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Bitcoin Gets Its First TV Ads
MRothenberg writes Bitcoin's not just for libertarians and drug dealers any more! Electronic payment service BitPay this week launched a campaign aimed at making Bitcoin transactions more appealing to mainstream business owners — the first time Bitcoin has been featured in a TV spot. Conceived by Felton Interactive Group, the two new ads promote Bitcoin and BitPay as a secure alternative to traditional credit-card transactions.
The transaction is completed in a matter of seconds (no waiting for verification via a blockchain)
Your transaction is no more complete on a credit card as it is with an unverified blockchain. The money doesn't suddenly come out of your account. It spends time in processing limboland first. Bitcoin is much faster in this regard. You can instantly have the blockchain looked up and see if the transaction has taken place. The blockchain verification then take only a few minutes as opposed to a couple of days as with credit cards.
On top of that, if I am cheated by the merchant, I can contact the credit card company and dispute the charges.
Treat bitcoin like a wallet not a credit card. It's no worse then using a debit card or cash in this regard. Not every transaction needs protection. If I buy a bottle of coke for $3 then I couldn't care less if I am protected by some third party.
Furthermore, even if my credit card is somehow compromised, I am only liable for $50 maximum by law, without having to go to court or sue anyone.
Not quite. It depends on how it was compromised. People are actually liable for charges when they do stupid shit like give someone a credit card and a pin and ask them to go buy them something. But again, you're no worse off than cash.
What does BTC do for me? First, I have to buy BTC, and then spend it quickly before the value changes.
Welcome to my life. The Australian dollar has seen huge fluxuations recently and buying things in other currencies is a pain. Now if only everyone used bitcoins for physical transactions instead of a value of bitcoins and then letting the actual value fluxuate due to speculators buying and selling things would be much better all over.
Second, if the merchant cheats me, too bad. BTC gives him all the power - transactions are irreversible.
Yet large portions of the world live on a cash economy and those parts of the world don't suddenly fall into anarchy because of this.
Third, if my BTC wallet is compromised, I can kiss my BTC goodbye.
I lost my wallet once. Found it a day later at a bus-stop with no cash in side. *tear*
All of the consumer protections that I enjoy with credit cards are gone. So exactly what do I get out of the deal?
The thing about your lovely protections is that the money comes from somewhere. All insurance schemes exist to make a profit, and so do all other bank systems. Just because you don't see a bill at the end of the year (actually maybe you do, do you pay a yearly fee to have a credit card? lots of people do), doesn't mean the money isn't coming from somewhere. I would be very interested to see how many people would use credit cards for everything if the true cost is reflected in the purchase. A few % here and there add up.
For the average consumer, Bitcoin is a solution in search of a problem. BTC may be a great way to buy contraband, or to send money to someone in a 3rd world country, but that is hardly something the average person bothers with on a regular basis.
The average consumer has cash. Cash is being used less and less. I wonder if you will think we are still searching for that problem in 10 years.
Bitcoin is a niche product, and will remain so, despite every effort by BTC evangelists to persuade consumers to give them real money in exchange for their cryptocoins.
So was the computer. So was the car. I've learnt not to write off everything new just because it is new.
Someone give me a reason to use BTC on a regular basis that doesn't involve some idealistic "screw the establishment, fiat currency is evil" rationalization. As a consumer, I don't see the point.
We're trying, but you seem to be challenging every attempt to make bitcoin mainstream by claiming it is niche. Chicken and Egg.