Bill Gates: Bitcoin Is 'Better Than Currency' • Hacker News Board

Re: Bill Gates: Bitcoin Is 'Better Than Currency'

#11

Post by aaron-lebo » Sat, Oct 04, 2014, 5:55 PM UTC

fdsary wrote: post #8

I mean, anyone who ever used bitcoin will see how it's clearly superior than going to a bank office, getting an account, waiting days for it all to work out. And then transactions take a night (at least in the countries I've lived in). Bitcoin transactions show up instantly. There's no need to a trusted middle man. Anyone I show it to is swooned, because it's simply really really cool.

Signing up for Coinbase isn't instant. Yes, you could find someone locally to exchange cash for Bitcoin, but that's hoping for a lot in terms of security, and isn't exactly convenient, either.

Re: Bill Gates: Bitcoin Is 'Better Than Currency'

#12

Post by shin_lao » Sat, Oct 04, 2014, 5:55 PM UTC

vermontdevil wrote: post #4

hnnewguy wrote: post #2

“Bitcoin is better than currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient.” Yes, bitcoin has some specific traits that are superior to carrying wads of cash. Much like many other forms of digital exchange. This is not really news.

Another advantage if I understand correctly is no middleman to deal with. No more banks and not beholden to their policies and procedures.

That can be both a pro and a con.

Re: Bill Gates: Bitcoin Is 'Better Than Currency'

#13

Post by modeless » Sat, Oct 04, 2014, 6:01 PM UTC

aaron-lebo wrote: post #11

fdsary wrote: post #8

I mean, anyone who ever used bitcoin will see how it's clearly superior than going to a bank office, getting an account, waiting days for it all to work out. And then transactions take a night (at least in the countries I've lived in). Bitcoin transactions show up instantly. There's no need to a trusted middle man. Anyone I show it to is swooned, because it's simply really really cool.

Signing up for Coinbase isn't instant. Yes, you could find someone locally to exchange cash for Bitcoin, but that's hoping for a lot in terms of security, and isn't exactly convenient, either.

Signing up for Circle is instant.

Re: Bill Gates: Bitcoin Is 'Better Than Currency'

#14

Post by aaron-lebo » Sat, Oct 04, 2014, 6:04 PM UTC

modeless wrote: post #13

aaron-lebo wrote: post #11

Earlier quoted context omitted.

Signing up for Coinbase isn't instant. Yes, you could find someone locally to exchange cash for Bitcoin, but that's hoping for a lot in terms of security, and isn't exactly convenient, either.

Signing up for Circle is instant.

When I said signing up, I meant the whole process of getting to where you can actually exchange USD for Bitcoin. On Coinbase they ask for bank account information, and that can take several days to verify.

There is no process of identity verification on Circle before you can actually buy Bitcoin from them?

Re: Bill Gates: Bitcoin Is 'Better Than Currency'

#15

Post by k-mcgrady » Sat, Oct 04, 2014, 6:07 PM UTC

fdsary wrote: post #8

I mean, anyone who ever used bitcoin will see how it's clearly superior than going to a bank office, getting an account, waiting days for it all to work out. And then transactions take a night (at least in the countries I've lived in). Bitcoin transactions show up instantly. There's no need to a trusted middle man. Anyone I show it to is swooned, because it's simply really really cool.

>> "I mean, anyone who ever used bitcoin will see how it's clearly superior than going to a bank office, getting an account, waiting days for it all to work out."

I've been interested enough to try cryptocurrencies. I have never been able to buy a BitCoin. Why? Because the blockchain is so big I've never been able to download it. I leave my client open for a couple of weeks and then give up. I managed to get some Doge a year or so ago but that's because the blockchain was much smaller and it only took a couple of days to download. And when I did get Doge working I had to give out a very long address (what is this? can people steal from my account with it?) and I had to place trust in the stranger I was buying the coins from that they would deliver.

Banks suck but they offer convenience and a level of trust I don't see how BitCoin is going to be able to match. Transactions and transfers where I live through a bank are now instant. They offer useful mobile apps that are quite decent and online banking has gotten good enough that I believe more than half of my banks branches (one of the most popular banks in the country) have closed.

I'm not saying there is no use for BitCoin but for most people I don't see how it will replace banks.

Re: Bill Gates: Bitcoin Is 'Better Than Currency'

#16

Post by imaginenore » Sat, Oct 04, 2014, 6:11 PM UTC

aaron-lebo wrote: post #11

fdsary wrote: post #8

I mean, anyone who ever used bitcoin will see how it's clearly superior than going to a bank office, getting an account, waiting days for it all to work out. And then transactions take a night (at least in the countries I've lived in). Bitcoin transactions show up instantly. There's no need to a trusted middle man. Anyone I show it to is swooned, because it's simply really really cool.

Signing up for Coinbase isn't instant. Yes, you could find someone locally to exchange cash for Bitcoin, but that's hoping for a lot in terms of security, and isn't exactly convenient, either.

Signing up for a bank account is even less instant.

Re: Bill Gates: Bitcoin Is 'Better Than Currency'

#17

Post by Lambdanaut » Sat, Oct 04, 2014, 6:12 PM UTC

k-mcgrady wrote: post #15

fdsary wrote: post #8

I mean, anyone who ever used bitcoin will see how it's clearly superior than going to a bank office, getting an account, waiting days for it all to work out. And then transactions take a night (at least in the countries I've lived in). Bitcoin transactions show up instantly. There's no need to a trusted middle man. Anyone I show it to is swooned, because it's simply really really cool.

>> "I mean, anyone who ever used bitcoin will see how it's clearly superior than going to a bank office, getting an account, waiting days for it all to work out." I've been interested enough to try cryptocurrencies. I have never been able to buy a BitCoin. Why? Because the blockchain is so big I've never been able to download it. I leave my client open for a couple of weeks and then give up. I managed to get some Dog…

You don't have to download the entire blockchain to use bitcoin.

See alternative wallets:

* https://electrum.org/

* https://multibit.org/

Re: Bill Gates: Bitcoin Is 'Better Than Currency'

#18

Post by conception » Sat, Oct 04, 2014, 6:12 PM UTC

aaron-lebo wrote: post #11

fdsary wrote: post #8

I mean, anyone who ever used bitcoin will see how it's clearly superior than going to a bank office, getting an account, waiting days for it all to work out. And then transactions take a night (at least in the countries I've lived in). Bitcoin transactions show up instantly. There's no need to a trusted middle man. Anyone I show it to is swooned, because it's simply really really cool.

Signing up for Coinbase isn't instant. Yes, you could find someone locally to exchange cash for Bitcoin, but that's hoping for a lot in terms of security, and isn't exactly convenient, either.

BTC ATMs are gaining in popularity. Which reduces the requirements to the same as going to any ATM.

Re: Bill Gates: Bitcoin Is 'Better Than Currency'

#19

Post by aaron-lebo » Sat, Oct 04, 2014, 6:13 PM UTC

imaginenore wrote: post #16

aaron-lebo wrote: post #11

Earlier quoted context omitted.

Signing up for Coinbase isn't instant. Yes, you could find someone locally to exchange cash for Bitcoin, but that's hoping for a lot in terms of security, and isn't exactly convenient, either.

Signing up for a bank account is even less instant.

Yes, but if sending money on Coinbase means that you have to sign up for a bank account anyway...

Re: Bill Gates: Bitcoin Is 'Better Than Currency'

#20

Post by conception » Sat, Oct 04, 2014, 6:13 PM UTC

aaron-lebo wrote: post #11

fdsary wrote: post #8

I mean, anyone who ever used bitcoin will see how it's clearly superior than going to a bank office, getting an account, waiting days for it all to work out. And then transactions take a night (at least in the countries I've lived in). Bitcoin transactions show up instantly. There's no need to a trusted middle man. Anyone I show it to is swooned, because it's simply really really cool.

Signing up for Coinbase isn't instant. Yes, you could find someone locally to exchange cash for Bitcoin, but that's hoping for a lot in terms of security, and isn't exactly convenient, either.

This also isn't a technology issue, as it is a structural one. There are stores that sell BTC, there just aren't ones near you.