Quote from: w8ks6 on July 06, 2013, 01:00:19 PM

Quote from: arbitrage001 on July 06, 2013, 04:58:58 AM

There are reasons why bitcoin isn't picking up by local people in Singapore. Your currency has been relatively stable and your economic isn't build on Ponzi scheme like the US or Europe.

When people are not worry about their saving, why bother seeking alternative currency.
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Because there is more to currency than "saving" a.k.a "hoarding" and "capital preservation".
If you are a small importer in SG, buying say even from China or Japan. Try to send a payment to your export partner in those countries using SGD, as cheaply as you could using Bitcoin! Then try to send the same payment to Europe or the US!

EVEN IF you pay 0.99% to a payment processor like BitPay to protect you from Bitcoin exchange voliatility, I think it would still be cheaper than using any other method available to a small business.

I do not really agree it is cheaper to use bitcoin if one does import/export business. International wire has fixed cost and the inter-bank exchange is much more efficient and has a lot more depth than bitcoin. Not to mention bitcoin is no where near stable at its current form.

I like to add that I do not buy the argument it is cheaper to use bitcoin as a payment even for small transaction. No doubt it is cheaper from small business prospective because the fee is cheaper than credit card, but all the slippage and volatility cost are pass to bitcoin holder. When the value of bitcoin keep going up. Everyone (buyer, seller, exchange, business owner) is happy, no one question anything. And when it goes down, all bitcoin holders will eventually ask, why should they bear such cost and risk from this biased transaction?