Pros and cons of bitcoins for consumers and businessmen - page 2.

Tungsten-1

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Quote from: deisik on August 31, 2017, 07:50:40 AM

Quote from: pitiflin on August 29, 2017, 07:31:06 PM

There is no use of bitcoin for general purposes for the consumers. You can earn in bitcoin, convert in fiat and then buy whatever you want.
And companies will face another issue on a large scale, that is, the damn high transaction fee and the time it takes to transfer funds has also increased

This basically proves that Bitcoin is no more than a vehicle for speculation

And it will likely remain that in the future. In this manner, we can easily pinpoint the factors which could potentially interest companies (both merchants and producers) in respect to Bitcoin (or some other cryptocurrency, for that matter) as a means of payment. First of all, it is the cost of transactions. Obviously, with today's miners it is unlikely that these costs are ever going to decrease, and miners will leave no stone unturned (think Bitcoin Cash here) to preserve their revenue they receive as fees. Further, transactions should be fast, and still better if they were instantly fast. But it is next to impossible to change things in this regard with Bitcoin. Now we have miners abandoning one blockchain in favor of the other in the pursuit of higher profits, with no blocks mined and transactions confirmed, so that's unlikely to change either. The bottom line is that Bitcoin will remain purely a speculative asset, and we should look elsewhere if we want crypto to make a genuine entry into the real economy as a full-fledged means of exchange

I will agree to what you have said. But we cannot deny the fact it is just the start of an era of Crypto Currencies. Transaction fee and process both are somehow cons of Bitcoins, but these are not the everlasting problems. I am very much positive that these issues will be resolved soon.

deisik

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Quote from: pitiflin on August 29, 2017, 07:31:06 PM

There is no use of bitcoin for general purposes for the consumers. You can earn in bitcoin, convert in fiat and then buy whatever you want.
And companies will face another issue on a large scale, that is, the damn high transaction fee and the time it takes to transfer funds has also increased

This basically proves that Bitcoin is no more than a vehicle for speculation

And it will likely remain that in the future. In this manner, we can easily pinpoint the factors which could potentially interest companies (both merchants and producers) in respect to Bitcoin (or some other cryptocurrency, for that matter) as a means of payment. First of all, it is the cost of transactions. Obviously, with today's miners it is unlikely that these costs are ever going to decrease, and miners will leave no stone unturned (think Bitcoin Cash here) to preserve their revenue they receive as fees. Further, transactions should be fast, and still better if they were instantly fast. But it is next to impossible to change things in this regard with Bitcoin. Now we have miners abandoning one blockchain in favor of the other in the pursuit of higher profits, with no blocks mined and transactions confirmed, so that's unlikely to change either. The bottom line is that Bitcoin will remain purely a speculative asset, and we should look elsewhere if we want crypto to make a genuine entry into the real economy as a full-fledged means of exchange

logicgate

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Quote from: JCO05 on August 29, 2017, 07:37:34 PM

Quote from: PalindromemordnilaP on August 10, 2017, 03:06:33 AM

As worldwide cryptocurrency and digital payment system is on the rise, i just want to ask about the pros and cons of bitcoins for consumers and businessmen.

On the side of consumers, what is also the difference of using bitcoins than credit cards?

For the consumers, in Bitcoin there's no age limit on using it unlike in credit cards. Also , they may use their Bitcoin anytime, and sometimes with less charges than regular currency. Foe the businessmen, given the fact that it is profitable. Lots of people are earning huge profit from Bitcoin. There are lots of ways to earn profit which also means that if they can do most of the ways, it will give them bigger profit. Just by investing and holding Bitcoin, they will already gain profit from that.

Indeed! There are numerous ways of making profits with bitcoins and many people are already involved in this since long time. Yeah, bitcoins give complete freedom to their users unlike banks and governments. Anyone can make handsome money with bitcoins who know about crypto market.

JCO05

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Quote from: PalindromemordnilaP on August 10, 2017, 03:06:33 AM

As worldwide cryptocurrency and digital payment system is on the rise, i just want to ask about the pros and cons of bitcoins for consumers and businessmen.

On the side of consumers, what is also the difference of using bitcoins than credit cards?

For the consumers, in Bitcoin there's no age limit on using it unlike in credit cards. Also , they may use their Bitcoin anytime, and sometimes with less charges than regular currency. Foe the businessmen, given the fact that it is profitable. Lots of people are earning huge profit from Bitcoin. There are lots of ways to earn profit which also means that if they can do most of the ways, it will give them bigger profit. Just by investing and holding Bitcoin, they will already gain profit from that.

pitiflin

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Quote from: PalindromemordnilaP on August 10, 2017, 03:06:33 AM

As worldwide cryptocurrency and digital payment system is on the rise, i just want to ask about the pros and cons of bitcoins for consumers and businessmen.

On the side of consumers, what is also the difference of using bitcoins than credit cards?

There is no use of bitcoin for general purposes for the consumers. You can earn in bitcoin, convert in fiat and then buy whatever you want.
And companies will face another issue on a large scale, that is, the damn high transaction fee and the time it takes to transfer funds has also increased.

joganuts

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Quote from: cellard on August 10, 2017, 07:39:32 AM

Quote from: kelseydustin on August 10, 2017, 04:36:31 AM

Pros:
- Fast ( trasacation which worth more than $1000
- Anonymity and secure
- Information will not be leaked

Cons:
- Slow ( transaction which less than $1000)
- Depend on mining fees and miners to confirm
- Not popular to many people

I don't think Bitcoin is slow at all. Confirmation is pretty fast unless the network is being spammed, the fees are also really cheap unless Roger Ver and Jihan are spamming it.

If you want you can take 0 confirmation transactions, that would be faster, but less secure. Credit cards take 180 days to confirm and no one even knows it.

The cons of transaction is depends on the people will going to do it and choose the way of transactions. Because if we are going to talk about the time of transaction of butcoin it is mostly depends on the fees you will choose on the block chain for your specific transaction. The higher the fees the more faster it could received. So there is a changes in terms of the good side of Bitcoin and also the bad side.

pitham1

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Quote from: Coffee135 on August 29, 2017, 01:05:42 PM

Plus for entrepreneurs is that they can increase the number of customers due to bitcoin users. The downside is that constantly changing price and they will be forced to recalculate the price of its product several times a day. To buy the goods for sale is also problematic. And the most important thing is that the majority of users are using bitcoin as a Deposit and don't want to spend for shopping.

You can only increase the number of customers if you add Bitcoin as a payment option, along with existing channels. Bitcoin alone is not going to result in enough customers to keep a business running.

deisik

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Quote from: RodeoX on August 10, 2017, 12:10:31 PM

I keep seeing "slow confirmation". There is NO FASTER SYSTEM than bitcoin. Cards take days, weeks, sometimes months to confirm. Roll Eyes

You may want to try Litecoin after all

Regarding clearance (yes, I saw your previous post on this issue), it doesn't matter how long it takes to settle the accounts as long as you can spend the money sent to you via, say, a card-to-card payment (which you seem to refer to) immediately. I guess this system is somewhat similar to how payment channels in Lightening Network are organized. You open a payment channel with somebody, and you can move funds to and fro as long as their net total doesn't exceed the amount which is blocked when you open up a payment channel. So it doesn't really matter when you are going to close the channel (or clear the payment in case of payment cards)

Zicadis

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Dump it!!!

Pros:
-You might overlook this but bitcoin is for everyone its not tied to the elite or underclass.
- Super secure such that if owner forgets their keys you cant get your coins back
Cons:
-Some govt's are afraid to legalize which has made it difficult for consumers and businessmen to use.
- transaction fees are not uniform most likely because of congestion and the alike.

Quote from: cellard on August 10, 2017, 07:39:32 AM

Quote from: kelseydustin on August 10, 2017, 04:36:31 AM

~snip~

I don't think Bitcoin is slow at all. Confirmation is pretty fast unless the network is being spammed, the fees are also really cheap unless Roger Ver and Jihan are spamming it.

If you want you can take 0 confirmation transactions, that would be faster, but less secure. Credit cards take 180 days to confirm and no one even knows it.

Valid point transaction are near instant but its the waiting times that hurt the most, hope when segwit is in full gear this will be an issue of the past

Gotottack

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Quote from: PalindromemordnilaP on August 10, 2017, 03:06:33 AM

As worldwide cryptocurrency and digital payment system is on the rise, i just want to ask about the pros and cons of bitcoins for consumers and businessmen.

On the side of consumers, what is also the difference of using bitcoins than credit cards?

I would say that bitcoins are totally different from credit cards. Maybe it would be better to highlight bitcoins in light of credit cards.

Bitcoins are irreversible
This is good for the merchant but not for the consumers. Credit card payments are notoriously known to be reversible.

Bitcoin fees are currently expensive
Not good for consumers since they will have to shoulder this fee. You don't have to pay fees for credit card transactions, depends though.

Easily obtainable
You just have to buy bitcoins then use it. If you use credit cards then you need to apply for one which takes a long time. However, once you have one it is easier to use.

It is sort of a debit card
Since you send bitcoins immediately it is like a debit card where you deduct the amount instantly. Unlike a credit card, your bill is due at the end of your billing cycle.

Coffee135

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Plus for entrepreneurs is that they can increase the number of customers due to bitcoin users. The downside is that constantly changing price and they will be forced to recalculate the price of its product several times a day. To buy the goods for sale is also problematic. And the most important thing is that the majority of users are using bitcoin as a Deposit and don't want to spend for shopping.

RodeoX

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The revolution will be monetized!

Let's make it simple. Here is an item I have bought with bitcoin:

https://www.amagimetals.com/gold/bars/10-oz-pamp-suisse-gold-bar-999-fine-gold

Now look at the price. You may notice that if you pay with cash, including bitcoin, the price is lower.
So what is the advantage? well in this one sale it is $416.47 cheaper than had I used a credit card. For a seller of gold the advantage is the irresistibility of the transaction. Is $400 bucks clear enough?

swissguy

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for me as as a consumer i have en edge of buying goods with bitcoins because i have right to buy my goods anytime where i see its profitable for me but as a businessman i think its like a risk because he must need to hold coins at least a day for the total days of sell.

FADI1

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Well the bitcoin is not a centralized currency which make it almost impossible to control , that way this currency is immune to inflation .So you can convert your money to bitcoins and never fear that it's value will degrade , but the problem is with using it everyday and being commited to certain payments for businessmen , as its value fluctuates a lot so if you convert 10000 dollars in BTC and you need to pay a shipment in a week the value of your money may decrease to 7000 USD , and you wont be able to pay it .

RodeoX

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The revolution will be monetized!

Quote from: Mahanton on August 29, 2017, 07:29:35 AM

... the cons would be mainly affected on businessmens since price is volatile they might gain or lose money anytime because of such movement. This is why most merchants do really see that bitcoin is a risky thing to decide to accept it on business venture world.

I think you are right about that, but it is completely unfounded. It is the same reason why credit cards were created. With a payment processor a business can take bitcoin without ever touching bitcoin. They face no price volatility because the processor immediately buys the coins and deposits dollars into their bank account. That means they receive their money days or weeks before a credit card transaction and generally for about a third of the cost.

The only real CON for business is ignorance.

Mahanton

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Quote from: PalindromemordnilaP on August 10, 2017, 03:06:33 AM

As worldwide cryptocurrency and digital payment system is on the rise, i just want to ask about the pros and cons of bitcoins for consumers and businessmen.

On the side of consumers, what is also the difference of using bitcoins than credit cards?

The pros would be anonymous,fast,less fees,irreversible transactions between consumers and business man and the cons would be mainly affected on businessmens since price is volatile they might gain or lose money anytime because of such movement. This is why most merchants do really see that bitcoin is a risky thing to decide to accept it on business venture world.

qwertyup23

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Quote from: PalindromemordnilaP on August 10, 2017, 03:06:33 AM

As worldwide cryptocurrency and digital payment system is on the rise, i just want to ask about the pros and cons of bitcoins for consumers and businessmen.

On the side of consumers, what is also the difference of using bitcoins than credit cards?

Here are some of the pros and cons of bitcoin on the perception as a businessman:

Pros:
- The volatility of bitcoin's price gives the perfect opportunity to invest money on yielding profit in a short amount of time
- Fast transaction and provides anonymity
- The convenience it provides into earning bitcoins due to dozens of methods given on this forum (i.e. campaign signatures, services, and trading)

Cons:
- Investing into bitcoin involves risk that may potentially decrease/increase your profit
- There are only 8-10 million bitcoins left to be mined out and law of supply and demand will determine its price on the future
- Some countries ban the usage of bitcoins
- The increase in the price of bitcoin is directly proportional to the transaction fees being paid by the individual

monkeybars

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The major cons for businessmen is that any legal business is tighly connected with law, soceity and state (goventment, lawmakers, various controlling organisations), but there are no regulation for cryptocurrencies in most of the countries. Though it is not forbidden, it could not be fully integrated into business.

GeniusAko

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I am a student and I can say that the bitcoin have pros and cons to me. The advantage of the bitcoin to me is I gain now many profits but the disadvantage is I can't focus to my studying.

richmcrich

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Quote from: PalindromemordnilaP on August 10, 2017, 03:06:33 AM

As worldwide cryptocurrency and digital payment system is on the rise, i just want to ask about the pros and cons of bitcoins for consumers and businessmen.

On the side of consumers, what is also the difference of using bitcoins than credit cards?

Bitcoin is a great opportunity for business men and women to cash in on, but you must first assess the risks and opportunities before you dive into the market. Though the coin is a versatile one it also pulls in much cash when carefully and effectively harnessed. It can sure help businesses grow and expand.

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