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Author Topic: Best aspects of Bitcoin to tell someone about?  (Read 1633 times)
harkonnen
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May 24, 2014, 06:35:05 AM
 #41

When explaining bitcoins advantages over cash to someone else, there are a few things that come to mind:

1. They cannot be counterfeited
2. Can be sent anywhere in the world with no (or very very low) fees
3. Mining fees dont go to big banks
4. Low transaction fees, coinbase estimated bitcoin could reduce payment processing fees worldwide from $500 billion to $50 billion, so 1/10th of current level

Any other to add to the list?

5. The value of bitcoin will increase(deflate) over time as opposite to cash(inflate).
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May 24, 2014, 07:03:07 AM
 #42

When explaining bitcoins advantages over cash to someone else, there are a few things that come to mind:

1. They cannot be counterfeited
2. Can be sent anywhere in the world with no (or very very low) fees
3. Mining fees dont go to big banks
4. Low transaction fees, coinbase estimated bitcoin could reduce payment processing fees worldwide from $500 billion to $50 billion, so 1/10th of current level

Any other to add to the list?

5. The value of bitcoin will increase(deflate) over time as opposite to cash(inflate).

6. The value of Bitcoin is volatile and although you may go to the store with $100, by the time you get there you might only have $80


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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EndlessStory
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May 24, 2014, 07:09:03 AM
 #43

When explaining bitcoins advantages over cash to someone else, there are a few things that come to mind:

1. They cannot be counterfeited
2. Can be sent anywhere in the world with no (or very very low) fees
3. Mining fees dont go to big banks
4. Low transaction fees, coinbase estimated bitcoin could reduce payment processing fees worldwide from $500 billion to $50 billion, so 1/10th of current level

Any other to add to the list?

5. The value of bitcoin will increase(deflate) over time as opposite to cash(inflate).

6. The value of Bitcoin is volatile and although you may go to the store with $100, by the time you get there you might only have $80

Indeed, It's a big problem and that's why people can trust bitcoin when buying something more expensive, But we can see this as an advantage for buying/selling for profit. The unstable price can make huge profit great example last 3 days when bitcoin went up about $80 and that's a huge profit If you have a pile of bitcoins.
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May 24, 2014, 07:11:58 AM
 #44

When explaining bitcoins advantages over cash to someone else, there are a few things that come to mind:

1. They cannot be counterfeited
2. Can be sent anywhere in the world with no (or very very low) fees
3. Mining fees dont go to big banks
4. Low transaction fees, coinbase estimated bitcoin could reduce payment processing fees worldwide from $500 billion to $50 billion, so 1/10th of current level

Any other to add to the list?

5. The value of bitcoin will increase(deflate) over time as opposite to cash(inflate).

6. The value of Bitcoin is volatile and although you may go to the store with $100, by the time you get there you might only have $80

Indeed, It's a big problem and that's why people can trust bitcoin when buying something more expensive, But we can see this as an advantage for buying/selling for profit. The unstable price can make huge profit great example last 3 days when bitcoin went up about $80 and that's a huge profit If you have a pile of bitcoins.

While it is great for the profit building (I agree on this), that is a big thing that holds it back from being usable as a currency. If someone wants to break away from the banks/financial system and only use Bitcoin, they will never know how much money they have. If I have $500 sitting here and bread is $1 a loaf, I can go to the store in a week and (assuming prices haven't gone up, which is not likely to happen in a short period) know I can buy 500 loaves of bread. Conversely, if I have a Bitcoin that is worth $500 right now, I can go to the store and within a minute be able to afford only 450 loaves or maybe even 580 loaves. This is a huge problem.


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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beetcoin
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May 24, 2014, 07:51:04 AM
 #45

i think the thing that would get people most interested in bitcoin is to tell them "you can make a lot of money." it's not convenient to say, but let's be honest.. we live in a capitalistic society here. money to the individual is more important than bitcoin's cause.. we see it everywhere. so many scammers who screw over newbies who try to get into the ecosystem.
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May 25, 2014, 12:05:13 AM
 #46

i think the thing that would get people most interested in bitcoin is to tell them "you can make a lot of money." it's not convenient to say, but let's be honest.. we live in a capitalistic society here. money to the individual is more important than bitcoin's cause.. we see it everywhere. so many scammers who screw over newbies who try to get into the ecosystem.

This is the completely wrong approach. I've brought up the money-earning aspect and I get flooded with "how much did you earn? can I have some money? How do you get it? How much will I earn per day, week, month, year? How do I know it's not a scam? How can people give away the money?" And an onslaught of other questions related to getting rich quick. Seriously, avoid yourself the trouble and keep the earning part out of it.


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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May 25, 2014, 12:19:45 AM
 #47

i think the thing that would get people most interested in bitcoin is to tell them "you can make a lot of money." it's not convenient to say, but let's be honest.. we live in a capitalistic society here. money to the individual is more important than bitcoin's cause.. we see it everywhere. so many scammers who screw over newbies who try to get into the ecosystem.

This is the completely wrong approach. I've brought up the money-earning aspect and I get flooded with "how much did you earn? can I have some money? How do you get it? How much will I earn per day, week, month, year? How do I know it's not a scam? How can people give away the money?" And an onslaught of other questions related to getting rich quick. Seriously, avoid yourself the trouble and keep the earning part out of it.

I agree that it is dangerous to sell the idea of Bitcoin to others as a means of trading investment, mostly because some of those people will then go on to buying some bitcoins without the slightest idea on how to store them, how volatile the price can be at times, as well as a whole slew of other considerations.

If you sell the idea of bitcoin on its merits, and then how they can use bitcoins to purchase things then they may be interested on a different level. I think that the best way to get somebody interested is to have them watch you carry out a transaction in a public place i.e. buying a coffee. That should fascinate them as it is unconventional and the transaction alone tells a story about what it is all about.

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