Why have Bitcoin instead of cash? - page 97.

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Quote from: raven7886 on November 19, 2016, 01:23:44 PM

Bitcoin debit card is not little expensive but quite expensive. I was trying to order a XAPO card and the prices are so high (fee to order, annual fee, transaction fee). I agree that internet access is a big pain while traveling and hence cash is preferred.

If banks finally recognize Bitcoin as a real means of payment and start opening accounts in bitcoins, web wallets like Xapo, Blockchain or Coinbase may well expect difficult times lying ahead of them and begin preparing for the tough competition with the banks. Since the first thing that the banks will do after they start accepting bitcoins will most likely be issuance of Bitcoin payment cards, something they have an absolute edge in...

Have you read a recent Coindesk piece about Switzerland government paving the way for Bitcoin banks (for what it's worth)?

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Quote from: Mastsetad on November 19, 2016, 11:29:33 AM

Quote from: erikalui on November 19, 2016, 10:30:47 AM

Anyone from India now would be scared of cash due to demonetization and now everyone has understood how important virtual currency is. Now those who don't own debit cards also would realize its value and it would be the right time for our Government to adopt blockchain technology when so many people today are suffering due to cash. Bitcoins, unfortunately, are not adopted by our general stores but hopefully they use it for ease of cashless transactions.

The ones who will come to know about it would probably start using it if they are not card holders as you said, because it would be hard for them to keep the money if they don't have cards etc so bitcoin is the solution for them at the moment.

Well i think they have still bank atm that can be still as their alternative mode of payment but yeah bitcoin can be good too to use as alternative but do you think many more people from india can voted bitcoin.? since many banks and other business there that can also be use as their alternative..

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Quote from: deisik on November 19, 2016, 09:49:32 AM

Quote from: carlisle1 on November 17, 2016, 07:44:15 AM

Quote from: Sithara007 on November 15, 2016, 06:47:49 AM

Quote from: Betwrong on November 15, 2016, 05:42:59 AM

Cash still is much more convenient to use in everyday life than Bitcoin.

I don't think so. For me carrying physical cash is not only risky, but also inconvenient. On the other hand, I can make Bitcoin payments from my mobile phone in a matter of few seconds. It is convenient, and risk-free.

What if you don't have an internet access or you are having trouble with your mobile phone signal and you are not carrying a money in your pocket isn't it inconvenient ? . Despite the risk of carrying a money whether it is a big or an average amount , we still need cash as we also need it for some expenses . We all know that bitcoin is also a currency but most establishments or businesses are not yet available for bitcoin transaction in a certain country therefore we are not able to use it , meaning to say having more bitcoin than cash is not always convenient and cash is more needed .

I'm an addicted bank card user myself (debit cards, of course), though I still have to carry a few bills in my pocket just for the case when something goes wrong at the cashier's. And sometimes it does go wrong there for various reasons and not necessarily due to the lack of Internet access. Other than that, fiat in its cash form has little application for me. You should also keep in mind that with a Bitcoin payment card you can do pretty much the same that you would do with a typical bank card. Though the former seems to be a little more expensive that the latter so far...

Until competition fixes that eventually

Cash always comes handy when you are traveling or when you need money urgently as I've had trouble using debit cards at times and I couldn't withdraw using ATM cards due to a problem with my card.

Bitcoin debit card is not little expensive but quite expensive. I was trying to order a XAPO card and the prices are so high (fee to order, annual fee, transaction fee). I agree that internet access is a big pain while traveling and hence cash is preferred.

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Quote from: erikalui on November 19, 2016, 10:30:47 AM

Anyone from India now would be scared of cash due to demonetization and now everyone has understood how important virtual currency is. Now those who don't own debit cards also would realize its value and it would be the right time for our Government to adopt blockchain technology when so many people today are suffering due to cash. Bitcoins, unfortunately, are not adopted by our general stores but hopefully they use it for ease of cashless transactions.

The ones who will come to know about it would probably start using it if they are not card holders as you said, because it would be hard for them to keep the money if they don't have cards etc so bitcoin is the solution for them at the moment.

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Quote from: Sithara007 on November 19, 2016, 10:15:29 AM

Quote from: amacar2 on November 19, 2016, 09:44:30 AM

You are not looking at one major advantage of holding bitcoin rather than fiat/cash. Look at how purchasing power of each fiat have decreased over last few years due to huge inflation. While price of bitcoin and purchasing power of 1 bitcoin have skyrocketed in last few years. So better to store earnings in bitcoin rather than in cash to keep your hard earned money safe from such inflation of your local fiat.

Tell this to someone who had purchased bitcoins at $1,200 per coin in 2013. Bitcoin is highly volatile, and that is the reason why most of the users don't want to store their wealth in coins. I agree with your claim that the purchasing power of BTC has sky rocketed over the past 6-7 months. But what if the purchasing power again crashes in the future?

That was a false start without doubt

And I tend to agree that the Mt.Gox fiasco might have rendered Bitcoin a great disservice, the consequences of which we may all be suffering right till now. Had there not been Mt.Gox with its infamous Willy the bot, we might have already been at that very price of $1,200 per coin today or even higher than that but in a fully evolutionary way of sorts. And we wouldn't have had to experience that excruciating disaster which the collapse of Mt.Gox had caused and which left behind so many innocent people holding the notorious bag

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Anyone from India now would be scared of cash due to demonetization and now everyone has understood how important virtual currency is. Now those who don't own debit cards also would realize its value and it would be the right time for our Government to adopt blockchain technology when so many people today are suffering due to cash. Bitcoins, unfortunately, are not adopted by our general stores but hopefully they use it for ease of cashless transactions.

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Quote from: amacar2 on November 19, 2016, 09:44:30 AM

You are not looking at one major advantage of holding bitcoin rather than fiat/cash. Look at how purchasing power of each fiat have decreased over last few years due to huge inflation. While price of bitcoin and purchasing power of 1 bitcoin have skyrocketed in last few years. So better to store earnings in bitcoin rather than in cash to keep your hard earned money safe from such inflation of your local fiat.

Tell this to someone who had purchased bitcoins at $1,200 per coin in 2013. Bitcoin is highly volatile, and that is the reason why most of the users don't want to store their wealth in coins. I agree with your claim that the purchasing power of BTC has sky rocketed over the past 6-7 months. But what if the purchasing power again crashes in the future?

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Quote from: carlisle1 on November 17, 2016, 07:44:15 AM

Quote from: Sithara007 on November 15, 2016, 06:47:49 AM

Quote from: Betwrong on November 15, 2016, 05:42:59 AM

Cash still is much more convenient to use in everyday life than Bitcoin.

I don't think so. For me carrying physical cash is not only risky, but also inconvenient. On the other hand, I can make Bitcoin payments from my mobile phone in a matter of few seconds. It is convenient, and risk-free.

What if you don't have an internet access or you are having trouble with your mobile phone signal and you are not carrying a money in your pocket isn't it inconvenient ? . Despite the risk of carrying a money whether it is a big or an average amount , we still need cash as we also need it for some expenses . We all know that bitcoin is also a currency but most establishments or businesses are not yet available for bitcoin transaction in a certain country therefore we are not able to use it , meaning to say having more bitcoin than cash is not always convenient and cash is more needed .

I'm an addicted bank card user myself (debit cards, of course), though I still have to carry a few bills in my pocket just for the case when something goes wrong at the cashier's. And sometimes it does go wrong there for various reasons and not necessarily due to the lack of Internet access. Other than that, fiat in its cash form has little application for me. You should also keep in mind that with a Bitcoin payment card you can do pretty much the same that you would do with a typical bank card. Though the former seems to be a little more expensive that the latter so far...

Until competition fixes that eventually

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Quote from: doomistake on November 19, 2016, 09:13:52 AM

It not like I just like to have bitcoin instead of cash, honestly I want them both because I can, everyone can. We are just using bitcoin because it is additional for our daily income other than cash and we are also using bitcoin for the online transaction because it is fast and safe because bitcoin is anonymous.

You are not looking at one major advantage of holding bitcoin rather than fiat/cash. Look at how purchasing power of each fiat have decreased over last few years due to huge inflation. While price of bitcoin and purchasing power of 1 bitcoin have skyrocketed in last few years. So better to store earnings in bitcoin rather than in cash to keep your hard earned money safe from such inflation of your local fiat.

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It not like I just like to have bitcoin instead of cash, honestly I want them both because I can, everyone can. We are just using bitcoin because it is additional for our daily income other than cash and we are also using bitcoin for the online transaction because it is fast and safe because bitcoin is anonymous.

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Quote from: millgates on November 18, 2016, 03:36:46 AM

Quote from: Vhern on November 17, 2016, 08:04:35 AM

Maybe we should change the word "universal" to "internet", or at least add it...

Bitcoin in local stores can't compete with credit/debit cards and paper money however it can and will rule the internet, there's no better system.

I am not agree with you. However people are saturated using fiat. I think you are agree that fiat value is decrease because of inflation. The fact is usd is loss 5% of value, although government said that it only decrease 1 ~ 2%. If you keep saving fiat you will loss the value. But bitcoin is designed to be deflation so the value will increase every time.

That's the reality, even before it's the same, fiat are subject for inflation while bitcoin and gold are not. We have to be smart nowadays that fiat are decreasing it's value fast, we move our fiat to bitcoin for investment but still save some portion of fiat for our expenses in daily living.

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Quote from: Vhern on November 17, 2016, 08:04:35 AM

Maybe we should change the word "universal" to "internet", or at least add it...

Bitcoin in local stores can't compete with credit/debit cards and paper money however it can and will rule the internet, there's no better system.

I am not agree with you. However people are saturated using fiat. I think you are agree that fiat value is decrease because of inflation. The fact is usd is loss 5% of value, although government said that it only decrease 1 ~ 2%. If you keep saving fiat you will loss the value. But bitcoin is designed to be deflation so the value will increase every time.

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Quote from: marcuslong on November 17, 2016, 09:55:02 AM

Quote from: Mastsetad on November 16, 2016, 12:31:10 PM

Quote from: marcuslong on November 16, 2016, 10:59:41 AM

Quote from: bitdumper on November 10, 2016, 10:51:48 AM

i like using bitcoin much insted of cash there are plenty of reasons some of them everyone know like milletry grade security and privacy but i like the most is its transparent network , anyone can see anyone's balance or anyone can sew fron where a user recived or sent their bitcoin which are not evwn possible in banks

Bitcoin is really good when it comes in privacy but we can't use bitcoin in everyday lives and needs we can't use that as physical money than cash we can use it for everyday basis and it will work out if we are buying something bitcoin for me is just for trading.

By having bitcoins instead of cash it does not mean that you should keep all your money in bitcoin as that would make you unable to do anything right now because bitcoin is not yet reached every place where we spend money, so it simply means you should keep most of your funds in bitcoin instead of cash and have some money just for your expenditures until bitcoin does not reach mainstream.

Yes that's true having bitcoin is good also and doesn't mean that you are going to convert all your money into bitcoin just to invest just keep or exchange 50% of your money just to trial if your going to work out with your money then buy more funds and then make more profit because of btcoin this is why i have bitcoin and cash

Bitcoins is just an alternative way of paying, but that doesn't mean that it better to have bitcoins than cash. cash can still do more than bitcoins. yes, bitcoins is also money but still, there's a limitation in using bitcoins. here in my country, if your account was not verified, you cannot convert your bitcoins into cash. it better to have both, bitcoins for investment and cash for your daily lives.

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Quote from: Mastsetad on November 16, 2016, 12:31:10 PM

Quote from: marcuslong on November 16, 2016, 10:59:41 AM

Quote from: bitdumper on November 10, 2016, 10:51:48 AM

i like using bitcoin much insted of cash there are plenty of reasons some of them everyone know like milletry grade security and privacy but i like the most is its transparent network , anyone can see anyone's balance or anyone can sew fron where a user recived or sent their bitcoin which are not evwn possible in banks

Bitcoin is really good when it comes in privacy but we can't use bitcoin in everyday lives and needs we can't use that as physical money than cash we can use it for everyday basis and it will work out if we are buying something bitcoin for me is just for trading.

By having bitcoins instead of cash it does not mean that you should keep all your money in bitcoin as that would make you unable to do anything right now because bitcoin is not yet reached every place where we spend money, so it simply means you should keep most of your funds in bitcoin instead of cash and have some money just for your expenditures until bitcoin does not reach mainstream.

Yes that's true having bitcoin is good also and doesn't mean that you are going to convert all your money into bitcoin just to invest just keep or exchange 50% of your money just to trial if your going to work out with your money then buy more funds and then make more profit because of btcoin this is why i have bitcoin and cash

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Quote from: carlisle1 on November 17, 2016, 07:44:15 AM

Quote from: Sithara007 on November 15, 2016, 06:47:49 AM

Quote from: Betwrong on November 15, 2016, 05:42:59 AM

Cash still is much more convenient to use in everyday life than Bitcoin.

I don't think so. For me carrying physical cash is not only risky, but also inconvenient. On the other hand, I can make Bitcoin payments from my mobile phone in a matter of few seconds. It is convenient, and risk-free.

What if you don't have an internet access or you are having trouble with your mobile phone signal and you are not carrying a money in your pocket isn't it inconvenient ? . Despite the risk of carrying a money whether it is a big or an average amount , we still need cash as we also need it for some expenses . We all know that bitcoin is also a currency but most establishments or businesses are not yet available for bitcoin transaction in a certain country therefore we are not able to use it , meaning to say having more bitcoin than cash is not always convenient and cash is more needed .

I don't know if you're aware but there are places in this world where internet connection isn't a problem anymore unless you go to the woods/forest. Anyone can easily access the internet in their smartphone anywhere in the city, there are provinces that have good internet connection as well.

But I guess both of you have your point. The first guy says carrying paper money around is risky but I don't think it's really bothering to risk 100$ of paper money. No matter how you put it, we still need paper money and would still need it for some more decades.

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Quote from: sunsilk on November 17, 2016, 08:19:57 AM

Quote from: Vhern on November 17, 2016, 08:04:35 AM

Maybe we should change the word "universal" to "internet", or at least add it...

Bitcoin in local stores can't compete with credit/debit cards and paper money however it can and will rule the internet, there's no better system.

It can compete with those debit cards and there are some exchange sites that are offering bitcoin debit cards.

So that is fine enough for bitcoin to compete chose type of banking services.

And the price now of bitcoin is becoming higher and higher as the day goes by so it is better to use bitcoin for cashless transactions.

How people dont realize that there are companies already providing the card debit of bitcoin, alowing anybody to use bitcoin for daily needs, bitcoin doesnt need competition as well the banks doesnt, both provide similiar service at the cards, in the future bitcoins will be used directly.

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Quote from: Vhern on November 17, 2016, 08:04:35 AM

Maybe we should change the word "universal" to "internet", or at least add it...

Bitcoin in local stores can't compete with credit/debit cards and paper money however it can and will rule the internet, there's no better system.

It can compete with those debit cards and there are some exchange sites that are offering bitcoin debit cards.

So that is fine enough for bitcoin to compete chose type of banking services.

And the price now of bitcoin is becoming higher and higher as the day goes by so it is better to use bitcoin for cashless transactions.

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Maybe we should change the word "universal" to "internet", or at least add it...

Bitcoin in local stores can't compete with credit/debit cards and paper money however it can and will rule the internet, there's no better system.

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Quote from: Sithara007 on November 15, 2016, 06:47:49 AM

Quote from: Betwrong on November 15, 2016, 05:42:59 AM

Cash still is much more convenient to use in everyday life than Bitcoin.

I don't think so. For me carrying physical cash is not only risky, but also inconvenient. On the other hand, I can make Bitcoin payments from my mobile phone in a matter of few seconds. It is convenient, and risk-free.

What if you don't have an internet access or you are having trouble with your mobile phone signal and you are not carrying a money in your pocket isn't it inconvenient ? . Despite the risk of carrying a money whether it is a big or an average amount , we still need cash as we also need it for some expenses . We all know that bitcoin is also a currency but most establishments or businesses are not yet available for bitcoin transaction in a certain country therefore we are not able to use it , meaning to say having more bitcoin than cash is not always convenient and cash is more needed .

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Quote from: Mastsetad on November 16, 2016, 12:31:10 PM

Quote from: marcuslong on November 16, 2016, 10:59:41 AM

Quote from: bitdumper on November 10, 2016, 10:51:48 AM

i like using bitcoin much insted of cash there are plenty of reasons some of them everyone know like milletry grade security and privacy but i like the most is its transparent network , anyone can see anyone's balance or anyone can sew fron where a user recived or sent their bitcoin which are not evwn possible in banks

Bitcoin is really good when it comes in privacy but we can't use bitcoin in everyday lives and needs we can't use that as physical money than cash we can use it for everyday basis and it will work out if we are buying something bitcoin for me is just for trading.

By having bitcoins instead of cash it does not mean that you should keep all your money in bitcoin as that would make you unable to do anything right now because bitcoin is not yet reached every place where we spend money, so it simply means you should keep most of your funds in bitcoin instead of cash and have some money just for your expenditures until bitcoin does not reach mainstream.

I don't think it is a good idea to hold your lifetime saving in bitcoins, either. Apart from that, I simply cannot agree that you are unable to do anything useful with Bitcoin right now because you are not able to spend it as money, i.e. pay for your expenses like you do with fiat. Many advanced web wallets (as well as some exchanges, for example, CoinsBank) now issue varieties of Bitcoin payment cards which would make your life with Bitcoin only just as easy and enjoyable as with any fiat money in your pocket...

Things change in Bitcoin, and they change fast, and what was true just yesterday is no longer true today

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