Topic: Why have Bitcoin instead of cash? - page 176. (Read 246148 times)

The chances of a bitcoin wallet being hacked is far more than a person being a part of a theft lol. There are so many cases regarding money laundering, money theft, hacking, etc which has thrown a negative light on bitcoin. Once bitcoin is able to overcome its own personal flaws, only then can it be considered by the many for major adoption!

The mastercard you own has electronic money, which is used from it. This money is recorded and the debit and credit takes place at the bank once the info is received. What the comparison is about, is between paper money which is notes of dollars, euros, yen, etc. These notes hold very less price value, easily destructible and are centralized. They can also be tracked.

BTC is rare to possess an s worth

Cash cannot be transferred over the internet. Almost impossible but you can transfer bitcoins!

Bitcoins has some advantages like:
*they are impossible to counterfeit,
*you can send very small amounts (with reasonable fees),
*or very large amounts (without the blessing of a third party),
which give them a small advantage above cash.

The main advantage of Bitcoin, not over cash, but over every fiat currencies, being that the inflation rate is known in advance so that it can be used as a store of value (when cash cannot).

1) Fast transaction
2)no intermediary fee
3)more secure (if used carefully)
4)scope of advancement in value.
5)can be invested easily.
there are lots of other benefits of bitcoin. but beware it can cause a real loss if not used carefully   

History has been proof that anything good which is served on a sliver platter has always been rejected. They will adapt and learn the same thing the hard way, they will go to war and destroy countries to know that war isn't good for anybody, they will buy foreign goods when better things are available domestically.. the list goes on. Good things come to people late, probably cuz they are stupid. I am glad we are not one of those stupid people

why bitcoin over cash? I would people with more conservative approach won't adopt this policy of bitcoins over cash. But the dynamic world doesn't need conservatism. So Bitcoins is the electronic currency. It is highly secured. It has less chances to get stolen. Then it has the potential to increase its value. Bitcoin is the new change this world needs to adopt..

yeah, but you are also kinda depending on the bitcoin system to handle and manage your money lol. Yes, the wallets are also handled and maintained by a service, obviously. its not wrong to depend on an external service, it is much, much safer to trust another service than to trust your own fucking bank. They all will screw you, fucking banksters.

That is a great answer. I'd like to add that it is safer to carry around anywhere because it is virtual and physical at the same time so you don't have to worry about it. Plus , you don't need to depend on any system for handling and managing your own money.

Because you don't need anyone to keep it for you on your behalf. You can use the Greece example and you can see how things can messed up so much just because you think that banks are safe but they are not. In other words, with bitcoin you are in control of your own money and use it when you want and everywhere you go.

They can steal directly too. The current money restrictions in greece (only 60€ per customer per day) are only a slight steal. Though in cyprus the banks, and the governments, confiscated real money. There were people that took out a loan that freshly was on their bank account. At the end they had to pay back the loan and had no money lent in practise.

I suppose a good question for your friend is...

"Why would you want cash instead of bitcoins?"

The 2 most significant answers I can think of are:

Cash is currently accepted in more locations than bitcoin. (Although bitcoin accepting locations increases every day, so it may be possible some day that bitcoin will be accepted in just as many locations, or more locations, than cash.)

The exchange value of cash doesn't change as much over short periods of time as bitcoin does, so it is easier to control your budget. In other words, If I there is something I can buy with $10 worth of cash, I'll most likely still be able to buy it with $10 worth of cash tomorrow, and next week, and possibly even next month.  Eventually inflation will significantly reduce what I can buy with that $10, but it will typically take several years for that to happen.  Meanwhile, something that I can buy with 0.05 BTC might cost only 0.04 BTC then next day, and 0.06 BTC a few weeks later.  I have no way of knowing if a month from now it will cost 1.0 BTC, 0.25 BTC, or something else entirely. This volatility can work to my benefit if things become significantly cheaper in the future, but it can be scary and difficult to accept when you are trying to maintain a budget. (Although, as bitcoin use increases it is quite likely that the exchange rate will eventually settle down into something much more stable than it has been in the past).

i will mostly introduce bitcoin by its usability.
it is great for sending money oversees.
it is good for micro transactions and large transactions both with very small fees.
it is a great way of gambling with bitcoin from anywhere and at anytime.
if you spend a little time it can be very secure.

I don't think there's that many benefits about using bitcoin over fiat at the moment for the average person, but it's the future potential and benefits I'm interested in. Bitcoin is very risky currently as the price tends to go down than up, but if it gets adopted by more people or industries in the future then the value should steadily rise. There's also the benefits of you being in charge of it, so it would help citizens like in Greece or Cyprus who's banks were restricted or even raided.


And that's a reason why the taxman or law enforcement aren't going to like bitcoin very much.

Very true, thus making it easier for us to move 'money' around when we travel or relocate.

9) It is far easier to carry 500 BTC with you on a plane than 500 BTC worth of cash.

we are talking about cash not electronic money, also your other issue is the withdrawal limit on basically any atm, you know that with your master card you cannot withdrawn more than a certain amount, with bitcoin there are no restriction of any sort

yes you can use your mastercard but they will charge you a great fee for conversion, with bitcoin you don't need to convert in the local currency because bitcoin works globally

I think bitcoin is more secure than cash, but, people must have the basic knowledge about computer, internet, virus, trojans & malwares. If people shall be trained about the security of bitcoin wallet, then, it's more hard to steal their coins .........

So, some websites must be developed to train people online for teaching them about basics of bitcoin, wallet security, offline transaction, cold storage, paper wallet, hardware wallets, multi-sig wallet etc.

If anybody knows this kind of websites then please, list here in your reply ......

And without knowing what ridiculous fees and conversion rates they will charge you. But rest assured, they will be ridiculous.

The whole credit card system is hopelessly old fashioned, and you're paying for that. Whether you know it or not.

7) Bitcoins can be backed up. When you lose a wallet with cash, it's gone. When you lose a wallet with bitcoins, you still have a backup.

8) Bitcoins can be password protected. When someone steals your wallet with cash, it's gone. When someone steals your wallet with bitcoins, they can see how much is in there, but they can't spend a dime.

Two very unique advantages of Bitcoin over cash, imho. Helps a lot in avoiding losses.