Well, I just listed some of the features that many people who like Bitcoin like about it. That other people may not care about those features is kind of irrelevant.
(1) is only a selling point to people well outside the mainstream.
Yes, the handful of people who understand how our banking and currency system works but aren't in a position to suckle at its teat.
(2) meanwhile I can buy things with one click using dollars.
But try transferring dollars electronically, or even just from one of your own accounts to another in a different bank.
(3) tax evasion, drug dealing and money laundering are not things that society generally wants to facilitate
Neither does society generally want to facilitate government's abuse and debasement of its currency in attempt to cover up its willful blindness to widespread financial fraud and malfeasance. Pick your poison.
> But try transferring dollars electronically, or even just from one of your own accounts to another in a different bank.
In my Wells Fargo account, I can transfer to another bank's account in three clicks and about two minutes. All I had to do was set it up and prove that I own the other end. Deposits usually clear that day.
with bitcoin, transfers clear within ten minutes. The fees are dramatically cheaper (domestic wire transfers are at least $10, international are more like $30) and there's no need to 'prove' anything.
With bitcoin, you can also do all this at anytime, not just within the 9-5 Mon-Friday, no holiday bank schedules.
millions of honest people around the world that have lost their savings when a fiat currency changed its valuation for political reasons. you do not need to be a zealot to appreciate any attempt to create a free currency; you simply need to have a small sense of history and the world around you.
Money isn't for saving long term, it's for spending; if you want to save, buy assets. Inflation is only a problem for those who wrongly mistake money for an asset. The purpose of money is to facilitate trade, not store value.
To me personally, the point is the fixed supply, and the lack of central bank interference is just part of the means to that. I would like to be able to park money somewhere without having it lose value, and possibly even gain in value.
Anyway, as you said, someone certainly could fork bitcoin to make a system where the money supply is expanded indefinitely. I don't think it would catch on, though... at least unless bitcoin has already become "accepted."
>(3) Anonymous transactions are possible, which can be beneficial in many ways (for example, not getting taxed...) //
Certainly where I am you'd still be taxed you're just avoiding paying the tax by hiding your identity. Tax here (UK) is still due if you choose to barter for goods/services so I can't imagine using an unofficial currency would make the slightest difference.
Clearly, you've never been paid for goods or services by someone overseas. Even in this day of highly-networked banks, I have to wait 4-5 days for an international wire payment, and I get charged $12. My counterpart overseas pays $20 for the transaction, and would love to pass that cost on to me (but I refuse to pay it). Many banks charge $20 or more for incoming international wire transfers. So it can cost anywhere from $25 to $40 USD to make an international wire payment.
However, if my clients used Bitcoins, I would receive the money in an hour or less, and pay like a $0.10 charge. Any no one would have the power to suddenly say, "oh wait, we're going to have to raise our fees".
Thousands of freelance writers, translators, programmers do a significant portion of their work with international clients. But the banking system rules out doing any job worth less than several hundred dollars, unless you want to lose 1/4 or 1/5 of your income to fees. I routinely turn down jobs that I could do in 30 minutes and make $150 because it's not worth the hassle of arranging an international wire transfer.
Do you understand now the legitimate need for this kind of currency?
All the paranoia that feeds goldbugs? Take that, and mix it with a total, naked vulnerability to 2-bit hackers.
Seriously, if you hate modern currencies, buy gold or silver or 20 year old scotch, hide it away...problem solved. Bitcoin was nonsense from conception.
Anonymous cash on the internet. Nobody knows who owns each bitcoin account so you can do all sorts of things you could not otherwise. It's very similar to (for example) Pecunix, although unlike Pecunix it's not backed by gold and it's distributed which makes it hard to take down. Anything black or greymarket is suitable for bitcoin.
100% legitimate uses? Well you could use it instead of Paypal and save a couple of bucks in fees but it's a lot harder than just using Paypal and there's no recourse if something goes wrong.
It's actually easier than using PayPal, in my experience. Just open your client, copy-paste the recipient's address, hit Send, and voila, done.
You don't have to create an account, add credit/debit cards and bank accounts, get verified, etc.
Definitely no recourse if things go wrong, but also no way for black hats to game direct P2P BTC payments either, like they can with PayPal's resolution and chargeback system.
It's only easier if you already have some Bitcoin to use. Converting money to Bitcoin takes more time and effort than just using your credit card on Paypal.
