Topic: Banking transaction is far much better than bitcoin so far (Read 208 times)

personally I exchange btc in person , we have a local facebook group for people who want to buy and sell bitcoin in my country
it takes less than one day to complete the transaction , so getting bitcoin doesn't take that much of time

I'm not sure how can an ICO fix these issues , getting any other coin should be as hard as getting bitcoin or even harder since most of the existed alts need to be traded with bitcoins

could you please share more ways



how much % he charge

what you are saying is not related to the subject that you chose for this topic! it is actually completely irrelevant.

you are talking about "getting bitcoin for the first time" not using bitcoin and whether it is better than a bank transaction or not.
and it actually is a little contradictory, what you said! i think you missed it yourself. all the issues you are talking about are regarding "banking transaction" not bitcoin, the fact that you have to wait a long time for verification and pay high fees are all because you are using the banking system not yet bitcoin. and yet you say it is better!

Bitcoin is a project in progress and we need to apportion that credit to it. The fact that it has come so far in contrast with traditional banking is a merit not demerit. Considering that banks and banking have been with us hundreds of years tinkering with innovations as technology evolved.

Transaction fees for bitcoin is sure negligible compared with banking and it sure is an advantage Bitcoin has over banking. This is despite the fact that most bitcoin adopters are not taking advantage of its utility as a means of transfer of value.

As already posted, Bitcoin acquisition is not only through purchase. You never ever purchased fiat but earned it. With the appreciation of Bitcoin as a means of value transfer, people would lay more emphasis on earning it for services and sales just as they do with fiat.

That no banks hold it, and that no third party is entrusted with it naturally gives Bitcoin an edge over traditional banking. What is much needed now is its utility as a means of transfer of value.

Here at Bitcointalk, we already see that happening as most members prefer to receive payments in services in Bitcoin or altcoin. For example, a client gave me an option of receiving payment for my services in PayPal immediately or in Bitcoin on a later date. I chose the option of Bitcoin on a later date, why?

I acknowledge Bitcoin as a valuable means of transfer, perhaps more valuable than fiat. It is payment and I'm not paying any fees on it. Just as you don't pay fees earn momey: your services entitles you to it.

BTC block block more and more serious. Although Bitcoin is still in the process of transferring money, transaction fees have soared. I am thinking about whether to go to bank lending and invest in bitcoin mines.

Well getting verified by an exchange is a step which takes its time (up to a week), the fees are at ~0,2% which is like nothing.

If you are verified after one week, you can aquire BTC pretty fast  

Overall aquuring some BTC is pretty simple

There are plenty of project, which allows you to buy crypocurrency for fiat. Personnaly I prefer Bonpay. They offer wallet and card. I load my card with usd and convert to BTC (after verification) - simple and easy.

It's not that hard to get bitcoin and there's more option other than those 4 you said.You can read this thread to know more ways of getting bitcoin.

If the verification process on your local exchange takes too long the fastest way to have bitcoin is to buy them from an atm or go with what Pursuer said. The limits on exchanges can be increased it depends on how desperate you are. Also each exchanges have different fees and no one's forcing you to buy from them.

Well I think you have an opinion based on a few experiences that you had and it's kinda not right to call out the whole system for them.

So I guess the two points that are arguable are already in favor of crypto.


Well first of all, I guess you totally know that you don't HAVE to mine to get some bitcoins. It's only if you're interested.
Second thing. Why are you blaming bitcoins or crypto in general if these rules/regulations are applied by exchanges They're organizations which are trying to make profits as much as possible. You can't say this is a disadvantage by any means as you're not forced at all to buy from them.


Same thing. You don't have to deal with anyone whose price isn't good as you want them to be. The best thing to buy or sell would be to do the same thing I did. Found a group of people who are into trading and mining (invested in crypto in general) and we made a group on whatsapp. Now we sell and buy from each other locally cash in hand. No fees. Nothing. Everyone happy. Try doing the same thing.

This is actually a good point. If you sell or offer a service, accepting btc would be an easy way to get your hands on crypto with zero fees.


Nothing can be done to fix these by any of us. And what does an ICO have to do with anything you talked about ?

Not even few hours. In my country, we have a facility of IMPS (Immediate Mobile payment system) using which you can transfer money instantly. The fees is pretty cheap as well. So for domestic transfers, banking is the most efficient and fastest system.


You forgot about trading completely, which is the best way to earn and acquire bitcoin. Also not all exchange will ask your to verify yourself. I don't know about your country, but in my country it is not required till date. So instead of going through all the hassles, use cash to buy bitcoins. There are a lot of traders available in your area who can sell bitcoins to you without having to go through all these procedures. Localbitcoins website can give you some leads about it.


That needs a procedural reform which is hard to happen anytime soon. Speed and acquisition fees depends on the platform or the seller. WE need a proper legal framework for the same. But I don't think an ICO would be able to help you in any way. Their intention is only business and nothing else. ICOs are not doing charity.

exchanges are not the only way to buy bitcoin and using a bank and doing a wire transfer is not the only way of transferring money.
there are a lot of ways, one of which you mentioned yourself. accepting bitcoin as payment. it can be for selling something, offering some service or simply receiving your salary or part of salary in bitcoin. these are the ways you acquire cash, aren't they? so why not use them for bitcoin too.

as I said you can use other methods, the P2P methods to buy bitcoin. buy from someone around you.
I have someone that I always buy bitcoin from. I send a money transfer (I don't know what it is called in English, the banking system in my country is different) for free and with no delay and I receive bitcoin in return. the rate is not bad either. it is a little higher than market value which is negligible.


LOL, sounds more like another excuse to raise some funds and get rich.

When I hear people criticizing  the banking system and why we should move to bitcoin and I do agree with them at this point "money should not be controlled by any one "
but they give the most worst example like the following script
" in transitional banking if i want to wire you 1000$ I have to pay 35$ fee and it take 1 or more days  to reach (which is not true wiring via banking exchange you can get it in few hours)
while in bitcoin its cheap (True in wiring fee ONLY ) and Fast(True)

BUT the do not speak about the tough joinery of how to get Bitcoin in first place
you need of the following
1- 1 year of mining
2- 3 weeks to be verified by exchange plus 5$ -10% more buy 1 bitcoin 12000$ you pay 600$ -1200$ acquisition fee  (which is crazy )
3- local bitcoin  the most expensive option 20% but the fastest (no exchange needed to verification ) but each bitcoin acquisition fee is 2400$ 
4- accept bitcoin as a payment for your service (which assume your customers already bitcoin owners)

we need to fix this two issues 
1- the speed of getting the coin
2- the acquisition fee dropped to 1% or less

this could be a great idea for ICO to resolve this issue
even with exchange they put limit like in how you can buy