Why have Bitcoin instead of cash? - page 81.

xorlogic

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Quote from: phr0stbyt3 on February 11, 2017, 11:07:35 AM

There are many reasons to have bitcoin instead of cash:
First of all bitcoin isn't a currency at all , I agree it is accepted in many places where we can buy goods or services with bitcoins but of course with limitations. Bitcoin is a investment platform where one can invest and 90% of the time he will get a profit after few months depending on the price he purchased at and also if you are saying that why bitcoin when cash is there then why do people invest in gold when cash is there. Because gold has a potential to increase. Same for bitcoin it is more like a investment platform and it has a potential to increase in the future unlike cash which has the same value for years.

Actually cash loses value over the years and doesn't have the same value for years.

It becomes less useful to use Nation's cash because you need to haul more of it to do each thing.

in the 1950s Used to cost $0.10 dollars for 2 pizzas and a soda in New York City... today it costs $5.00 for just the slice of pizza.

In Bitcoin it once costs 10,000 bitcoins for a pizza, and today it costs 0.01 Bitcoins for the pizza... you could see where things are going.

phr0stbyt3

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There are many reasons to have bitcoin instead of cash:
First of all bitcoin isn't a currency at all , I agree it is accepted in many places where we can buy goods or services with bitcoins but of course with limitations. Bitcoin is a investment platform where one can invest and 90% of the time he will get a profit after few months depending on the price he purchased at and also if you are saying that why bitcoin when cash is there then why do people invest in gold when cash is there. Because gold has a potential to increase. Same for bitcoin it is more like a investment platform and it has a potential to increase in the future unlike cash which has the same value for years.

xorlogic

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Voltaire: "To learn who rules over you, simply find out who you are not allowed to criticise"

I agree that it is important to be respectful, because there are always consequences for our actions; However, I think with regard to Bitcoin.. Americans can hold their winnings for ever and only pay on what you cash out. And the long term capital gains rate at 15% is even as favorable as Russian taxes.

It is up to you to respect rules of some land, but if you are not going to utilize the services of a nation then you are clear to not pay its tax.

Bitcoin is quite interesting in this regard consider: the US dollars and infrastructure is established and maintained by the US government...

Therefore using the US dollars they want to tax it back...

In Bitcoin the infrastructure is all on the miners and nodes. We pay fees for each transaction, it could also be almost a small tax in real time.

Food for more thoughts..

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Quote from: LeGaulois on February 11, 2017, 10:33:52 AM

Because if you are unbanked or at risk to become, then bitcoin is one of the few way to protect yourself from the troubles it can get you.
Not being able to use a bank account is not something pleasant and make the daily life quite difficult sometimes. For unbanked, usually one of their solutions are prepaid cards but usually fees are quite high and limits quite slow. Or they need to go visit any social workers to get help, but some people refuse to take such actions because they want to keep their dignity, wich i can understand

In addition to the above problems with fiat, the local cash can be stolen or thief on gun point. No one can steal your bitcoins unless you give your private key to someone. You also don't have to rely on banks to save your money in case of bitcoins. Bitcoin are automatically saved in wallets with no threat of being lost.

Xenophoto

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Quote from: deisik on February 11, 2017, 09:45:43 AM

Quote from: Xenophoto on February 11, 2017, 01:41:48 AM

I don't think they can track us at all. Let's say that the government knows your wallet address because they have your details when they have had partnership with your local exchanger site. Any time, you can create a new address, send the bitcoin there first, and then put it in a mixer, then withdraw the money to the drug dealer's address. That would leave you with no trace at all. You can do that as well when you're receiving money, but backwards.

You kinda don't understand it

They don't need to go after every bitcoiner even if every bitcoiner is committed to deliberate tax evasion. Nevertheless, let's assume that as an initial condition for a moment. Do you really think that everyone will be able to hide his steps without a trace? This is highly unlikely. So they just choose a few random guys which they can make an example of and put them in jail for a few years. The rest of the gang will be happy to willingly and wittingly pay all the taxes due or just call it a day with Bitcoin

From what I can understand, your point was if someone was put in jail for avoiding paying taxes by using bitcoins, the rest of the bitcoin users would follow. Just like how a shepherd leads the whole sheep. But I don't think it would be perfectly like that. There would still be some people that would continue doing what they were doing because they know exactly what's happening.

But I guess your point is much better than my point because almost all of the rest of the gang would follow. I think this very same scenario is happening every day. Like in the media, when they air on the news someone put in jail for cyberbullying, other cyberbullies would fall back and stop what they're doing. This is one of the many ways the government is controlling us.

TL;DR: Our lives are basically built by fear from those that are higher than us.

blackhawkeye1912

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Bitcoin is better than cash though in my country byitcoin is not that quite known so it needs more time before people here become educated in this things. If they would just know that BTC is easy to handle and easy to use, and can send payment or money in the whole world. for sure they will use this at once. Cheesy

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Quote from: avikz on February 11, 2017, 10:38:10 AM

There is no use of having only bitcoin instead of cash. The cash is needed to function in your daily life, whereas bitcoin can be used for investment for long term. So it is always better to have a good mix of bitcoins and cash with you.

A certain percentage of your monthly/weekly earning, you can invest in to bitcoin. DO it for some years. It is called Systematic Investment plan. This way, you can have a good amount invested in bitcoin and average out the price. After 3-5 years, it can make you millionaire within this time period which is impossible with any fiat currency.

That is right cash is the need of the day and nowadays it is or will be something difficult to use only bitcoin but if someone will find all the ways of spending only bitcoin then he will conveniently use only bitcoin. because nowadays every service is available in one way or in another way to provide anything for life with the use of bitcoin. You need to search for them you will find them all.

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There is no use of having only bitcoin instead of cash. The cash is needed to function in your daily life, whereas bitcoin can be used for investment for long term. So it is always better to have a good mix of bitcoins and cash with you.

A certain percentage of your monthly/weekly earning, you can invest in to bitcoin. DO it for some years. It is called Systematic Investment plan. This way, you can have a good amount invested in bitcoin and average out the price. After 3-5 years, it can make you millionaire within this time period which is impossible with any fiat currency.

LeGaulois

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Because if you are unbanked or at risk to become, then bitcoin is one of the few way to protect yourself from the troubles it can get you.
Not being able to use a bank account is not something pleasant and make the daily life quite difficult sometimes. For unbanked, usually one of their solutions are prepaid cards but usually fees are quite high and limits quite slow. Or they need to go visit any social workers to get help, but some people refuse to take such actions because they want to keep their dignity, wich i can understand

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Quote from: Xenophoto on February 11, 2017, 01:41:48 AM

I don't think they can track us at all. Let's say that the government knows your wallet address because they have your details when they have had partnership with your local exchanger site. Any time, you can create a new address, send the bitcoin there first, and then put it in a mixer, then withdraw the money to the drug dealer's address. That would leave you with no trace at all. You can do that as well when you're receiving money, but backwards.

You kinda don't understand it

They don't need to go after every bitcoiner even if every bitcoiner is committed to deliberate tax evasion. Nevertheless, let's assume that as an initial condition for a moment. Do you really think that everyone will be able to hide his steps without a trace? This is highly unlikely. So they just choose a few random guys which they can make an example of and put them in jail for a few years. The rest of the gang will be happy to willingly and wittingly pay all the taxes due or just call it a day with Bitcoin

dxypp005

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Quote from: BTCfan97 on July 08, 2015, 01:10:49 AM

I recently paid for some local tacos using Bitcoin. My friend who was unfamilar with Bitcoin thought it was strange, like I technically didn't pay for them or something. We got into discussing Bitcoin and one of the questions he asked me was:
"Why would you want Bitcoins instead of cash?". For a second I didn't know what to say; then I thought about it and here is what I came up with. Feel free to contribute to this.

1) More security (especially if you are careful).

2) Bitcoins are a potential investment, cash is not. Paper currency only really goes down in value, Bitcoins have a lot of potential to be worth more as time goes on.

3) Fast, worldwide transactions at your fingertips.

4) Similar to #3, but it's a universal currency. It's legal in most countries of the world and you don't need any kind of currency conversion to send money to people in a different country than your own.

I totally agree with 2 and 4. In particular, 2, I invest in bitcoin is the main reason lies in its potential value. It is hard to imagine that bitcoin has risen from zero to $1000 and its potential is enormous. It is more meaningful than paper money and investment value.

Xenophoto

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Quote from: senyorito123 on February 10, 2017, 06:20:27 PM

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Quote from: Rinder on February 06, 2017, 02:43:08 PM

Im using bitcoins to store my savings, in the general, i am using some altcoins to store btc as well some ammount applied into bitcoin as well, bitcoins grows more then if i let my savings at bank besides those the huge potencial to get better price does make it an atractive investment.

I'm doing that also but it is really hard to implement this where you are living in society that are fully using fiat. Because here in my place only very few people knows what is bitcoin and uses it. But if we wanted to have a very fast transaction and lesser fees, bitcoin is the right choice for it and it cannot be stolen by someone.

yes I think for investments and savings, I'd prefer bitcoin over fiat. it would pretty much be the same as when you save btc's, the price would be moving as well and you'll earn more with your savings a lot faster than when you save in a bank. for for transactions in the real world, I think there wont be any argument that cash is much more needed is a lot more important than bitcoin

Here in my country if you are going to invest with fiat for sure you cannot avoid the taxation and that's what I want to avoid. So do I prefer bitcoin for it and also when I'm doing online shopping there is no taxation depending to the merchant if he is paying tax. But when I don't have choice and I need to use fiat, I just use it.

Oops.. Wrong. Just because you don't know how to avoid paying taxes, doesn't mean it's impossible to do in your country Wink

Rich people do it often. I also don't know how to and I don't intend to do so but it's 100% possible. Some of them might not make you escape 100% of the taxation but lesser you pay is better. He's a website that I found (Warning: Don't take things on that in a literal way. Read the explanation below them)

Of course the merchant of the online shop has paid for the tax for the materials that he used or the products that he bought. The only one that doesn't have a tax is the transaction that has happened between you.

That is why because of bitcoin I can avoid to pay taxes because every salary I got from my real job there's already a deduction of salaries and other expenses together with obligations. Yeah a lot of rich people manage to avoid taxes in whether it is with investment or anything related to their wealth.

Well yeah but up until when can this go on? I mean bitcoin is gaining popularity and i think soon governments will start legalizing bitcoin which means that most likely it will be taxable in a way. Though i agree with you, at this moment, doing online jobs releases you from any tax responsibilities which in a lot of countries end up in corrupt people's pockets. I think this is also one thing that makes working onine and transacting through btc is appealing to most of us

They don't need to legalize it, they just need to regulate it and monitor the transactions that are going to be used by their people. Because they are thinking about the illegal things and activities that can be done by abusers into it. And if those freelancers out their throughout the world will know about bitcoin and its features, for sure they will shift on it.

we can't blame government to think that bitcoin is illegal money since the bitcoin itself has been link to darkweb or anything illegal its in history but bitcoin now evolves and user in various ways and i wonder how government would monitor the transaction since we all know that all bitcoin users are anonymous and they cannot do legal action on what do they want to the users or want do they want to implement on it.

Wouldn't it be ironic if they are thinking of bitcoin as illegal money just because it's linked to illegal activities? Fiat money has been linked to illegal activities for centuries/decades.

I don't think they can track us at all. Let's say that the government knows your wallet address because they have your details when they have had partnership with your local exchanger site. Any time, you can create a new address, send the bitcoin there first, and then put it in a mixer, then withdraw the money to the drug dealer's address. That would leave you with no trace at all. You can do that as well when you're receiving money, but backwards.

Vaskiy

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Quote from: angaper on February 10, 2017, 06:42:04 PM

Well, seeing the insane volatility in the bitcoin price these days, I am not so sure that my economy can afford this continuous oscillations to carry out my daily transactions. I don't like to pay $1000 worth of bitcoin today, and realize that in a matter of days I have lost 20% in that transaction, and that is why I still prefer the fiat money.

You have just mentioned about the 20% fall in price that causing a difference, when the price grows 20% you people will be happy. That's the real mark of bitcoin varying without getting a stable price. I personally love the fluctuation in the price which can never be observed in any other currency. This is the one that helps earn even on increase as well decrease based upon our strategy. This makes be prefer bitcoin over cash.

agamasrori

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Quote from: angaper on February 10, 2017, 06:42:04 PM

Well, seeing the insane volatility in the bitcoin price these days, I am not so sure that my economy can afford this continuous oscillations to carry out my daily transactions. I don't like to pay $1000 worth of bitcoin today, and realize that in a matter of days I have lost 20% in that transaction, and that is why I still prefer the fiat money.

I think the volatility of bitcoin is because the spreading and circulation is not maximal yet. I am sure that bitcoin price will keep rising although there is still fluctuation in it. For this time you should use bitcoin when the price in high level. Anyway, for me bitcoin is such as good invesment too so I am still prefer like to use bitcoin rather than fiat, although I am still use fiat.

angaper

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Well, seeing the insane volatility in the bitcoin price these days, I am not so sure that my economy can afford this continuous oscillations to carry out my daily transactions. I don't like to pay $1000 worth of bitcoin today, and realize that in a matter of days I have lost 20% in that transaction, and that is why I still prefer the fiat money.

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