this is why the world needs bitcoin | Bitcointalksearch.org

MicroGuy

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Quote from: ampere on April 28, 2020, 11:06:56 AM

Op, it might be a storyline, but it does highlights the problems faced with fiats, and it also explains in details how bitcoin can solve troubles of international transfers all in few minutes.

The panic that bitcoin network clogs and is slow to process when the blocks are overworked does not stop the fact that, for international transfers, bitcoin will always arrive before fiats.

It is already happening, few webpages that sells vpn services already accepts btc as payment mode, families in different countries already send to themselves for support.
Soon enough, it will be everywhere.

Thank you Blockstream for not totally disabling Bitcoin's attributes.

20kevin20

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Quote from: malevolent on April 26, 2020, 12:33:38 AM

CC payments should be near-immediate, and SEPA transfers take 1-2 business days max most of the time. Maybe the seller wasn't allowed to immediately withdraw the money to his bank account from whatever payment solution to accept CCs he's using, perhaps fearing you may have used a stolen CC, so he only sent the product once he was sure the buyer can't chargeback?

Perhaps. But even with a 1-2 business days timeframe for a wire transfer to complete, if you execute them on Fridays AFAIK they'll only arrive in the destination account the next Monday which is 3 full days (possibly 4). Now even if Bitcoin txs could take just as long depending on the fees, there are solutions to this issue (tx accelerators, rebroadcasting with higher fee and so on).

My usual main problem with wire transfers is that the destination account wouldn't see the initiated tx instantly to make sure that I did indeed send the money, unless it was the same bank as mine. In some situations, it was vital for the money to arrive exactly the next day which creates an unnecessary stress.. like OP says, "Do they still write all transactions for foreign banks on a floppydisk and drive them around by horse and carriage?"

Swapzone

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That's why we need a decentralized payment method to be adopted everywhere, that's why we need BTC:-\
You can just make an international transaction without thinking about all of these complicated rules and, of course, without waiting 8 days!

Spaffin

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many cryptocurrency users want to see Bitcoin as a means of payment, but if you pay attention to the studies that were carried out in 2019, then almost 1,3% of all transactions were made to pay for goods and services, which suggests that Bitcoin is still not very popular as a means of payment, In addition, the infrastructure for using Bitcoin has not yet reached the appropriate scale. In addition, we must assume that Bitcoin is still a speculative tool, and therefore it is precisely the volatility of Bitcoin that stands in the way of its use as a means of payment. Thus, each cryptocurrency user must understand what exactly the future of bitcoin depends on us, or we will earn on the difference in price, or we will make Bitcoin an international payment instrument with a high value, due to its limited amount.

FanatMonet

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You would have won 8 days if you used not only Bitcoin, but also a bank transfer using your plastic card, or you used the online transfer of one of the payment systems, which are quite numerous.
It is unclear why just do not use a credit card, and look for such difficulties.

ampere

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Op, it might be a storyline, but it does highlights the problems faced with fiats, and it also explains in details how bitcoin can solve troubles of international transfers all in few minutes.

The panic that bitcoin network clogs and is slow to process when the blocks are overworked does not stop the fact that, for international transfers, bitcoin will always arrive before fiats.

It is already happening, few webpages that sells vpn services already accepts btc as payment mode, families in different countries already send to themselves for support.
Soon enough, it will be everywhere.

Sanugarid

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Quote from: KrisAlex18 on April 28, 2020, 07:49:58 AM

Well said mate, this is what we need right now, bitcoin or other cryptocurrency can be used even though we are facing this pandemic virus, as what our current condition is, we are all required to stay at hone snd restricted to go outside without valid reason, this is okay for me to maintain the safetiness of every people. If we ewant to do some transactions including payment, we can use bitcoin for it, if we want to buy some foods and some other thinngs we want, we can still use bitcoin, that is why bitcoin is being used by now and what we our world needs right now so we can still do some things without going outside.

The best alternative to use for payment now is bitcoin and no other crypto. Bitcoin's adoption is on point to be the most alternative for payments since there are already companies and merchants that accepting bitcoin currency worldwide, however physical stores that accepts bitcoin seems impossible to operate now until the quarantine period is lift. You can still use the online stores but I doubt there are many of them that accepts bitcoin, mostly they are only accepting cards.

Gandam23

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It is really indeed that the bitcoin will be one of the most essential needs of everyone because we all know that the continues adaptation of the world is having a good and fast in terms of different aspects and later on the bitcoin will be the one who will dominates the currency and thats would be the time that the world will be able to need bitcoin for their lives in order to support it.

KrisAlex18

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Well said mate, this is what we need right now, bitcoin or other cryptocurrency can be used even though we are facing this pandemic virus, as what our current condition is, we are all required to stay at hone snd restricted to go outside without valid reason, this is okay for me to maintain the safetiness of every people. If we ewant to do some transactions including payment, we can use bitcoin for it, if we want to buy some foods and some other thinngs we want, we can still use bitcoin, that is why bitcoin is being used by now and what we our world needs right now so we can still do some things without going outside.

malevolent

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CC payments should be near-immediate, and SEPA transfers take 1-2 business days max most of the time. Maybe the seller wasn't allowed to immediately withdraw the money to his bank account from whatever payment solution to accept CCs he's using, perhaps fearing you may have used a stolen CC, so he only sent the product once he was sure the buyer can't chargeback?

AniviaBtc

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Quote from: Lucius on April 24, 2020, 04:33:01 AM

I practically threw out all the possible payments that in any way involve banks and cards, for the reasons stated in the OP and because the banks have become too demanding regarding their clients' private lives. I have nothing against the rules and normal regulations, but when someone starts treating me like a criminal because I want to have a bank account, then I have to draw a line here and say that I will not tolerate that anymore.

Of course, it is not possible to live just by paying with BTC, so sometimes I need to use PayPal which from the perspective of the customer represents a very good choice, has excellent protection and is extremely fast. However, at every opportunity I use BTC with trusted local merchants, and that's always my primary payment method.

Waiting 8 days for someone to receive your payment is nowadays an almost unimaginable story, but as we can see it is something that is very realistic.

That mindset can really make us uncomfortable and not confident as we just want to use bitcoin in our banks, but luckily there is a Paypal that we can sue in our transaction and it has good services to manipulate and secure our money. We just need a fast and safe platform for online payments and it is the most used all around the world. Nowadays, we can send and receive money in just a second or minute and that's the advantage of technology and digital currency. Bitcoin can travel really fast than you can imagine that's why other people tends to use crypto in transaction because it is timely and we are now using advance technologies in a lot of platform so it is not that hassle to make this as an opportunity to promote bitcoin.

Latviand

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Quote from: ife2020 on April 24, 2020, 04:15:49 AM

Your story is right and i believe there are several of such situations that happens daily or weekly.
but i think instead of waiting for the government all the time; businesses can take up the usage of bitcoin as a mode of payment as long as it is an international transaction, so instead of waiting for 3-5 days, you Wait for less than 5 minutes and boon payment arrives

Bitcoin adoption will grow more as the needs amongst individuals and businesses increases across borders.

When you say that it can be used as international transaction, bitcoin should have a globalization for each of the government to allow the use of cryptocurrency in many transaction, and yet not all of the countries are allowing the use of cryptocurrency in their businesses. There are a lot of business who uses advance technology just to have faster transaction and bitcoin can be used to it.

In order to achieve that what you called adoption, we should make some promotion in our social medias to let other bitcoin holders to influence people who surrounds us. We should take advantage of our environment in order to fulfill the process of mass adoption in our country.

It is not impossible to make bitcoin as a mode of payment in more transaction but we need first to let the government to understand how this bitcoin can help the economy grow. Bitcoin holders should help each other so that no one will have a hard time promoting it to the community.

hatshepsut93

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My experience with banks so far is a lot better, my bank doesn't have any sort of account maintenance fees, transactions within the same bank or with other banks of my country are nearly instant, online shopping with foreign companies is also instant, I never encountered any errors/bugs/etc. One time they asked me to update my documents, I ignored them for 3 months and they still didn't close my account.

This is not to say that banks > Bitcoin, just want to point out that it can be very different from bank to bank and from country to country.

Yatsan

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Quote from: BuNga_cute on April 25, 2020, 09:04:38 PM

Unfortunately the government considers bitcoin not worthy of payment, because it cannot control and the price is volatile.
Though bitcoin is more effective as a payment, especially for transactions abroad. I also experienced the same thing when
buying goods abroad with a credit card, about a week a seller receives the money. So learning from this experience I decided
to use bitcoin if want to buy goods from abroad.

Yeah, but using paypal as payment method when buying abroad is really a good one! Using bitcoin is risky for me considering that, it is easy to use as currency for scam after you send it there's no way you can get your money back after that! Paypal is the best for me with regards to transaction abroad, you can gwet your money back when you got scammed but the fee is huge. Bitcoin is prefer if you are just transferring your money to abroad but when buying goods I don't see it as a good option.

BuNga_cute

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Unfortunately the government considers bitcoin not worthy of payment, because it cannot control and the price is volatile.
Though bitcoin is more effective as a payment, especially for transactions abroad. I also experienced the same thing when
buying goods abroad with a credit card, about a week a seller receives the money. So learning from this experience I decided
to use bitcoin if want to buy goods from abroad.

Rengga Jati

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Quote from: mocacinno on April 24, 2020, 01:25:11 AM

Not an important discussion, but i need to vent Grin

First of all, this is one of the inspirations and hopefully, your wife will be really healthy at all. Moreover in this pandemic, health is very important thing to have and keep.

Quote from: mocacinno on April 24, 2020, 01:25:11 AM

If i would have used bitcoin as a payment system, i would have won 8 freaking days. I would have payed the bloke, and 1 hour later he would have had a funding transaction that was confirmed several times, and he could have sent me the stuff i bought.
I don't like banks.

This is what we love from BTC, as one of the worldwide payment methods. If many more shops or countries accept Bitcoin as one of the transaction manner, it will help us more to do much easier transaction. One of the benefits of having BTC is for worldwide payment without any complicated rules and regulation, fast transaction, and also you can go for it easily. Of course, it needs moment to make this world accepts BTC as one of the easy payment method.
Having a complicated and long regulation for worldwide payment from banks may be suffering, and from your story, this is so silly.

Zemomtum

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What a terrible story, delay for almost day 7 days for a complete transaction due to middleman involvement. This is why the world need a decentralized form of payment that is fast and secure.

figmentofmyass

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Quote from: mocacinno on April 24, 2020, 04:55:56 AM

Thanks for the feedback guys, and especially about the seedsman tip... At the moment, i'm waiting for seeds from a strain called kompotli, it's flowers should have less than 0.2% THC and up to 25% CBD (altough that's really the maximum, most fenotypes should have around 9%). The <0.2% THC was very important for us, since my wife does not want to be faced with the effects of THC, nor does she want to risk getting pulled over by the police and lose her drivers licence (driving under the influence of THC is illegal, you can lose your drivers licence if you get caught).

If i was informed correctly, the seeds should remain viable for 2 years in my fridge and up to 5 years in my freezer, so i hope i'm all set for the next couple of years... I have enough to plant 7 seeds/year for the next 3 years, ~50% female, 1 or 2 that die, so i should have at least 1 or 2 female plants/year, and i can put most of the flowers in the freezer for up to 5 years anyways.

seeds should be viable a lot longer than that. i've grown 5-10 year old seeds outta the fridge and failure rate is no higher than fresh seeds.

re the 0.2%, that's understandable. under normal (non pandemic) circumstances, seedsman carries lots of < 0.2% THC strains, one of which is still available now. keep them in mind in case this goes awry for you---you may need the shortened grow cycle of an autoflower. i also recommend feminized and autoflower for beginners anyway---no worrying about male vs female (or paying for males) or veg cycle vs flowering cycle. and i hate depending on one strain/brand i haven't run before, usually leads to disappointment. i've got 6 strains going, more coming when i start chopping down this year's early girls.

sourcing industrial hemp directly for infusing your own cbd drops is one other idea. it's required to have similar THC levels to what you're looking for and cooking/infusing is actually pretty easy to do. i'm not sure what the retail market is like on the other side of the atlantic.

anyway, good luck on your grow. it's such an exciting time of year. Wink

pixie85

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Great post OP and you're right. Your transfer took longer than usual but even in most favourable circumstances it takes 3 work days to transfer money abroad. If you do it on thursday the seller is going to get money on monday and ship everything on tuesday when with Bitcoin he'd have it in 20 minutes because most transactions get confirmed in the first 2 blocks.

Nowadays when you're offered 2% a year with 2 or 3% inflation there's no point in using a bank. For me it was never a matter of convenience more of getting a few percent on my savings. It used to be 6% about 10 years ago. Now that it's down to nothing I'm out.

Wexnident

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I don't request loans~

Banks were a thing cause of the security guarantee they have after all. Mostly because it's an official organization backing it and you can legitimately see their companies everywhere which is probably what BTC losses out. Yes, there are escrow services out there, but there are still possibilities of you losing out, and not anyone knows how to perform escrow. Still, banks have such bad services right now cause of the lack of improvement they made these days cause they think they are pretty much at the top and wouldn't really be replaced by anything. Though they do gradually improve their systems, it is still quite lacking with the expectations of consumers imo.

Glad the seller was trusted though. One thing hard to find in sellers that accept crypto are trusted ones after all.

Topic: this is why the world needs bitcoin (Read 480 times)