Topic: What bitcoin is for you ? - page 5. (Read 3636 times)

A technology.

Bitcoin is a protocol that establishes for the first time a historic record of events that can not be modified, removed or accidentally destroyed.

A highly efficient money.

I can send value denominated in bitcoin across the world quickly and free.

A way to hopefully take back some of the control that the federal reserve has, and hopefully make a little money along the way.

This above. Exactly.

I was a follower of Peter Schiff for many years and I was listening to his warnings of where things were headed in 2006-2007.

A couple of weeks before the banking crisis in 2008 I decided that I wanted to withdraw a decent chunk of my bank balance, to keep as cash in a safety deposit box, instead of on the bank account.

I felt that in a banking crisis the most likely scenario would be that the government (and banks) would simply put a limit on withdrawals to avoid a total collapse, (which proved to be true in Cyprus recently).

Anyway, as I requested the withdrawal, (and gave the 5-day notice that my bank requests), they pretty much refused to allow me to withdraw my own money from my own account!

I was infuriated!

They were not only asking questions as to why I would need that sort of money, since it was a "larger than normal" withdrawal, (which I explained with the truth, that I was concerned about a bank run), but they also said:

"We no longer deal with larger cash transactions. Anything over a couple of thousand is very suspicious and we will need to report you to the financial authorities for even asking to do this withdrawal."

In the end I got my money out, (after numerous angry phone calls to two managers, and several days waiting beyond the normal 5 days), but not only did I have to pay a hefty fee of 2% but they made me feel like a criminal for even asking to withdraw my own money!

After that experience, (and a couple of other bad experiences) I have always been interested in alternatives to the banks. Then a few years later I learned about Bitcoin.

If you don't yet know how the banking system really works, go and watch this video right now! http://youtu.be/jqvKjsIxT_8

At the moment I'm just using it go gain some money.
I like how it works though and I can really see a future
with it, hopefully the interest will keep rising and one day
it might just be the next monetary system!

I like voting stats



1st place "Next monetary system +12"

This is what indeed bitcoin is!

we are very idiot if bitcoin can't replace credit card and bank (positif) account ... that my view.
in actual situation, the banks only take 10% of the money that i win ... and "sell" 90% with interest.

it's a mafia system.
bitcoin solve this immediatly.

For me BTC is just a great cryptocurrency.

:]

Realy great!

Decentralized payment system. No more you have to ask middleman or authority if you can transfer wealth and telling what reason you doing the transfer for. Simply more freedoom, payment system of future without the need to trust authority

Its an opportunity for me to be a part of something special...Innovation!

Digital anarchy!!!

OP to begin with you have a lot of incompatible concepts that you are relating and comparing.

You should read up a bit on what bitcoin and bitcoin mining is.

You should also do a $10000 bank transfer and then send $10000 worth of btc to some address.

Tell me in which case are you more satisfied.

P.S - Yes, bank transfers can be anonymous ... if you own the bank and the country it's in.

Financial freedom. The ability to store and transfer value without asking for help from a middleman or permission from an authority.

I'm just asking this question for myself but can't really reply. It is more related to "mining" in fact. But I think it's similar, because without mining and THash, the system would not work...

I would like to rely on the philosophy, but I think that the system is not well balanced. I mean that, who have the bigger, have the more. And the pool seems to be more like a group of selfish people that run for money than a group of people that share the same concept.

What if pools apply an equivalent distribution of bitcoin between each members ? Why not ?

I can't get the difference between having gold (metal) and having TH/s "at home" ? Where is it better than a banking system ? (security is not an argument, banking system has a pretty good security level) (anonymity is not really an argument because banking system can be anonymous) (avoiding taxes, I prefer some people to work with and having nice gardens in my city)

I believe also that the "legacy" currency system is bullshit and built on the interests of some people more than the interest of a civilisation. And I really, really hope there can be an opportunity to have a money that is not built on raw material but on a common will.

It's very naive and conceptual but your response interest me.