peoples wives don't see porn purchases on the bank statement, duh.

[Malin Keshar]

So when some totalitarian party take over the country, will be harder for them to steal all ma money

[/dev/null]

Humans Love  changes...

[BitCoinDream]

besides Silk Road 

uh oh i said the ultimate question.  Now you answer   

To make international transaction at lower cost ...is just one reason.

[Kenshin]

We used barter system before we had money, why use money? You answer this one!! 

[Pente]

Brainwallets

[Bitcoin Magazine]

besides Silk Road 

uh oh i said the ultimate question.  Now you answer   

To make international transaction at lower cost ...is just one reason.

there is still no trust.  if i want to sell something on here, i have to send it first to get the money. 

[franky1]

besides Silk Road  

uh oh i said the ultimate question.  Now you answer    

centuries ago we had the pound, so why need the dollar
decade ago we had FIAT so why do websites use microsoft/facebook/itunes credits.

answer
1) there is a need for something that is faster then wire transfer
2) there is a need for something that is not reversable
3) there is a need for something that is not controlled by one entity (person/corporation/government)
4) there is a need for something that is created without limits(rare)
5) there is a need for something that is rare but doesnt weigh anything
6) there is a need for something that is as anonymous as bank notes (not fully anonymous) but is digital instead of physical based
there are more, but basically other forms of value from IOU's, FIAT, Gold etc may hold one or two factors listed above, but bitcoins has all 6 (plus more not listed)

[Gator-hex]

1) Government won't be able to cut you off from your money. You need to watch the film Enemy of the State because that shit became real when they cut Wikileaks off from the money system after they were passed the 39 minute classified Crazy Horse 18 Apache gunship video where two Reuters reporters and others were killed.

2) No government/central bank can dilute the supply of money to paper over banking losses/fraud. (Inflation is the ultimate stealth tax.)

4) As there won't be inflation, old people will be able will be able to retire on their savings, and so won't have to take jobs young people should be working!

5) You can see proof of funds which will mean you won't have to trust the honesty of a rating agencies or accountants.

6) Bitcoin is a good alternative currency should the banking system ever collapse too, I've used it when my credit card was blocked, and thought what a good idea it is to have a backup currency, it's way more useful than gold when you want to order a pizza!  

7) People can trade with each other without having a bank in the middle of every transaction taking a cut. This is especially noticeable when trading with someone in another country as not only are the card fees but also exchange fees.

[Melbustus]

Because bitcoin reduces transactional friction in our modern electronic global economy. And that's the entire point of money. Bitcoin is currently the thing that does so best.

[NotoriousBIT]

Why do we need credit cards?  Why do we need Paypal?

Credit Cards (not worried about Paypal in 2000) ----> Paypal (not worried about Bitcoin in 2014) ---->

I'm actually doing a research project on EBay/Paypal and it is amazing the similarities between Paypal in 2000 and BTC right now.  Peter Thiel - "We (Paypal) will always be free" in 1999.  Believe his name has floated around the Bitcoin world in the last year or so.

Quotes from the early users of Paypal in the articles - "OMG You've got mail money!  And it only took two days!  So much better than checks!"

In 2001, Paypal decided it would increase its targeting of companies because "they are used to paying fees" and Paypal could undercut the ~6% CC fee with a ~3% fee. What could the next logical step be?


Get on LexisNexus and do the reading yourself.  It's almost scary how similar it all is.

[thresher]

Unlike credit cards there is no limit and you don't have to deal with your company not processing your payments.
It is a lot more difficult to purchase something from someone's bitcoin wallet (requires some type of advanced computer skill), then it is to fraudulently use someone's credit card (requires being able to read numbers.)
Unlike paypal, your bitcoin will not note rape or rob you (excluding exchanges.)  
The ability to transfer money/control your money.  Go to your bank and ask for ten thousand...go to your bitcoin wallet ask for 10k (well my wallet would laugh at me lol)

So peoples wives don't see porn purchases on the bank statement, duh.

I enjoyed that

[leopard2]

coz no frickin bank can close or freeze your BTC account

[atp1916]

besides Silk Road  

uh oh i said the ultimate question.  Now you answer    

A reformation of the monetary system, in the very least.

Silk Road supporters, anarchists, and fundamentalist Libertarians can go crawl back under the Tor rock they hide under.

[turio]

coz no frickin bank can close or freeze your BTC account

yes they can once you exchange btc to fiat and withdraw it into your bank they can freeze your $$$$$

[@ThisWeeksCoin]

Because we need to get chipped.

That's more than enough :p

[twiifm]

Uh.. Paypal is a clearing house.   Credit cards are "credit"

Nothing at all like bitcoin

[anonuser777]

because fiat inflation is running at about 10% per year (as measured using 1980s metrics) in the US alone. http://www.shadowstats.com/alternate_data/inflation-charts

If you live in Venezuela, Argentina, or many other places in the world, another form of money would be most welcome.

[Beliathon]

Because unlike Gold and Cryptocurrency, fiat scam-currency is NOT REAL MONEY. It's HORRIBLE as a form of money.

Hyper-inflation gave rise to Hitler, and that's a fact, jack.

https://www.youtube.com/watch?v=iFDe5kUUyT0