8 ms·

The points are that you don't need 1. a bank account 2. a debit/credit card 3. facebook messenger in order to send money instantly.

by grubles 12y ago

smackfu 12y ago
You just need a bitcoin balance and the recipient needs a bitcoin address. Which practically seems like way more friction than the three items you listed.
- grubles 12y ago
  So that is 2 requirements for bitcoin versus 5 requirements for sending via facebook: bank acct, debit/credit card, email acct, facebook acct, facebook messenger (let's not forget the immense amount of personal information you willingly give away). Yet, bitcoin seems like way more friction?
- vectorpush 12y ago
  Not to mention the fact that the recipient needs a bank account anyway if they want to convert their bitcoin into something that they can actually spend outside of the dark web. Worse, the recipient also needs a bitcoin exchange account to even make the conversion possible, then they have to wait two days for the exchange to ACH the money into their bank. This all assumes the exchange will even do business with them following their extensive KYC checks. I've never had a bank require that I OAuth with Facebook or give them copies of my passport in order to get an account. Bitcoin is just not the solution to this problem.
  - grubles 12y ago
    >Not to mention the fact that the recipient needs a bank account anyway if they want to convert their bitcoin into something that they can actually spend outside of the dark web. I guess you've never read https://en.bitcoin.it/wiki/Trade https://en.bitcoin.it/wiki/Trade
    - vectorpush 12y ago
      No, I haven't read the list of locations where bitcoin is accepted. The reason for this is, like most people, I have a bank account and don't need to double check that I can actually pay for dinner and a movie before I patronize an establishment.
      - grubles 12y ago
        Except you weren't patronizing an establishment. You were spreading FUD.
        vectorpush 12y ago
        What you call "FUD", the rest of the world calls "reality". Bitcoin is currently impractical as money, that's just a fact. The few businesses that accept bitcoin aren't even close to enough to make bitcoin practical for every day needs.
        grubles 12y ago
        I'm not saying bitcoin is practical as money. I'm saying it is practical as a payment system, if anything. Just look at the gigantic $100,000,000 bitcoin transactions that happen and only pay a $0.20 or so fee. Besides that, bitcoin is so profoundly different than traditional money systems it can't possibly be practical as money so soon. It shouldn't be practical as money so soon, but it is making progress.
  - vanzard 12y ago
    > needs a bank account anyway if they want to convert their bitcoin into something that they can actually spend outside of the dark web That's not true. Americans (Facebook's intended audience for this Messenger money-sending feature) can spend bitcoins directly at Microsoft, Dell, Expedia, Overstock, Newegg, Tiger Direct, DISH Network, etc. They can use and spend bitcoins theoretically received from FB friends without having a credit card, without even having a bank account. 100,000 (legitimate!) merchants worldwide accept Bitcoin - http://www.ibtimes.co.uk/bitcoin-now-accepted-by-100000-merchants-worldwide-1486613 http://www.ibtimes.co.uk/bitcoin-now-accepted-by-100000-merc... It is time to kill the myth of "only the dark web accepts Bitcoin".
    - grubles 12y ago
      I think we need to kill the "bitcoin requires a passport" myth as well. I have used bitcoin for 4 years and have never had to present a passport for anything.
      - vectorpush 12y ago
        Just because you haven't experienced something doesn't mean it's a myth. http://www.reddit.com/r/Bitcoin/comments/246mlg/bitstamp_blocking_accounts_with_some_know_your/ http://www.reddit.com/r/Bitcoin/comments/246mlg/bitstamp_blo... http://www.reddit.com/r/Bitcoin/comments/25jyf1/bitstamp_ive_had_enough_of_you_rant/ http://www.reddit.com/r/Bitcoin/comments/25jyf1/bitstamp_ive... http://www.reddit.com/r/Bitcoin/comments/26c1y6/buying_bitcoin_underage/ http://www.reddit.com/r/Bitcoin/comments/26c1y6/buying_bitco... http://www.reddit.com/r/Bitcoin/comments/2renc7/why_dont_people_use_american_exchanges_like_ats/ http://www.reddit.com/r/Bitcoin/comments/2renc7/why_dont_peo... I could go on, all I did was search /r/bitcoin for the word "passport" and I was overflowing with results.
        grubles 12y ago
        You brought up having to present a passport as if it were a requirement to using bitcoin, which it is not. Again, you were spreading FUD.
  - deleted 12y ago
    [deleted]
- waterlesscloud 12y ago
  Bitcoin has its problems, but getting a bitcoin address is much less friction than setting up a bank account.
- aianus 12y ago
  That's like encountering email in 1994 and dismissing it as a piece of crap because none of your friends have computers or internet access.
  - thedufer 12y ago
    A better analogy is that it's like dismissing the alternatives to email that popped up in the later 90s and dismissing them because even though they were obviously better than email (but not as much so as email over snail mail), no one you knew used them.

The points are that you don't need 1. a bank account 2. a debit/credit card 3. facebook messenger in order to send money instantly.

by grubles 12y ago

The points are that you don't need 1. a bank account 2. a debit/credit card 3. facebook messenger in order to send money instantly.

smackfu 12y ago

You just need a bitcoin balance and the recipient needs a bitcoin address. Which practically seems like way more friction than the three items you listed.

grubles 12y ago
So that is 2 requirements for bitcoin versus 5 requirements for sending via facebook: bank acct, debit/credit card, email acct, facebook acct, facebook messenger (let's not forget the immense amount of personal information you willingly give away). Yet, bitcoin seems like way more friction?
vectorpush 12y ago
Not to mention the fact that the recipient needs a bank account anyway if they want to convert their bitcoin into something that they can actually spend outside of the dark web. Worse, the recipient also needs a bitcoin exchange account to even make the conversion possible, then they have to wait two days for the exchange to ACH the money into their bank. This all assumes the exchange will even do business with them following their extensive KYC checks. I've never had a bank require that I OAuth with Facebook or give them copies of my passport in order to get an account. Bitcoin is just not the solution to this problem.
- grubles 12y ago
  >Not to mention the fact that the recipient needs a bank account anyway if they want to convert their bitcoin into something that they can actually spend outside of the dark web. I guess you've never read https://en.bitcoin.it/wiki/Trade https://en.bitcoin.it/wiki/Trade
  - vectorpush 12y ago
    No, I haven't read the list of locations where bitcoin is accepted. The reason for this is, like most people, I have a bank account and don't need to double check that I can actually pay for dinner and a movie before I patronize an establishment.
    - grubles 12y ago
      Except you weren't patronizing an establishment. You were spreading FUD.
      - vectorpush 12y ago
        What you call "FUD", the rest of the world calls "reality". Bitcoin is currently impractical as money, that's just a fact. The few businesses that accept bitcoin aren't even close to enough to make bitcoin practical for every day needs.
        grubles 12y ago
        I'm not saying bitcoin is practical as money. I'm saying it is practical as a payment system, if anything. Just look at the gigantic $100,000,000 bitcoin transactions that happen and only pay a $0.20 or so fee. Besides that, bitcoin is so profoundly different than traditional money systems it can't possibly be practical as money so soon. It shouldn't be practical as money so soon, but it is making progress.
- vanzard 12y ago
  > needs a bank account anyway if they want to convert their bitcoin into something that they can actually spend outside of the dark web That's not true. Americans (Facebook's intended audience for this Messenger money-sending feature) can spend bitcoins directly at Microsoft, Dell, Expedia, Overstock, Newegg, Tiger Direct, DISH Network, etc. They can use and spend bitcoins theoretically received from FB friends without having a credit card, without even having a bank account. 100,000 (legitimate!) merchants worldwide accept Bitcoin - http://www.ibtimes.co.uk/bitcoin-now-accepted-by-100000-merchants-worldwide-1486613 http://www.ibtimes.co.uk/bitcoin-now-accepted-by-100000-merc... It is time to kill the myth of "only the dark web accepts Bitcoin".
  - grubles 12y ago
    I think we need to kill the "bitcoin requires a passport" myth as well. I have used bitcoin for 4 years and have never had to present a passport for anything.
    - vectorpush 12y ago
      Just because you haven't experienced something doesn't mean it's a myth. http://www.reddit.com/r/Bitcoin/comments/246mlg/bitstamp_blocking_accounts_with_some_know_your/ http://www.reddit.com/r/Bitcoin/comments/246mlg/bitstamp_blo... http://www.reddit.com/r/Bitcoin/comments/25jyf1/bitstamp_ive_had_enough_of_you_rant/ http://www.reddit.com/r/Bitcoin/comments/25jyf1/bitstamp_ive... http://www.reddit.com/r/Bitcoin/comments/26c1y6/buying_bitcoin_underage/ http://www.reddit.com/r/Bitcoin/comments/26c1y6/buying_bitco... http://www.reddit.com/r/Bitcoin/comments/2renc7/why_dont_people_use_american_exchanges_like_ats/ http://www.reddit.com/r/Bitcoin/comments/2renc7/why_dont_peo... I could go on, all I did was search /r/bitcoin for the word "passport" and I was overflowing with results.
      - grubles 12y ago
        You brought up having to present a passport as if it were a requirement to using bitcoin, which it is not. Again, you were spreading FUD.
- deleted 12y ago
  [deleted]
waterlesscloud 12y ago
Bitcoin has its problems, but getting a bitcoin address is much less friction than setting up a bank account.
aianus 12y ago
That's like encountering email in 1994 and dismissing it as a piece of crap because none of your friends have computers or internet access.
- thedufer 12y ago
  A better analogy is that it's like dismissing the alternatives to email that popped up in the later 90s and dismissing them because even though they were obviously better than email (but not as much so as email over snail mail), no one you knew used them.