Why would customers use Bitcoins? - page 101.

virtualx

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LOTEO

Quote from: bearex on November 21, 2015, 04:15:28 PM

I came to figure out, why would a consumer/customer use Bitcoins?
You have to pay the 3 cent fee, while you dont have to pay anything when paying with a credit card.

So what is really a benefit for using Bitcoins, customer wise?

- the bitcoin economy
- sell goods worldwide
- services
- payment worldwide without borders
- receive money worldwide within 10min-1hour
- no thefts
- no downtime for online payments
- no advertisements when making a transaction
- only 1-3 steps to send money. unlike most payment systems

d5000

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Quote from: ebliever on November 21, 2015, 09:34:57 PM

Merchants have to pay a much higher fee than the 3 cents on credit card transactions, not to mention the cost for armed security to transport cash and checks. Plus they don't need to worry about counterfeiting, forged checks, stolen credit cards, chargebacks, and other headaches associated with other payment methods. So it makes sense that they will eventually offer a standard discount to anyone paying with bitcoin.

Exactly. It is perfectly possible that in a mature market with low price swings, many merchants will offer prices in Bitcoin or other cryptocurrency lower than the equivalent "fiat" prices.

There are other advantages, for many people of the world. First, there are many unbanked people in poorer countries that would not get easily a credit card. A cryptocurrency wallet can be opened by anyone - even on a low-end smartphone or old PC. Second, BTC makes international payments much easier.

So I see many reasons to use BTC, and the actually "recommended" fees are only relevant for micropayments. It could be a different game if there are lower mining rewards and higher transaction fees, but that's still far in the future.

jaberwock

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Quote from: bearex on November 21, 2015, 04:15:28 PM

I came to figure out, why would a consumer/customer use Bitcoins?
You have to pay the 3 cent fee, while you dont have to pay anything when paying with a credit card.

So what is really a benefit for using Bitcoins, customer wise?

But you pay for credit cards services.

The seller is charged some % of every transaction and they pay for the setup costs.

Also you sometimes pay too, at least if you don't pay your bill on time

Wary

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Who's there?

Quote from: LiteCoinGuy on November 22, 2015, 12:00:48 PM

and in the end: bitcoin is not about shopping.

Bitcoins as such doesn't give much benefits to justify mass adoption.

However, it can gain mass adoption through its sidechains, tailored for different niche markets.
-one sidechain tailored for cup-of-coffee (a lot of non-secure, but easy and fast transactions)
-second sidechain tailored for black & gray market (complete anonimity and untracebility)
-third sidechain tailored for investment (slow but super-secure)
-fourth sidechain tailored for legal applications (wide range of smart contracts)
-fourth sidechain tailored for storing all kind of information
-etc etc etc

If so, we should pray for the success of Blockstream.

bearex

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Quote from: nerFohanzo on November 22, 2015, 03:12:55 PM

Quote from: USB-S on November 22, 2015, 10:48:40 AM

In my country you pay huge interest and some fees to use a credit card. I'd rather pay the 3 cents transaction fees than owe money to a bank.

If people have no money, then of course they will use credit cards to buy something. Since using a credit card is basically lending made easy.
It's a shame that this has gained public acceptance. Bitcoin will destroy the credit card industry for sure.

Yeah that is correct, and mainly in many countries banks doesn't offers you credit cards very easily, they will check your financial background, your transactions with the bank and if it meets the criteria of the bank then only they offer you credit card, and all of us cannot afford to have credit cards, So people who don't have credit cards will surely use bitcoins for making online payment, People would use bitcoins as a substitute to credit cards.

Really? even no-debit cards? If that is so, then it would really benefit.

I hope it will progress in the transaction times.

nerFohanzo

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Quote from: USB-S on November 22, 2015, 10:48:40 AM

In my country you pay huge interest and some fees to use a credit card. I'd rather pay the 3 cents transaction fees than owe money to a bank.

If people have no money, then of course they will use credit cards to buy something. Since using a credit card is basically lending made easy.
It's a shame that this has gained public acceptance. Bitcoin will destroy the credit card industry for sure.

Yeah that is correct, and mainly in many countries banks doesn't offers you credit cards very easily, they will check your financial background, your transactions with the bank and if it meets the criteria of the bank then only they offer you credit card, and all of us cannot afford to have credit cards, So people who don't have credit cards will surely use bitcoins for making online payment, People would use bitcoins as a substitute to credit cards.

Mickeyb

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Move On !!!!!!

Quote from: LiteCoinGuy on November 22, 2015, 12:00:48 PM

and in the end: bitcoin is not about shopping.

Especially buying a cup of coffee! I love these discussions how Bitcoin will never be able to be used for buying coffee all around the world!

LiteCoinGuy

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In Satoshi I Trust

and in the end: bitcoin is not about shopping.

STT

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Bitcoins allow for much cheaper transactions, the money is going straight to the person. If you pay by credit card it's unknown how much profit they will get after various bank fees are applied. Anyone who sells on ebay knows its not that easy.

Its probably more obvious for really low scale operations then big companies who wont tell you how much cost is in your bill for a credit card

USB-S

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In XEM we trust

In my country you pay huge interest and some fees to use a credit card. I'd rather pay the 3 cents transaction fees than owe money to a bank.

If people have no money, then of course they will use credit cards to buy something. Since using a credit card is basically lending made easy.
It's a shame that this has gained public acceptance. Bitcoin will destroy the credit card industry for sure.

blackmachinegun

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there was many reason why costumer want to use bitcoin.
- simple payment
- easy to carry
- fast payment
- small fee or free from transaction fee

OrientA

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When bitcoin is adopted widely, there is no difference for consumer to use bitcoin or fiat in buy goods etc.
But there is a fundamental difference between bitcoin and fiat. With bitcoin, you do not rely on banks to transfer the money for you, so the transaction fee is lower.
You can also save the bitcoin in your own wallet. So banks do not control your money.

Amph

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Quote from: disclaimer201 on November 22, 2015, 10:14:09 AM

Short answer - they wouldn't. Not because of a few pennies in fees but because it's too complicated, takes too long and risky to spend "money" that may potentially double its value any day/week/months/year. Bitcoin's main purpose does not lie in point of sale business but as a long term investment (mainly).

i think it's only a problem that bitcoin must be bought first, if bitcoin was like fiat and someone could recieve it as a wage of his job, there will be many many more people that will use it and maybe even buying it on top of their earning

it also mean that the company that give job to these people is buying bitcoin

target

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A customer would want to use btc because btcs can easily be earned here in bitcointalk.org

he can get his money back after

Hugroll

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Quote from: disclaimer201 on November 22, 2015, 10:14:09 AM

Short answer - they wouldn't. Not because of a few pennies in fees but because it's too complicated, takes too long and risky to spend "money" that may potentially double its value any day/week/months/year. Bitcoin's main purpose does not lie in point of sale business but as a long term investment (mainly).

i believe that bitcoin has a similar has of decreasing in price as increasing in price, so the customer wouldn't really think about the potential losses in the future if he/she decides to pay with btc. i really dont think satoshi made bitcoin to be seen as a long term investment. its supposed to be used for general everyday transactions.

disclaimer201

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Short answer - they wouldn't. Not because of a few pennies in fees but because it's too complicated, takes too long and risky to spend "money" that may potentially double its value any day/week/months/year. Bitcoin's main purpose does not lie in point of sale business but as a long term investment (mainly).

Lituation

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Free Speech is the most important thing.

Quote from: bearex on November 21, 2015, 04:15:28 PM

I came to figure out, why would a consumer/customer use Bitcoins?
You have to pay the 3 cent fee, while you dont have to pay anything when paying with a credit card.

So what is really a benefit for using Bitcoins, customer wise?

If you pay with credit card then seller pay huge fee. If merchants adopt Bitcoin then they don't have to pay huge credit card fees, they can use this as discount on buyer end. So;
Seller accept Bitcoin.
Seller get rid of credit card fees.
Seller discount the price.
Both buyer and seller profit. Mutual profit.

GODLIKE

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LOL what you looking at?

Quote from: bearex on November 21, 2015, 04:15:28 PM

I came to figure out, why would a consumer/customer use Bitcoins?
You have to pay the 3 cent fee, while you dont have to pay anything when paying with a credit card.

So what is really a benefit for using Bitcoins, customer wise?

I don't know about your country, but I have to pay 3 euro per month if I touch my credit card.
Then there's the anonymity factor.
Then there's if you want to open your store you don't have to pay a bank or credit card for transactions.
Then there's you don't even need a bank account (1.5 billion of poor people cannot access a bank account).

But this apart, Bitcoin is not about how much you earn or save now, but how much are you INDEPENDENT FROM BANKS.
Remember Greece. Remember Argentina. Remember Iceland.
When people will understand this, Bitcoin will enter mainstream globally.

Mr. Forum

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Hi Bearex, Most people who you come across using bitcoins to make purchases, be sure that they have quite a number. One thing I know is that you can not spend buying other things with only 2 coins. Having the coins in bulk is always not recommended and thus people always find a way to dispose the extra coins. Another instance could be the person got the coins through unclear means and want to use them so as to curb the evidence. In summary, I can Just say, there are reasons for everything.

CoinHopper

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Two heads are better than one.

To be eligible to receive payments as a business through a credit card company, you have to waste funds buying a payment system, like those pin-pads. With bitcoin, you can just paste a QR code on your front desk and confirm payments using your mobile phone. Bitcoin is also safer in your hands, then in a bank. What would happen if your country's banks had a problem like greece, and you can't withdraw money from ATMs anymore? You could just do a one-on-one trade with bitcoins without touching the bank.

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