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

[amspir]

besides Silk Road 

uh oh i said the ultimate question.  Now you answer   

There is a need for anonymity with everyday transactions.   For example, the Target data breach shows that people not doing anything illegal were victimized by being transparent in their financial matters.   If all those Target credit card transactions had been in bitcoin rather than credit card, there would be no need for victims to change their credit card numbers and pay for identity theft protection.

I may go to a shady pawn shop and buy a used computer.  Normally I'd pay cash, but I'd never dream of using a credit card, so that the meth heads in the back can later charge some porn on that card.   I'd have no problem in paying in bitcoin.

[BittBurger]

Because Dorian gave us Bitcorn.   And we must use the Bitcorn.

-B-

[twiifm]

besides Silk Road 

uh oh i said the ultimate question.  Now you answer   

There is a need for anonymity with everyday transactions.   For example, the Target data breach shows that people not doing anything illegal were victimized by being transparent in their financial matters.   If all those Target credit card transactions had been in bitcoin rather than credit card, there would be no need for victims to change their credit card numbers and pay for identity theft protection.

I may go to a shady pawn shop and buy a used computer.  Normally I'd pay cash, but I'd never dream of using a credit card, so that the meth heads in the back can later charge some porn on that card.   I'd have no problem in paying in bitcoin.

People use credit cause they want to buy now pay later.   Thats what credit is.   They could have just used cash at Target and no identity theft either.  

[pr9me]

We already have the Sopwith Camel, so why do we need the F-22 Lightning?

[amspir]

besides Silk Road  

uh oh i said the ultimate question.  Now you answer    

There is a need for anonymity with everyday transactions.   For example, the Target data breach shows that people not doing anything illegal were victimized by being transparent in their financial matters.   If all those Target credit card transactions had been in bitcoin rather than credit card, there would be no need for victims to change their credit card numbers and pay for identity theft protection.

I may go to a shady pawn shop and buy a used computer.  Normally I'd pay cash, but I'd never dream of using a credit card, so that the meth heads in the back can later charge some porn on that card.   I'd have no problem in paying in bitcoin.

People use credit cause they want to buy now pay later.   Thats what credit is.   They could have just used cash at Target and no identity theft either.  

Using the term "credit card" is a misnomer on my part.   Lots of people, especially the under-banked, use VISA/Mastercard branded debit cards.   Many low wage jobs are being paid through debit cards, rather than payroll checks.

[twiifm]

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

This is not correct.   Money always existed according to historical record and logic.  It existed as credit before coins were invented.

Mitchell Innes challenged the idea of a barter economies in 1913. The fallacy comes from Adam Smith and became erroreuosly accepted in Economics although there has never been any anthropological evidence of a barter economy.   Modern eceonomists don't believe this anymore than scientists believe in Creationism

[franky1]

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

This is not correct.   Money always existed according to historical record and logic.  It existed as credit before coins were invented.

Mitchell Innes challenged the idea of a barter economies in 1913. The fallacy comes from Adam Smith and became erroreuosly accepted in Economics although there has never been any anthropological evidence of a barter economy.   Modern eceonomists don't believe this anymore than scientists believe in Creationism

you are incorrect.
in the ages of hunters, farmers, and blacksmiths. a baker would trade a loaf of bread for a horse shoe to be fitted to his donkey, so that the baker can make deliveries to the next village, using his trailer pulled by his muel. the baker then accepts clothing for loaves of bread in other villages, maybe some alcohol or fish. he also traded other items to then get wheat to then mill into flour to make more bread.

it was only later where one village argued that their "wares" were worth more then other villages, or that one loaf of bread was not worth a horse-shoe. that bartering became an argument instead of friendly discussions and agreements. so the kings invented a centrally recognized system. depending on the area, some kings used tally sticks, some used gold. bt this was way before "money" was invented

[Bit_Happy]

Protection from unlimited inflation.
Low fees for sending large amounts, etc.

[NotoriousBIT]

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

Nothing at all like bitcoin

The e-commerce side of Bitcoin will take off much sooner than you see countries dropping their national currency to adopt BTC.  The payment processing side of it is what all the investors are looking at.  They don't care about the Libertarian ideals, they don't really care about decentralization.  It can be faster, safer, and cheaper.  Therefore, it will work.

[twiifm]

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

This is not correct.   Money always existed according to historical record and logic.  It existed as credit before coins were invented.

Mitchell Innes challenged the idea of a barter economies in 1913. The fallacy comes from Adam Smith and became erroreuosly accepted in Economics although there has never been any anthropological evidence of a barter economy.   Modern eceonomists don't believe this anymore than scientists believe in Creationism

you are incorrect.
in the ages of hunters, farmers, and blacksmiths. a baker would trade a loaf of bread for a horse shoe to be fitted to his donkey, so that the baker can make deliveries to the next village, using his trailer pulled by his muel. the baker then accepts clothing for loaves of bread in other villages, maybe some alcohol or fish. he also traded other items to then get wheat to then mill into flour to make more bread.

it was only later where one village argued that their "wares" were worth more then other villages, or that one loaf of bread was not worth a horse-shoe. that bartering became an argument instead of friendly discussions and agreements. so the kings invented a centrally recognized system. depending on the area, some kings used tally sticks, some used gold. bt this was way before "money" was invented

Lol.   What university taught you this?   Barters only work if there is a reciprocity of wants as your post demontrates.   If any of the agents don't want what is offered for barter then the the trade must revert to credit.   Money is just a representation of debt/crebit.   Anthropologists believe that early forms of economies were gift based and money evolved from these gift economies.  Barter existed as a rarity between external communities.  Barter between strangers because lack of trust and therefore the debts could be settled immediately.   But internally early communities used credit.   Coins (physical money)  weren't invented til later.   But credit money always existed

[precrime3]

Its just advancement of technology. More convenient, faster, more secure, less transaction fees, and you can be assured your bitcoins won't become worthless DUE to inflation 

[amspir]

...your bitcoins won't become worthless DUE to inflation 

A taxpaying citizen will still have to pay the insidious USD inflation tax, by paying a tax on capital gains that were made with bitcoin.  However, this is less than the "tax" taken by simply debasing the dollar, which taxes every dollar holder directly.

[ebliever]

I already have feet and legs. What do I need a car for?

[cryptoanarchist]

Why are you here, OP?

[johnyj]

besides Silk Road  

uh oh i said the ultimate question.  Now you answer    

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

No, you don't have money, what you have is a piece of green paper printed out of nothing

Now with bitcoin you have real money (money must have a production cost close to its value, otherwise it is a scam)

[bountygiver]

...your bitcoins won't become worthless DUE to inflation 

A taxpaying citizen will still have to pay the insidious USD inflation tax, by paying a tax on capital gains that were made with bitcoin.  However, this is less than the "tax" taken by simply debasing the dollar, which taxes every dollar holder directly.

or you can just keep your bitcoins, hence no capital gains in terms of USD
and keeping your bitcoins can avoid spending bitcoins through an exchange that has your information, hence preventing them from associating the wallet address to your identity and unable to provide evidence that you own those bitcoins to tax you.

[btcxyzzz]

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

That one is the main reason why...

[sergio]

The reason Bitcoin is needed is because we need good money.

With dollars you are funding a lot of bad stuff, like wars, invasions, and it is money that you do not control.
With Bitcoins the rules of the game are clearly defined.

It is about freedom to do things better.

Also is depends if you believe if money should be based on debt or not.

Also you are standing to the man and telling him you can do things better not only with words but with action, and I think he is beginning to learn to listen.

Also if we compare to what the US constitution defines as money neither the dollar or bitcoin comply, but at least bitcoin comes closer it terms of compliance.

[jonald_fyookball]

Lots of great posts "why".  And if you're holding dollars, another reason is the 17.5 trillion dollar public debt with no end in sight.  

www.brillig.com/debt_clock

[giletto]

besides Silk Road 

uh oh i said the ultimate question.  Now you answer   

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

Na, that's not reasonable. The effort for 2 people who want to send and receive money from country a to country b is much bigger, then the low fee for send the money.

At least you would need few days for that.