3 ms·

The other question is, why do you need more privacy than what our financial system currently provides? I've never once thought of using Bitcoin for privacy. I k

The other question is, why do you need more privacy than what our financial system currently provides? I've never once thought of using Bitcoin for privacy. I know my expenditures will not become known to anybody except my bank. I know I'm protected by the bank if my card gets stolen. I know that a criminal can be easily tracked if she uses a card or a bank account. I mean what's not to like? To be honest, I'm not able to think of any legal transaction that necessitates Bitcoin. Everything that can be done with Bitcoin can be done with normal currency, with better protections and still reasonable privacy.

cookiecaper 9y ago
Bitcoin is useful for normal transactions because it allows the users to avoid a lot of hassle. As transactions become more complex, the hassles accumulate. To accept a card for a domestic transaction, merchants must go through a lengthy approval process and forfeit some portion of each sale to the payment processor (this has gotten substantially easier in recent years; before Stripe et al, you had to get a bank to underwrite your business before you could accept credit cards). Customers must possess a supported card, which also require approval and often come with other fees that the consumer must bear. For foreign transactions, you have to try to figure out whether your card will work in the first place, and if it will, many cards will charge foreign transaction fees, currency exchange fees, have additional verification and paperwork hoops, etc. From this perspective, bitcoin is like cash; it is simple no matter what you're doing with it, and it doesn't require the permission of any bank. If you have bitcoin, you can distribute it as you see fit, without middlemen (ignoring miners since their controversies usually don't have a direct/immediate impact on users).

3 ms·

The other question is, why do you need more privacy than what our financial system currently provides? I've never once thought of using Bitcoin for privacy. I k

by dingo_bat 9y ago

cookiecaper 9y ago
Bitcoin is useful for normal transactions because it allows the users to avoid a lot of hassle. As transactions become more complex, the hassles accumulate. To accept a card for a domestic transaction, merchants must go through a lengthy approval process and forfeit some portion of each sale to the payment processor (this has gotten substantially easier in recent years; before Stripe et al, you had to get a bank to underwrite your business before you could accept credit cards). Customers must possess a supported card, which also require approval and often come with other fees that the consumer must bear. For foreign transactions, you have to try to figure out whether your card will work in the first place, and if it will, many cards will charge foreign transaction fees, currency exchange fees, have additional verification and paperwork hoops, etc. From this perspective, bitcoin is like cash; it is simple no matter what you're doing with it, and it doesn't require the permission of any bank. If you have bitcoin, you can distribute it as you see fit, without middlemen (ignoring miners since their controversies usually don't have a direct/immediate impact on users).