Credit card companies do not charge 4%. I worked in credit cards about a decade ago, so unless the marketplace is less competitive now than before, I assume this still holds true. Furthermore, the fees that do exist are not necessarily passed on the consumer, but taken out of profit. Prices can only be arbitrarily changed if demand is inelastic. None of the companies taking Bitcoin are taking it directly -- they are all paying fees -- and none of them are passing savings onto the consumer. Finally, no I don't mind paying a small percentage (1-2%) for paying with a convenient method that gives me 1% cash back and consumer protections like chargebacks. Its a service.
> Do you mind paying $15 to send money to relatives overseas?
I very rarely have to do this, and when I do $15 is a fraction of a percent. And certainly, its worth it in comparison to dealing with the Bitcoin ecosystem to get my money INTO Bitcoin and then out on the other side. So no, I don't mind.
Now you may be saying "Well when everyone uses bitcoins in the future these problems won't exist, and furthermore..." Yeah but if bitcoins get market penetration then banks and other services can adjust prices to compete.
> This is disruptive technology. Credit card companies and international money transfer companies are panicking right now.
Everyone throws around the word "disruptive" on this site, but seldom is it really true. I keep an eye on the Bitcoin ecosystem because it is interesting, but I've seen literally nothing offered that appeals to me over existing services. When Bitcoin provides me with real, significant value, then I'll think about buying in.
Also, its amusing how its advocates claim that traditional finance companies are "terrified." I've seen absolutely ZERO evidence of this. Its more of the Bitcoin community's lack of reality.
> Do you mind paying $15 to send money to relatives overseas?
I very rarely have to do this, and when I do $15 is a fraction of a percent. And certainly, its worth it in comparison to dealing with the Bitcoin ecosystem to get my money INTO Bitcoin and then out on the other side. So no, I don't mind.
Now you may be saying "Well when everyone uses bitcoins in the future these problems won't exist, and furthermore..." Yeah but if bitcoins get market penetration then banks and other services can adjust prices to compete.
> This is disruptive technology. Credit card companies and international money transfer companies are panicking right now.
Everyone throws around the word "disruptive" on this site, but seldom is it really true. I keep an eye on the Bitcoin ecosystem because it is interesting, but I've seen literally nothing offered that appeals to me over existing services. When Bitcoin provides me with real, significant value, then I'll think about buying in.
Also, its amusing how its advocates claim that traditional finance companies are "terrified." I've seen absolutely ZERO evidence of this. Its more of the Bitcoin community's lack of reality.