Topic: What are the 10 best things about Bitcoin for YOU? (Read 1763 times)

So I've spent a couple hours on this today. Got the basic ideas for the first 6 facts I'm thinking of based on everyone's thoughts.

Let me know what you think & what else you'd include for the last 4.

Tom



10BitcoinFacts.com

1. Bitcoin is powerful.


The Bitcoin network has more processing power than the top 500 supercomputers...combined. It’s processing power (on XX XX 201X) was XX. That is XXX% more powerful than the Intel Core i5 chip you find in the Macbook Air. It’s got that big and powerful because of the number of people that support it - this site will give you a little insight into why they do.

2. Bitcoin helps charities.



One of the big benefits of Bitcoin is that transaction fees are virtually nothing. We’re talking less than a dollar to transfer thousands of dollars. If you make a donation to Save The Children using your Visa card, a small percentage will go to Visa as payment for them processing the transaction. These charges add up to millions of dollars every year which would still be in the charity’s bank account if they had used Bitcoin.


Using Bitcoin could help XXX,000 children get an education, get XX,000 anti malarial medicine, or fund X,000 treatments of the latest cancer drugs.

3. Bitcoin helps businesses.

Some people say that businesses can’t take advantage of the benefits of Bitcoin because the currency is so volatile. Fortunately for businesses, that isn’t true. 



Hundreds of retailers already accept Bitcoin and more and more are signing up every day. They use companies like BitPay.com to instantly exchange Bitcoins back into dollars when a customer makes a purchase so that there is no chance of losing out on the exchange rate.



Sites like BitPay.com work by automatically updating the Bitcoin price customers see on your website based on the current exchange rate. This means that if your product retails for $100, you are always charging the Bitcoin equivalent of $100. This kind of real-time exchanging means you have no risks. You won’t have any chargebacks (they don’t exist in Bitcoin), you will hardly pay any transaction fees, and you won’t ever lose out on currency conversion.

4. Bitcoin isn’t a currency for criminals.

Bitcoin has an undeserved - but understandable - reputation for being linked to crime. This is largely because of the Silk Road, a notorious web bazaar where you could buy pretty much any illegal drug you wanted. Silk Road accepted Bitcoin and contributed to the growth of the currency in its early days.

Fortunately, the Silk Road was shut down by the FBI recently and it’s suspected owner and founder is currently awaiting trial.

If you want to talk about a currency that has links to crime, look no further than the bank notes you have in your wallet. It is thought that every £20 note in the UK has traces of cocaine on it and United States Dollars are found in almost every war zone being exchanged for weapons that have, and will continue, to take countless lives.

The point is that its not the currency that is criminal, it’s how people use it. And the vast majority of the Bitcoin community are not criminals and they aren’t using Bitcoin to buy drugs or weapons. They are people like you and I who have found something that they think is going to change the world. Bitcoin isn’t a currency for criminals, it’s a currency for the global community.

5) Bitcoin is not your traditional top-down currency, it’s a community.

Over the last decade we have seen a complete change in the way communities form (think social media) and Bitcoin is a great example of this. This website, for example, was a community effort: lots of people contributed to the ideas and the text that you are reading now.

This is one of the best things about Bitcoin, because it means that people from all over the world, from all walks of life, contribute to the success of a technology that can benefit everyone. Bitcoin is a global community.

6) Bitcoin transfers money around the world in an hour.

When you tell your bank to transfer money to a bank account from another country it usually takes a couple of days for it to arrive. When you send Bitcoins to someone, they have those funds confirmed in their wallet within an hour. It doesn’t matter where in the world they are, it only takes an hour.

Not going to lie... I have no idea what you are trying to say...

Bitcoin demands that you sell, not your weakness to men's stupidity, but your talent to their reason.

Many thanks for everyone's responses - some great ideas in there that I'm definitely going to take forward.

I'm going to spend some time on this this weekend and hopefully draft up a first round of the 10 facts as well as some ideas on how to present them. Will post it all up here when it's ready.

Tom

And being part of that movement and be a
Part of that big experiment. Exiting.

And steal some power from the banks is a nice part.

lol Nice!

1-10) Trying to profit but now trying to break-even.

1. The potential to increase my buying power by being a semi-early adopter (like the very-early adopters already did)

2. The ability to invest in projects unavailable to fiat holders.

3. Security from banks confiscating my money.

4. Having money (bitcoins) available to me across borders without having to open up new bank accounts or paying fees.

5. Much faster transactions. I became aware of what an impact this actually has yesterday when I had to wait 36 hours for my fiat to arrive. With bitcoin, it's almost instant. Using fiat bank transfer felt like going back to the stone age.

6. Freedom of choice. Bitcoin provides true democratization of capital. You want to buy something that your government doesn't approve of? You can. The only thing that determines if something should be bought and sold or not is supply and demand. That's what a democracy is. This of course means that bad things will exist as well, but IMO making something illegal will not make it disappear - only go underground. Making it publicly available and visible on the other hand will allow people to make up their own mind and educate themselves. Do you want the world to become a better place? Than education is key, but also treating people like adults that can think for themselves, not tying their hands by "controlling" things. Allowing funds to flow freely, and instead focusing more on education, can IMO eliminate many problems that we see today. Bitcoin can allow the human consciousness to grow and mature faster.

7. Responsibility. Some may see this as a bad thing, but being responsible for the use of and security of my wallet and not leaving it up to some centralized entity goes along the same line as #6. It's up to me to keep my bitcoins secure, which gets me more involved in my own finances than fiat does. This in turn helps me grow as a person.

8. Allowing ideas to become reality. Bitcoin isn't just a currency.. it's not just a programmable currency. It's a protocol, a base layer for other things to be added upon.. just like HTTP. When people realize just how much potential this has for innovation, I think their minds will be blown. More education is needed on this subject. I don't think 90% of people understand this at all.

9. Identity. Most people seem to want anonymity. That's fine, but an address can also be used to identify someone, if that person wants it to (once again, freedom of choice) - and maybe devices like Trezor will allow proof of ID in the future. Maybe your bitcoin address will be able to act as an unfalsifiable passport?

10. Excitement for the future. Fiat doesn't bring me any excitement at all, only fear and uncertainty. While bitcoin isn't exactly stable or guaranteed to succeed - it does have huge potential. And that is exciting.

personal use:
1 ) compared to buying stocks and shares, less fee's per trade
2 ) compared to wire transfer to foreign country, its faster
3 ) compared to wire transfer to foreign country, cheaper then banking currency transfer fee's
4 ) its like having an extra bank account without having to go through the bank paperwork

business use:
5 ) setting up a payment gateway for customer without having to signup and pay for a card processing merchant account
6 ) no monthly maintenance fee's to worry about
7 ) no chargebacks
8 ) no fee's related to chargebacks, refunds or payments (except the 0.0001 bitcoin client fee)
9 ) holding the coins short term can increase profit if timed right. but more profitable/less riskier the longer you hold them.
10 ) silk road is now dead, so businesses and customers wont see as much drug taint/propoganda in the future

I like the educational aspect of a revolutionary technology.  When the geeks explained the "Proof of Work" problem, hashing and the Elliptic Curve Cryptography and math/computer science behind Bitcoin I saw a reason for all the bullshit math they tried to teach us in high school.  It's inspiring to learn about the complexities of the systems.

http://www.youtube.com/watch?v=Lx9zgZCMqXE

http://www.youtube.com/watch?v=JszfLU4ysEM

I like the idea that Bitcoin at least in theory could provide financial anonymity to citizens once again as it was enjoyed back in the cash days.  Obtaining this anonymity through the proper use of Bitcoin seems like something the government is very much against.  The fact that I am afraid to use Bitcoin to help me regain financial anonymity and thus getting on the bad side of the government shows how flawed our society is.  Bitcoin is beneficial to me, because I am scared the government will try to attack it and the government will attack those of us who want to be financially free.  That is a scary thought.  Bitcoin makes me face that.

I also find Bitcoin beneficial at exposing what side people are on.  There are those who promote freedom and personal empowerment who are for it.  Then there are those who are trying to keep things the way they are and accuse Bitcoin of being predominantly a tool for criminals.  Everything they say about Bitcoin could have been said about the www, the printing press, moving to the USA, science etc etc.  It's funny to see who is motivated by fear.

I really hope that if Bitcoin takes off, the Banks and the government has to beg us for money, consent and permission to serve us rather than just tax us, take our liberties and push us around.  I think Bitcoin is beneficial because it has the potential to shift the power back to citizens.

Best things about Bitcoin? Being part of a revolutionary currency.

The main benefit in my eyes is a decentralized currency, free from the tyranny of government, or the control of corporations. It is the freedom that Bitcoin represents.

This doesn't extend only to people who choose bitcoin for political reasons, but the "unbanked" as well. Another aspect I think is important is that it has created a new economy: businesses, services, and products are springing up in the market place to fill the needs of the Bitcoin economy. This means opportunity for a lot of people.

There are a lot of online retailers opening up and accepting Bitcoin now.

https://www.bitcoinstore.com/ being one example where you can buy laptops etc.

Some people have started accepting Bitcoin offline in coffee shops, pubs etc.

With the Bitcoin ATM's in use (or coming soon?) it will be easier for the general public to start using them.

fun to explore cutting edge technology

playing gambling and have fun nothing more

Good idea. Good luck with this project

If you needed to learn how to install a window, you're not doing the mining thing right

Buy drugs FTW.

1) Learned how to buy computer parts and put them together.
2) Learned how to install window.
3) Learned how not to burn my house with too much energy usage.

So I've been meaning to contribute something a little more substantial to the bitcoin community than just my random interjections on these forums.

Tonight I got round to buying 10bitcoinfacts.com; I'm looking to build a visual site that explains, using easy to understand language and lots of imagery, the top 10 ways that bitcoin is beneficial. In short, I want to build a site that will make bitcoin that little bit more accessible to potential new users/advocates and contributes to the arguments for wider uptake.

I've jotted down a few of my ideas on the subject and I'm massively focusing on giving real-world examples to make the content resonate. I want to show people that THEY can benefit from bitcoin directly and show them how.

I thought I'd reach out to the community to see if anyone has any real world examples of how bitcoin has helped YOU in some way, sense or form. After all, nothing beats real real-world examples!

Tom

(P.S. No, making shitloads of cash is not the kind of example I'm after...)