Topic: Bitcoin is better than your bank! - page 8. (Read 1199 times)

Yeah, both are important! There's no better on those two, actually if you are going to compare it. Bank can exist and fit into society without bitcoin; however, the bitcoin cannot fit to the society without bank considering that it will be a disaster and the transaction will all be peer to peer. Using bitcoin only in the community will bring no tax to the government and will cause a financial crisis or a disaster to the economy, But if bank and bitcoin are being used the economy will be better and faster. Those two have their own role, and those two things should co-exist and shouldn't be compared.

Basically, it is not enough that we have the idea or concept regarding the advantage and the pros of investing in cryptocurrency or bitcoin, people have their own mindset where they need to keep track in being consistent in their decision making and probably I could say, that is the reason why we couldn't just invite and attract everyone to invest in bitcoin. That is because they have their own priority, but if we could have the chance to put bitcoin to their decision making, that is how it could possibly happen.

Imagine, inviting others who's mind is close to accepting bitcoin. Rather, try to invite those that are in need and the only option they have is to try to use BTC.

Volatility really is a big problem on why people are cannot easily adopt with bitcoin.

To make it simple, here's a simple analysis of mind. If people buy bitcoin and use it, they'll take the risk but if people will use fiat to buy anything they want, they are not taking any risk,.. for now, bitcoin is only good for people who invest and use it at the same time but for typical people they'll prefer to stay away from the risk because if we talk of online, it's also possible with our banking online app for our transactions.

They just ignore Bitcoin it is just because of uncomfortable situation which they don't want to understand and don't want to take the risk.
And we are glad enough to see its futuristic features that everyone had enjoy more than of fiat money can do. However, its volatility seems to be closing some minds into their ignorance and not knowing how Bitcoin and cryptocurrency make a better life. In fact, Banks seems to be helpless we are totally engaged in crypto and used bitcoin for our daily transactions.

I agree with you, I myself have a bank account for my personal transactions but I really don't store many funds into my bank account, It goes to my bitcoin wallet. I don't really hate banks because it is the one I use at the time that I don't have any idea or before I discover cryptocurrency. The reason I use bitcoin is because of it's volatility and it is better than stocks, So I personally see bitcoin as an investment and not a place to keep my funds. But don't get me wrong, I do store funds that I hold and waiting for the price to go up.

We know the positive aspects of investing in bitcoin, but we should not forget about the negative side associated with its volatility. Therefore, each person must keep part of their funds in the Bank to reduce risks. And this will allow you to quickly resolve your problems in the event of an unexpected financial situation.

It's not easy to convince others to choose investments in bitcoin compared to saving at a bank. Thank you for sharing the article,
hopefully the article can help convince others to understand the excess investment in bitcoin. Actually, the cause of people
not interested in investing in bitcoin, because many people lack information about bitcoin, because it's our job to educate other
people to better understand the benefits of investing in bitcoin.

I would say that anyone who invests in Bitcoin without knowing that it is volatile would probably think that it is a scam if the price should fall and they lose their money.

I have seen a lot of people that didn't know anything about Bitcoin and just jumped into it because of what they were told by their friends and when they ended up losing money they started saying that Bitcoin is a scam. And yes there are people who are afraid to use Bitcoin due to the volatile nature, they are afraid that they may lose their money if they save it in a crypto wallet. And there are also people who are ready to take that risk, everyone's not the same.

You don't understand. I agree that Bitcoin is a very good cryptocurrency but it doesn't need to be compared to a bank. The two have different roles. In saving and investment, Bitcoin has the best role but when it comes to financing, probably bank has a great role than the cryptocurrency. Let's just accept the fact that cryptocurrency is always good for an alternative way than banks.

What we need to understand is we need to learn how to use these financial instruments as advantages to achieve our financial success. Each and every finance instruments have different roles and you must utilize each and everything of them.

Upon learning what is bitcoin and it's advantages compare to the current bank system I can fully say that banks are no match to how bitcoin works and what type of services it provides to it's users.

The transaction fees of bitcoin is much lower compare to banks and even if you send millions of bitcoin bitcoin system will process it right away unlike in banks. The freedom that it also gives to the users as it doesn't ask any documents before you can use bitcoin system.

Better than bank if saving bitcoin in the right place and have higher price next time but how come if your bitcoin assets save in bad exchange and then bitcoin down with lower price, still you can say bitcoin is better than  your bank? I think always have possibility for bank and bitcoin get benefit and weakness each other.

In my opinion both bitcoin/crypto currencies have their own advantage and disadvantage, there is no better to one another because it has both weakness and strength  bitcoin gives us more freedom of our crypto  since that the government have  no holds to it , we have all the authority of our digital money, but  it still have fault in it , we have no security (well according to my knowledge I still need to do some readings about it) and since that crypto are still not accepted in some countries  it is really hard to keep it and rely on it. While banks is your money is secured yes  your money is safe and  it us easy access on a daily basis  but  lets all be real non of us dont really trust  banks when it comes in putting all our money on it that us why we all are here  investing our money  not all but some of our money so we can maximize the potential of  growing it not keeping it stagnant.

This is actually true, for now, we really can't avoid not-so-good things that are happening in the cryptoworld, so a lot of people who don't use cryptocurrencies conclude that cryptos are scam. In order for them to understand how it really goes, we should explain to them, like the author of this thread, and share this to your friends and relatives so that they may accept cryptocurrency.

When it comes to transactions, obviously bitcoin will win for being decentralized but banks have also it's a unique way of transaction. I think it's very non-sense to compare both 'cause for me, this both things are important. We shouldn't always rely on having decentralized transactions. How will you get your money from a decentralized transaction? Probably it will still go through your bank or any payment options to receive it.

An increase in the market is not always a good thing, if you think widely, whales are the ones who really benefit here not us. Therefore, control in this kind of situation is needed sometimes so having centralized platforms like banks are needed in our country. So basically, they're different and shouldn't be compared to each other.

If you come to my country right now your credit card is useless. The Trump administration ordered Visa and Mastercard out, they cannot process payments here. Even before that, there were many places where credit card were not accepted for various reasons.

Bitcoin's price is based on the market, that is the amount of people who find it useful overpower the ones that consider it not useful. The tendency not only has not regressed, it keeps increasing over time, albeit slower and slower as it should be for a coin that does not lose value because its production is limited in code and cannot be changed on a whim of a select few. Bitcoin is valuable because of the made its made, and because of its distinct features. The proof is the market price. It cannot go zero over night like you imply, because the market is backing it up. Any attempts of dumping it will find and equal and probably stronger force of pumping it.

If you still do not understand this, you do not understand the value of things. The value of things depends on the usefulness to both the seller and the buyer. It is useful to millions of people, this is why it has the value it has.

Things that go zero overnight are things that can be destroyed, like companies, governments of countries. There is nothing in particular you can do to destroy Bitcoin, short of destroying electricity generation and communications worldwide. It is easier to see the US dollar or the Euro disappear than Bitcoin. Even gold is weaker. Each Bitcoin (satoshi) is unique and its intangible, it can be exchanged across borders at the speed of light (confirmation takes minutes but thats another matter). Bitcoin is so useful the number of people wanting it is slightly increasing over the amount of coins that are and will ever be available, which is why its price keeps climbing. Well that, and the fact that all fiat coins have infinite production, which makes them lose value intentionally over time.

Once you understand this and the rest of the features that make Bitcoin secure and reliable, you get to understand while the demand keeps even after 11 years and counting.

Let's be honest here and while I too love bitcoin and that's why I am here but below are the reasons I feel bitcoin still is behind banks in terms of ease :

1- Acceptance: Not everyone accepts bitcoins while everyone who accepts bitcoins surely accepts bank cards

2- Trust: Bitcoins being decentralized it always has been a pleasure but at the same time there is no guarantee, I mean the money in your bank is protected by your government while bitcoins you cannot say anything to anyone if tomorrow you hear bitcoin is 0. The area where I see bitcoins superior to bank is that bitcoins give you the control over your money while banks take control over your money.

Ignoring bitcoin is not new thing actually. It's always happen science bitcoin arrived as a digital asset. Most people afraid about bitcoin or blockchain technology because they don't know well about it. Bitcoin arrived couple of years ago so in my opinion it need more times to understand for people what is it and why people need bitcoin in their life. And you can see that everyday bitcoin popularity are increasing. Many school/college teach their lesson about bitcoin.

We are know about bank or FIAT money after we born in this world. But about bitcoin just couple of years. So It's totally pointless if we compare between bank and bitcoin. There is no doubt that in near future people will denial Bank and use bitcoin or blockchain technology for their financial life.

As you mentioned in the article:
Bitcoin is better, but not all countries legalize transactions with BTC, so there are still drawbacks. In addition, the same as transactions that fail if the bank is off, then transactions using bitcoin can also fail if there is no internet network, and besides, payments using BTC are still very limited.
It would be wise if we did not compare too much because banks and BTC both have advantages and disadvantages of each. the most appropriate is to combine the two, it is more useful than comparing them to determine which is the best, just wasting energy.

The conception of a bank with respect to Bitcoin is usually very subjective, if we go to the benefits of Bitcoin with respect to banks there are many advantages, since no third party permission is needed, in addition, the fact that bitcoin is totally Decentralized says a lot because it does not depend on any regulation made in its development by any government.

The advantage of the bank over Bitcoin is that it is accepted, legally has jurisdiction in any country in the world, has a "backing" especially given by governments. In countries with crisis, bitcoin is a completely safe refuge, especially if it is high inflation, with respect to this, both banks and bitcoin can coexist.

Actually, there is a huge difference between Bitcoin or digital currencies in general and Banks in all the ways, Bitcoin's characteristics give you  a feeling of comfort and safety through the low value of fee in trasntactions, the security, no exploitation.. and more but unfortunately, the opposite is true for all the banks, they just want to control and exploit their clients,  that's definitely unacceptable. Plus, I don't really expect that the bank will disappear especially in next few years because the world economy linked to FIAT ( like, Euro, Dollars, Yen..ect )