It is cheaper to pay in bitcoins than when using cash or credit cards. There is no centralised body overseeing the transactions and this reduces transaction costs. There is no fee to receive bitcoins and the payments are reversible and secure. Also, there are no extra fees for making a direct international transfer, no red tape from banks or caps on the maximum or minimum amount to send. Additionally, one does not carry the costs and responsibilities that come with processing sensitive information from your customer like credit card numbers.
Unfortunately though not many sites at the moment accept bitcoin payments. Many stores like Amazon which is the one site most people buy their stuff from when buying anything online are yet to start accepting bitcoins. So though it might be cheaper to pay with bitcoin many retailers are steering clear . . . And oh, taking into account how volatile bitcoin's [value] is, if the value drops you'll actually be spending more to pay for purchases on sites where bitcoin is accepted.
The only way I would ever use Bitcoin is if I got them for free. I just don't trust Bitcoin as a currency. There is too much lack of clarity with it, and also it is not backed by gold or any other standard. If I did get some via a faucet or something I might try to pay for items with it, but it is something I am not very comfortable with. I would use it very sparingly, and as you pointed out Denis not many retailers accept it.
I would love to get bitcoins for free, I know you can mine them on your own, but it would take a lot of PC resources to do that, so right now I will also just be sticking to the traditional way of paying via Paypal, even if it's more expensive because of the fees.
Until now, I still cannot understand the full mechanics of the Bitcoins. Some say that Bitcoin is a currency and I have read posts that said it is just a payment scheme similar to Paypal. If it is a currency of some kind, who is in control, who dictates the value? There should be a central bank that governs the Bitcoin. And what is the reserve? Pardon me for my ignorance on the Bitcoin.
I feel it's safer to just stick with PayPal. Bit coins are used to purchase all kinds of terrible things on the internet, I'd rather just stay away from them.
The one thing I would probably do is gamble with Bitcoins because it doesn't seem like real money to me..so if I had a selection of Bitcoin, I would play a Bitcoin casino and maybe get more of them. There are a number of casinos that you can use Bitcoin to gamble in. That would be fun, because I wouldn't stress if I won or lost them.
Sometimes it is cheaper to pay in Bitcoins. But, it really depends on how much you got invested. It’s cheaper to pay in cash if you have a lot of cash investments. The same thing for Bitcoins. If you are interested then you should invest in them. They are worth investing in and make more sense than the stock market. The stock market makes no sense at all.
Before you use bitcoin to buy and sell, you need to have bitcoins. If you don't receive bitcoins from your merchants, you will have to buy bitcoins. You need credit/debit card to buy bitcoin. Since there is no centralized system that controls the transaction, you will have to pay more money to buy BTC than actually it worth. Furthermore, you cannot directly buy BTC from your paypal.
Gold pattern is an obsolete way to measure money worth. Which thing holds the worth of gold? Is just speculation derived from supply and demand, that's the only way to put value to things. Anyway, buying overseas is cheaper in bitcoins since it charges way less than most bank fees for transactions.
I'm a big fan of bitcoin payment, though the lack of ability has made them cumbersome and less able to be used as fluidly as they should. It will be fantastic when more support is issued, but for now, it's just kinda nifty.
If you have btc it is more convenient to pay via BTC. If you don't have BTC, there is no point in using your credit/debit card to buy BTC and then use it to pay for your purchase or service. You will incur extra monetary obligations. Best way to use bitcoins is earn BTC by engaging on sites that pays BTC.
Has anybody ever used it as a method to transfer money internationally at cheaper rates? like buying btw in home currency then selling them abroad in local currency?
