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Traditional payment methods can't do certain things, like send money to someone in another country for a fee of $0.05 in a matter of a minute, or make a payment
by Jabanga 9y ago
Traditional payment methods can't do certain things, like send money to someone in another country for a fee of $0.05 in a matter of a minute, or make a payment on a website without disclosing to them your personal details.
You may also not feel comfortable with your bank or government knowing all of your private financial interactions. There is no reason to blindly trust your bank or government to that extent.
- gnopgnip 9y agoPaypal can do both of those
- Klathmon 9y agoPaypal can also close your account at the drop of a hat, and has a very nice long list of things you can't do with your money when it's connected to paypal (a list of things which will get your account close and your money confiscated in some areas).
- TheSpiceIsLife 9y agoYou can also throw stupendous quantities of cryptocurrency in the bin accidentally. So there's that. Trade offs I guess.
- Jabanga 9y agoPayPal doesn't work globally.
- TheSpiceIsLife 9y agoNeither does Bitcoin
- Jabanga 9y agoIn which country do cryptocurrencies not work in? They work in every country in the world. They are used a lot in Venezuela for example.
- TheSpiceIsLife 9y agoAccording to this[1] around half the people on Earth don't have internet access. 1. https://en.m.wikipedia.org/wiki/Internet_access https://en.m.wikipedia.org/wiki/Internet_access
- joosters 9y agoBitcoin hasn't been fast or cheap for a very long time, whereas many 'traditional payment methods' let people send money instantly for free.
- kbenson 9y ago> whereas many 'traditional payment methods' let people send money instantly for free. Well, not really free. There's a cost associated, but it may not be initially applied to the consumer. It makes it's way through in some way though, such as an increased service cost. The most transparent industry for this is likely gas stations, which in the U.S. at least (and even then I can only comment on the regions I've observed it), they will quote different prices per gallon for cash and for credit/debit, which is them pushing the cost through to the consumer transparently. This was actually disallowed by card processing agreements in the past, because card processors didn't want the fees hampering acceptance of charge cards.