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Topic: Buyer's Advantage in Bitcoin (Read 3338 times)

sr. member
Activity: 266
Merit: 250
July 04, 2014, 12:37:08 PM
#45
Let's just say Bitcoin isn't suitable for micro transactions, but the same applies to practically any other payment system like credit cards, Paypal and the like. Micropayment is just one of the areas Bitcoin doesn't cover.

Mircopayments account for 99% of my daily spending.
Buy a cup of coffee here, a pack of gum there, then a sandwich...

I would like to see a payment system designed for the daily stuff not the other way around.
Bitcoin is great for these types of transactions. Although it would really no longer be "near free" to spend your coins on these types of transactions, it would reduce the costs verses paying with a credit card (the TX fees would make up a larger percentage of the transaction)
full member
Activity: 135
Merit: 100
July 04, 2014, 09:36:03 AM
#44
That is an advantage ?
full member
Activity: 392
Merit: 116
Worlds Simplest Cryptocurrency Wallet
April 11, 2014, 11:38:40 AM
#43
Let's just say Bitcoin isn't suitable for micro transactions, but the same applies to practically any other payment system like credit cards, Paypal and the like. Micropayment is just one of the areas Bitcoin doesn't cover.

Mircopayments account for 99% of my daily spending.
Buy a cup of coffee here, a pack of gum there, then a sandwich...

I would like to see a payment system designed for the daily stuff not the other way around.
legendary
Activity: 2338
Merit: 1204
The revolution will be digital
April 11, 2014, 10:50:45 AM
#42
But how do u know the guy behind those 32 char alphanumeric keys except he make Tx with uR service ?
Research is all you need to do.

using bitcoinmonitor.net ? Wink
legendary
Activity: 2674
Merit: 2965
Terminated.
February 27, 2014, 05:20:58 PM
#41
But how do u know the guy behind those 32 char alphanumeric keys except he make Tx with uR service ?
Research is all you need to do.
legendary
Activity: 2338
Merit: 1204
The revolution will be digital
February 27, 2014, 12:54:00 PM
#40
Nothing in bitcoin is "anonymous" just well hidden to the average person.
Not everyone is the average joe here.

But how do u know the guy behind those 32 char alphanumeric keys except he make Tx with uR service ?
legendary
Activity: 2674
Merit: 2965
Terminated.
February 12, 2014, 01:23:28 PM
#39
Nothing in bitcoin is "anonymous" just well hidden to the average person.
Not everyone is the average joe here.
legendary
Activity: 2338
Merit: 1204
The revolution will be digital
February 12, 2014, 01:09:49 PM
#38
Nothing in bitcoin is "anonymous" just well hidden to the average person.

It's only "anonymous" as in you don't need to tie your personal identity to an account, but the transactions are more traceable than cash.

exactly...
full member
Activity: 154
Merit: 100
February 12, 2014, 11:12:41 AM
#37
Buyer should not have any advantages which are not given to the sellers as well. So everything is fair.

That is a rather naive viewpoint. In almost all existing payment methods (including bitcoin) there are different trade-offs for buyer and seller, but hopefully they cancel each other out in order to meet at a place where people are comfortable making the transaction.

As a simple example of the asymmetry, consider PayPal transactions for services such as web hosting. This is an incredibly popular sort of transaction. Buyer has the advantage of being able to reverse it for months after it is made. Is that fair on seller? Well seller has the different advantage of being able to cut off the service at any time. Still seller may lose out on a few months of provision of their service. But it's a convenient payment method so it's still worth it to the seller. It's a cost of doing business.

Even at the most basic level there is an inherent asymmetry between most buyers, as relatively powerless individuals, and some very large companies. Anyone who has ever had to deal with a large telco should be able to understand that one.

Yet to suggest that everything has to be made equal in all respects sounds like some sort of communist Great Leap Forwards radical change of society to an agrarian barter level to me I'm afraid!
legendary
Activity: 1232
Merit: 1195
February 12, 2014, 11:01:42 AM
#36
Nothing in bitcoin is "anonymous" just well hidden to the average person.

It's only "anonymous" as in you don't need to tie your personal identity to an account, but the transactions are more traceable than cash.
legendary
Activity: 2338
Merit: 1204
The revolution will be digital
February 12, 2014, 10:59:44 AM
#35
Nothing in bitcoin is "anonymous" just well hidden to the average person.

So, if i give u a random address, u can say who is the owner ?
legendary
Activity: 2072
Merit: 1049
┴puoʎǝq ʞool┴
February 11, 2014, 01:43:55 PM
#34
Nothing in bitcoin is "anonymous" just well hidden to the average person.
legendary
Activity: 4214
Merit: 4458
February 11, 2014, 01:42:31 PM
#33
in a utopian world of legitimate and ethical business, if something went wrong the business would honour the refund. and buyers would not scam the seller via chargebacks for no reason.

bitcoin is one step in that direction, but ofcourse it involves both the buyers being smart enough to only purchase from good businesses that have proper refund policies. and sellers for having the ethics to make refund policies and to stand by them.
legendary
Activity: 2338
Merit: 1204
The revolution will be digital
February 11, 2014, 12:01:30 PM
#32
This is my personal experience.

I recently bought something on Tigerdirect and paid in Bitcoin. I hate to see my Bitcoin balance decrease so I went ahead and purchased the same amount of Bitcoin to offset the cost of my purchase after the fact.

The Bitcoins I purchased cost a lot less than they did at the time when I spent them. I ended up paying approximately $105 for an item that cost $115. This doesn't take into consideration that the coins I spent had already appreciated so it's hard to say how much I actually spent if you look at the larger picture. I've been dollar cost averaging since November when Bitcoin was $517.

Bitcoin offers the buyer the advantages of appreciating value. I buy more Bitcoin every chance I get.

This is an epic one. But it could go the reverse way...
legendary
Activity: 2338
Merit: 1204
The revolution will be digital
February 01, 2014, 11:04:59 AM
#31
Quote
Buyer's Advantage in Bitcoin

I'd say, they're getting Bitcoin.  Grin

Thanx for your awesome understanding. Here Buyer means who are purchasing product/services using Bitcoin. Buyer does not get Bitcoin. They spend it.
hero member
Activity: 686
Merit: 500
vini, vedi, no vici.
February 01, 2014, 04:43:24 AM
#30
Quote
Buyer's Advantage in Bitcoin

I'd say, they're getting Bitcoin.  Grin
legendary
Activity: 4326
Merit: 3041
Vile Vixen and Miss Bitcointalk 2021-2023
February 01, 2014, 04:39:01 AM
#29
When I buy domains using my credit card, I buy them almost instantly. For Bitcoin transaction buy needs to wait for confirmations.
Why? Domains are a service that can be cancelled immediately in the event of a double-spend, so there's no need for confirmations.

Anonymity is not required for a white collar buyer.
Try telling that to anyone who has had their identity stolen.

With no means of charge-back (that's extremely important for any provider of digital services)?

This is NOT a buyer's advantage.
It is if the costs of chargeback fraud are being passed on to them (which they are). Why do you think so many merchants offer discounts for customers who pay cash?

For Bitcoin transaction network fee is required and for a low transaction amount this fee is significant. There is no individual transaction fee for a credit card payment unless u use PayPal or similar service rather than direct bank gateways.
Yes there is. It's just paid by the merchant, who passes the costs on to the customer.
legendary
Activity: 2338
Merit: 1204
The revolution will be digital
January 31, 2014, 06:03:36 PM
#28
And you could use systems built on top of bitcoin to make micropayments, like when you have a webwallet that allows fee-free transactions to other users of the webwallet. But then we can get into an argument over whether that is actually using bitcoins. Whatever.
Off-chain is probably the best solution for micro payments. Either by a centralized web wallet, or just by buying a larger amount of credits from the service provider directly. E.g., you want to access a website where every page view costs BTC 0.00001, you send BTC 0.01 to the provider's address and can access his pages 1000 times with your payment address. That way, BTC could actually become an enabler for simple, quasi-anonymous micro payments.
Instead of sending 0.01 BTC buyer can send 10 USD. The effect is same with FIAT. So how can it be an advantage ?
How do you instantly send 10 USD to a website? Quasi-anonymously on both ends? No registration required? With no means of charge-back (that's extremely important for any provider of digital services)? With absolute proof of payment? At a low price?
A simple Bitcoin transaction allows all of the above.
How do you instantly send 10 USD to a website?

When I buy domains using my credit card, I buy them almost instantly. For Bitcoin transaction buy needs to wait for confirmations.


Quasi-anonymously on both ends?

Anonymity is not required for a white collar buyer.


No registration required?

Registration is not required even for PayPal payments. Registration is part of a total application, not payment.


With no means of charge-back (that's extremely important for any provider of digital services)?

This is NOT a buyer's advantage.


With absolute proof of payment?

Credit card invoices are no less payment proof. The difference is, for Bitcoin, it is public.


At a low price?

For Bitcoin transaction network fee is required and for a low transaction amount this fee is significant. There is no individual transaction fee for a credit card payment unless u use PayPal or similar service rather than direct bank gateways. Credit Card service charge is applicable for holding a credit card itself.
qwk
donator
Activity: 3542
Merit: 3413
Shitcoin Minimalist
January 31, 2014, 12:18:14 PM
#27
And you could use systems built on top of bitcoin to make micropayments, like when you have a webwallet that allows fee-free transactions to other users of the webwallet. But then we can get into an argument over whether that is actually using bitcoins. Whatever.
Off-chain is probably the best solution for micro payments. Either by a centralized web wallet, or just by buying a larger amount of credits from the service provider directly. E.g., you want to access a website where every page view costs BTC 0.00001, you send BTC 0.01 to the provider's address and can access his pages 1000 times with your payment address. That way, BTC could actually become an enabler for simple, quasi-anonymous micro payments.
Instead of sending 0.01 BTC buyer can send 10 USD. The effect is same with FIAT. So how can it be an advantage ?
How do you instantly send 10 USD to a website? Quasi-anonymously on both ends? No registration required? With no means of charge-back (that's extremely important for any provider of digital services)? With absolute proof of payment? At a low price?
A simple Bitcoin transaction allows all of the above.
legendary
Activity: 2338
Merit: 1204
The revolution will be digital
January 31, 2014, 12:12:19 PM
#26
And you could use systems built on top of bitcoin to make micropayments, like when you have a webwallet that allows fee-free transactions to other users of the webwallet. But then we can get into an argument over whether that is actually using bitcoins. Whatever.
Off-chain is probably the best solution for micro payments. Either by a centralized web wallet, or just by buying a larger amount of credits from the service provider directly. E.g., you want to access a website where every page view costs BTC 0.00001, you send BTC 0.01 to the provider's address and can access his pages 1000 times with your payment address. That way, BTC could actually become an enabler for simple, quasi-anonymous micro payments.

Instead of sending 0.01 BTC buyer can send 10 USD. The effect is same with FIAT. So how can it be an advantage ?
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