Topic: Why have Bitcoin instead of cash? - page 72. (Read 246148 times)

If we talk about savings and accessibility it is a positive point for bitcoin since fiat currency cannot do that thing. Bitcoin can be used around the globe without converting it to fiat currency. But let us not forget to also keep hold of paper money since not all areas in all country has an internet connection especially the outskirts and that is why I prefer bitcoins for savings and paper money for purchases.

You are right I am also using bitcoin for my convenience to transact to any online site for shopping or for buying any online service like domain suppose if I will need a domain then without going to my bank account I can easily buy with bitcoin

You could also find that its value was much smaller in a few days.  You have to be wary of holding all of your money in Bitcoin - currently, I would spend fiat when Bitcoin is low and Bitcoin when it's high.  When Bitcoin rises more it'll naturally become a more stable rise and I'll spend with Bitcoin more often.  Generally, it's because Bitcoin will beat inflation in the future by stopping new Bitcoin being created.

That's right dude, with bitcoin decentralization no one can really control your own savings money, no more interest average in every transaction your gonna made, because with bitcoin your are the bank of own money.

Where else can you just stick some money into your wallet and find it's value much larger in a few days?


I understand this. Must be nerve-wracking to see all your btc in your wallet suddenly worth much less than what you paid for it. Happened to me few weeks ago so I took out some of them. Now it's going back up again. I suppose we just have to be prudent and vigilant. Don't go all in in bitcoins, try to still have some saved in traditional investments. At least should btc totally crash and don't recover, you wouldn't be left out in the cold.

Maybe just send some btc to an exchange during peak and convert to fiat but don't cash out, and then use that to buy more btc during plunges?

Yeah it is ! Bitcoin is really like an invisivle gold because no one is seeing how much is your bitcoin than cash people are seeing how much your money worth because of the banks they check how much your deposit and your withdraw.

To be honest, while the freedom is nice it’s also a little nervous sometimes. For what I have in Bitcoin, the only stability it has is that I have to trust that other people also say that one bitcoin is worth a lot of money. If a bunch of those people suddenly stopped trusting BTC and pulled out I’d be dead in the water.

But with USD, the euro, or even investing in a relatively stable stock or index fund I have the comfort that there’s something behind it. Even if I have concerns about the government, they don’t extend so deeply that I’m worried my money will become worthless, and very few other people think that way.

I have to turn some power over to a larger and more controlling organization when I put money into any of those things, but I know that my money is most likely safe.

Paper money will never being replaced, paper money is used so the country not fully depend on internet transaction, in the future people will prefer to used digital money for big transaction because it is safer and more efficient, but no matter what, paper money will still be available in every country and will never be replaced

I think the paper money will not be fully replaced. But the digital money will be use more widely.

Yes and when it comes to cash you also need to pay income tax to government depending on your income which is totally missing in bitcoin and no one can know how much money you are holding in the form of bitcoins and that makes it a very unique currency.

Good points, many areas where we see the benefit of btc then cash. cash if you are earning the details we have to show the government here whatever you earn it will be with you only. More convenient in terms of transferring the money to other people, less effort than withdrawing money from the bank and much more. 

Bitcoin is better than cash, reason is it is decentralized, more secured, easy to use and easy to convert. Major benefit is by saving the btc you can easily get the benefit from it. where as in the case of currency the value of currency goes down due to inflation.   

in modern time and specially in big cities it is very common to use online means for shopping and so many other purpsoes, therefore to them bitcoin is the most convenient way to use for shopping and also for other activities like online trading and online investment.

Bitcoin is more convenient, easy to handle, no need to bring some cash, you can withdraw anytime, sending money without fee.
You can also invest, trade, and buy anytime you want. Bitcoin's value is getting higher by the time goes by.
Some country was just using atm/mastercard to purchase in malls,supermarket and more. Bitcoin can be use just like that if they know the value of it.

Bitcoin is a relatively new form of currency that is just beginning to hit the mainstream, but many people still don’t understand why they should make the effort to use it. Using of bitcoin it helps because it’s fast, it’s cheap, central governments can’t take it away, there are no charge backs, people can’t steal your payment information from merchants, it isn’t inflationary, it’s as private as you want it to be, you don’t need to trust anyone else, you own it, you can create your own money.

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I think the technology will evolve I know paper money is still very popular in some countries but time will change it all? inevitably will become more sophisticated transactions in the form of digital

In this case practice and theory match each other

And both of these tell us that that a hybrid wallet (since the blockchain.info wallet is one such) actually multiplies your risks of losing your coins. In the case of a web wallet like Coinbase, you risk your money being stolen from the server side (i.e. from the web wallet itself). Since you don't have the keys, your money simply cannot be stolen from your computer. If you have a 2FA enabled (e.g. by using SMS confirmations), which is a must-do thing anyway, you are essentially invulnerable to all possible viruses that your desktop may be infested with (though there is nothing good in this, of course). With a purely desktop wallet like Electrum your coins cannot be stolen from the server side since there is no server side as such altogether, but they can still be stolen from your computer by viruses and trojans. But in the case of a hybrid wallet, there is a server side and there is a client side, and from both of them the keys can get stolen since they are stored locally and they are still sent across the network to the blockchain.info server. And that's where theory meets practice. In the past, the hackers did manage to intercept the keys sent on the network by the users of the blockchain.info wallet by setting up exit Tor nodes, and unsurprisingly, the coins of these users got stolen at the end of the day

Yeah that is one problem, the acceptance and also the way to know it. Just how many people does recognize it if you ask them is really low. Asking 10 you might get 1 or 2 of them. This is simply because the government wont let it. Of course they also control the media to which is the path for people to have knowledge or be introduced to bitcoin.

Definitely a good argument, unfortunately, the mass public simply isn't up to speed on what BTC is. Simply put, we can't replace cash with BTC, even I would GREATLY prefer that timeline.

It can be steal it always depends on you how you will protect your reponsibilities in internet if someone phish you or attacked you by malware for sure all your bitcoin can be easility steal. Bitcoin is already make my life easy where bitcoin already helped me up to go back to school where i always paid up my tuiton on time. And keeps on earning bitcoins