Post
Topic
Board Bitcoin Discussion
Re: Best aspects of Bitcoin to tell someone about?
by
DannyHamilton
on 20/05/2014, 20:25:25 UTC
When explaining bitcoins advantages over cash to someone else, there are a few things that come to mind:

1. They cannot be counterfeited
2. Can be sent anywhere in the world with no (or very very low) fees
3. Mining fees dont go to big banks
4. Low transaction fees, coinbase estimated bitcoin could reduce payment processing fees worldwide from $500 billion to $50 billion, so 1/10th of current level

Any other to add to the list?

It depends on who you are talking to.

Merchants like the fact that the fees are so low and that the transactions are irreversible (no chargebacks).

Consumers like the fact that they can create backups of their money, and that they can secure their cash with a password.