Bitcoin compared with traditional banking and payment methods

Daniel91

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Quote from: colinistheman on August 07, 2015, 07:45:17 AM

I really liked the simplicity and clarity of the illustration.

Credit given to: https://medium.com/@liamzebedee/3-essential-takeaways-from-the-mit-microsoft-bitcoin-talk-54a4cd71a702 (Images taken from this site and modified slightly)

Very good explanation, great illustration

I recently tried to send money to my friend in Nepal.
WU was to expensive, he can't use paypal in his country, can't get international VISA card (only for use in India&Nepal), Bank wire fees also was to high (and to long wait to receive money) etc.
On the end I suggested to him to open BTC wallet and we solved our problem

It's really simple, fast and secure process.
Thanks God for bitcoin

Kprawn

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That would be the ideal diagram, but it's slightly more complex... because most people use 3rd party services to convert BTC back to fiat now. In future converting everything

back to fiat would not be necessary, but for some people this is still not a option. So just add these 3rd parties to that diagram and it would look more or less the same, or even

more complex, if they had to go through their banks too, to get to the cash from these exchanges. If you hoard Bitcoin 100%... it would look like that diagram. Grin

RGBKey

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rgbkey.github.io/pgp.txt

Quote from: afriezalie on September 06, 2015, 12:09:26 AM

Bitcoin is easy to use and faster than traditional banking and other payment methods, but in other way, bitcoin is less secure compared to traditional banking and paypal. I don't know why, but there are many bitcoin hacking cases.

Bitcoin is many, many times more secure than traditional banking. The "hacking" you hear about is from people that either do not know how to properly secure a system that handles thousands of transactions, or from people that don't understand basic security and phishing.

afriezalie

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Bitcoin is easy to use and faster than traditional banking and other payment methods, but in other way, bitcoin is less secure compared to traditional banking and paypal. I don't know why, but there are many bitcoin hacking cases.

Q7

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I think the most important part here is the removal of banks and their outrageous fees from the equation. Even sometimes when you perform cross border transaction both banks from each end will deduct additional fees from it. In bitcoin, there is only one.

CheckOut3

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bitcoin looks simple, fast and fee-free. However it need more time to be used over online shops.

Herbert2020

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yup this is pretty obvious explanation of bitcoin vs banking system. although bitcoin has some third party in the middle sometimes for payments like (bitpay i think can be considered one of them) but it is still an option and not the main thing. i personally like the fast and low fee transferring the money that bitcoin offers.

Daniel91

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Quote from: futurebit640 on August 08, 2015, 03:46:14 PM

if WU and PayPal was smart, they would capitalize on bitcoin and offer BTC insured transfer services. They could charge half their normal rate and still make a tremendous profit.

Good suggestion but this will not happen in the near future.
Bitcoin is still not mainstream, its value is not stable yet (and WU and paypal surely don't like it), sometimes it takes a lot more time to wait for confirmation of the transaction (in one case I had to wait 4-5 hours) etc.
Until we resolve this issues I don't think Paypal or WU will consider to offer BTC as part of their service.

futurebit640

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if WU and PayPal was smart, they would capitalize on bitcoin and offer BTC insured transfer services. They could charge half their normal rate and still make a tremendous profit.

Mickeyb

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Move On !!!!!!

Really nice and simple explanation of what Bitcoin really is and of its advantages over fiat. I will share it everywhere, thanks!

colinistheman

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updated the image to change "instant and free" to "fast and cheap" and a few other minor changes

juankburke

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well the users or people who are familier with bitcoin already know how it is more good/better then banking and or other payment methods .. its all about spreading awareness to those who dont know about it .. m sure once everyone see it as clear as infographics above would love to try and get involved.

Borisz

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Quote from: PolarPoint on August 07, 2015, 05:00:14 PM

I like infographics, but I also like them to be accurate. The illustration of using a credit card is over complex and newbies can spot that in a second. You also don't need a bank account to transfer money using Western Union. The inaccuracies will put people off that infographic and give a bad impression of bitcoin.

Good point!

It should also be added that one first needs to acquire Bitcoins; either buy in cash, which is a lot of hassle usually or buy with bank, which takes long. Also, escrow services to fight mistrust globally cause extra headache.

PolarPoint

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I like infographics, but I also like them to be accurate. The illustration of using a credit card is over complex and newbies can spot that in a second. You also don't need a bank account to transfer money using Western Union. The inaccuracies will put people off that infographic and give a bad impression of bitcoin.

Hazir

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★Nitrogensports.eu★

This diagram is the ideal use of bitcoin in the scenario when every user deal with other user directly. What we have not is not that scenario. There are bitcoin payment processor services.
We have bitcoin debit/credit card. Bitcoin ATMs. Bitcoin satellite services are plaguing cryptocurrencies world we can rarely use direct bitcoin transfer now.

Borisz

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Nice illustration, makes bitcoin look simple, fast and fee-free. However, I hope that those on this forum see beyond this and also see the real picture.

ajareselde

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Satoshi is rolling in his grave. #bitcoin

This is nicely illustrated and straight forward, but it shows bitcoin in cases of simple bitcoin purchase, and for that you need retailers and people that
actually accept bitcoin as payment option. If you would make an example on bitpay or bitcoin debit cards, the transaction wouldn't be as clean as the one in op.

cheers

Kazimir

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Quote from: aso118 on August 07, 2015, 10:28:13 AM

Yup, clear and simple.
The 'slow' aspect is elegantly understated. What used to take days, now takes 10 minutes.

You mean: it now takes 2 seconds

(the time for a payment)

What used to take 6+ months (the time before a paypal or credit card payment becomes permanent / irreversible / set in stone) is what takes 10 minutes with Bitcoin.

Jorge320

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Really great visual, puts the technology's advantages in perfect perspective!

* Note how the banks get to double dip in every transaction.

ikydesu

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fb.com/Bitky.shop | Bitcoin Merch!Premium Quality!

With bitcoin, everything is so simple.

But you need pay miner fees if you need fast transactions, without fees you need some conditions.

Topic: Bitcoin compared with traditional banking and payment methods (Read 1041 times)