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Author Topic: Best practical uses for bitcoin?  (Read 4322 times)
IveBeenBit
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June 09, 2012, 10:02:44 AM
 #1

I've fortunate in that I'm rather charismatic when I want to be, and I have talents in sales, marketing and speaking.

Over the past couple months I've become a true believer in Bitcoins and have been voraciously reading all I can on them in forums, following the development of new businesses, etc.. I'd like to help get bitcoins to gain wider-spread acceptance.

I've tried plugging bitcoins on unrelated forums and was left with a lot of questions from what we'll call the "layman." What is needed is a series of videos that doesn't get into technical speak whatsoever. The words "peer to peer" will be mentioned maybe twice in the whole series.

For my first video I want it to answer the question: What uses does bitcoin have right now that are superior to credit cards and Paypal? I want people to see an immediate utility to adopting BTC and give brief examples. Here's my working list:

Seals with Clubs/Gambling
Webcam site like cam4btc
International pharmacy that can't take Mastercard due to MC's ToS
Donations to Wikileaks
Silk Road

Note that we have a porn site, a gambling site, a recreational drug marketplace and a way to donate to a controversial political cause. I'd like to have a better list that isn't so heavy into the "vice" markets.

Yes, I know you can buy all sorts of computer parts with BTC, but who really cares (remember, this is targeted to the layman) when you can use your Visa or Mastercard at New Egg or at Best Buy or whatever? Bitcoins really offer no advantages there. So I'm looking for ideas of specific sites where Bitcoins would make your transactions easier or possible.

The more white-bread your examples are, the better. The closest thing to a "legit" use on that list is the international pharmacy. I will spin it in the video that "Bitcoin enables grandma to purchase medication from overseas that she otherwise can't afford."

Once again, I'd like ideas for any other practical uses. If we can't think of any then I'll have to conclude that BTC are only attractive right now to geeks, drug users and degenerates of all stripes.  Cheesy

Thanks for any help.
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hazek
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June 09, 2012, 11:11:31 AM
 #2

http://www.youtube.com/user/bitcoincurve/videos

You are welcome.  Wink Grin

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June 09, 2012, 11:14:27 AM
 #3

The big selling point is overseas transfers. Western Union fees are massive compared to using bitcoin.

For people remitting their relatives or paying people oversees bitcoin cant be beat.

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June 09, 2012, 11:18:47 AM
 #4

Another one is asset protection. I see BTC as much safer than (n)euros, and maybe US$ too in the medium term. And no state goon can extort you BTCs.

Stephen Gornick
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June 09, 2012, 11:26:18 AM
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Sometimes it isn't what you can buy with bitcoins that makes the difference but how you buy.

With every use of a credit card you need to provide name, address, zip, etc   To buy a song on iTunes with bitcoin would make the process much more convenient compared to using a credit card.  CoinDL shows how this is done.

When I buy a place ticket, there is a "high risk merchant fee" that gets subtracted out from my payment before the travel agency gets the funds.  With bitcoin, there's no risk as far as a chargeback so the travel agent could gain market share by offering a lower price, yet still earn more profit than competitors because of the lower payment network costs.

Once your income starts coming in the form of bitcoins (which will probably occur with freelance workers, such as oDesk / TaskRabbit / Zaarly type of work) then it is a hassle to cash out to your bank.   So the advantage is to simply buy using bitcoins then.

As more and more point of sale purchases move over to Square, Dwolla and other low cost cash transfer systems (eventually bitcoin as well), signature-based credit card transactions will be subjected to a higher rate of fraud   So VISA/MC/AMEX lose their most profitable transactions (bigger ticket items) to competing systems, but keeps 100% of the fraud occurring with signature-based card authorizatoin methods.  As a result the fee amount VISA/MC/AMEX must charge to absore this fraud will go up, hastening the move by consumers to the less expensive cash-based payment services.

And there is the potential for the exchange rate to work in your favor.  A $100 in Dwolla will buy $100 worth of merchandise at the point of sale.  It's possible that your 20 BTC will today buy $100 of merchandise, but next week buy $110-worth.

And finally, there is exclusivity.  Nestor created a new board game and is only selling it when bitcoins are the payment method.  Nestor is doing this to help promote bitcoin, but the concept is likely to repeat itself.   If the merchant wants bitcoins for the lower transaction fees, no chargebacks, and immediate settlement (after funds confirm in about an hour) and refuses to take any other payment method, then that's what the consumer will be nudged into owning a bitcoin wallet.
 - http://nestorgames.com/#unitydeluxe_detail


IveBeenBit
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June 09, 2012, 11:27:52 AM
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I have already seen those and I enjoyed them. They will not excite my intended audience though. My videos will be shorter and more practical. A niche market, if you will.

Edit: To clarify, I spawned this idea while reading the threads started by the bitcams.com guy on some other forums popular among cam girls and strippers. He singlehandedly started threads that reached hundreds of messages and many thousands of views  and the end result was a PR disaster. Over and over the same questions kept popping up. I had many similar questions when I have posted about them in other forums. The questions I will answer are:

* how do I get a wallet?
* how do I turn them into "real" money?
* how do I know that my bitcoins won't crash and lose purchasing power tomorrow?

Etc..

Note - no one is asking about math theory, or cryptography, or wanting to use BTC just to give the finger to Ben Bernanke or asking technical questions about the software architechture.

At any rate, I'll look into international Western Union transfers tomorrow and get some hard numbers on the juice they charge (thanks CryptoCoinMedia).

Stephen - I will save your idea until it's time to plan out my video aimed at merchants, which is part of the series.

Keep the ideas coming!
hazek
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June 09, 2012, 11:29:42 AM
 #7

The big selling point is overseas transfers. Western Union fees are massive compared to using bitcoin.

For people remitting their relatives or paying people oversees bitcoin cant be beat.

This is only true if you already own bitcoins, and the person you send them to will keep bitcoins. If you need to first buy bitcoins and then the person that receives them immediately exchanges them back, it's actually about the same if not a bit more expensive.

here's a thread about it: https://bitcointalk.org/index.php?topic=76395.0

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June 09, 2012, 11:38:05 AM
 #8

Donating, without some corporate entity interfering in the process.

e.g. wikileaks, etc
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June 09, 2012, 12:23:28 PM
 #9

Maybe you should point out that it's not only for buying things.

If you have something to sell, products or services, then it's ideal.

1) Simple to setup.
2) No third party terms or regulations.
3) Trade with your customers on a one to one basis.
4) Be among the first in your market to accept them.

And, probable more, but I cant think of them.

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June 09, 2012, 01:25:27 PM
 #10

When you buy something with creditcard, this information is stored, forver and sold/shared.

If you buy medication, this can affect your health insurance, making it more expensive.
If you buy alkohol on credit, you get a flag, since you cant afford to buy without credit.
This gives you a higher interest rate when you one year later apply for a loan.











Bitcoins - Because we should not pay to use our money
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June 09, 2012, 01:30:11 PM
 #11

Donating, without some corporate entity interfering in the process.

e.g. wikileaks, etc


Not long before I heard about bitcoins, I was participating much more actively in another online forum and consider many of the active members there friends even though we haven't met in person. At one point, one forum member fell on some hard times and the rest of us decided to donate what we could to help him and his family. Much like this one, our little online community was spread all around the globe, so funds were sent to my PayPal account and I purchased the item our friend so desperately needed, including PayPal's fees as part of my contribution.

Now imagine if we had used bitcoins instead. Not only would it have been quicker and easier to collect donations from around the world, we wouldn't have had to send a significant portion of the donations to PayPal for the privilege of doing so!

Still around.
Bitcoin Oz
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June 09, 2012, 01:33:03 PM
 #12

If you buy porn it wont show up on  your credit card and cause a divorce.

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June 09, 2012, 01:39:06 PM
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well, you can use Bitcoin to purchase subscription investing services.  that's a very practical and common service in the USD world.  there are 3 listed in the Spec Forum:

1.  S3052's service-been around the longest and uses Elliott Wave analysis.
2.  waveaddict's service-2nd longest and also uses Elliott Wave analysis.
3.  my service and the newest, Financial Risk Analytics, which uses Cycle Theory analysis.
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June 09, 2012, 02:45:55 PM
 #14

I don't think immediate usability is why people get into Bitcoin. It is not yet better than established payment processors in just paying an invoice. Even if it were so, that is not the main reason why people are so excited about it. If you want to get people into Bitcoin, explain to them what it is really about!

Bitcoin is the first truly fair and international currency. It does not prefer one location, government, or institution. No "superior" can stop you from using your coins on the other side of the planet, no "minister of finance" can just inflate their value into oblivion, no "officer" can just declare that they are no longer yours. To a Bitcoin, every trading entity is equal.

For a newcomer, it is important to understand that he is dealing with the most real currency the world has ever seen, one compared to which the Dollar and Euro look like a dull fake. That's when an enthusiast is born, not with "this works better than PayPal".

As for immediate uses: a store of value that may be useful if the local currency blows up and Bitcoin doesn't. It doesn't hurt to hold a few coins just in case.
hazek
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June 09, 2012, 03:13:23 PM
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Vandroiy, I'm sorry to nitpick but I wouldn't label Bitcoin fair. It's actually highly unfair to those who do not have cheap electricity, or who don't have a high end mining hardware, or to those who don't know how to secure the use of the Satoshi client being forced to use and pay fees of ewallets, or to those who were late to hear about it and were forced to pay higher exchange rates for a lower amount, ect.

I think the word that's better suited for what I assume you meant to convey is honest. Bitcoin is truly honest in the sense that it's piratically impossible to counterfeit or doublespend or chargeback or break any of the other rules governing it no matter who you are.

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June 09, 2012, 03:32:08 PM
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Vandroiy, I'm sorry to nitpick but I wouldn't label Bitcoin fair. It's actually highly unfair to those who do not have cheap electricity, or who don't have a high end mining hardware, or to those who don't know how to secure the use of the Satoshi client being forced to use and pay fees of ewallets, or to those who were late to hear about it and were forced to pay higher exchange rates for a lower amount, ect.

I think the word that's better suited for what I assume you meant to convey is honest. Bitcoin is truly honest in the sense that it's piratically impossible to counterfeit or doublespend or chargeback or break any of the other rules governing it no matter who you are.

It's fair in that it treats everyone by the same rules. The fact that people bring different resources could be interpreted as an unfairness in the world, but not Bitcoin.

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
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June 09, 2012, 03:50:15 PM
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Vandroiy, I'm sorry to nitpick but I wouldn't label Bitcoin fair. It's actually highly unfair to those who do not have cheap electricity, or who don't have a high end mining hardware, or to those who don't know how to secure the use of the Satoshi client being forced to use and pay fees of ewallets, or to those who were late to hear about it and were forced to pay higher exchange rates for a lower amount, ect.

I think the word that's better suited for what I assume you meant to convey is honest. Bitcoin is truly honest in the sense that it's piratically impossible to counterfeit or doublespend or chargeback or break any of the other rules governing it no matter who you are.

It's fair in that it treats everyone by the same rules. The fact that people bring different resources could be interpreted as an unfairness in the world, but not Bitcoin.

that's very well put.
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June 09, 2012, 03:50:43 PM
 #18

FreeMoney I suggest you read this: http://www.zerohedge.com/news/beware-proud-greeks-and-ultimatums if you want to learn why I try to avoid and discourage other to use the word fair.

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June 09, 2012, 03:54:59 PM
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Vandroiy, I'm sorry to nitpick but I wouldn't label Bitcoin fair. It's actually highly unfair to those who do not have cheap electricity, or who don't have a high end mining hardware, or to those who don't know how to secure the use of the Satoshi client being forced to use and pay fees of ewallets, or to those who were late to hear about it and were forced to pay higher exchange rates for a lower amount, ect.

I think the word that's better suited for what I assume you meant to convey is honest. Bitcoin is truly honest in the sense that it's piratically impossible to counterfeit or doublespend or chargeback or break any of the other rules governing it no matter who you are.

 Roll Eyes

It's fair in that it treats everyone by the same rules. The fact that people bring different resources could be interpreted as an unfairness in the world, but not Bitcoin.

+1

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Faucets & Earn Bitcoin Sites: FreeBitco.in; BitsForClicks; Moonbit
hazek
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June 09, 2012, 04:03:49 PM
 #20

http://thesaurus.com/browse/fair


I think equitable, unbiased and impartial are a lot better adjectives to describe Bitcoin rather than the highly subjective fair.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

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