Re: Worthwhile for Whom?
Bitcoin provides a number of advantages over current electronic means of transferring value. It is faster, it is cheaper and it can prevent certain kinds of payment fraud:
1. A Bitcoin payment is irreversible after approx. 1 hour, a bank transfer can be reversed several days after the time of payment;
2. A typical wire transfer costs ~£20-£30 to complete, with many current accounts costing £6 a month at the bank. Paypal takes a 10% cut from transactions from merchants, and VISA providers can charge as much as 5%, with a greater charge if the payment is reversed. One can send several thousand dollars worth of Bitcoin around the world for a cost of ten cents.
3. Because the payments are irreversible after one hour, certain high-risk businesses, such as delivery of high-cost international products (http://www.howtoacceptbitcoin.com/2013/01/eliminate-fraud-from-internet-payments.html) or otherwise accepting custom from international customers (http://www.howtoacceptbitcoin.com/2012/10/low-risk-international-payments-for.html) can accept Bitcoin to attempt to reduce the risk of chargeback fraud.
With its current volatility, it is not useful to fix a product to a Bitcoin price. However, as a means of transferring dollars, sterling and other traditional currencies, it provides a robust solution to current problems merchants face.
Biting the hand that feeds IT
