Topic: Advantages of Bitcoin over traditional payment systems - page 2. (Read 2353 times)
People talk about BTC being anonymous, which isn't exactly true. It's better to say you can easily hide money with BTC. You can create a wallet in a place which offers public wifi, sends a few BTC there, and it would be next to impossible to prove those still belong to you.
Bitcoin is a revolutionary technology of modern money. Which Satoshi had invented for first time and this have lot of advantages. Transaction fees in bitcoin it's comparatively less then bank system. Byron transaction transaction is much faster then traditional bank system. Notun transaction is highly secure then bank system. Transaction in bitcoin system is anonymous and automated.
it is Decentralized.
i don't care about any other feature bitcoin has, although a lot of them are excellent and i like bitcoin because of them too but in my opinion the decentralized feature of bitcoin is the best one.
i can use it however i like and there is nobody in the world that can ask me why.
with fiat i go to one site and it says we don't accept your bank, another says we don't accept your country,... with bitcoin nobody can say we don't accept your bitcoin!
Decentralization is a pretty big thing when it comes to economics, and quite impressive when you can have a currency built around that concept that works, however Bitcoin isn't miraculously something that is going to be accepted everywhere because it isn't some sort of fiat. Bitcoin is still kind of fiat-like right now when it comes to value, the only difference being that the value is crowd-sourced, which is better than just being told $1 = $1. i don't care about any other feature bitcoin has, although a lot of them are excellent and i like bitcoin because of them too but in my opinion the decentralized feature of bitcoin is the best one.
i can use it however i like and there is nobody in the world that can ask me why.
with fiat i go to one site and it says we don't accept your bank, another says we don't accept your country,... with bitcoin nobody can say we don't accept your bitcoin!
it is Decentralized.
i don't care about any other feature bitcoin has, although a lot of them are excellent and i like bitcoin because of them too but in my opinion the decentralized feature of bitcoin is the best one.
i can use it however i like and there is nobody in the world that can ask me why.
with fiat i go to one site and it says we don't accept your bank, another says we don't accept your country,... with bitcoin nobody can say we don't accept your bitcoin!
i don't care about any other feature bitcoin has, although a lot of them are excellent and i like bitcoin because of them too but in my opinion the decentralized feature of bitcoin is the best one.
i can use it however i like and there is nobody in the world that can ask me why.
with fiat i go to one site and it says we don't accept your bank, another says we don't accept your country,... with bitcoin nobody can say we don't accept your bitcoin!
You also should include the disadvantages, it doesn't seem honest just to show the good stuff, you should give a complete picture.
Anyways, you said advantages? Is their any advantages of bitcoin over traditional payment systems? Mind me to share your thoughts
I often meet newbies and try to explain to them what makes Bitcoin special. I am trying to compile a list of advantages of Bitcoin.
Is there anything anybody feels I should add to the list below?
Also I think its better to keep to concrete, succinct, advantages. Not what might be considered wishy washy hype about how it will 'help bring sub-saharan Africans out of poverty by allowing them to purchase goats with Bitcoin".
Some of the reasons which I currently state:
-It allows you to have full control of your money, nobody can take away your money.
-It is not controlled by anyone. Its a decentralised peer-to-peer network. Based on open source software. This means it can not be manipulated, Bitcoin supply is fixed modelling it after gold. Nobody can stop or prevent transactions.
-It has low fees compared to other online payment methods like paypal, credit cards etc.
-It is truly global.
-It is programmable money that allows for smart contracts.
-Anybody including kids from their basement, can create financial applications without permission. This is because its open source technology and the network is not controlled by anybody. Nobody needs to ask permission to use it and nobody can restrict access. If you have access to the internet you can access it.
-It is pseudo anonymous and with some extra effort it can be very close to anonymous. You need sophisticated state actors using significant resources to de-anonymise if somebody takes extra effort.
-It is less hackable then traditional payment systems because it is a push system. That means you dont provide your 'secret keys' to receiver/merchant when you make a payment, unlike with credit cards.
Is there anything anybody feels I should add to the list below?
Also I think its better to keep to concrete, succinct, advantages. Not what might be considered wishy washy hype about how it will 'help bring sub-saharan Africans out of poverty by allowing them to purchase goats with Bitcoin".
Some of the reasons which I currently state:
-It allows you to have full control of your money, nobody can take away your money.
-It is not controlled by anyone. Its a decentralised peer-to-peer network. Based on open source software. This means it can not be manipulated, Bitcoin supply is fixed modelling it after gold. Nobody can stop or prevent transactions.
-It has low fees compared to other online payment methods like paypal, credit cards etc.
-It is truly global.
-It is programmable money that allows for smart contracts.
-Anybody including kids from their basement, can create financial applications without permission. This is because its open source technology and the network is not controlled by anybody. Nobody needs to ask permission to use it and nobody can restrict access. If you have access to the internet you can access it.
-It is pseudo anonymous and with some extra effort it can be very close to anonymous. You need sophisticated state actors using significant resources to de-anonymise if somebody takes extra effort.
-It is less hackable then traditional payment systems because it is a push system. That means you dont provide your 'secret keys' to receiver/merchant when you make a payment, unlike with credit cards.
I agree with your list,but the biggest bitcoin advantage is the irreversible transactions.
There are people who think that irreversible transactions are a flaw,but they are wrong.
there is many advantages of bitcoin transaction specially for heavy amount because.
- it's safe and secure than traditional bank system
- it's anonymous, no one will know to whom you have paid money
- it's faster and transaction fee is much lesser then bank system
It is safe, if you use it directly {person 2 person} NOT if you use some 3rd party service or a dodgy exchange. It is not anonymous, but
rather Pseudo anonymous. It's definitely faster, if you compare it with international wire transfers, but the transaction fees might be
comparable, depending on what 3rd party service you are using. Some services just hide their overall cost, and make the transactions
look cheaper.
To all this I would also add freedom of payment and independence from the bank. You can freely choose where to keep Bitcoins and how to spend them. Also, no one is checking you credit history or reputation. You can stay anonimous or reveal your identity. And with just few coins you can feel rich. 
there is many advantages of bitcoin transaction specially for heavy amount because.
- it's safe and secure than traditional bank system
- it's anonymous, no one will know to whom you have paid money
- it's faster and transaction fee is much lesser then bank system
Unbanking people can transfer, use, etc this "money" without control. And in many countries you can be outside government domain by simply create a wallet on localbitcoins and trade your physical cash into bitcoins without any intervension of the state. The track system is also very cool and the small taxation is beatiful. There are so many advantages that you could write a huge list. Nothing compares with this freedom.
I like your listing but i would like you to add that bitcoin transaction are irreversible one making merchants to feel safe against chargebacks with traditional payment systems.
Bitcoin was not designed for online shopping like, for example, Paypal, bitcoin is slow and has no consumer protection, if you want to be scammed by strangers over the Internet you should shop with bitcoin.
Paypal was designed for ecommerce, it has buyer and seller protection, it's fast, and very easy to use.
Bitcoin can actually be used for online shopping. Bitcoin was at first, thought to be useful for online transactions due to its difficulty to reverse after the transaction has been confirmed for a number of times. Digital goods and credits can be quite hard to purchase with PayPal since merchants are reluctant to accept Paypal as a payment option as it would result in chargebacks. Not to mention the fees are quite steep.Paypal was designed for ecommerce, it has buyer and seller protection, it's fast, and very easy to use.
Bitcoin can arguably become Paypal if there can be an escrow service which can allow 2-of-3 multisig where the seller and buyer each hold one and the escrow holds one of the keys too.
Ever heard of MtGox, Bitfinex?
Or a shit load of other thefts: https://bitcointalksearch.org/topic/list-of-major-bitcoin-heists-thefts-hacks-scams-and-losses-576337
The thefts occurs mostly due to the user trusting the exchange/service too much and holds all their money in the exchanges/services. The thefts could easily be prevented if the user practice proper security measures and use their own desktop wallet for storage of their own BTC.Or a shit load of other thefts: https://bitcointalksearch.org/topic/list-of-major-bitcoin-heists-thefts-hacks-scams-and-losses-576337
What you're saying is that bitcoin can become Paypal if we put a Paypal in bitcoin.
There's more advantages of bitcoin over traditional payment.
These are: low costs, less fee, faster transactions, less efforts,
and secure payment. These advantages could help a lot to many
users of bitcoin.
These are: low costs, less fee, faster transactions, less efforts,
and secure payment. These advantages could help a lot to many
users of bitcoin.
Bitcoin was not designed for online shopping like, for example, Paypal, bitcoin is slow and has no consumer protection, if you want to be scammed by strangers over the Internet you should shop with bitcoin.
Paypal was designed for ecommerce, it has buyer and seller protection, it's fast, and very easy to use.
Bitcoin can actually be used for online shopping. Bitcoin was at first, thought to be useful for online transactions due to its difficulty to reverse after the transaction has been confirmed for a number of times. Digital goods and credits can be quite hard to purchase with PayPal since merchants are reluctant to accept Paypal as a payment option as it would result in chargebacks. Not to mention the fees are quite steep.Paypal was designed for ecommerce, it has buyer and seller protection, it's fast, and very easy to use.
Bitcoin can arguably become Paypal if there can be an escrow service which can allow 2-of-3 multisig where the seller and buyer each hold one and the escrow holds one of the keys too.
Ever heard of MtGox, Bitfinex?
Or a shit load of other thefts: https://bitcointalksearch.org/topic/list-of-major-bitcoin-heists-thefts-hacks-scams-and-losses-576337
The thefts occurs mostly due to the user trusting the exchange/service too much and holds all their money in the exchanges/services. The thefts could easily be prevented if the user practice proper security measures and use their own desktop wallet for storage of their own BTC. Or a shit load of other thefts: https://bitcointalksearch.org/topic/list-of-major-bitcoin-heists-thefts-hacks-scams-and-losses-576337
it looks good to me.
although i would add security to it.
when using any other payment systems online you are risking your information being stolen like your credit card information, and there is always risks of malware, keylogger, and other things that can steel your information and abuse it.
however with bitcoin since you can do everything offline all the said risks reach zero. you can have a air lock system using a Live linux offline for example, and make the transactions (use your sensitive information like private keys) there and then only broadcast the public data (non-sensitive) online.
also there is no charge back. it means the trust is shifted from users trusting the merchant with their personal information into merchants trusting their users not to double spend. also users trusting merchants (based on the merchant history) to send the product.
although i would add security to it.
when using any other payment systems online you are risking your information being stolen like your credit card information, and there is always risks of malware, keylogger, and other things that can steel your information and abuse it.
however with bitcoin since you can do everything offline all the said risks reach zero. you can have a air lock system using a Live linux offline for example, and make the transactions (use your sensitive information like private keys) there and then only broadcast the public data (non-sensitive) online.
also there is no charge back. it means the trust is shifted from users trusting the merchant with their personal information into merchants trusting their users not to double spend. also users trusting merchants (based on the merchant history) to send the product.
I agree with you.
I did mention security but I think more can be said as I believe ultimately Bitcoins model is less prone to hacking the the current financial system.
For example there were the recent hacks https://en.wikipedia.org/wiki/2016_Bangladesh_Bank_heist
Bitcoin is less prone to these kind of heists since the money is distributed and held by individuals (mostly apart from exchanges). Banks get hacked all the time any one way or other consumers must bear the cost.
Not sure how to succinctly phrase that.
Ever heard of MtGox, Bitfinex?
Or a shit load of other thefts: https://bitcointalksearch.org/topic/list-of-major-bitcoin-heists-thefts-hacks-scams-and-losses-576337
Yes I know but thefts happen in traditional system also. I feel that fundamentally Bitcoin is more secure against thefts then legacy systems. Not sure how to explain why I have that feeling. Some people might disagree with me.
But in bitcoin you lose your money...
Thefts don't matter. Difficulty of use doesn't matter. Transaction time doesn't matter. Bitcoin has one redeeming feature that each successive altcoin derivative improves upon. If you use it correctly you can use it to make money more difficult for law enforcement to track. Bitcoin and many of the derivatives help hide illegal purchases. If that's the only thing Bitcoin does that's good enough reason to use it.
You want to buy a loaf of bread go dig some change out of the ashtray of your car and buy one. You want to buy black tar heroin use cryptocurrency.
You want to buy a loaf of bread go dig some change out of the ashtray of your car and buy one. You want to buy black tar heroin use cryptocurrency.
it looks good to me.
although i would add security to it.
when using any other payment systems online you are risking your information being stolen like your credit card information, and there is always risks of malware, keylogger, and other things that can steel your information and abuse it.
however with bitcoin since you can do everything offline all the said risks reach zero. you can have a air lock system using a Live linux offline for example, and make the transactions (use your sensitive information like private keys) there and then only broadcast the public data (non-sensitive) online.
also there is no charge back. it means the trust is shifted from users trusting the merchant with their personal information into merchants trusting their users not to double spend. also users trusting merchants (based on the merchant history) to send the product.
although i would add security to it.
when using any other payment systems online you are risking your information being stolen like your credit card information, and there is always risks of malware, keylogger, and other things that can steel your information and abuse it.
however with bitcoin since you can do everything offline all the said risks reach zero. you can have a air lock system using a Live linux offline for example, and make the transactions (use your sensitive information like private keys) there and then only broadcast the public data (non-sensitive) online.
also there is no charge back. it means the trust is shifted from users trusting the merchant with their personal information into merchants trusting their users not to double spend. also users trusting merchants (based on the merchant history) to send the product.
I agree with you.
I did mention security but I think more can be said as I believe ultimately Bitcoins model is less prone to hacking the the current financial system.
For example there were the recent hacks https://en.wikipedia.org/wiki/2016_Bangladesh_Bank_heist
Bitcoin is less prone to these kind of heists since the money is distributed and held by individuals (mostly apart from exchanges). Banks get hacked all the time any one way or other consumers must bear the cost.
Not sure how to succinctly phrase that.
Ever heard of MtGox, Bitfinex?
Or a shit load of other thefts: https://bitcointalksearch.org/topic/list-of-major-bitcoin-heists-thefts-hacks-scams-and-losses-576337
Yes I know but thefts happen in traditional system also. I feel that fundamentally Bitcoin is more secure against thefts then legacy systems. Not sure how to explain why I have that feeling. Some people might disagree with me.
it looks good to me.
although i would add security to it.
when using any other payment systems online you are risking your information being stolen like your credit card information, and there is always risks of malware, keylogger, and other things that can steel your information and abuse it.
however with bitcoin since you can do everything offline all the said risks reach zero. you can have a air lock system using a Live linux offline for example, and make the transactions (use your sensitive information like private keys) there and then only broadcast the public data (non-sensitive) online.
also there is no charge back. it means the trust is shifted from users trusting the merchant with their personal information into merchants trusting their users not to double spend. also users trusting merchants (based on the merchant history) to send the product.
although i would add security to it.
when using any other payment systems online you are risking your information being stolen like your credit card information, and there is always risks of malware, keylogger, and other things that can steel your information and abuse it.
however with bitcoin since you can do everything offline all the said risks reach zero. you can have a air lock system using a Live linux offline for example, and make the transactions (use your sensitive information like private keys) there and then only broadcast the public data (non-sensitive) online.
also there is no charge back. it means the trust is shifted from users trusting the merchant with their personal information into merchants trusting their users not to double spend. also users trusting merchants (based on the merchant history) to send the product.
I agree with you.
I did mention security but I think more can be said as I believe ultimately Bitcoins model is less prone to hacking the the current financial system.
For example there were the recent hacks https://en.wikipedia.org/wiki/2016_Bangladesh_Bank_heist
Bitcoin is less prone to these kind of heists since the money is distributed and held by individuals (mostly apart from exchanges). Banks get hacked all the time any one way or other consumers must bear the cost.
Not sure how to succinctly phrase that.
Ever heard of MtGox, Bitfinex?
Or a shit load of other thefts: https://bitcointalksearch.org/topic/list-of-major-bitcoin-heists-thefts-hacks-scams-and-losses-576337
Great list OP. I love bitcoin mostly because it’s free from any control and thus has no limits of time and quantity so one can make any amount of transaction at any time during a day. Bitcoin transactions are cheaper than fiat transactions on international level and fast too so I prefer bitcoins over traditional methods of payment. Thanks for the list though, I would use it to share with my friends who don’t use bitcoins yet.
1. It is anonymous
2. Faster and cheaper
3. It is deflatory
4. No/Low transaction cost
5. It is divisible to 1billionth part
2. Faster and cheaper
3. It is deflatory
4. No/Low transaction cost
5. It is divisible to 1billionth part
I am really a fan of number one on your list.
Of cours people have to be careful not to make any connection from their names to the wallets they posess, but that's the responsebility of the users and has nothing to do with bitcoin.
Another advantage is the transparancy. Every transaction ever made is recorded in the blockchain.
Nobody can say he did not get the money to a certain wallet when he actually did. Everybody can look at the blockchain and find out if the transaction in question was made.
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