“All great ideas are dangerous.”
Bitcoin is the bridge to a new, free, dependable, honest, and democratic world.
Of course we can simply use Bitcoins for fun, profit, and online transactions if that is all we are after.
For example, if we send money from our traditional bank account to an acquaintance of ours using another bank account in a different country, the following rules and fees may apply:
1. We may not be allowed to send the money. Any country the U.S. banks from trade, including (at one time or another) – Cuba, Sudan, North Korea, Iran, Belarus, Syria, Burma, Zimbabwe, etc. (And tomorrow, who knows..)
2. Fees will often be $25-$50+ outbound, and possibly $25+ inbound.
3. Banks can block the wire, or return the money at any time.
“This gives you a small sample of the financial pain involved with using standard currency, the U.S. dollar, and standard banks.
The same transaction using Bitcoins would involve the following:
1. No bank fees.
2. No foreign currency buy/sell fees.
3. A small $0.25, (yes, you read that correctly – one quarter) service fee.
4. No one needs to know whom the buyer or seller is. Complete privacy for all parties.
5. Any country, any person, and any transaction at any time is completely allowed.
6. There will be tax implications depending on your reporting, not on a bank reporting on you.
7. Best of all, our Bitcoin transfer will occur nearly instantly. The minute we press SEND, the recipient can access his or her new stash of Bitcoins, and continue his cigar factory tour of Cuba, with no one the wiser. Hope he brings back some Bolivars for our generosity!
8. They can then transfer the Bitcoins from his Bitcoin wallet through an in/out exchange such as mtgox.com or other exchange into his foreign bank account.
Bitcoin has so many advantages, with only a few key disadvantages, that it deserves all.