Topic: Apple pay will make bitcoin (even more) useless. Let's deal with it. - page 5. (Read 7900 times)

This makes your argument about 6 nations also invalid.
If you assume bitcoin grows you would have to assume m-pesa also grows.

Fact is that while in 4 years bitcoin managed to get 50m transaction in the blockchain , Mpesa has close to that number in users.

If you use a bank to buy bitcoin , then the whole debate about sending money via bitcoin is flawed.
Because using a bank to acquire bitcoin , then sending bitcoins and making the other person use a bank to change those bitcoins for it's needs it's a mess that can be avoided with direct transfer.
Let's not talk about the fees , the spread in btc price that can make you lose more money than the damn wire transfer.

Bitcoin is not the best in this currently and blinkered zealots are not doing any good.

There are so many obstacles for bitcoin to become a real solution for money transfer and yet in the last two years the improvments are close to 0.
Sorry but that is reality.

Not sure if you read my last part >> As I said --- TO be fair this would be a world where most people used BTC,

In Comparison --- In a world where most ppl used Mpesa you are still charged 1%-5% + $5 per transaction. AND I am only allowed to send it to 6 countires lol

I am talking about the normal way off acquiring BTC, I would never buy of local bitcoins, pure rippoff! .  I am in Australia and I will pay 1% above exchange rate to transfer from AUD to BTC But thats it. If I transfer money at 5pm It will be in BTC by 2am next morning. Soon there will be a debit card feature, where I can instantly buy BTC . There is no extra fee to use Debit Card. As time goes buy its going to be easier and easier to buy BTC and I believe it will become cheaper also. It is the on and off ramp into Fiat that costs money, oneday when many people use BTC and it stabelises you will not need to come in and out of fiat as often....  Transferring btc to btc cost peanuts, Mpesa to mpesa is still more expensive. Not sure why we are even comparing this.

Same for bitcoin , first you have to load your wallet with bitcoins.

As for transaction fees , if I were right now to go and buy bitcoins (without banks) from local bitcoins and then send to a friend in Spain I would lose 10% on every bitcoin I send , not to mention gas spent on driving to the nearest seller.

For example I can't get any coins below 510 and not more than 460 when selling.

And if I were to buy bitcoins from stamp and then sending them why not use bank transfer directly in the first place.

Forgot to mention Bitcoin costs a few Cents per transfer!!

Mpesa? Lol

I just did a Mpesa look up,

This is just the first thing I saw when I typed Mpesa Australia.... Apparently http://www.mhits.com.au/send-money/ Is the place that does it and it ain't that instant because you have to load your Mhits account with money first. 2nd I can only send to 6 different countries, 3rd the person I am sending to needs to have a mhits wallet.

They also take a fee on the exchange rates from currency to currency

Then........

How much does it cost to send the actual money that you had to wait 2 days to reach your Mhits account?

To >>> Philippines: $5 + 1% of the amount* (If I want to send $350 here it will cost me $8.50) Imagine I want to send $10,000+

To >>> All other countries: $5 + 5% of the amount* (If I want to send $350 to Ghana $22.50 ) Imagine I want to send $10,000+

In fact there maybe limits with this, may not be possible to send more than a certain amount.

Comparison----

Bitcoin $350-$10000000000000 to anywhere = 5 cents... But to be fair this is in a world where most people accept BTC meaning you do not need to exchange back to $$ you can use the BTC to buy your food, fill petrol, watch a movie, catch the train Etc..... A world like this will be amazing.

And in 3 years when you are going to be able to spend bitcoins with Applepay people reading this forum will wonder why all the fighting here.

OP = Entry into BTC ---> "Wow this is great, I will be rich within a year" / 1 year into BTC = "WTF why am I still poor?" / 1 year and 2 months = "Fuk..I did everything right, I bought 2 Bitcoins, did nothing, and waited, and It still shows no profit" / 1 year and 3 months = "FUK this.. BTC is full of shit" / 1 year 4 months = "Ah! Apple Pay is going to be BIG!, let me sell those worthless bitcoins ....../ 1 year and 5 months = Oh shit <---- Apple Pay sux! ...what next, I have to be rich soon.!!!!!!

Ok thats why they say... Opinions are like assholes, everyone has one ... Bye bye.. *Slap - This is not a get rich quick scheme...........

Perhaps this has already been addressed on this thread...but will apple pay allow apps for bitcoin using this method...or is it locked out ie only cc companies

have not seen anything that BTC is locked out but definitely looks like BTC at best is ignored in all this hoopla

anyway if this has been addressed already reply with a link

you'd think someone would make an app for this if they are allowed to

Searing

Probably not with ApplePay but you can do it even faster and now with M-Pesa. .

When they can't keep customers nude photograph safe then how are they suppose to keep their money?

Of course Apple pay will become standard of payment, the day Apple becomes bottom line of society.
Third world countries has high probability of accepting Apple pay because of their purchasing power.

Your an Idiot!?  Is that enough of a comment? Oh sorry Let me add one more little thing..

Here is a world 10 yrs from now, where many if not Most merchants businesses accept BTC:

Scenario:

I am Sydney Australia, and my friend is in Berlin. He needs some cash Instantly for a Taxi unfortunately he happened to drink a little too much and spent all his money for the night and forgot he needed a taxi (Taxi's In Germany accept BTC in this world) so he SMS me from across the world and says Bro can I ask you for a favour !! Can I borrow 0.04 for a taxi I am all out ..... I say yes no worries and send over the amount he wanted, Instantly he sees the transfer happen in his BTC wallet and transaction waiting for a confirmation, in exactly 7 minutes the money was in his wallet ready to spend. (Happened to be a fast confirmation today as it usually takes a whole 8-10minutes For the funds to be irreversible and CLEAR.

Can you tell me if I can do this with Apple Pay?

As far as I'm aware Apple Pay requires a debit/credit card to use. So OP thinks everyone in the world has access to banks. Bitcoin requires no banks to work. Either you're a troll or have the IQ of an ant.

I'd say apple pay is a novelty that has to be proven at this time.  Bitcoin is tried and true and guess what people like it, we like it a lot.  When scams start to proliferate more so with Apple Pay who is going to foot the bill?  Still many questions to be answered and that is part of the reason This feature hasn't been implemented sooner.  If anything I'd say it's a knod to Bitcoin that we're on the right track and if anything we should be following the example Apple has set, and make the ease of use of Bitcoin comparable to the Apple Pay or better.

The reason USA isn't getting "Weimar" style inflation from all the quantitative easing is because the Fed has instituted a clever mechanism for "magnetising" the new money back onto their own balance sheets, even though it's held by the commercial banking sector.

They offer a higher rate of interest on "excess reserves" which is the difference between the capital a lending bank holds and that which is required to satisfy the minimum reserve ratio. So lets say, a bank holds $1 billion in capital and has lent out $8 billion (via the fractional reserve multiplier). If the minimum reserve ratio is 10% then they'd have $200 million in excess reserves (since, to meet the minimum reserve requirement they only need to hold $800 million). *

So that $200 million goes back onto the fed balance sheet by way of the commercial banking sector "lending" it back to them at a profitable interest rate. It doesn't find its way out into the economy to start a "Weimar" situation.

I'm not sure of the numbers but there's some staggering amount of the money supply now backed up on the fed balance sheet in this way. I think it might be in the trillions. The problem with this is that it's a time bomb. What happens if interest rates start slowly rising again ? For example if there's a currency war with the Ruble or the Remnimbi and the US Treasury has to defend the dollar - does all that money supply come flying off the fed balance sheet and go straight onto Forex markets to be dumped instead ? That's when your bitcoin is going to come in slightly handy to say the least - as is anything tangible that anyone can get their hands on including metals, property, oil and farmland I imagine.

* Assuming convention or $1 billion = $1000 million which it is in my part of the world

EDIT: As I speak there are articles appearing on this !!...  http://www.zerohedge.com/news/2014-09-12/fed-has-big-surprise-waiting-you

This one's about the stock market which is being "pumped" due to the knock on effect of QE because that's the other place all the money is going - rock bottom interest rates are chasing it all into stocks. So if (when!) they start to rise there's going to be a bit of a tsunami happening.

http://www.zerohedge.com/news/2014-09-13/art-cashin-things-could-theoretically-turn-what-i-call-lehman-moment

Yes it is actually.

http://en.wikipedia.org/wiki/Bretton_Woods_system

The US actually has very low inflation, the inflation levels in the US are probably lower then it really should be because of the fact that a small economic shock could send prices into a deflationary spiral.

Also people often look to US economic indicators because it's economy is by far the largest and it's economy influences the economy of the rest of the world.

Google has had that for years, with Google Wallet, and it's not very popular. Some stores had the NFC readers for a while, but I've been seeing fewer of them lately.

you take into account always USA and its financial problems. Well world is not USA. There are many nations where inflation is very low and here in Italy in 2014 inflation was less than 0. we are going through deflation due to crisis. I provided source in my other topic or you can Google it.
So stop talking about USA. Bitcoin is not in USA. Many people live outside USA and are not even aware of what Federal Reserve is. ok?
So if usa has actually big inflation, it is a problem only in USA. You cannot link this to bitcoin adoption.

I would answer but to much to me to quote single sentences. Think freely man. We will See who was right in the near future...
Bitcoin can seem a good idea, a brave thing against the evil System (yes fuck the system, be a punk)  but de facto all past good ideas, the few applied, failed miserably. Think the biggest shame on this world, communism. A good idea, but failed. Society recovered and went back to what it was.

But seriously, do you think private citizens can defeat the governments? governments make laws. They can banish bitcoin in one day and make its use illegal. if we are still using btc is because we are a small bunch of nerds with to much free time in front of pc. When btc would be a problem and a threat for status quo, believe me, we would not even go close to that day. There would be a reaction much before.

You all live in a utopian world. I am here only because I wanted to make a fast profit, I am sincere.