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Comment by fdsary | Hacker News Reader

I mean, anyone who ever used bitcoin will see how it's clearly superior than going to a bank office, getting an account, waiting days for it all to work out. And then transactions take a night (at least in the countries I've lived in).

Bitcoin transactions show up instantly. There's no need to a trusted middle man. Anyone I show it to is swooned, because it's simply really really cool.

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I have to assume this is satire, given alternatives like Square cash.

- Bitcoin wallets are under constant cyberattack and there is nobody to compensate you if the money is stolen. - There is no good way to evaluate the integrity of bitcoins software for end users - Even the most user friendly hosted wallets (e.g. Coinbase) are not faster or simpler than a well designed bank (e.g. Simple) - Almost no ordinary merchants accept Bitcoin - The Bitcoin exchange rate is like the Zimbabwe Dollar

I think all these problems can be solved, and I personally hold Bitcoins, but let's not be delusional about the current state of affairs.

>> "I mean, anyone who ever used bitcoin will see how it's clearly superior than going to a bank office, getting an account, waiting days for it all to work out."

I've been interested enough to try cryptocurrencies. I have never been able to buy a BitCoin. Why? Because the blockchain is so big I've never been able to download it. I leave my client open for a couple of weeks and then give up. I managed to get some Doge a year or so ago but that's because the blockchain was much smaller and it only took a couple of days to download. And when I did get Doge working I had to give out a very long address (what is this? can people steal from my account with it?) and I had to place trust in the stranger I was buying the coins from that they would deliver.

Banks suck but they offer convenience and a level of trust I don't see how BitCoin is going to be able to match. Transactions and transfers where I live through a bank are now instant. They offer useful mobile apps that are quite decent and online banking has gotten good enough that I believe more than half of my banks branches (one of the most popular banks in the country) have closed.

I'm not saying there is no use for BitCoin but for most people I don't see how it will replace banks.

You don't have to download the entire blockchain to use bitcoin.

See alternative wallets:

* https://electrum.org/

* https://multibit.org/

Another vote for Electrum, it's awesome! For mobile, try Mycelium[0] (on Android).

[0]: https://play.google.com/store/apps/details?id=com.mycelium.w...

Signing up for Coinbase isn't instant. Yes, you could find someone locally to exchange cash for Bitcoin, but that's hoping for a lot in terms of security, and isn't exactly convenient, either.

Signing up for Circle is instant.

When I said signing up, I meant the whole process of getting to where you can actually exchange USD for Bitcoin. On Coinbase they ask for bank account information, and that can take several days to verify.

There is no process of identity verification on Circle before you can actually buy Bitcoin from them?

I know what you meant. No, there is no delay after signing up before you can buy Bitcoin on Circle.

No kidding. That argument is outdated, then. Thanks for the heads up.

You don't need to verify a bank account. Just link a debit or credit card - instant without verification.

How is obtaining a credit or debit card instant?

You could walk into a Wal-mart or CVS with cash and buy a prepaid debit card. Not instant, but not especially difficult.

True but it puts paid to this ridiculous idea that transferring money via Bitcoin is somehow more convenient than regular banking.

No there isn't. I have no idea how they pulled it off, but it really is instant. In less than 5 minutes, I went from not having a Circle account to having a Bitcoin transaction on the blockchain transferring BTC I bought with a credit card to my own private wallet.

Circle is amazing.

The issue with this (as you probably know) has always been the danger of chargebacks.

I ran across a reddit post [1] discussing it. I dunno if they've completely dealt with the issue, but it is pretty fascinating to see they are even trying.

[1] http://www.reddit.com/r/Bitcoin/comments/2hvld5/let_me_addre...

Is it possible to charge it as a cash advance to avoid that issue? It's essentially a cash advance...

Signing up for a bank account is even less instant.

Yes, but if sending money on Coinbase means that you have to sign up for a bank account anyway...

If you don't want to use a bank account you can use https://mycelium.com/ or https://localbitcoins.com/. Or just use https://bitpay.com/getbits and check if one of your friends on Facebook is selling coins.

Buying a western union check and meeting someone in an alleyway to get a thumb drive is easier than just using a bank? I think not.

Of course it's not. But the argument of the parent poster was that you require a bank account. Also, most experienced traders on https://localbitcoins.com/ will prefer to meet in a very public place or in a police station, instead of an alleyway.

The parent's argument that a bank account is needed was a retort to the idea that Bitcoin is easier than banking.

Conducting financial transactions in a police station is not easier than using a bank, so whilst a bank account isn't strictly necessary it doesn't change the argument that Bitcoin is harder to use than regular banking.

BTC ATMs are gaining in popularity. Which reduces the requirements to the same as going to any ATM.

This also isn't a technology issue, as it is a structural one. There are stores that sell BTC, there just aren't ones near you.

Does it matter what type of issue it is? You can't say Bitcoin is easier than traditional currency and ignore the parts where it is not easier.

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