actually i don't know for sure but might be consumer will use bitcoins because you don't need bring your paper money on your pocket
and just only use your smartphone and internet connections to do a transactions
Topic: Why would customers use Bitcoins? - page 82. (Read 133913 times)
My reasons are:
Security- No other payment system is even close to the security of bitcoin. Only you control your coins and there is no need to associate them with your identity. It is this association that makes credit cards so vulnerable. Each time you use one you are sending all the information needed to rob you. And you send it to dozens of people you don't even know.
Price- You may think credit cards are free, but that is just not true. Someone has to pay the 3% and it will be passed on to you, the buyer. Go to a place like overstock.com and you will notice that if you pay with bitcoin the price is 3% lower. That could be quite a bit of money over time.
Speed- Credit cards may seem fast but in reality it takes days or months for a charge to clear. With bitcoin I can buy something and the seller can ship or provide services within minuets or hours. The seller has the money, not just a promise of money.
Unassailable universal wealth- With other payment systems you are a visitor and subject to whatever rules the processor feels like imposing. These systems are backed by currency that is also beyond your control. You can use it when, where, and if you are permitted. It is not your money.
With bitcoin I decide who I want to pay, regardless of where they are. I decide the terms with the only other party involved. It is truly a free market and no one can do anything to coerce or dissuade me from doing what I want.
Security- No other payment system is even close to the security of bitcoin. Only you control your coins and there is no need to associate them with your identity. It is this association that makes credit cards so vulnerable. Each time you use one you are sending all the information needed to rob you. And you send it to dozens of people you don't even know.
Price- You may think credit cards are free, but that is just not true. Someone has to pay the 3% and it will be passed on to you, the buyer. Go to a place like overstock.com and you will notice that if you pay with bitcoin the price is 3% lower. That could be quite a bit of money over time.
Speed- Credit cards may seem fast but in reality it takes days or months for a charge to clear. With bitcoin I can buy something and the seller can ship or provide services within minuets or hours. The seller has the money, not just a promise of money.
Unassailable universal wealth- With other payment systems you are a visitor and subject to whatever rules the processor feels like imposing. These systems are backed by currency that is also beyond your control. You can use it when, where, and if you are permitted. It is not your money.
With bitcoin I decide who I want to pay, regardless of where they are. I decide the terms with the only other party involved. It is truly a free market and no one can do anything to coerce or dissuade me from doing what I want.
Come on dude, you have to know those reasons aren't really true. At least not yet.
Security is a relative construct. Bitcoin is no more or less secure than other methods of payment if it's used incorrectly. More people have been robbed using exchanges than I like to admit. Bitcoin virus attacks on not only business computers but personal computers are commonplace. Banks get hacked too but they replace the lost customer money with fraud protection. Fraud protection is what you're paying for in the service fee you pay at a merchant terminal. You also currently, and for the foreseeable future, must involve the current financial system at some point to make a Bitcoin purchase. Sure, I suppose those people that choose to convert their money by purchasing expensive mining equipment or using LBC to acquire bitcoins aren't involving banks, but that's impractical for most people.
Quote
The cost of goods and services are moot. The price isn't less when you consider exchange fees and fraud loss. As I mentioned above, the 2-3% fee pays for fraud protection that I sorely wish I had during the Bitcoinica and exchange hacks where I lost more bitcoins in less than two years than I have ever lost in fiat in 50 years.
That is not true in my experience. I have saved hundreds of dollars in credit card fees so far this year using BTC. And I do not need or want any help with fraud. The security of bitcoin is far more than I have with a credit card. And the 3% master card charges is mostly profit not fraud protection. They are a for profit business and MUST make a profit from you. Quote
Bitcoin is slower, period. The reason transactions in fiat banking aren't reconciled immediately is because of that fraud protection thing I mentioned earlier. The charge is satisfied and reconciled only after all parties are in agreement but for customer purposes it's immediate. Bitcoin uses the VERY SLOW process of trusted third party escrow for that job.
Escrow? I never use that because I only deal with trusted businesses. There are only two parties in my transactions. And again, it may seem like it happens fast but ask a business owner about that. I have owned businesses for years and I assure you credit cards are days to months.Quote
Banking is a free market too dude. I only use credit unions for banking because they offer the services I want and need. Bitcoin can't compete and no current third party Bitcoin service can currently come even close to the offerings of a credit union. Also, as long as Chinese miners provide the security for Bitcoin not only am I not in complete control but my country isn't even in control.
Everything you said boils down to Bitcoin is perfect for nerds that know how to use it properly and merchants that want the upper hand over their customers. The rest of the world will end up having to use expensive third parties like Coinbase and take it up the ass just like they do now.
I'm glad you don't feel the need to use escrow in Bitcoinland. I've been raped by just about every business I've ever used Bitcoin with unless it was in person buying cupcakes or I used slow as fuck escrow. That includes some of the largest businesses in Bitcoinland. The reason - because I can't just call my bank and tell them to freeze the charge and investigate fraud (which I have done before very successfully).
There are dozens of ways to send money anywhere in the world for free or at a very low cost. I can tell them to you if you like but it will take a few pages of off topic to do it so I'll give you one example. I routinely send my daughter cash by depositing it in a shared account we set up when she was visiting. We went to the bank together and opened a joint account. When she needs money I put it in the account. She withdraws it three thousand miles away. She calls me when she's paid it back and I withdraw it. Hit me up sometime and I'll tell you how I sent $350,000 for a $5 fee using my money market account during a home sale. Trust me (currently) Bitcoin is not faster, safer, easier or cheaper.
Customers should use the bitcoin because its an easy payment and its also the fact is easy to use with payments.
One of the best things is also that its better secured and also self controllable.
One of the best things is also that its better secured and also self controllable.
My reasons are:
Security- No other payment system is even close to the security of bitcoin. Only you control your coins and there is no need to associate them with your identity. It is this association that makes credit cards so vulnerable. Each time you use one you are sending all the information needed to rob you. And you send it to dozens of people you don't even know.
Price- You may think credit cards are free, but that is just not true. Someone has to pay the 3% and it will be passed on to you, the buyer. Go to a place like overstock.com and you will notice that if you pay with bitcoin the price is 3% lower. That could be quite a bit of money over time.
Speed- Credit cards may seem fast but in reality it takes days or months for a charge to clear. With bitcoin I can buy something and the seller can ship or provide services within minuets or hours. The seller has the money, not just a promise of money.
Unassailable universal wealth- With other payment systems you are a visitor and subject to whatever rules the processor feels like imposing. These systems are backed by currency that is also beyond your control. You can use it when, where, and if you are permitted. It is not your money.
With bitcoin I decide who I want to pay, regardless of where they are. I decide the terms with the only other party involved. It is truly a free market and no one can do anything to coerce or dissuade me from doing what I want.
Security- No other payment system is even close to the security of bitcoin. Only you control your coins and there is no need to associate them with your identity. It is this association that makes credit cards so vulnerable. Each time you use one you are sending all the information needed to rob you. And you send it to dozens of people you don't even know.
Price- You may think credit cards are free, but that is just not true. Someone has to pay the 3% and it will be passed on to you, the buyer. Go to a place like overstock.com and you will notice that if you pay with bitcoin the price is 3% lower. That could be quite a bit of money over time.
Speed- Credit cards may seem fast but in reality it takes days or months for a charge to clear. With bitcoin I can buy something and the seller can ship or provide services within minuets or hours. The seller has the money, not just a promise of money.
Unassailable universal wealth- With other payment systems you are a visitor and subject to whatever rules the processor feels like imposing. These systems are backed by currency that is also beyond your control. You can use it when, where, and if you are permitted. It is not your money.
With bitcoin I decide who I want to pay, regardless of where they are. I decide the terms with the only other party involved. It is truly a free market and no one can do anything to coerce or dissuade me from doing what I want.
Come on dude, you have to know those reasons aren't really true. At least not yet.
Security is a relative construct. Bitcoin is no more or less secure than other methods of payment if it's used incorrectly. More people have been robbed using exchanges than I like to admit. Bitcoin virus attacks on not only business computers but personal computers are commonplace. Banks get hacked too but they replace the lost customer money with fraud protection. Fraud protection is what you're paying for in the service fee you pay at a merchant terminal. You also currently, and for the foreseeable future, must involve the current financial system at some point to make a Bitcoin purchase. Sure, I suppose those people that choose to convert their money by purchasing expensive mining equipment or using LBC to acquire bitcoins aren't involving banks, but that's impractical for most people.
Quote
The cost of goods and services are moot. The price isn't less when you consider exchange fees and fraud loss. As I mentioned above, the 2-3% fee pays for fraud protection that I sorely wish I had during the Bitcoinica and exchange hacks where I lost more bitcoins in less than two years than I have ever lost in fiat in 50 years.
That is not true in my experience. I have saved hundreds of dollars in credit card fees so far this year using BTC. And I do not need or want any help with fraud. The security of bitcoin is far more than I have with a credit card. And the 3% master card charges is mostly profit not fraud protection. They are a for profit business and MUST make a profit from you. Quote
Bitcoin is slower, period. The reason transactions in fiat banking aren't reconciled immediately is because of that fraud protection thing I mentioned earlier. The charge is satisfied and reconciled only after all parties are in agreement but for customer purposes it's immediate. Bitcoin uses the VERY SLOW process of trusted third party escrow for that job.
Escrow? I never use that because I only deal with trusted businesses. There are only two parties in my transactions. And again, it may seem like it happens fast but ask a business owner about that. I have owned businesses for years and I assure you credit cards are days to months.Quote
Banking is a free market too dude. I only use credit unions for banking because they offer the services I want and need. Bitcoin can't compete and no current third party Bitcoin service can currently come even close to the offerings of a credit union. Also, as long as Chinese miners provide the security for Bitcoin not only am I not in complete control but my country isn't even in control.
One good reason customers would use bitcoins over credit cards is that none of their personal identifying or bank account/cc info is at risk. Each time you use a credit/debit card, you are allowing the retailer access to all your personal and bank info, even if you are buying just a pack of chewing gum. Then if the retailer's database is hacked, hacker's get all your personal and bank account info.
For example, this is what happened to Target customers: http://www.businessinsider.com/heres-what-happened-to-your-target-data-that-was-hacked-2014-10
For example, this is what happened to Target customers: http://www.businessinsider.com/heres-what-happened-to-your-target-data-that-was-hacked-2014-10
I don't think it has any advantage on a way of direct use, it's more private so it might be better at some embarrassing fields but other than that I think it's just about supporting an overall more advance system.
I don't see any benefits rather than just an additional payment option for the merchant. Example I don't fiat then I can used my coins.
it's just like a normal money but in different form.
it's just like a normal money but in different form.
There is in fact a lot of advantages and powerful features of Bitcoin's currency, encouraging people to use Bitcoin instead fiat and other currencies.
I think it has big advantages in term of reliability of being always on and accessible unlike banks, the fact that the fees are voluntary and you can send a transaction without fees since it's an open network.
Customers don't see any CC fees, the fees are paid by the merchant. The customer only sees that with CC, he could chargeback if anything goes wrong. And, of course, the money he's spending is on free loan from the CC, so there's that.
Merchants offering substantial discounts for BTC payments (to reflect the money they are purportedly losing to CC fees/chargebacks) would motivate bitcoin use, but they rarely do.
Merchants offering substantial discounts for BTC payments (to reflect the money they are purportedly losing to CC fees/chargebacks) would motivate bitcoin use, but they rarely do.
Most of the time customers don't see any credit card fees, but some local shops charge about +3% when paying with credit/debit card which is much more honest, although it discourages to use the credit cards there. So it all come to human psychology, when you have to pay +3% on top of the purchased goods versus no fee indicted but included in every purchased item whether you pay with cash or credit/debit card.
Not sure what you mean by "honest." Brick&mortar customers always have the option of using cash (0% fee), which (unlike BTC) most local shops accept.
I haven't seen premium on CC use in quite a while, (US). Some coffee shops have $5 or so minimum for CC, but, again, those take cash no prob, and (hopefully) you leave a tip way in excess of 3% on small purchases -- waiters pretty much live on tips.
Point is CCs go out of their way to attract clients -- literally lend you money for free & provide buyer protection, to name a couple.
And merchants accept CC because their [potential] customers want to use CC. And accounting is seamless, unlike BTC.
Bitcoin has to not only match, but exceed that. Because I can't tell Mom "listen Ma, switch from CC to BTC & you'll save up to 3% on the stuff you buy. You'll have to pay exchange fees when you buy BTC of course, or spend some time on localbitcoin & arrange to meet up with a righteous bro, who'll hook you up with bitcoins at a 5-20% premium. But then you'll only be able to shop in places which accept bitcoin, which is to say none of the places you shop now. It's totally worth it tho Mom, you might save upwards of 3%!!!"
You know she'd disown me, don't you?
@ATguy re. "pay +3% on top of the purchased goods versus no fee indicted but included in every purchased item whether you pay with cash or credit/debit card": I don't get 3% discount by using BTC, am I getting ripped?
Allot of creditcards "At least in other countries than the USA" cost the user more than 3 cents to use anyway, But regardless of the cost, bitcoin is easy to use, Cheap and relatively private and less stealable than creditcard details at least.
I hope later that more people will use Bitcoin as a payment method. And that we can easily pay with Bitcoin in stores.
That will also be much safer for people and also faster and that is very good. But we must make it more popular first.
That will also be much safer for people and also faster and that is very good. But we must make it more popular first.
Customers can use the the bitcoin because its firstly very fast and also very secure to pay with it.
You can not get robbed and the fact is also that you are also untraceable if you payed something.
One of the best things for customers is also that its self controllable no banks are involved.
You can not get robbed and the fact is also that you are also untraceable if you payed something.
One of the best things for customers is also that its self controllable no banks are involved.
Customers don't see any CC fees, the fees are paid by the merchant. The customer only sees that with CC, he could chargeback if anything goes wrong. And, of course, the money he's spending is on free loan from the CC, so there's that.
Merchants offering substantial discounts for BTC payments (to reflect the money they are purportedly losing to CC fees/chargebacks) would motivate bitcoin use, but they rarely do.
Merchants offering substantial discounts for BTC payments (to reflect the money they are purportedly losing to CC fees/chargebacks) would motivate bitcoin use, but they rarely do.
Most of the time customers don't see any credit card fees, but some local shops charge about +3% when paying with credit/debit card which is much more honest, although it discourages to use the credit cards there. So it all come to human psychology, when you have to pay +3% on top of the purchased goods versus no fee indicted but included in every purchased item whether you pay with cash or credit/debit card.
It will be better if we would endorse or encourage customers to use bitcoin instead of money or their currency. As to somehow that this is same with money it would not require them any tax incurred once they have any business transaction possible. Less time other than banking system and safest method of business, this cannot be steal or the risk of holding a big amount of money..
...
Well, perhaps if you increased the transaction fees, the transactions would be confirmed much quicker.
They would still be lower than the fees charged by credit card companies.
Well, perhaps if you increased the transaction fees, the transactions would be confirmed much quicker.
They would still be lower than the fees charged by credit card companies.
Thread topic: Re: Why would customers use Bitcoins?
Customers don't see any CC fees, the fees are paid by the merchant. The customer only sees that with CC, he could chargeback if anything goes wrong. And, of course, the money he's spending is on free loan from the CC, so there's that.
Merchants offering substantial discounts for BTC payments (to reflect the money they are purportedly losing to CC fees/chargebacks) would motivate bitcoin use, but they rarely do.
many reason for Customers use bitcoin, bitcoin is easy to use, low fee transaction, fast transaction but "sometimes" we need wait long time until get confirmation transaction.
what do you mean about "sometimes" in fast transaction ? what do you think. fast transaction occurs only a few times ??and we cannot always get fast transaction in bitcoin ?
Well, perhaps if you increased the transaction fees, the transactions would be confirmed much quicker.
They would still be lower than the fees charged by credit card companies.
Although higer transaction fees are not necessary even you can put 0 fees to your transaction but if you want your transaction to get confirmed fast then add 0.0001 per 2k size of transaction and we are unable to estimate the size of transaction i suggest at least 0.0002 fees per transaction.
many reason for Customers use bitcoin, bitcoin is easy to use, low fee transaction, fast transaction but "sometimes" we need wait long time until get confirmation transaction.
what do you mean about "sometimes" in fast transaction ? what do you think. fast transaction occurs only a few times ??and we cannot always get fast transaction in bitcoin ?
Well, perhaps if you increased the transaction fees, the transactions would be confirmed much quicker.
They would still be lower than the fees charged by credit card companies.
many reason for Customers use bitcoin, bitcoin is easy to use, low fee transaction, fast transaction but "sometimes" we need wait long time until get confirmation transaction.
what do you mean about "sometimes" in fast transaction ? what do you think. fast transaction occurs only a few times ??and we cannot always get fast transaction in bitcoin ?
many reason for Customers use bitcoin, bitcoin is easy to use, low fee transaction, fast transaction but "sometimes" we need wait long time until get confirmation transaction.
what do you mean about "sometimes" in fast transaction ? what do you think. fast transaction occurs only a few times ??and we cannot always get fast transaction in bitcoin ?
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