- Feb 16, 2017
Dude it is OK to be of a different opinion, but how did you miss that BTC == legal currency in the G7, EU, US, China, Japan?f it were, your little list of shitbag countries would explode to include every decent sized economy in the world.
What protections have been put in place? Is there a chargeback system for consumers?no real protection
I was ready to present a counter argument, but I basically agree with what @darkzerothree is implying, so I'll just take the next step after what he's already presented...#1. There is no consumer protection from fraud with bitcoin. Why would they adopt that when at least with a credit card they have the power to chargeback?
#2. No option for recurring payments. So everytime they have a monthly payment they have to enter this long ass hash for their wallet, EVERY SINGLE month...? It's not faster than a credit card.
#3. Long ass hash numbers for wallets and a huge delay in confirmation time = long time waiting at a cash register in line for this bitcoin transaction to get confirmed.
MY bank gives me a BTC card... in it there is my wallet hash... any time I withdraw money or put money on my account, my BTC wallet will be charged / depleted.
All I need to know is my 4 digit PIN.
Gold, silver and cash do not offer consumer protection or recurring charges either, it's up to banks to provide credit and financial services. The opportunity in cryptocurrency is that anyone can start a financial services company, without having to deal with government regulations and all of the bullshit expenses and laws that keep incumbents in power.Yes, a card issuer (some bank) will need to implement it, but that's not the issue.
Recurring payment is a recurring payment, regardless of currency.
This is a layer on top of your account.
Chargeback is also a service issue - there is no chargeback inherent in checking or credit cards either, this is a service (insurance) provided as a service.
None of your argument/reasoning talks about mass adoption/mainstreaming bitcoin. Your answers all talk about "Why it's possible" but not how it will penetrate the consumer market. You guys are looking at it from a business side, versus an every day consumer.Gold, silver and cash do not offer consumer protection or recurring charges either, it's up to banks to provide credit and financial services. The opportunity in cryptocurrency is that anyone can start a financial services company, without having to deal with government regulations and all of the bullshit expenses and laws that keep incumbents in power.
There's already examples of this in the funding of SatoshiDice. People can raise money outside of the regulated financial sector and it's happening already. You can start a cryptocurrency bank and issue credit accounts. Okay, it's a lot of work, especially for people breaking ground in this industry, but it's 100% feasible, even if it's not the easiest thing to do today. Some laws might be broken in the process, so whatever, you join the ranks of Uber and AirBnB - using technology to make the government irrelevant.
The difference between a personal computer during the era of no-PC versus Bitcoin in the era of cash and credit cards are worlds a part. When Jobs and Wozniak were coming with the idea of a personal computer that idea didn't exist for the every day mass. There was no concept of it - it would be the equivalent of saying "Everyone should have a space ship in the garage so they can go in outer space" - that's a concept that's too far fetched and without CURRENT reasoning.There was a time when having a computer in your home was maybe technically feasible, but it wasn't appealing to consumers because you had to be an engineering freak like Steve Wozniak to actually want to have a computer and enjoy the technical challenges of using a computer. Normal people couldn't even image what they would do with a computer if they had one...
It's an emerging technology. We might think we understand the Bitcoin mission statement, but I bet that very few people really do.If I had asked people what they wanted, they would have said faster horses.
– Henry Ford
My biggest problem with bitcoin is a lot of people are sitting on the sidelines waiting for other people to come up with the future solutions and technologies that will put bitcoin to use. Maybe some of you guys in this thread are doing your own thing with bitcoin to help it move to the next level, but most aren't. Most people are holding onto bitcoin waiting for someone else to make it more viable.
You taking on the currency risk, or pushing that off onto the donkeys who don't realize they could lose 10% in a mere 10 seconds?We just finished building a platform that is like paypal for bitcoin
I was a late adopter, I was not a bitcoin kinda girl. It seemed shady to me, cumbersome and impractical too. I predicted that the learning curve for the average consumer would keep btc forever mired in the realms of supernerds and seedy online businesses. Our lead dev got in early, hassled me for a year about it before I dove in.You taking on the currency risk, or pushing that off onto the donkeys who don't realize they could lose 10% in a mere 10 seconds?
I'm not ripping on ya, if you look at previous posts you'll see, not a bitcoin guy. BUT I'D LIKE TO BE.