At the moment Bitcoin is not better than other currencies because it is a layer on top of existing currencies and their related infrastructure. Because almost nobody accepts Bitcoins there is a constant need to convert back and forth between Bitcoins and other currencies. While I really liked the idea of Bitcoin when it came into existence I now tend to believe that Bitcoin will die slowly because it does not solve any important problem for the average person. Anonymity is not important for almost all transactions. Relying on banks is not an issue for most people. Transaction are executed fast enough and are cheap enough in most cases. There is just not enough incentive to adopt Bitcoin.
Bill Gates: Bitcoin Is 'Better Than Currency'
31–40 of 53 posts
Re: Bill Gates: Bitcoin Is 'Better Than Currency'
#32Earlier quoted context omitted.
Yes, but if sending money on Coinbase means that you have to sign up for a bank account anyway...
If you don't want to use a bank account you can use https://mycelium.com/ or https://localbitcoins.com/ . Or just use https://bitpay.com/getbits and check if one of your friends on Facebook is selling coins.
Buying a western union check and meeting someone in an alleyway to get a thumb drive is easier than just using a bank? I think not.
Re: Bill Gates: Bitcoin Is 'Better Than Currency'
#33Earlier quoted context omitted.
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?
I know what you meant. No, there is no delay after signing up before you can buy Bitcoin on Circle.
No kidding. That argument is outdated, then. Thanks for the heads up.
Re: Bill Gates: Bitcoin Is 'Better Than Currency'
#34Earlier quoted context omitted.
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?
No there isn't. I have no idea how they pulled it off, but it really is instant. In less than 5 minutes, I went from not having a Circle account to having a Bitcoin transaction on the blockchain transferring BTC I bought with a credit card to my own private wallet. Circle is amazing.
The issue with this (as you probably know) has always been the danger of chargebacks.
I ran across a reddit post [1] discussing it. I dunno if they've completely dealt with the issue, but it is pretty fascinating to see they are even trying.
[1] http://www.reddit.com/r/Bitcoin/comments/2hvld5/let_me_addre...
Re: Bill Gates: Bitcoin Is 'Better Than Currency'
#35Earlier quoted context omitted.
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?
You don't need to verify a bank account. Just link a debit or credit card - instant without verification.
How is obtaining a credit or debit card instant?
Re: Bill Gates: Bitcoin Is 'Better Than Currency'
#36I tend to shudder when people talk about bitcoin being "cheap". There's a massive amount of energy wasted to maintain the public ledger. It became much more clear to me how this impacts the cost of transacting bitcoins after reading this article: http://letstalkbitcoin.com/blog/post/how-many-bitcoins-does-... ...and particularly after seeing this graph: https://blockchain.info/charts/cost-per-transaction I'm more exc…
Proof-of-stake isn't being adopted because it simply doesn't solve the Byzayntine General's problem [1].
Re: Bill Gates: Bitcoin Is 'Better Than Currency'
#37At the moment Bitcoin is not better than other currencies because it is a layer on top of existing currencies and their related infrastructure. Because almost nobody accepts Bitcoins there is a constant need to convert back and forth between Bitcoins and other currencies. While I really liked the idea of Bitcoin when it came into existence I now tend to believe that Bitcoin will die slowly because it does not solve a…
This is especially true for online purchases. Right now the entire ecosystem of Amazon / Paypal with banking services directly linked or through credit / debit cards, works pretty flawlessly. You can buy anything on the internet immediately with real money linked to FDIC insured banks running through two huge easily trusted middlemen, with little to no setup other than having bank account.
Re: Bill Gates: Bitcoin Is 'Better Than Currency'
#38Earlier 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.
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.
Does it matter what type of issue it is? You can't say Bitcoin is easier than traditional currency and ignore the parts where it is not easier.
Re: Bill Gates: Bitcoin Is 'Better Than Currency'
#39Earlier quoted context omitted.
You don't need to verify a bank account. Just link a debit or credit card - instant without verification.
How is obtaining a credit or debit card instant?
You could walk into a Wal-mart or CVS with cash and buy a prepaid debit card. Not instant, but not especially difficult.
Re: Bill Gates: Bitcoin Is 'Better Than Currency'
#40Earlier quoted context omitted.
No there isn't. I have no idea how they pulled it off, but it really is instant. In less than 5 minutes, I went from not having a Circle account to having a Bitcoin transaction on the blockchain transferring BTC I bought with a credit card to my own private wallet. Circle is amazing.
The issue with this (as you probably know) has always been the danger of chargebacks. I ran across a reddit post [1] discussing it. I dunno if they've completely dealt with the issue, but it is pretty fascinating to see they are even trying. [1] http://www.reddit.com/r/Bitcoin/comments/2hvld5/let_me_addre...
Is it possible to charge it as a cash advance to avoid that issue? It's essentially a cash advance...