I wanted to know!!!! - page 3. | Bitcointalksearch.org

Coinster

full member

Activity: 222

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Quote from: hunkey600 on June 05, 2015, 02:12:28 PM

haha...thanks for your time by typing this post, i agree these are some of the best advantages bitcoin has but don't you think most of these can be covered by other e-currencies also you lose identity when convert botcoins to fiat.

There are ways to mix bitcoins to clear links to activity. It's also possible to convert bitcoins to fiat with no identity using P2P exchanges like LocalBitcoins.com.

hunkey600

full member

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Quote from: franky1 on June 05, 2015, 01:52:47 PM

advantages
1. no need to waste money making business plans just to convince a bank to give you a business account, and then pay fee's to add electronic payment systems... bitcoin can work with just a QR code on a piece of paper.. no need for banks or payment service providers

2. send funds across into any country without delay or fee's

3. sell products from your house, street market, website without card processing equipment.

4. no worries of chargebacks or non-payment. bitcoin is an electronic cheque, once signed and handed over the funds are yours guaranteed.

5. you can send someone $1billion or half a penny, without any difference to the method, time, hassle or hindrance

6. no need to store customer payment details for 6 years, no risk of identity theft or hacking to gain customer payment details.

7. you can be as public as you like by announcing which address represents your employee's wage receiving address, making it completely public. or keep it completely a secret where no one will know who or what the transactions are for

8. funds can be used as a public vote. set up 2 addresses, the one with most tx's received wins

many more advantages, but i got bored of typing

haha...thanks for your time by typing this post, i agree these are some of the best advantages bitcoin has but don't you think most of these can be covered by other e-currencies also you lose identity when convert botcoins to fiat.

BillyBobZorton

legendary

Activity: 1204

Merit: 1028

Quote from: Nancarrow on June 05, 2015, 01:45:04 PM

Quote from: hunkey600 on June 05, 2015, 01:31:49 PM

I wanted to know how bitcoin is useful to community and what are the advantages of this currency above other P2P or electronic currencies. If you like you can share disadvantage too.

Please share your thoughts.

Thanks

The advantage over other cryptocurrencies is that it is the first, and as a result its codebase is the most tested and established, it is the most well known and by far the most valuable in terms of fiat exchange price. The importance of the latter is frequently dismissed by people who must somehow not require food, clothing, housing, utilities and so on.

All those advantages could change over time if an altcoin shows clear technical superiority and as a result gains a following and then media attention. But three points make that difficult:
1) Greed. Most altcoin creators and promoters seem to just want to make a quick buck by pumping-and-dumping
2) Innovation. Bitcoin solved some very deep problems compared to national fiat money. An altcoin successor must recognise *genuine* problems with Bitcoin and provide *genuine* solutions. Changing a line in the code to cutt block generation time to 1 minute won't cut it.
3) Adaptability. If the bitcoin community sees a clear improvement has been made with an altcoin, those features can be incorporated into bitcoin. Not easily to be sure - it almost certainly requires a hard-fork and a prior year or two gathering consensus. But it can be done.

I don't think there will be an altcoin powerful enough to gain the insanely strong network effect of BTC. The only other cryptocoin that can dethrone Bitcoin, is when TPTB replace cash with an e-currency which is based on financial credits, of course closed source. Basically, closed source e-fiat, a total nightmare.

franky1

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Activity: 4424

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advantages
1. no need to waste money making business plans just to convince a bank to give you a business account, and then pay fee's to add electronic payment systems... bitcoin can work with just a QR code on a piece of paper.. no need for banks or payment service providers

2. send funds across into any country without delay or fee's

3. sell products from your house, street market, website without card processing equipment.

4. no worries of chargebacks or non-payment. bitcoin is an electronic cheque, once signed and handed over the funds are yours guaranteed.

5. you can send someone $1billion or half a penny, without any difference to the method, time, hassle or hindrance

6. no need to store customer payment details for 6 years, no risk of identity theft or hacking to gain customer payment details.

7. you can be as public as you like by announcing which address represents your employee's wage receiving address, making it completely public. or keep it completely a secret where no one will know who or what the transactions are for

8. funds can be used as a public vote. set up 2 addresses, the one with most tx's received wins

many more advantages, but i got bored of typing

Nancarrow

hero member

Activity: 492

Merit: 503

Quote from: hunkey600 on June 05, 2015, 01:31:49 PM

I wanted to know how bitcoin is useful to community and what are the advantages of this currency above other P2P or electronic currencies. If you like you can share disadvantage too.

Please share your thoughts.

Thanks

The advantage over other cryptocurrencies is that it is the first, and as a result its codebase is the most tested and established, it is the most well known and by far the most valuable in terms of fiat exchange price. The importance of the latter is frequently dismissed by people who must somehow not require food, clothing, housing, utilities and so on.

All those advantages could change over time if an altcoin shows clear technical superiority and as a result gains a following and then media attention. But three points make that difficult:
1) Greed. Most altcoin creators and promoters seem to just want to make a quick buck by pumping-and-dumping
2) Innovation. Bitcoin solved some very deep problems compared to national fiat money. An altcoin successor must recognise *genuine* problems with Bitcoin and provide *genuine* solutions. Changing a line in the code to cutt block generation time to 1 minute won't cut it.
3) Adaptability. If the bitcoin community sees a clear improvement has been made with an altcoin, those features can be incorporated into bitcoin. Not easily to be sure - it almost certainly requires a hard-fork and a prior year or two gathering consensus. But it can be done.

Meuh6879

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Activity: 1512

Merit: 1012

https://www.youtube.com/watch?v=joITmEr4SjY

hunkey600

full member

Activity: 168

Merit: 100

I wanted to know how bitcoin is useful to community and what are the advantages of this currency above other P2P or electronic currencies. If you like you can share disadvantage too.

Please share your thoughts.

Thanks

Topic: I wanted to know!!!! - page 3. (Read 2459 times)