Topic: Bitcoin is better than your bank! - page 9. (Read 1199 times)
You cannot achieve all the things you can achieve with fiat currency. This is because crypto has not been widely accepted for payment of most of the things you purchase using fiat currencies, especially for domestic uses. However, despite the fact that a lot of people are working towards making crypto a universal currency, there are still many that have stopped to accept it because of the volatility and which I think it is part of the drawback associated with the coin. Having a currency that you can use to pay for something abroad which cannot be achieved using fiat and local fiat dominated card due to government policies is one major obstacle that crypto has taken care of in many cases.
Well for me everything depends on the situation. In some cases, Bitcoin is better (as we believe in it) but others do not, so we can't force them to believe and act as we do. Banks had been present in human lives since the 1400s or 1600s so we can't really remove it from the system easily. They already had established their names and have an outstanding performance in the community which people prefer to believe than in cryptocurrency which only is operational for a decade or so. What I mean is, we can't fully use Bitcoin as of the moment because out fiat is often stored in the bank.
"Banks! That's all we've known as "the only option". Ask someone how you can send money to someone and the response will be "use the bank!".
I actually disagree with this, at least among millenials this definitely isn't the main way people send money anymore.
If you ask people how they send money these days, it's through payment processor apps like Venmo, Paypal, Square etc. The bank is only used by professionals and businesses.
That said, I also don't agree that BTC is necessarily better than the bank either, at least not in its current iteration. The publicly available blockchain is far too intrusive for my liking, we need some way of obfuscating this data.
Once that's added, BTC stomps banks.
I actually disagree with this, at least among millenials this definitely isn't the main way people send money anymore.
If you ask people how they send money these days, it's through payment processor apps like Venmo, Paypal, Square etc. The bank is only used by professionals and businesses.
That said, I also don't agree that BTC is necessarily better than the bank either, at least not in its current iteration. The publicly available blockchain is far too intrusive for my liking, we need some way of obfuscating this data.
Once that's added, BTC stomps banks.
It must be nice to live in a country with economic freedoms for you to make a comment like this. There are places with millions of people where access to foreign currencies is heavily restricted. Paypal doesn't work without a credit card, and to get that you need a bank account in a foreign country (a country whose fiat can be freely exchanged into USD) with significant movement to warrant issuing a credit card with the smallest of credits tolerable to the bank.
Everywhere in the world access to bitcoin is possible, but not foreign currencies. Have you ever faced the difficulties a foreigner must face just to open a bank account in America, so he/she could then start getting access to all those fabled services you mention? And that is before the American government starts forbidden companies from dealing with said country.
Did you even notice all those steps, and often expensive and slow procedures all go away with Bitcoin?
Yes it is easy when you live in the land of freedom, but stop to think what happens when you do not. Ever paid attention to the list of countries service X is not allowed? No because you don't live there, why would you care?
Let me "try" to give you a tale.
I live in a country where the average monthly wage is $5 (as in FIVE US dollars). A visa to ENTER the United States costs at least $150 per attempt to get, they mostly deny it. No, we cannot enter without it, 3 month non visa required tourism is a benefit for the "nice" countries only. Also the US Embassy was closed, so if you wanted to obtain one you would have to travel to a neighbor country. Unlike in "nice" Europe, where such a deal would take under $100 for a plane ticket, around here getting to the neighbor country means at least $400 USD, AND many countries now require a visa simply to enter, which in turn costs more money and paperwork demonstrating "somehow" that you are totally not going to overstay working there...
And that's even before putting a step in the destination, now suppose you did (and the immigration officer didn't turn you back because he/she didn't like you); you now go to the bank and face a new wall of difficulty just to open a bank account. Things like having, i don't know 10k USD lying around (hope you could declare those without looking suspicious) AND all the paperwork KYC, etc. Its often simply not allowed and you better have a friend making you look like you live there (ie. utility bill) etc. And then the bank has fees if you don't move certain amount. Yes there are services that give you a virtual address and re-mailing from the States, but that is even more money most normal people simply can't afford.
All this mess and we still haven't gotten to your fabled services. Paypal requires a credit card, now you might get those in your place by shopping at the grocery store or something, but that is not how it is elsewhere. Convince your foreign bank that you are "Worth" getting a $500 USD credit card or whatever the smallest valid amount it, who cares you deposited 5k...
All this wall of text and i have not even began describing the mountain of hurdle all of this is, compare to Bitcoin where all you need is download a wallet, and often not even that (but its best).
You cannot naively use Western Union or the likes when you live in a place with restriction to foreign currencies, at best you'd get absurd taxes and at worst you won't get anything (or the service is forbidden).
Do note that a country where Bitcoin is banned cannot stop Bitcoin, but you would need to be smarter like using Tails with Electrum, etc. However a country where the USD is banned, is a whole different ball game. Think drug dealer like life, when foreign currency trading becomes a black market. Of course you haven't lived that in your nice place.
Just because politicians have the power to ruin your life, doesn't mean they would... Or would they? Said anyone who lived prior hyperinflation.
Public blockchain records are not an issue if you don't let them associate your real person to your address and only make a single transaction per address. You can go to an altcoin if that makes you feel better, but Bitcoin holds its value better than any other, while being completely free from the State.
I am a true supporter of bitcoin but there are points here in your article that really caught my eye.
It ain't that fast anymore. Just telling the truth.
You need to spend a lot if you want to make it faster. I am still telling the truth.
Have you tried to do a transaction at this date? How much was it?
This is also eye catching for me.
I don't really like it when people are talking about the price and how much it grew.
You are explaining it to be better than a bank. Right? So why go there?
Also you are trying to define it as a currency. Why explain the changes of price in USD? (in bold up there)
Let us say you are buying a candy with 1 BTC. Would you say it is overpriced? Should not right?
When I explain it to my colleagues I don't go that far.
When they ask about prices and the volatility I say "Wait a second!" .
Just don't want to confuse them about what the technology is all about and not just another buyer because of a store of value.
It needs to be a currency in description.
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* Thirdly, you can send payments to anyone at anywhere and at anytime using bitcoin. One of the most amazing aspects of this is that these transactions are performed in an average of a few minutes (irrespective of the location of the sender and receiver) and with that, only a few dollars (could even be half a dollar) is charged as transaction fee.
It ain't that fast anymore. Just telling the truth.
You need to spend a lot if you want to make it faster. I am still telling the truth.
Have you tried to do a transaction at this date? How much was it?
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Honestly, bitcoin doesn't have much negativity. The main point you're to know is that bitcoin is volatile; It's worth increases/reduces haphazardly. A good example of this is in the year 2010 (when bitcoin came into play). It's price as at then was 0.08$ but today, it worths over 9,000$. Sounds cool right? Well, this movement can sometimes be negative due to the volatility of the currency.
This is also eye catching for me.
I don't really like it when people are talking about the price and how much it grew.
You are explaining it to be better than a bank. Right? So why go there?
Also you are trying to define it as a currency. Why explain the changes of price in USD? (in bold up there)
Let us say you are buying a candy with 1 BTC. Would you say it is overpriced? Should not right?
When I explain it to my colleagues I don't go that far.
When they ask about prices and the volatility I say "Wait a second!" .
Just don't want to confuse them about what the technology is all about and not just another buyer because of a store of value.
It needs to be a currency in description.
Bitcoin gives us more freedom with faster transactions and is not subject to the strict management of banks and governments. But the drawback of Bitcoin is that there are no other banking functions like lending money or saving deposits to receive passive interest rates. We can actually deposit money in a bank but we will have a more stable interest rate. Pouring money into Bitcoin is not really good because based on what happened, Bitcoin peaked at 20k in 2017 and soon dropped sharply in late 2018. If anyone has invested in Bitcoin at the end of 2017, it will Big losses in 2018.
Aside from price, I would like to add up about security.
I remembered back in the days where my professor told me that there is no perfect security because someone totally made the security. It is just that the pay keeps them away from taking advantage of their control.
I never felt safe in using credit cards from banks ever, after I heard this.
Even though Bitcoin is still made by someone, it never failed me to satisfy transactions while in banks there are gonna be hidden charges.
I remembered back in the days where my professor told me that there is no perfect security because someone totally made the security. It is just that the pay keeps them away from taking advantage of their control.
I never felt safe in using credit cards from banks ever, after I heard this.
Even though Bitcoin is still made by someone, it never failed me to satisfy transactions while in banks there are gonna be hidden charges.
When I ask someone how to send money, remittance is the answer but just like the banks, they are centralized unlike bitcoin.
People still can't noticed the good attributes of bitcoin. It's cheap although there's cheaper but the acceptance of it worldwide is already widening and can't be denied.
People still can't noticed the good attributes of bitcoin. It's cheap although there's cheaper but the acceptance of it worldwide is already widening and can't be denied.
Even though bitcoin transactions are cheaper and its transactions are not so easy to trace unless the user provides their details but people are not using it for the day to day activities. As of now most of the people use it for investment purposes or gambling or doing some hidden activities. The main reason for it is in many countries bitcoins are not accepted as a currency yet and they may need to spend additional charges to convert it to fiat. Once all these kinds of issues are solved then surely bitcoin demand will increase many folds.
But they didn't know that it has its own integrated feature and way to send directly to others.
We cannot compare Bitcoin to be better than banks as most of the Cryptocurrency is a decentralized form of currency where most of the investors in Bitcoin invest for it gives the highest return than keeping the money in the banks in the present situations. Most of the people use banks for all their daily transactions and banks are centralized warehouses to keep all the transactions recorded and kept on a given account.
Bitcoins being decentralized currency people are investing in it to earn big fat money fast with a good rate of interest on their investments it has its own way of operations where all the transactions are kept secretly in blockchain ledgers. If all the world population accepts Cryptocurrency and then even banks are forced to operate in crypto and then we can say bitcoin is better than bank
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* Using banks for transactions, you must connect to be the bank first. In other words, there’s no way you can send or receive money without the bank approving it. This also means that if the bank goes offline, your money is as good as offline too.
It's not that we must connect to the bank first, but when we convert crypto to fiat, definitely, banks will be involved here or at least some remittance services. Unless crypto is really accepted everywhere, we might see banks in the near future.
We might see bitcoin grows in the future, so not many merchant are going to accept it as payment because of its volatile nature. Now it is treated as investments or store of value.
Many people are just ignorant about bitcoin and I believe that writing an article (as a writer I am) is worth it for bitcoin. Therefore, I decided to write this article to help elaborate (https://link.medium.com/X934BlPLW3).
Please endeavour to READ! and share it too.
Tho some people just don't want to use bitcoin because of its volatile/unpredictable nature, there are also others who don't even know what we are talking of.
I keep telling us that little things matters a lot. Sharing this article would help get to someone out there who hasn't heard about bitcoin and needs to know about it. Also, don't forget to use your skills to promote bitcoin.
What a good article you have been shared to us, I have read the article and it is very nice I can consider it as a good article that can be truely need to share to the mass in order for them to be well known on what bitcoin is. Please endeavour to READ! and share it too.
Tho some people just don't want to use bitcoin because of its volatile/unpredictable nature, there are also others who don't even know what we are talking of.
I keep telling us that little things matters a lot. Sharing this article would help get to someone out there who hasn't heard about bitcoin and needs to know about it. Also, don't forget to use your skills to promote bitcoin.
Does bitcoin really better than the bank? Yes I think so, why? Maybe it is just because you can make transactions and send bitcoin or money through the use of wallets or digital wallets so that you will not be able to use banks anymore when you are doing a huge transactions and etc.
We cannot compare Bitcoin to be better than banks as most of the Cryptocurrency is a decentralized form of currency where most of the investors in Bitcoin invest for it gives the highest return than keeping the money in the banks in the present situations. Most of the people use banks for all their daily transactions and banks are centralized warehouses to keep all the transactions recorded and kept on a given account.
Bitcoins being decentralized currency people are investing in it to earn big fat money fast with a good rate of interest on their investments it has its own way of operations where all the transactions are kept secretly in blockchain ledgers. If all the world population accepts Cryptocurrency and then even banks are forced to operate in crypto and then we can say bitcoin is better than bank
When I ask someone how to send money, remittance is the answer but just like the banks, they are centralized unlike bitcoin.
People still can't noticed the good attributes of bitcoin. It's cheap although there's cheaper but the acceptance of it worldwide is already widening and can't be denied.
People still can't noticed the good attributes of bitcoin. It's cheap although there's cheaper but the acceptance of it worldwide is already widening and can't be denied.
Even though bitcoin transactions are cheaper and its transactions are not so easy to trace unless the user provides their details but people are not using it for the day to day activities. As of now most of the people use it for investment purposes or gambling or doing some hidden activities. The main reason for it is in many countries bitcoins are not accepted as a currency yet and they may need to spend additional charges to convert it to fiat. Once all these kinds of issues are solved then surely bitcoin demand will increase many folds.
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Banks! That's all we've known as "the only option". Ask someone how you can send money to someone and the response will be "use the bank!".
I'm not a fan of banks,but no,they are NOT the "only option".We have paypal,a bunch of paypal clones,western union,etc.
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* Using banks for transactions, you must connect to be the bank first. In other words, there’s no way you can send or receive money without the bank approving it. This also means that if the bank goes offline, your money is as good as offline too.
* There's also a daily/monthly limit in transferring/receiving money if it is connected to the bank. This means you can't make certain transactions (if the amount to transact is above the daily/monthly limit).
* In fact, I still remember when I heard a relative of mine saying that it's not easy to send money from one country to another (even countries in the same region). Sometimes, you may send this money and eventually, the bank network issues comes up to frustrate your plan.
* There's also a daily/monthly limit in transferring/receiving money if it is connected to the bank. This means you can't make certain transactions (if the amount to transact is above the daily/monthly limit).
* In fact, I still remember when I heard a relative of mine saying that it's not easy to send money from one country to another (even countries in the same region). Sometimes, you may send this money and eventually, the bank network issues comes up to frustrate your plan.
Do you really think that the Average Joe cares about those issues?
People tend to stick with what is already known(even if it's more expensive and not so convenient),and what they are familiar with.If you were using a bank for 20 years,would you switch to using bitcoin in one day.You will have to learn some technical terms,create a wallet,ask your friends and relatives to create BTC wallets(so you could send them coins) and learn more about bitcoin.It's not that easy.
We cannot force someone to just invest in bitcoin than to save in banks. It is not their fault I think because they focus to save money than to invest and that is why they prefer to store their money in banks to invest it in bitcoin. They are not trained to see opportunities and that is why they still prefer to put their money in banks even they only getting negative interest rates. We cannot convince someone to put money in bitcoin because there are always a risks and they can lose their fund their if they do not have enough knowledge about it.
I admire for you being a crypto writer. But not everyone else is open minded for new things like bitcoin. Comparing bitcoin with banks is not a suitable article (well, as for me) because both have advantages and both has a flaws. If people want to control their own money, bitcoin is there to fill what they want. But not all will give up banks.
Government will definitely not fully accept bitcoin and replace it. We can still do better things with using bitcoin and banks. If people do want the same benefits from those two, no need to choose one.
Government will definitely not fully accept bitcoin and replace it. We can still do better things with using bitcoin and banks. If people do want the same benefits from those two, no need to choose one.
Many people are just ignorant about bitcoin and I believe that writing an article (as a writer I am) is worth it for bitcoin. Therefore, I decided to write this article to help elaborate (https://link.medium.com/X934BlPLW3).
Please endeavour to READ! and share it too.
Tho some people just don't want to use bitcoin because of its volatile/unpredictable nature, there are also others who don't even know what we are talking of.
I keep telling us that little things matters a lot. Sharing this article would help get to someone out there who hasn't heard about bitcoin and needs to know about it. Also, don't forget to use your skills to promote bitcoin.
Please endeavour to READ! and share it too.
Tho some people just don't want to use bitcoin because of its volatile/unpredictable nature, there are also others who don't even know what we are talking of.
I keep telling us that little things matters a lot. Sharing this article would help get to someone out there who hasn't heard about bitcoin and needs to know about it. Also, don't forget to use your skills to promote bitcoin.
It's true that bitcoin has many advantage than the banks. Just like from your article, the transactions made by the bitcoin is far better since it's 24/7 working than the bank but the downside using bitcoin is that, bitcoin in other country is not accepted or banned and you can't make transaction of course from that country. Also, one of its drawback is that not all people know bitcoin and they need to learn all the basics for them to use it.
Majority of the people in the world trust fiat over bitcoin, you are right making and sharing more articles about how good bitcoin is would help the adoption process but I believe it's not gonna be fast and easy.
Anyway, I expect that in the long run they will be educated so they can start using bitcoin.
However we cannot expect that majority of them will do, why? because bitcoin is volatile and they don't want to risk their money especially if the purpose is just to save money and not to invest.
Anyway, I expect that in the long run they will be educated so they can start using bitcoin.
However we cannot expect that majority of them will do, why? because bitcoin is volatile and they don't want to risk their money especially if the purpose is just to save money and not to invest.
I wouldn't say it's better than bank, but at least we have a alternative and the economic freedom. We just need to educated ourselves though, majority just go to Bitcoin without understanding how to protect it that's why when we hear that someone's wallet gets hack, then immediately blame it to Bitcoin.
For me the best thing to do is just enjoy the best of both worlds, we really don't need to shout and says that the old and traditional banking system will become obsolete because of Bitcoin and crypto. Much better to take advantage of both systems.
For me the best thing to do is just enjoy the best of both worlds, we really don't need to shout and says that the old and traditional banking system will become obsolete because of Bitcoin and crypto. Much better to take advantage of both systems.
Bitcoin is known since it is the first crypto currency, the problem though is that it is popular for us but for them, it is not. With the scam all over our country relating to crypto currencies, bitcoin and other cryptos are labeled as a scam by these people that has no idea of what they are talking about. With the creation of bitcoin, a lot of people have their freedom and that is the reason why some take advantage of it. Even with the legalization of crypto currencies in our country, using it is still limited and we have no other choice but to use an exchange to be able to transact it. We are still not paying directly bitcoin since these exchanges convert that into fiat.
Its works better but we still need the banks since bitcoin can’t consider as a legal currency. The banks will stay despite of their poor financial system, they also have a good services but when I found bitcoin, I realize so many things. It will take time to break the resistance of people to adopt bitcoin, a long way to go but if we are able to push our government to make it legal, then bitcoin and banks can work together and gives the best service that we deserve.
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