Why I Use Bitcoin, and Why You Should Too - NerdWallet
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Bitcoin - The Currency of the Internet
A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
/btc was created to foster and support free and open Bitcoin discussion about cryptocurrency, Bitcoin news, and exclusive AMA (Ask Me Anything) interviews from top Bitcoin and cryptocurrency leaders. Bitcoin is the currency of the Internet. A distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without the need for any central authority whatsoever. Learn more about Bitcoin, Bitcoin Cash, cryptocurrency, and more.
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Satoshi Nakamotooriginally createdBitocin as an alternative, decentralized payment method. Unlike international bank transfers, it was low-cost and almost instantaneous. An added advantage for merchants (less so for users) was that it was irreversible, removing the threat of expensive charge-backs. In return, consumers benefit from a wider selection of merchants both domestic and international without worrying about exchange fees. Moreover, the details of their transactions are encrypted which protects their personal data. The improvement in domestic payment methods and the rapid development of alternative (non-cryptocurrency) forms of international transfers, however, has reduced bitcoin’s advantage in this area, especially given its increasing fees and frequent network bottlenecks. Furthermore, the increasing oversight and regulation to prevent money laundering and illegal transactions have restricted the cryptocurrency’s use for privacy reasons. In some parts of the world, bitcoin is still a more efficient and cheaper way to transfer money across borders, and several remittance startups make use of this feature. Last year, Coinbase added cross-border transfers and custody services for high-volume clients in Asia and Europe. A recent partnership between crypto exchange Bitex and Uruguay-based banking service provider Bantotal now facilitates direct bitcoin payments across 60 banks in Latin America. Bitcoin’s cost and speed advantages, though, are being eroded as traditional channels improve and the network’s fees continue to increase and availability remains a problem in many countries. Also, a number of large and small retailers accept the cryptocurrency as a form of payment, although reports suggest that demand for this function is not high. And many individuals feel more comfortable holding a part of their wealth in securely-stored bitcoin wallets, where a central authority cannot block access or take a cut. Since the coronavirus lockdown began in March, we’ve witnessed a surge in demand for bitcoin wallets as users search for alternative self-custody solutions. The pandemic has also seemed to accelerate the widespread adoption of blockchain technology, as more and more businesses, payments companies and e-commerce marketplaces turn to digital currencies, especially stablecoins. Recently bitcoin seems to have assumed the role of investment asset, as traders, institutional investors and small savers have woken up to the potential gains from price appreciation. According to some sources, bitcoin is increasingly being used for money laundering. But blockchain analytics startups and crypto tracing firms are rolling out new tools to help exchanges comply with anti-money laundering standards. And anyway, bitcoin is not, as is commonly believed, a good vehicle for money laundering, extorsion or terrorism financing, since it is both traceable and transparent – as a spate of recent arrests can attest.
Why use bitcoins when my dollars are working just fine for me?
This would be the topic of our next video from our educational series. We want to give the people plenty of good reasons why bitcoin is better and in which scenarios. Naturally we want to crowd source the ideas as we will never be able to figure out all the angles that a community could. So, please post below your reason to use bitcoins instead of dollars or credit card. Some of those will be used in the video. If you are not familiar with our work, here is what we have produced so far:
I've seen several folks mention that they use Bitcoin to make small purchases. However, I also read the story about a guy who purchased 2 large pizzas that inevitably cost him tens of millions of dollars. So that leaves me wondering why I, or others, would spend our coins while holding the belief that the price per coin/share is still going up.
Why use Bitcoin for shopping instead of paypal/credit card?
Hello Everyone! So I have been a supporter of Bitcoin for some time and have attempted to try and support merchants that accept bitcoin by buying from them whenever possible. So after a cool merchant made a post here a few months ago I thought I would buy some things. I ordered two things, relatively simple for around 40USD in BTC. One product arrived late and the other never arrived at all (its been about 10 weeks since I ordered). In the mean time they have stopped answering my mails and the website is now suddenly in "coming soon" mode. I'm assuming I'm out about 17USD now (the price of the product that never arrived). So, my question: Why should I ever use BTC to shop again? If I had used paypal or my credit card I could have gotten my money back, or at least reported the site as a fraud for future customers. With bitcoin my money is just gone. I understand I pay fees with a card or paypal, but I'm paying these fees for the protection that these payment methods offer - protection which is not available with bitcoin. I still love bitcoin, I just thought I would attempt to prompt a discussion on an issue that is still a problem and a potential speed bump for bitcoin adoption. Edit: For those that want to check out the site its: www.crypto-cards.com
Explanation needed: Why use bitcoin over, say, a traditional credit card?
I've read and understood (generally) the Bitcoin protocol. I just need a little explanation on why it's needed... as I feel like I can do the same stuff (make online purchaces from merchants) with my credit card. My research has found some reasons as to its advantages, but nothing that stands out (so I can use come clarification here):
No fees / no chargebacks (Merchants pay a fee to swipe CCs, those fees are used by CC companies to fight complaints, etc. I kind of like the chargeback feature to help fight a charge where the service I paid for didnt live up to par)
Fast (for transferring money from friend to friend, bitcoin seem ideal! but if i want to make purchase from a merchant, there's a 10 minute "verification" period [blockchain/miner stuff]. Does that mean I have to wait for it to be verified?).
Great privacy/security/self-governed (I like this facet too! but to be honest, I've had my credit card stolen before, and all I had to do was make a phone call and they shut it down and issued me a new one)
I apologize in advance for these "noobish" questions. I am. But I can't seem to find a "BAM! That's the reason!" explanation and I was hoping this community can shed some light. Thanks a bunch guys in advance!
Why use Bitcoin instead of Dollars, Euros, or Pounds? Why would anyone use Bitcoin? Good questions! Fortunately, there are some straightforward answers to them. In this article, we’ll go through the purpose of Bitcoin and what Bitcoins really are used for. The main reasons people use Bitcoin are: Control; Bitcoin today is analogous to oil after the development of the kerosene lamp, but before cars, planes, and the rest. It is a commodity with certain limited but meaningful real-world uses. So, why use Bitcoin? I use Bitcoin because, for certain transactions, it’s cheaper and better than the alternatives. Here are three examples of when using Bitcoin might make sense: There is a video on the Get Bitcoin tab on how to set up a wallet. The week of your time is to learn how to get and fund your wallet. Some people can do it in minutes. Next, register and prove you have learned about bitcoin by paying $30 in bitcoin for this training and receive an entire marketing system as a bonus. Why use bitcoin the currency? Bitcoin the currency was the first of its kind: a global, decentralized cryptocurrency. While this sounds strange, it actually makes sense. As the world becomes less dependent on states and borders, the internet is a shared space where anyone in the world can communicate or create business. A universal currency not ...
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