171021 Why Bitcoin?

Until I purchased something with OpenBazaar, an application whose raison d’etre is to make it easy for merchants to accept bitcoin payments, I didn’t realize how much overhead exists in a credit or debit card transaction.  You forget that after your full name, sixteen digit card number, expiration day and month, 3-digit security code on the back of the card you are often asked addition information such as address or billing zip code.  You forget that even after all that information, as soon as you enter an amount, another set of criteria appear making the transaction subject to rejection.  Did you spend over your limit?  Did you have sufficient amount of cash to cover the transaction in your account?  Did you make one too many purchases in rapid succession, therefore making your account subject to further scrutiny, looking like someone had stolen your identity?  I’ve had my credit and debit card transactions stopped, blocked or reversed for so many different reasons.  I’m sure most of my readers have, too.

None of that happens with Bitcoin transactions.  You enter an address and an amount and click send.  The end.