How many times have you heard about credit card numbers and other customer information being compromised after merchants' servers were infiltrated by hackers?
Bitcoins greatly reduce identity theft and allow for greater privacy, because no personally identifiable information (PII) needs to be disclosed in order to prove that the funds belong to you--only the private key is required.
They're also immune to capital controls and free of price suppression in the futures markets. Also, there are no banking holidays on the Bitcoin network. Did you happen to hear what occured to some of the bank accounts in Cyprus just a few weeks ago?
Topic: What real world problem does bitcoin solve? (Read 1807 times)
Holding dollars supports a Federal Reserve that encourages wars and deficit spending.
Holding bitcoins supports people with fast computers.
Holding bitcoins supports people with fast computers.
Hashrate distribution.
How about allowing people to tip or donate money to anyone in the world for no fees?
scenario One want to move abroad?
step one. spend your life savings on bitcoin.
step two. book a flight as if you only going abroad for the weekend.
step three. get on a plane with just a carry on bag with just a pair of shorts, shirt and underpants (no suitcase of cash)
step four. check out the localbitcoin people at your destination and cash out in local currency.
now these are the problems you have avoided.
1. the customs thinking your 3 day vacation is a permanent move due to lack of credit cards in your pocket or suitcases of cash.
2. customs seizing any suitcases of money/credit cards.
step one. spend your life savings on bitcoin.
step two. book a flight as if you only going abroad for the weekend.
step three. get on a plane with just a carry on bag with just a pair of shorts, shirt and underpants (no suitcase of cash)
step four. check out the localbitcoin people at your destination and cash out in local currency.
now these are the problems you have avoided.
1. the customs thinking your 3 day vacation is a permanent move due to lack of credit cards in your pocket or suitcases of cash.
2. customs seizing any suitcases of money/credit cards.
Why would you need to do that exactly? Why not just wire the money to the country you're moving to? You've saved yourself a grand total of about $35 by avoiding that wire.
Quote
scenario Two you find out your wife is speaking to a divorce lawyer
step one. spend your life savings (except $£200 which you leave in the account) on bitcoins
step two. show the lawyers your £$200 and tell her she can have half.
step one. spend your life savings (except $£200 which you leave in the account) on bitcoins
step two. show the lawyers your £$200 and tell her she can have half.
I have an equally naive idea: I'll withdraw my life savings into cash, and claim it was all gambled away. It's perfect! Nobody could possibly figure out what I've done.
*facepalm*
scenario One want to move abroad?
step one. spend your life savings on bitcoin.
step two. book a flight as if you only going abroad for the weekend.
step three. get on a plane with just a carry on bag with just a pair of shorts, shirt and underpants (no suitcase of cash)
step four. check out the localbitcoin people at your destination and cash out in local currency.
now these are the problems you have avoided.
1. the customs thinking your 3 day vacation is a permanent move due to lack of credit cards in your pocket or suitcases of cash.
2. customs seizing any suitcases of money/credit cards.
scenario Two you find out your wife is speaking to a divorce lawyer
step one. spend your life savings (except $£200 which you leave in the account) on bitcoins
step two. show the lawyers your £$200 and tell her she can have half.
step three. enjoy the freedom of being single with your life savings still intact.
step four. if she gets the house, wait for the paperwork to be signed into her name.
step five. call in a bulldozer to HER address the following day(paid in bitcoin so no money trail)
step one. spend your life savings on bitcoin.
step two. book a flight as if you only going abroad for the weekend.
step three. get on a plane with just a carry on bag with just a pair of shorts, shirt and underpants (no suitcase of cash)
step four. check out the localbitcoin people at your destination and cash out in local currency.
now these are the problems you have avoided.
1. the customs thinking your 3 day vacation is a permanent move due to lack of credit cards in your pocket or suitcases of cash.
2. customs seizing any suitcases of money/credit cards.
scenario Two you find out your wife is speaking to a divorce lawyer
step one. spend your life savings (except $£200 which you leave in the account) on bitcoins
step two. show the lawyers your £$200 and tell her she can have half.
step three. enjoy the freedom of being single with your life savings still intact.
step four. if she gets the house, wait for the paperwork to be signed into her name.
step five. call in a bulldozer to HER address the following day(paid in bitcoin so no money trail)
Quote
As cliche as it sounds, it's nice to be in control of your own money.
Bitcoin doesn't promote illegal activities any more than US dollars do- it's just an efficient monetary system which happens to benefit both legal and illegal activities, similar to the Internet.
Bitcoin doesn't promote illegal activities any more than US dollars do- it's just an efficient monetary system which happens to benefit both legal and illegal activities, similar to the Internet.
Well said, the most important points.
Moving money with bitcoin takes about an hour for 6 automatic confirmations via the miners and isn't subject to any sort of review; if you have the money, you can send it wherever you want.
Moving money with ACH (bank transfer) takes 3-4 business days and is subject to review by the banks, government, who even knows, etc. You can send your money if the 3rd parties decide to let you. Usually it works out but why should you be subject to someone else's rules when you're moving your own money?
I spent the past few days trying to get access to USD in my PayPal account that PayPal locked because they didn't like what I was selling. (mining hardware)
Sure, I have it now but I don't like the idea of having to fight to regain control of my own money. (this is a whole different topic though, haha)
As cliche as it sounds, it's nice to be in control of your own money.
Bitcoin doesn't promote illegal activities any more than US dollars do- it's just an efficient monetary system which happens to benefit both legal and illegal activities, similar to the Internet.
Moving money with ACH (bank transfer) takes 3-4 business days and is subject to review by the banks, government, who even knows, etc. You can send your money if the 3rd parties decide to let you. Usually it works out but why should you be subject to someone else's rules when you're moving your own money?
I spent the past few days trying to get access to USD in my PayPal account that PayPal locked because they didn't like what I was selling. (mining hardware)
Sure, I have it now but I don't like the idea of having to fight to regain control of my own money. (this is a whole different topic though, haha)
As cliche as it sounds, it's nice to be in control of your own money.
Bitcoin doesn't promote illegal activities any more than US dollars do- it's just an efficient monetary system which happens to benefit both legal and illegal activities, similar to the Internet.
What legitimate real world problems does Bitcoin solve? Here is what comes to mind:
- It practically eliminates transaction fees (as opposed to Credit Card, Paypal, or Bank Transfers)
- It enables international transactions within minutes, instead of days
- It enables micro transactions (due to the insignificant fees, and strong divisibility)
- It protects against unjustified freeze of funds / accounts (as opposed to with PayPal for instance)
- It mitigates currency conversion costs (when not converted to Fiat currency)
- It eliminates all middlemen between the sender and recipient (hence the reduction of cost and time)
- It prevents chargebacks for businesses (and hence the cost of goods can be lower, and less hassle for the customer to prove their identity before making a purchase for high risk goods such as gift cards)
- It is trusted more than government currency, because it is owned by the people
- It allows for easy payments (e.g. with a mobile phone and a QR code)
- You can transfer money around the clock, and even on public holidays
- It attracts new customers for businesses, customers that own and prefer to pay in Bitcoin
- At the moment, accepting Bitcoin means news coverage, and therefore free marketing for businesses
- It allows for some level of transparency because the blockchain is public, hence solving a trust problem, e.g. businesses like satoshi dice can prove that they payout what they claim to payout
- It is the most secure way to store value, if it is stored right
- It doesn't loose value do to unpredictable inflation (i.e. printing of money, quantitative easing)
- It allows for easier and more customized integration as a payment system for businesses than traditional payment systems, due to it's open source nature
Did I forget anything?
- It practically eliminates transaction fees (as opposed to Credit Card, Paypal, or Bank Transfers)
- It enables international transactions within minutes, instead of days
- It enables micro transactions (due to the insignificant fees, and strong divisibility)
- It protects against unjustified freeze of funds / accounts (as opposed to with PayPal for instance)
- It mitigates currency conversion costs (when not converted to Fiat currency)
- It eliminates all middlemen between the sender and recipient (hence the reduction of cost and time)
- It prevents chargebacks for businesses (and hence the cost of goods can be lower, and less hassle for the customer to prove their identity before making a purchase for high risk goods such as gift cards)
- It is trusted more than government currency, because it is owned by the people
- It allows for easy payments (e.g. with a mobile phone and a QR code)
- You can transfer money around the clock, and even on public holidays
- It attracts new customers for businesses, customers that own and prefer to pay in Bitcoin
- At the moment, accepting Bitcoin means news coverage, and therefore free marketing for businesses
- It allows for some level of transparency because the blockchain is public, hence solving a trust problem, e.g. businesses like satoshi dice can prove that they payout what they claim to payout
- It is the most secure way to store value, if it is stored right
- It doesn't loose value do to unpredictable inflation (i.e. printing of money, quantitative easing)
- It allows for easier and more customized integration as a payment system for businesses than traditional payment systems, due to it's open source nature
Did I forget anything?
- Bitcoin is borderless: breaks down trade barriers between, for instance, the West and Africa
- You do not need a bank account to keep your savings (this helps people in undeveloped countries to build savings without access to banks)
- Pledged payments: if for example 100 BTC is pledged by a group of users, then the transaction is broadcast (nice feature for Kickstarter, Indiegogo, FundedByMe.com etc.)
- 2-out-of-3 escrow payments without human involvement
- You can backup your savings! Bitcoins don't get lost in a fire. If your house burns down then your paper $$ stash is gone, but your Bitcoins are "safe" in Google Drive and Dropbox
- Pay a "Domino's Pizza Drone' with Bitcoins and it'll fly your pizza to your 5th floor appartment window - no handling credit cards, no cash, just perfect
i'm glad that the op had something to "contribute"
What legitimate real world problems does Bitcoin solve? Here is what comes to mind:
- It practically eliminates transaction fees (as opposed to Credit Card, Paypal, or Bank Transfers)
- It enables international transactions within minutes, instead of days
- It enables micro transactions (due to the insignificant fees, and strong divisibility)
- It protects against unjustified freeze of funds / accounts (as opposed to with PayPal for instance)
- It mitigates currency conversion costs (when not converted to Fiat currency)
- It eliminates all middlemen between the sender and recipient (hence the reduction of cost and time)
- It prevents chargebacks for businesses (and hence the cost of goods can be lower, and less hassle for the customer to prove their identity before making a purchase for high risk goods such as gift cards)
- It is trusted more than government currency, because it is owned by the people
- It allows for easy payments (e.g. with a mobile phone and a QR code)
- You can transfer money around the clock, and even on public holidays
- It attracts new customers for businesses, customers that own and prefer to pay in Bitcoin
- At the moment, accepting Bitcoin means news coverage, and therefore free marketing for businesses
- It allows for some level of transparency because the blockchain is public, hence solving a trust problem, e.g. businesses like satoshi dice can prove that they payout what they claim to payout
- It is the most secure way to store value, if it is stored right
- It doesn't loose value do to unpredictable inflation (i.e. printing of money, quantitative easing)
- It allows for easier and more customized integration as a payment system for businesses than traditional payment systems, due to it's open source nature
Did I forget anything?
- It practically eliminates transaction fees (as opposed to Credit Card, Paypal, or Bank Transfers)
- It enables international transactions within minutes, instead of days
- It enables micro transactions (due to the insignificant fees, and strong divisibility)
- It protects against unjustified freeze of funds / accounts (as opposed to with PayPal for instance)
- It mitigates currency conversion costs (when not converted to Fiat currency)
- It eliminates all middlemen between the sender and recipient (hence the reduction of cost and time)
- It prevents chargebacks for businesses (and hence the cost of goods can be lower, and less hassle for the customer to prove their identity before making a purchase for high risk goods such as gift cards)
- It is trusted more than government currency, because it is owned by the people
- It allows for easy payments (e.g. with a mobile phone and a QR code)
- You can transfer money around the clock, and even on public holidays
- It attracts new customers for businesses, customers that own and prefer to pay in Bitcoin
- At the moment, accepting Bitcoin means news coverage, and therefore free marketing for businesses
- It allows for some level of transparency because the blockchain is public, hence solving a trust problem, e.g. businesses like satoshi dice can prove that they payout what they claim to payout
- It is the most secure way to store value, if it is stored right
- It doesn't loose value do to unpredictable inflation (i.e. printing of money, quantitative easing)
- It allows for easier and more customized integration as a payment system for businesses than traditional payment systems, due to it's open source nature
Did I forget anything?
The dangers of a world currency (USD) being dominated by a very small group of extremely rich people is much greater than any of the things you list.
True but an extremely volatile currency doesnt really solve this.
Living on BTC would be more safe without any hassle.
Yeah maybe it doesn't solve any clear problem like GOLD or Oil or any other shit but
it's doing a lot!
Yeah maybe it doesn't solve any clear problem like GOLD or Oil or any other shit but
it's doing a lot!
Bitcoin doesn't solve any real world problems
It is better to remain silent and be thought a fool, than to open your mouth and remove all doubt . -- George Eliot
I sent dollars from the U.S. to Russia. It took 7 days and cost $65.
I sent the money back as BTC, and it took one hour and cost $0.10.
Bitcoin protects competent users against seizure.
Priceless in today's world.
Priceless in today's world.
The dangers of a world currency (USD) being dominated by a very small group of extremely rich people is much greater than any of the things you list.
Naturally an opinion is usually correct 99% of the time
Bitcoin doesn't solve any real world problems
Except:
Dealing in drugs
Laundering money
Evade taxation
Naturally, bitcoin will only be used in practice for the above
Anyone here studying criminal law: do your master thesis on Bitcoin, investigate about the economy of Bitcoin. A+ grade in your pocket
Except:
Dealing in drugs
Laundering money
Evade taxation
Naturally, bitcoin will only be used in practice for the above
Anyone here studying criminal law: do your master thesis on Bitcoin, investigate about the economy of Bitcoin. A+ grade in your pocket
Jump to: