Topic: Why do you use Bitcoin? A report to determine it's competitive advantages. (Read 2598 times)

At the moment i am using bitcoin to hold, to stay safe in a place, but i used bitcoin mostly for digital stuff, but always wanted to order something real goods but that day i hope will come soon.

I just use it as an investment.

currently I only use the Bitcoin as an investment vehicle but not to make the purchases.  but when I must, i sometimes use the bitcoin. another reason for using the bitcoin is its decentralized form, by that I can use it wherever I am, cause no government owns it and therefore no taxes. Also its high potential to take over the world is a great determinant,. i love being part of change

about the less scams part. I think you can not really sure about that without a escrow service. Without it there will be a lot of scams as bitcoin is untracable and unrecoverable

I think of bitcoin as a sort of currency. I buy things with it, and if the price goes up, I'm happy. Everything becomes cheaper for me. Bitcoin has a fraction-of-a-cent TX fee, as compared to western union's $5 TX fee, and its safe than PayPal, sure to its decentralization. And also less scams, as there is no bitcoin chargeback.

For one the speed is really good offcourse, but let's face it.

Everybody likes cheap and the fees are therefore the reason i use it and keep using it.

How is the research coming along?

I'm curious about your focus on 'dematerialization' -- there is a specific economic definition of the term
https://en.wikipedia.org/wiki/Dematerialization_(economics) (i.e. doing more with less)
as well as securities-related definition:
https://en.wikipedia.org/wiki/Dematerialization_(securities) (move from paper to in ledger bookkeeping)

Could you please tell us more about the nature of your research and what you hope to achieve?

Best of luck.

For sure the main reason for people to get into bitcoin will be the Low Transaction Fees, while others choose privacy. But that's not the best in my perception.

The best reason to use bitcoin is because you controll it. No bank who can devalue your currency, no bank who can run away with your money (Cyprus), just own it and nobody can touch it (if you protect it offcourse).

Anonymity and Less transaction fees.
in future there will be a day when I can buy anything and everything with BitcoinBTC

I have to I use it mainly to make money Besides that I can buy a lot of things without paying a lot of TX fees as well as not have to wait for ages

No government has control over it, only demand and supply can change the value of Bitcoin. paper currencies can be printed without any limits. Ease of use is the another reason why I prefer Bitcoin.

I voted anonymity. I want to be able to buy something without having to give a copy of my ID, get finger scanned, give a DNA probe. Bitcoin allows me to pay fast and anonymous.

Scarcity and near-instant transactions are also considered a prime reason for bitcoin's most highlighted advantages, that's amazing. I have always liked bitcoin for respecting privacy and maintaining anonymity. Of course there are a lot of advantages, all that pros and cons whatever, but I support it mainly for the idea of a decentralized currency, the digitization of an analog world.

Interesting thoughts from all of you.

What we can say for sure is that Bitcoin has various appealing advantages. Or that at least the perception of these advantages are very different.

Closing the poll in a few days. My report will be submited in early september, i will post some results here if there is interest.


Vote vote vote

I use it as investment and earning. A mixture of hold,trade and lending.

Autonomy again. Thanks.

Ease of access, constant availability and low transaction fees are my 3 picks. This is where Bitcoin would beat by far Fiat and this is why Bitcoin will survive and be competitive in the future. My money should be there when I want it and I should be able to spend it when and how I want it. About the transaction fees I don't even wanna spend words, we all know that current banking fees are outrageous.

I am not saying Bitcoin doesn't have drawbacks at the moment, but we are all here working hard to iron all these drawbacks.

What I see people essentially saying in this thread is that Bitcoin is autonomous. They can get access to it, spend as anonymously as they take the care to obscure their IP address, and use it without any permission or without obtaining any account with some authority. In short, permission-less commerce (do what you like, no big brother with his dick up your ass!). Most of the terms above fall under the "autonomy" umbrella taxonomy.

In my case, I don't have a utility bill matching my current address because I rent. And so I can't comply with the asinine Patriot Act KYC identification requirements that exchanges and financial institutions impose. So no worries, I just go place a buy order on localbitcoins, then go deposit some cash in a local bank and I get the BTC released an hour or so later.

Later as the bankrupted Western governments start to limit more how much money you can get out per day from your ATM account (e.g. Greece is an example of what is coming to every Western nation because they are all broke), then if you are holding crypto-currency you can sidestep these restrictions.

However, do note that Bitcoin is not reliably anonymous (unless you are for example connecting via a unregistered, public WiFi connection) as your IP address can be traced back to your identity (and Tor and I2P don't really stop the national security agencies from tracking your identity on the block chain) and so the authorities will one day in the future be clawing back against you prosecuting you for violating their regulations by using Bitcoin.

This is why I (formerly username AnonyMint since 2013) support the development of altcoins with more robust built in anonymity. Many users will not appreciate the need for this until later when so many Bitcoin users are being busted for past activity all stored on the block chain.

Low transaction fees and easy of access.
For me it's much easier and faster to get some Bitcoins than it is to get money on my Paypal account.

I do not own a credit card, so that might have something to do with it