Topic: We already have money. Why do we need Bitcoin?? (Read 4339 times)
Because fiat contantly looses value because they are printing it like crazy. See what you could buy with 1 million usd 50 years ago. And see now
Cryptocurrency is the final solution to inflation caused by every government.
We already had windows 95, why did we need windows 98, or xp, or 7, or 8? We already had rotary telephones, why did we need touchtone phones?
Cryptocurrency is just the natural evolution of an increasing technological age. Pretty soon paper bills will be obsolete and worthless. Most people don't want to carry around a wad of bills anymore. And fiat transactions are so cumbersome and often time consuming. It often takes 5 days to do a banking transaction, even within the same country. But a bitcoin transaction is done often in a manner of hours (or sometimes only minutes).
Cryptocurrency is just the natural evolution of an increasing technological age. Pretty soon paper bills will be obsolete and worthless. Most people don't want to carry around a wad of bills anymore. And fiat transactions are so cumbersome and often time consuming. It often takes 5 days to do a banking transaction, even within the same country. But a bitcoin transaction is done often in a manner of hours (or sometimes only minutes).
I love bitcoin so it cant be inflated or reproduced, this is the reason why i got into bitcoin
People are tired of paying for the privilege of having and exchanging currency? Sounds good enough.
it is hard to justify until there is something more backing these "coins" (like a commodity, advertising credits, etc.)
Are you talking about bitcoin? I like to think that more computational power than top supercomputers combined and a roaring community is pretty strong backing. Also the theory behind bitcoin and the hard limit is pretty good too.
it is hard to justify until there is something more backing these "coins" (like a commodity, advertising credits, etc.)
because money is a mafia system now ... only politic and centrla bank can "deal with it".
it's not normal.
only citizen must old the economy and choose the choice of his value.
war is the first debt machine in the world (yes, in europe too !).
it's not normal.
only citizen must old the economy and choose the choice of his value.
war is the first debt machine in the world (yes, in europe too !).
Its easier to use bitcoin for anything, whether for good and sadly bad, than it is with money
We already have Bitcoin. Why do we need money?
Lol, good point. And also, post #69 
We already have money. Why do we need dollars??
Here are 10 good reasons that will answer to your question why we need bitcoin:
1.It’s fast
When you pay a cheque from another bank into your bank, the bank will often hold that money for several days, because it can’t trust that the funds are really available. Similarly, international wire transfers can take a relatively long time. why use bitcoin Bitcoin transactions, however, are generally far faster. Transactions can be instantaneous if they are “zero-confirmation” transactions, meaning that the merchant takes on the risk of accepting a transaction that hasn’t yet been confirmed by the block chain. Or, they can take around 10 minutes if a merchant requires the transaction to be confirmed. That is far faster than any inter-bank transfer.
2.It’s cheap
What’s that you say? Your credit card transactions are instantaneous too? Well, that’s true. But your merchant (and possibly you) pay for that privilege. Some merchants will charge a fee for debit card transactions too, as they have to pay a ‘swipe fee’ for fulfilling them. Bitcoin transaction fees are minimal, or in some cases free.
3.Central governments can’t take it away
Remember what happened in Cyprus in March 2013? The Central Bank wanted to take back uninsured deposits larger than $100,000 to help recapitalize itself, causing huge unrest in the local population. It originally wanted to take a percentage of deposits below that figure, eating directly into family savings. That can’t happen with bitcoin. Because the currency is decentralized, you own it. No central authority has control, and so a bank can’t take it away from you. For those who find their trust in the traditional banking system unravelling, that’s a big benefit.
4.There are no chargebacks
Once bitcoins have been sent, they’re gone. A person who has sent bitcoins cannot try to retrieve them without the recipient’s consent. This makes it difficult to commit the kind of fraud that we often see with credit cards, in which people make a purchase and then contact the credit card company to make a chargeback, effectively reversing the transaction.
5.People can’t steal your information from merchants
credit cards This is a big one. Most online purchases today are made via credit cards, but in the 1920s and ’30s, when the first precursors to credit cards appeared, the Internet hadn’t yet been conceived. Credit cards were never supposed to be used online and are insecure. Online forms require you to enter all your secret information (the credit card number, expiry date, and CSV number) into a web form. It’s hard to think of a less secure way to do online business. This is why credit card numbers keep being stolen. Bitcoin transactions, however, don’t require you to give up any secret information. Instead, they use two keys: a public key, and a private one. Anyone can see the public key (which is actually your bitcoin address), but your private key is secret. When you send a bitcoin, you ‘sign’ the transaction by combining your public and private keys together, and applying a mathematical function to them. This creates a certificate that proves the transaction came from you. As long as you don’t do anything silly like publishing your private key for everyone to see, you’re safe.
6.It isn’t inflationary
The problem with regular fiat currency is that governments can print as much of it as they like, and they frequently do. If there are not enough US dollars to pay off the national debt, then the Federal Reserve can simply print more. If the economy is sputtering, then the government can take newly created money and inject it into the economy, via a much-publicised process known as quantitative easing This causes the value of a currency to decrease. If you suddenly double the number of dollars in circulation, then that means there are two dollars where before there was only one. Someone who had been selling a chocolate bar for a dollar will have to double the price to make it worth the same as it was before, because a dollar suddenly has only half its value. This is called inflation, and it causes the price of goods and services to increase. Inflation can be difficult to control, and can decrease people’s buying power. Bitcoin was designed to have a maximum number of coins. Only 21 million will ever be created under the original specification. This means that after that, the number of bitcoins won’t grow, so inflation won’t be a problem. In fact, deflation – where the price of goods and services falls – is more likely in the bitcoin world.
7.It’s as private as you want it to be
Sometimes, we don’t want people knowing what we have purchased. Bitcoin is a relatively private currency. On the one hand, it is transparent – thanks to the block chain, everyone knows how much a particular bitcoin address holds in transactions. They know where those transactions came from, and where they’re sent. On the other hand, unlike conventional bank accounts, no one knows who holds a particular bitcoin address. It’s like having a clear plastic wallet with no visible owner. Everyone can look inside it, but no one knows whose it is. However, it’s worth pointing out that people who use bitcoin unwisely (such as always using the same bitcoin address, or combining coins from multiple addresses into a single address) risk making it easier to identify them online.
8.You don’t need to trust anyone else
In a conventional banking system, you have to trust people to handle your money properly along the way. You have to trust the bank, for example. You might have to trust a third-party payment processor. You’ll often have to trust the merchant too. These organizations demand important, sensitive pieces of information from you. Because bitcoin is entirely decentralized, you need trust no one when using it. When you send a transaction, it is digitally signed, and secure. An unknown miner will verify it, and then the transaction is completed. The merchant need not even know who you are, unless you’ve arranged to tell them.
9.You own it
There is no other electronic cash system in which your account isn’t owned by someone else. Take PayPal, for example: if the company decides for some reason that your account has been misused, it has the power to freeze all of the assets held in the account, without consulting you. It is then up to you to jump through whatever hoops are necessary to get it cleared, so that you can access your funds. With bitcoin, you own the private key and the corresponding public key that makes up a bitcoin address. No one can take that away from you (unless you lose it yourself, or host it with a web-based wallet service that loses it for you).
10.You can create your own money
In spite of the amazing advances in home office colour printing technology, most national governments take a fairly dim view of you producing your own money. With bitcoin, however, it is encouraged. You can certainly buy bitcoins on the open market, but you can also mine your own if you have enough computing power. After covering your initial investment in equipment and electricity, mining bitcoins is simply a case of leaving the machine switched on, and the software running. And who wouldn’t like their computer to earn them money while they sleep?
source : http://www.coindesk.com/information/why-use-bitcoin/
1.It’s fast
When you pay a cheque from another bank into your bank, the bank will often hold that money for several days, because it can’t trust that the funds are really available. Similarly, international wire transfers can take a relatively long time. why use bitcoin Bitcoin transactions, however, are generally far faster. Transactions can be instantaneous if they are “zero-confirmation” transactions, meaning that the merchant takes on the risk of accepting a transaction that hasn’t yet been confirmed by the block chain. Or, they can take around 10 minutes if a merchant requires the transaction to be confirmed. That is far faster than any inter-bank transfer.
2.It’s cheap
What’s that you say? Your credit card transactions are instantaneous too? Well, that’s true. But your merchant (and possibly you) pay for that privilege. Some merchants will charge a fee for debit card transactions too, as they have to pay a ‘swipe fee’ for fulfilling them. Bitcoin transaction fees are minimal, or in some cases free.
3.Central governments can’t take it away
Remember what happened in Cyprus in March 2013? The Central Bank wanted to take back uninsured deposits larger than $100,000 to help recapitalize itself, causing huge unrest in the local population. It originally wanted to take a percentage of deposits below that figure, eating directly into family savings. That can’t happen with bitcoin. Because the currency is decentralized, you own it. No central authority has control, and so a bank can’t take it away from you. For those who find their trust in the traditional banking system unravelling, that’s a big benefit.
4.There are no chargebacks
Once bitcoins have been sent, they’re gone. A person who has sent bitcoins cannot try to retrieve them without the recipient’s consent. This makes it difficult to commit the kind of fraud that we often see with credit cards, in which people make a purchase and then contact the credit card company to make a chargeback, effectively reversing the transaction.
5.People can’t steal your information from merchants
credit cards This is a big one. Most online purchases today are made via credit cards, but in the 1920s and ’30s, when the first precursors to credit cards appeared, the Internet hadn’t yet been conceived. Credit cards were never supposed to be used online and are insecure. Online forms require you to enter all your secret information (the credit card number, expiry date, and CSV number) into a web form. It’s hard to think of a less secure way to do online business. This is why credit card numbers keep being stolen. Bitcoin transactions, however, don’t require you to give up any secret information. Instead, they use two keys: a public key, and a private one. Anyone can see the public key (which is actually your bitcoin address), but your private key is secret. When you send a bitcoin, you ‘sign’ the transaction by combining your public and private keys together, and applying a mathematical function to them. This creates a certificate that proves the transaction came from you. As long as you don’t do anything silly like publishing your private key for everyone to see, you’re safe.
6.It isn’t inflationary
The problem with regular fiat currency is that governments can print as much of it as they like, and they frequently do. If there are not enough US dollars to pay off the national debt, then the Federal Reserve can simply print more. If the economy is sputtering, then the government can take newly created money and inject it into the economy, via a much-publicised process known as quantitative easing This causes the value of a currency to decrease. If you suddenly double the number of dollars in circulation, then that means there are two dollars where before there was only one. Someone who had been selling a chocolate bar for a dollar will have to double the price to make it worth the same as it was before, because a dollar suddenly has only half its value. This is called inflation, and it causes the price of goods and services to increase. Inflation can be difficult to control, and can decrease people’s buying power. Bitcoin was designed to have a maximum number of coins. Only 21 million will ever be created under the original specification. This means that after that, the number of bitcoins won’t grow, so inflation won’t be a problem. In fact, deflation – where the price of goods and services falls – is more likely in the bitcoin world.
7.It’s as private as you want it to be
Sometimes, we don’t want people knowing what we have purchased. Bitcoin is a relatively private currency. On the one hand, it is transparent – thanks to the block chain, everyone knows how much a particular bitcoin address holds in transactions. They know where those transactions came from, and where they’re sent. On the other hand, unlike conventional bank accounts, no one knows who holds a particular bitcoin address. It’s like having a clear plastic wallet with no visible owner. Everyone can look inside it, but no one knows whose it is. However, it’s worth pointing out that people who use bitcoin unwisely (such as always using the same bitcoin address, or combining coins from multiple addresses into a single address) risk making it easier to identify them online.
8.You don’t need to trust anyone else
In a conventional banking system, you have to trust people to handle your money properly along the way. You have to trust the bank, for example. You might have to trust a third-party payment processor. You’ll often have to trust the merchant too. These organizations demand important, sensitive pieces of information from you. Because bitcoin is entirely decentralized, you need trust no one when using it. When you send a transaction, it is digitally signed, and secure. An unknown miner will verify it, and then the transaction is completed. The merchant need not even know who you are, unless you’ve arranged to tell them.
9.You own it
There is no other electronic cash system in which your account isn’t owned by someone else. Take PayPal, for example: if the company decides for some reason that your account has been misused, it has the power to freeze all of the assets held in the account, without consulting you. It is then up to you to jump through whatever hoops are necessary to get it cleared, so that you can access your funds. With bitcoin, you own the private key and the corresponding public key that makes up a bitcoin address. No one can take that away from you (unless you lose it yourself, or host it with a web-based wallet service that loses it for you).
10.You can create your own money
In spite of the amazing advances in home office colour printing technology, most national governments take a fairly dim view of you producing your own money. With bitcoin, however, it is encouraged. You can certainly buy bitcoins on the open market, but you can also mine your own if you have enough computing power. After covering your initial investment in equipment and electricity, mining bitcoins is simply a case of leaving the machine switched on, and the software running. And who wouldn’t like their computer to earn them money while they sleep?
source : http://www.coindesk.com/information/why-use-bitcoin/
Quote
We already have money. Why do we need Bitcoin??
THEY have money, we don't. We have Bitcoin.
We already have Bitcoin. Why do we need money?
good question. to buy stuff at Publix
We already have Bitcoin. Why do we need money?
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
Why do we need bitcoin? Well having the ability to send any amount of money for free (almost) to anywhere quickly and safe.
Free! How.... I wanna know this. Would have helped a lot with my payment to china, 3 weeks on the xfer might be resolved in the next few days. Cost $25usd
How? You simply send coins. Learn bitcoin basics my friend.
AHHH I misread the post, my bad I completely agree with original poster.
the original poster is a stoned fool.
Why do we need bitcoin? Well having the ability to send any amount of money for free (almost) to anywhere quickly and safe.
Free! How.... I wanna know this. Would have helped a lot with my payment to china, 3 weeks on the xfer might be resolved in the next few days. Cost $25usd
How? You simply send coins. Learn bitcoin basics my friend.
AHHH I misread the post, my bad I completely agree with original poster.
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
Why do we need bitcoin? Well having the ability to send any amount of money for free (almost) to anywhere quickly and safe.
Free! How.... I wanna know this. Would have helped a lot with my payment to china, 3 weeks on the xfer might be resolved in the next few days. Cost $25usd
How? You simply send coins. Learn bitcoin basics my friend.
The reason Bitcoin is needed is because we need good money.
With dollars you are funding a lot of bad stuff, like wars, invasions, and it is money that you do not control.
With Bitcoins the rules of the game are clearly defined.
It is about freedom to do things better.
Also is depends if you believe if money should be based on debt or not.
Also you are standing to the man and telling him you can do things better not only with words but with action, and I think he is beginning to learn to listen.
Also if we compare to what the US constitution defines as money neither the dollar or bitcoin comply, but at least bitcoin comes closer it terms of compliance.
With dollars you are funding a lot of bad stuff, like wars, invasions, and it is money that you do not control.
With Bitcoins the rules of the game are clearly defined.
It is about freedom to do things better.
Also is depends if you believe if money should be based on debt or not.
Also you are standing to the man and telling him you can do things better not only with words but with action, and I think he is beginning to learn to listen.
Also if we compare to what the US constitution defines as money neither the dollar or bitcoin comply, but at least bitcoin comes closer it terms of compliance.
This is it. Money is not debt.
Why do we need bitcoin? Well having the ability to send any amount of money for free (almost) to anywhere quickly and safe.
Free! How.... I wanna know this. Would have helped a lot with my payment to china, 3 weeks on the xfer might be resolved in the next few days. Cost $25usd
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