Topic: Bitcoin Can Be More Efficient Than Bank Transactions - page 4. (Read 3455 times)
Actually, for a fact it is right that the transaction fees for overseas transfers is very minimal if we use bitcoin for these transactions. Bitcoin is even more faster for such transactions. But people still use only those traditional methods of transactions. Because they find it ore convenient. It is their prudence, that does not allow them to shift to better methods of transfer. Actually people have natural tendency to resist change and that is the main problem that is not letting full bitcoin adoption.
I think that for Bitcoin there should not be any restrictions in the form of permissions from central banks to implement them. This contradicts the very idea of Bitcoin and this is unacceptable.
I think that central banks everywhere will need regulation. Suppose they want to adopt bitcoin as a payment instrument. Because maybe, with the regulation, it can prevent criminal acts that use bitcoin as a means
Bitcoin seems to be more efficient than bank transactions at the moment. If you ask why, sending Bitcoin from one end of the world to the other end is less than a fraction of the money.
Indeed bitcoin is more cheaper transaction and quick arrive when you send it. While banking they are so many files need a signature so hassel not like bitcoin. And in comes of profit bank is so lose on it. They given small interest while bitcoin they can double your profit in just 1 month.
yes, that's very true. bitcoin is very efficient than bank transactions. it happens because bitcoin is not centralized so we can do our own transactions whenever and wherever we are. and transactions using bitcoin do not require a long time and the number of transactions is unlimited. and cross-country transactions only require a short and very easy time.
The best is we don't have to pay big fees to make a transaction, and we can send the bitcoin to every people at any time. Besides that, we can control our own money, and we don't have to pay another in monthly, and I think our investment in bitcoin will grow from time to time. And this will be a good reason for us to keep our bitcoin for a long time since the bitcoin price can increase higher in the future.
yes, that's very true. bitcoin is very efficient than bank transactions. it happens because bitcoin is not centralized so we can do our own transactions whenever and wherever we are. and transactions using bitcoin do not require a long time and the number of transactions is unlimited. and cross-country transactions only require a short and very easy time.
Bitcoin is definitely cheap in terms of borderless, over-seas transactions(compared to wire transactions and such). The challenge that bitcoin has right now is transactions that are made when purchasing stuff from your local store or something. Yes, fees are quite cheap right now(a few cents to sub $1),but fees should be cheap enough to be used by 3rd world countries; as I'm pretty sure a good number of people from poor countries aren't willing to pay even for as low as $.20 (trust me, I myself is from a 3rd world country). Here's where lightning network[1] comes in. Hoping for a steady increase in development and adoption.
[1] https://lightning.network/
Yeah! Because bitcoin can be user all over the world except for countries that banned the bitcoin and cryptocurrency. It is more efficient also when transacting on overseas and international. The fees are lower than banking. And last, we can send money even we are at house. I rather use bitcoin than transferring my money using remittance center. [1] https://lightning.network/
Yes, I agree with your opinion, for example, wanting to transact from country to another through the bank is very troublesome and requires a long process, but if through bitcoin or other digital currencies it only takes a short time.
Using digital currency makes our life easier and faster than of using fiat instead. Though there is no refund for wrong deposits and sending but it is traceable which could be means that there is a chance of bringing back our money by then for such mistake. 
Not possible bitcoin is using blockchain for every transactions, the new technology are continue to improve and progress bitcoin become efficient currency for fast transaction.
Bitcoin Can Be More Efficient Than Bank Transactions
maybe yes maybe no
if transactions to other banks or domestic transactions, the Bank is much faster than bitcoin
only one minute for the transaction to be processed, but the Bank is not decentralized
and Bitcoin is superior for transactions to various users around the world
Transactions can be completed in just one hour, different from a Bank that requires at least three days
maybe yes maybe no
if transactions to other banks or domestic transactions, the Bank is much faster than bitcoin
only one minute for the transaction to be processed, but the Bank is not decentralized
and Bitcoin is superior for transactions to various users around the world
Transactions can be completed in just one hour, different from a Bank that requires at least three days
Yes, I agree with your opinion, for example, wanting to transact from country to another through the bank is very troublesome and requires a long process, but if through bitcoin or other digital currencies it only takes a short time.
Bitcoin transactions are definitely cost-effective, time-saving and most importantly they are highly secured when compared to Bank transactions. Now people don't have to wait for money transfers for days. Transactions happen at the drop of a hat today. Thanks to technological innovations like blockchain technology. This is the dawn of a new era.
Time-saving? It takes 20 seconds to make a bank transfer, but it takes a lot longer to make a bitcoin transaction to be fully complete (or at least 6 confirmations)
Cost-effective? Not for the majority. For example in Europe, it's free with SEPA
"highly secured when compared to Bank transactions" This is subjectif
Banks should be interested in cryptocurrencies, and probably they are, as crypto is the future, and if they want to keep up, they need to be open minded.
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One step that can be done by the Bank is to allow Bitcoin transactions on condition that they have to be registered on a special platform. Later the patform must be accompanied by a central bank permit.
Such special platform (especially one controlled by the government) would probably make Bitcoin expensive to use. Peer-to-peer transactions is what makes Bitcoin/Cryptocurency cheap I guess.
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Now illegal bitcoin transactions without permission and without supervision from regulators.
What do you mean here?
You mean using money is illegal. Don't forget why bank was invented in the first place.
If I find some gold and decide to buy stuff with it does that make my transaction illegal?
Bitcoin transactions are definitely cost-effective, time-saving and most importantly they are highly secured when compared to Bank transactions. Now people don't have to wait for money transfers for days. Transactions happen at the drop of a hat today. Thanks to technological innovations like blockchain technology. This is the dawn of a new era.
I think if the government will try to control any transactions related to Bitcoin, it will have a very negative impact on this cryptocurrency ecosystem. Bitcoin is a libertarian and free currency. It is based on the principle of freedom. Government regulation should not interfere with it.
they will not be able to modify the blockchain in such a way, unless they make their own crypto algorithm and this is still very unlikely, the government will try to weaken bitcoin and make a counterweight to the altcoins they make later.
I believe this is because until now there has been no official ban with the international MoU to ban crypto.
The efficiency of transactions with data transparency is still having problems where a large amount of transaction traffic will result in buildup on the blockchain Mempool. Transactions will experience a delay that is quite long and even longer than the clearing process in conventional banks.
I think if the government will try to control any transactions related to Bitcoin, it will have a very negative impact on this cryptocurrency ecosystem. Bitcoin is a libertarian and free currency. It is based on the principle of freedom. Government regulation should not interfere with it.
Bitcoin trading is proving to be quite beneficial for those who regularly use e-commerce. To pay online you must fill out all confidential information such as card number, expiration date ... to the web. That's why so many credit cards have been stolen recently. Meanwhile, Bitcoin trading does not require you to write any confidential information. You only need two types of keys that are the public key and the secret key. Anyone can see your public key but the secret key is only known by the owner
I think bitcoin trading has many advantages over bank transactions. But in the current world situation, bitcoin is not dominant over the world banks. bitcoin trading has many new points, people need time to accept these new points
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