I can see the opposing views about whether bitcoins are actually an effective remittance tool. I think it really depends.
(1) If you have an established channel to move the funds, it is very efficient. You can quickly sell bitcoins in the target country & convert it to cash (via an established platform), and simultaneously buy bitcoins in the source country with cash (again, with an established platform). I basically keep a "float" of bitcoins for this purpose.
(2) However, if you are doing it irregularly, or don't have a regular reliable source of bitcoins, then it's going to take additional hassle/work which may not be worth the cost savings.
But lately, I have also started to use bitcoins for investments (Real-world). The best tool that I have recently come across is Keza, which facilitates global index investing (e.g. the S&P 500). Everything is kept in bitcoin - and my investment is indexed globally to actual real-world stocks (e.g. the S&P500). It's almost like my preferred bitcoin wallet now.
http://themerkle.com/bitcoin-investment-startup-keza-unveils-ios-beta-app/
https://www.producthunt.com/tech/keza
http://getkeza.com/ (It's free to apply for a Keza account)
Topic: Why would customers use Bitcoins? - page 72. (Read 133913 times)
Bitcoin offers us wide range of benefits which no other currency can offer, you can transfer money anywhere you want with very low fees, very much cheaper in compare to bank transfer or WU.
Actually, asa hardcore Bitcoin advocate, it pains me to say this, but you're not entirely right at the moment.
Sure, if both parties want Bitcoin & can use Bitcoin on the receiving end, and the person sending hasn't had to pay between 1.7% to get the bitcoin, it makes sense. In an ideal world that'd be the case, and we can keep building towards that.
However, if you want to move money cheaply through the UK, Eurozone and the US there are actually much cheaper easier options at the moment. Still a long way to go before we can fairly claim it's the best tool for sending money abroad.
You mean even more cheaper than Bitcoins' current fee???
Bitcoins just charge you a nominal 0.0002 as current mining fee, which won't be even a buck completely, whereas other options would obviously charge you above $5 or something like that, so this option is a better one as compared to others because you are able to send anything to anyone from the comfort of your home sitting in front of your PC...
Trust me, I've tested it. Unless the conditions are just right, it's quicker cheaper & easier to use certain fiat based fintech options.
When you're up against fee free transfers at the mid market rate, it's easier, simpler & people already understand how to do it.
You want to send money abroad using Bitcoin you have to consider:
Any fee you might pay for getting it.
The transfer fee.
Any fee they pay at the other end for using it.
Even considering the possibility that you can both buy it, and the person you're sending it to can ell it without fees at either end, you would till need to be using the same exchange and doing the exchange as quick as hell to avoid the possibility of a sudden swing in the value. And that exchange better be pretty liquid, too.
Sure, once everyone has some bitcoin, and they get paid in bitcoin and the person they want to send money to can use it, then yeah, it will beat any fiat options hands down. But we're not there yet.
That said, if you use bank transfers and uphold you can do it quickly easily and damn cheaply, but a) I wouldn't touch Uphold with a barge pole & b) it's still easier to use certain other fiat based services.
Bitcoin offers us wide range of benefits which no other currency can offer, you can transfer money anywhere you want with very low fees, very much cheaper in compare to bank transfer or WU.
Actually, asa hardcore Bitcoin advocate, it pains me to say this, but you're not entirely right at the moment.
Sure, if both parties want Bitcoin & can use Bitcoin on the receiving end, and the person sending hasn't had to pay between 1.7% to get the bitcoin, it makes sense. In an ideal world that'd be the case, and we can keep building towards that.
However, if you want to move money cheaply through the UK, Eurozone and the US there are actually much cheaper easier options at the moment. Still a long way to go before we can fairly claim it's the best tool for sending money abroad.
You mean even more cheaper than Bitcoins' current fee???
Bitcoins just charge you a nominal 0.0002 as current mining fee, which won't be even a buck completely, whereas other options would obviously charge you above $5 or something like that, so this option is a better one as compared to others because you are able to send anything to anyone from the comfort of your home sitting in front of your PC...
Bitcoin offers us wide range of benefits which no other currency can offer, you can transfer money anywhere you want with very low fees, very much cheaper in compare to bank transfer or WU.
Actually, asa hardcore Bitcoin advocate, it pains me to say this, but you're not entirely right at the moment.
Sure, if both parties want Bitcoin & can use Bitcoin on the receiving end, and the person sending hasn't had to pay between 1.7% to get the bitcoin, it makes sense. In an ideal world that'd be the case, and we can keep building towards that.
However, if you want to move money cheaply through the UK, Eurozone and the US there are actually much cheaper easier options at the moment. Still a long way to go before we can fairly claim it's the best tool for sending money abroad.
Bitcoin offers us wide range of benefits which no other currency can offer, you can transfer money anywhere you want with very low fees, very much cheaper in compare to bank transfer or WU.
Bitcoin is just not an currency but it is also an best investment for future so if people invest their money into bitcoins now then can expect higher return on their investments.
and the bitcoins prices is fluctuate, so you can get the items with cheaper prices on random timesYes but it can also go other way, I mean if price is much high then we need to pay higher value for a particular product then it deserve, best thing is to convert it to fiat and then spend or buy at a value of fiat.
rare chances to catch someone local selling that thing though, and for the simplicity we ended to buy it on online market with BTC
Bitcoin is just not an currency but it is also an best investment for future so if people invest their money into bitcoins now then can expect higher return on their investments.
and the bitcoins prices is fluctuate, so you can get the items with cheaper prices on random timesYes but it can also go other way, I mean if price is much high then we need to pay higher value for a particular product then it deserve, best thing is to convert it to fiat and then spend or buy at a value of fiat.
Bitcoin is just not an currency but it is also an best investment for future so if people invest their money into bitcoins now then can expect higher return on their investments.
and the bitcoins prices is fluctuate, so you can get the items with cheaper prices on random times Bitcoin users have bitcoin lying around. So if stores offer their products with bitcoin, they will have access to a new class of customers. As for normal customers, I don't see any benefits.
Yeah that's true...sad to say some businessman are afraid to try something new...though it could really benefit them as there are so many bitcoin users are looking for shops that accepts bitcoin...
Yeah,only the business sector who are in technology is trying bitcoin but i hope that soon like businessmen who are in the malls and shop sector will be joining bitcoin too.
First the payment processors need to come up with better deals for merchants, with lower fees and lower withdrawal fees when they want to pull their fiat back to their account.
Then they need to ease up on the insane over the top selkf regulation, at least here in the UK. Honestly, it's easier for a merchant to sign up to accept credit/debit cards, or PayPal, than it is Bitcoin.
It's absurd.
Bitcoin is just not an currency but it is also an best investment for future so if people invest their money into bitcoins now then can expect higher return on their investments.
Bitcoin users have bitcoin lying around. So if stores offer their products with bitcoin, they will have access to a new class of customers. As for normal customers, I don't see any benefits.
Its because of Low fees on conducting transactions and a no-center private currency make it very comfortable to use in the online field without having to trust anyone with your money.
it is safer to use, more convenient and harder to be lost. Its value is ambiguous too. So you can buy things when BTC's price is quite high. It's gives customers and advantage moneywise. 
At other methods of transaction, bitcoin transaction is a one with much ease of accessing if people were aware of it
I've offered my friend to join in bitcoin, but they say that bitcoin and internet is difficult to use and confusing ?
LOL
I believe some people feel this to be difficult as well not understanding. This is a group of people who doesn't have much interest in internet activities.
it is mostly because they are too lazy to learn about a new technology so they stick to their ancient fiat and never look for anything better.
also there is a lot of FUD being spread by media that creates fear in some of them.
it is safer to use, more convenient and harder to be lost. Its value is ambiguous too. So you can buy things when BTC's price is quite high. It's gives customers and advantage moneywise.
At other methods of transaction, bitcoin transaction is a one with much ease of accessing if people were aware of it
I've offered my friend to join in bitcoin, but they say that bitcoin and internet is difficult to use and confusing ?
LOL
I believe some people feel this to be difficult as well not understanding. This is a group of people who doesn't have much interest in internet activities.
it is safer to use, more convenient and harder to be lost. Its value is ambiguous too. So you can buy things when BTC's price is quite high. It's gives customers and advantage moneywise.
At other methods of transaction, bitcoin transaction is a one with much ease of accessing if people were aware of it
I've offered my friend to join in bitcoin, but they say that bitcoin and internet is difficult to use and confusing ?
LOL
it is safer to use, more convenient and harder to be lost. Its value is ambiguous too. So you can buy things when BTC's price is quite high. It's gives customers and advantage moneywise.
At other methods of transaction, bitcoin transaction is a one with much ease of accessing if people were aware of it
I've offered my friend to join in bitcoin, but they say that bitcoin and internet is difficult to use and confusing ?
LOL
Bitcoin users have bitcoin lying around. So if stores offer their products with bitcoin, they will have access to a new class of customers. As for normal customers, I don't see any benefits.
Yeah that's true...sad to say some businessman are afraid to try something new...though it could really benefit them as there are so many bitcoin users are looking for shops that accepts bitcoin...
Yeah,only the business sector who are in technology is trying bitcoin but i hope that soon like businessmen who are in the malls and shop sector will be joining bitcoin too.
Bitcoin users have bitcoin lying around. So if stores offer their products with bitcoin, they will have access to a new class of customers. As for normal customers, I don't see any benefits.
Check in Purse.io there is lots of offer and discount for the users who are all using bitcoins and buying the things with it. I have a bought a optimal mouse and keyboard once and I have got discount as well. Please try and reply here!!!
Bitcoin users have bitcoin lying around. So if stores offer their products with bitcoin, they will have access to a new class of customers. As for normal customers, I don't see any benefits.
Yeah that's true...sad to say some businessman are afraid to try something new...though it could really benefit them as there are so many bitcoin users are looking for shops that accepts bitcoin...
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?
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?
In a credit card the fees and taxes are already cutted from your bank account while in bitcoin you have only to pay the service provider fee, there may be some wallets where the transaction fee will be very low or zero.
it is safer to use, more convenient and harder to be lost. Its value is ambiguous too. So you can buy things when BTC's price is quite high. It's gives customers and advantage moneywise.
At other methods of transaction, bitcoin transaction is a one with much ease of accessing if people were aware of it
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