Why dump traditional payment options for Bitcoin?

Kprawn

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I am not going to edit or change the first post, because it's been quoted too many times and people might think that I want to change my

initial view after reading all of these comments. Wink

... Some of them have merit, and some of them stink. Grin

... The ones I likes the most,

has to be :

~ increased privacy
~ No Chargebacks
~ Lower setup cost for merchants
~ It's Open Source { decreased risk for malicious code and backdoors }
~ Alternative uses eg. Smart contracts / Store of value / Investment vehicle.
~ Hassle Free { No verification or KYC/AML regulations }

Let's add more reasons for 1st world country users to dump traditional payment methods and to swap to Bitcoin. We are literally a Bitcoin

Think tank at this moment. Grin

... This is good.

krishna1

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its only because bitcoin is far more better than any other payment system and it is not just another payment method but it has a whole new technique to store and transact the money or so called numerical values (in programmincal language) it even has a public and private key feature which is not seen anywhere and its really and unique feature

amacar2

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We can also add some of benefits while accepting bitcoin for merchants;
1. very low transaction fee while accepting bitcoin payments than usual card payments
2. no problem of chargebacks
4. Also no any heavy expensive POS device is needed, you mobile / desktop bitcoin wallet can make you accept bitcoin easily

clickerz

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Quote from: BitcoinHodler on October 18, 2016, 10:22:37 AM

i obviously agree that bitcoin as a payment option has great benefits, lots of which was mentioned in this topic but there is also a big problem and that is bitcoin is not yet ready for being used as a payment option because of the limitations and also the lack of adoption by the merchants.

As far as I know, more merchants are slowly adopting bitcoin as a mode of payment. Its already for several years had past and bitcoin have already proven its worth. Even big companies now have notice bitcoin,I hope so that in the future it is widely acceptable.

BitcoinHodler

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i obviously agree that bitcoin as a payment option has great benefits, lots of which was mentioned in this topic but there is also a big problem and that is bitcoin is not yet ready for being used as a payment option because of the limitations and also the lack of adoption by the merchants.

yayayo

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It's cheaper or faster are possibly the weakest arguments you can find in favor of Bitcoin. After all, Bitcoin is not a very efficient payment solution. Electronic fiat could easily compete with it in terms of transaction speed and costs if banks form a new consensus. The reason of Bitcoin's inefficiency lies within its strength: decentralization. Only to enable decentralization (i.e. lack of centralized control) a complicated and inefficient construct in form of a blockchain is needed to guarantee the authenticity of the monetary units and their ownership.

The main strength of Bitcoin is that it is private, sound money, independent of governmental control and not subject to monetary inflation. Bitcoin is a good store of value and at the same time is very fungible and easy to hide (it outmatches gold in that regard). So Bitcoin enables individual monetary freedom even in an oppressive societal environment.

ya.ya.yo!

harizen

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Quote from: Kprawn on October 17, 2016, 01:01:54 PM

~snipped~

What other reasons will you add to this, to convince someone to dump their current payment methods?

Well we can send at even lower amount than the usual required minimum in some of the payment processor where it requires at least decent amount before we can send an amount.

And yes, less hassle compare to the usual ways of sending and receiving money. And what I like more with that "less hassle"?, it covers even a country to country transactions which usually takes time before we received our money if it's done on the "usual" ways.

davis196

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Quote from: Kprawn on October 17, 2016, 01:01:54 PM

I had a interesting discussion with a bunch of students from a 1st world country over the weekend. They made some good arguments,

which needs to be addressed. Political views aside, what would motivate people to use Bitcoin in a country where there are loads of

other payment methods to chose from?

Some reasons I gave them was :

~ Danger of centralization and all the evils associated with that.
~ It's cheaper
~ It's faster {should be under normal circumstances}
~ It's FREE to use by everyone {no permission needed}
~ It's global

What other reasons will you add to this, to convince someone to dump their current payment methods?

Bitcoin is an alternative to the traditional payment systems and this is good.

It`s better to choose between alternatives rather than having no choice.

ObscureBean

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The points you make are fair except for the one about Bitcoin being faster. Sending/receiving payment via PayPal is pretty much instantaneous, at best with Bitcoin it takes a few minutes. It is true that when I pay for stuff from my Coinbase account via BitPay I enjoy zero confirmation/instantaneous but that's only when shopping. Transferring funds between regular wallet is not nearly as fast as money transfer between PP accounts.

tertius993

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It seems to me that in jurisdictions with well-developed banking systems there aren't many payment scenarios where Bitcoin has a material advantage to the average user. E.g. Within Europe (SEPA) or the UK (with faster payments) person to person or company payments are effectively free and to all intents and purposes instant (few minutes to a few hours max). Similarly debit/credit card payments appear instant from the perspective of the user.

If you are making a cross-border payment then it is clearly different, but the number of those which the average person makes is probably rather small.

Given the frictional losses involved in acquiring BTC for most people then the case for using BTC for routine payments is probably quite hard to make.

hajimasan

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and also there should be option like there are some wallets which doesn't charge even any amount of fee for transaction . like coinbase .
and also we can give example of zebpay wallet .
further we can also tell them it is not a payment way also it is a way to save money without limit and without tax also .

bitbunnny

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From my point of view Bitcoin is better comparing to some traditional payment options because gives us independency from banks which no longer have insight in your finances, it's easy to make payments online and if you also have Bitcoin debit card you don't have any restrictions at all.

coynedterm

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Quote from: Kprawn on October 17, 2016, 01:01:54 PM

I had a interesting discussion with a bunch of students from a 1st world country over the weekend. They made some good arguments,

which needs to be addressed. Political views aside, what would motivate people to use Bitcoin in a country where there are loads of

other payment methods to chose from?

Some reasons I gave them was :

~ Danger of centralization and all the evils associated with that.
~ It's cheaper
~ It's faster {should be under normal circumstances}
~ It's FREE to use by everyone {no permission needed}
~ It's global

What other reasons will you add to this, to convince someone to dump their current payment methods?

good heading and also we should add some options which are also the main advantage of bitcoin .
1) can maje trade
2) world wide payment but with less chare , which is cool
3) always under our own control .

MHopkins

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Quote from: Kprawn on October 17, 2016, 01:01:54 PM

Political views aside, what would motivate people to use Bitcoin in a country where there are loads of
other payment methods to chose from?

You could have asked a slightly different question;
Political views aside, what would motivate people to use Bitcoin in a country where there are loads of
other stores of wealth to chose from?

I see the use of Ƀ as a store of wealth becoming the biggest driver to Ƀ going truly mainstream.

I suspect there will be a huge scandal involving market manipulation and/or fraud in the Gold markets in the not to distant future. The only winners will be those holding physical gold and many people will ask themselves, 'Why not cold storage Ƀ instead?'

TastyChillySauce00

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Quote from: outatime1 on October 17, 2016, 06:59:44 PM

If customers demand bitcoin as an option, then it is in the merchant's best interest to accommodate it. And customers (or individuals) like us may like holding our money in bitcoin rather than a government currency or in a bank.

that's only incase if "majority" customres are demanding bitcoin,if it is just minority of them then seems the merchant is not going to accomodate bitcoin or implement it,some people always hating government indeed and some even don't want to make government know their wealth,but they would seeking for the safest option

helloeverybody

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Unless we can finally get back to making micro payments for very small fees (or none at all) I still think other forms of payment are preferable to bitcoin. For bitcoin to succeed it cant be just marginally better than using cash or a debit card, Its got to have some real big advantages. unless i need to transfer $1000000 from china to usa or similar its not really useful to someone like me who would want to spend it around town. And should i want to spend it around town i have to pay more than $1 for $1 of bitcoin. With this being the case why would i ever spend any bitcoin? Its cheaper to use alternative methods. Saying all that i do see bitcoin as the perfect investors asset, This is where for now i see it shining on its own.

gembira

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bitcoin is indeed included transactions quick and easy money, but there is still much that needs to be fix, for example when we buy coffee at starbucks or cafes, and make payments with bitcoin requiring 1 confirmation, but sometimes it takes 10 to 15 minutes, it's very annoying

CuriousGeorge

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Quote from: 20kevin20 on October 17, 2016, 11:33:07 PM

Quote from: TraderETH on October 17, 2016, 11:02:44 PM

there are not people or government that control it

This is an issue. Not for us but for the governments because they are actually looking for control. Governments never liked having people out of control, so Bitcoin is like an enemy right now even though they don't seem like caring about it. Bitcoin was either created by a government if they really do not care about it just to fool us with this 'anonymous' thing or they just don't plan anything with it at the moment.

But the goverment are the mainly cause for the centralized system are put their ass into the highly chair rather than their civilians for blowing their civilians into the dream of the peace countries. and that is so disturbing for using the centralized system we could feeling the various element in the goverment are fully with a lot of problem about that. because the centralized system are the shady system every i seen and i the strongly agree about dump the centralized system in this time.

pooya87

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the fact that using bitcoin is decentralized and there is no need for getting permission from someone to use it, is more than enough for me to want to use bitcoin instead of any other payment method which asks me for all kinds of personal information and then leaks it betraying my privacy.

20kevin20

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Quote from: TraderETH on October 17, 2016, 11:02:44 PM

there are not people or government that control it

This is an issue. Not for us but for the governments because they are actually looking for control. Governments never liked having people out of control, so Bitcoin is like an enemy right now even though they don't seem like caring about it. Bitcoin was either created by a government if they really do not care about it just to fool us with this 'anonymous' thing or they just don't plan anything with it at the moment.

Topic: Why dump traditional payment options for Bitcoin? (Read 1325 times)