Quote from: Dabs on April 03, 2014, 03:59:03 AM

Last April 1, 2014 I decided to compare cash to bitcoin. I did not post that day, because people might think it's a joke, but this is serious.

Fiat / Cash:

1. I went to a bank.
2. The drive was about 20 minutes going there.
3. Paid toll and gas too.
4. Had to write a check to myself to withdraw the cash.
5. Bank had to count the money.

Proof of the money in pictures:

That's 10 stacks of one thousand Philippine Peso bills.

That's the buying rate of that particular bank at that day for the USD, so if you want to know the dollar value of the cash I had it was 21,555.55 USD.

6. Stuffed it all in an envelope.
7. Went to the car.
8. Drove to another bank, that took about 15 minutes.
9. Lined up and waited for an available teller. Waited about 30 minutes. Standing. In line.
10. Filled up a cash deposit slip.
11. Waited for the teller to validate the transaction. This means she had to unpack the envelope and look at each individual bill to make sure the money is not counterfeit. This took another 20 minutes.
12. Got the validated deposit slip, transaction is confirmed.

Total time: About 2 hours.
Transaction fee: Gas, Toll, and my rate for 2 hours. Bank also requires a minimum maintaining balance, but let's not count that.

Okay, now, to send my friend in another country 21,555.55 USD worth of bitcoins:

1. Turn on computer. Wait 1 minute.
2. Launch bitcoin-qt. Wait 1 minute.
3. Click "Send". Type details. 1 minute.
4. Enter 64 character alpha numeric special character password to authorize transaction. From memory. 30 seconds.
5. Broadcast. 2 seconds later, 50% of the network knows about it. 10 seconds later, everyone knows about it.
6. Wait for some miner to pick it up and stuff it in his next block. 10 minutes.

Quote

Status: 398 confirmations
Date: 2014-04-01 09:47
To: Mr Friend In Another Country 1somebitcoinaddress
Debit: -50.24775095 BTC
Transaction fee: -0.0001 BTC
Net amount: -50.24785095 BTC
Transaction ID: x8e43axdd9663cdxe81a709ebx5ac7801xb2da18x6bb4ax551a7x2a90exa8ec2

Okay, now, my friend, please send back my money. Thanks!

*transaction details have been altered to protect my friend's identity.

note: lining up in the Philippines is a normal they double / triple check BEFORE they let you withdraw money, on top of that the teller have to ask the manager to sign the withdrawal slip... ONLY in the Philippines such a SLOW system.

+ the FEAR of getting rob as you go OUT of the bank as there's WAY TOO many eyes watching...

Only in the Philippines