Cash transaction would have been a perfect option for 100% anonymous transaction but it cannot be sent to some one who is afar off. Bitcoin stands out as the perfect option not as an anonymous tool but as a private coin with no central server.
Topic: Bitcoin Vs Cash which is more secure (Read 523 times)
Cash transaction would have been a perfect option for 100% anonymous transaction but it cannot be sent to some one who is afar off. Bitcoin stands out as the perfect option not as an anonymous tool but as a private coin with no central server.
In what way would you like to know which is secure, bitcoin vs cash?
We can't compare bitcoin or cash because each works separately. If you want security, maybe bitcoin is secure because you don't need too complicated identification when you want to store your funds. To save cash, especially at a bank, you must submit your data to the bank to make transactions using the card.
Although you can shop with cash without using personal data, you can't carry much cash in your wallet because that could invite bad people to want to take your money. This makes people more comfortable using credit or debit cards in their wallets.
Bitcoin and cash have advantages and disadvantages, and I would prefer it if bitcoin and cash could work together to make transactions rather than compare them.
We can't compare bitcoin or cash because each works separately. If you want security, maybe bitcoin is secure because you don't need too complicated identification when you want to store your funds. To save cash, especially at a bank, you must submit your data to the bank to make transactions using the card.
Although you can shop with cash without using personal data, you can't carry much cash in your wallet because that could invite bad people to want to take your money. This makes people more comfortable using credit or debit cards in their wallets.
Bitcoin and cash have advantages and disadvantages, and I would prefer it if bitcoin and cash could work together to make transactions rather than compare them.
Bitcoin is definitely more secure in a peaceful, modern society, in which everyone has free access to the internet and is not enslaved by a dictatorship like in North Korea where you are cut off from anything not approved by the government. Although even in such a dictatorship, people would find ways to keep Bitcoin alive and running.
Now, if the scenario were to be more drastic, like for example, WW3 and the collapse of everything and people would not have an internet connection then in such an extremest of cases, cash would be more useful, short term.
But I am planning for the future not for the apocalypse. So Bitcoin all the way.
Now, if the scenario were to be more drastic, like for example, WW3 and the collapse of everything and people would not have an internet connection then in such an extremest of cases, cash would be more useful, short term.
But I am planning for the future not for the apocalypse. So Bitcoin all the way.
Your thought is correct and logical, but the question is about security, and in terms of security, cash is the most dangerous type of money storage, both in peacetime and during the apocalypse. Because robbery and other illegal activities are still present.
Both cash and cryptocurrencies have pros and cons, and Bitcoin is not a substitute for fiat currency. The primary function of Bitcoin is to store value.
While Bitcoin is vulnerable to theft, so does cash. Cash can be counterfeited, but Bitcoin cannot be counterfeited.
You store cash in your bank card, even if the bank fails, the money in your card still exists.
While Bitcoin is vulnerable to theft, so does cash. Cash can be counterfeited, but Bitcoin cannot be counterfeited.
You store cash in your bank card, even if the bank fails, the money in your card still exists.
These two currencies have their own advantages and disadvantages as you said, but to minimize risk it might be said that bitcoin is a little safer than fiat currency transactions but I believe that in this world there are no transactions that are 100% safe because of course there are loopholes that are indeed not perfect for every transaction that exists, whether it is safe or not, of course, all depends on us in storing financial information and also how we carry out these financial transactions.
Under certain circumstances, bitcoin is better used as a means of payment than fiat or cash. However, for certain circumstances, bitcoin is still not a good choice to be used as a means of payment. Imagine how you can use bitcoin as a means of payment in a country where it is not legal as an official currency, and how you can easily pay for something in a traditional market where 99% of transactions are made in cash.It is true that there are many things that make this currency has advantages and disadvantages, but I would not argue that bitcoin is indeed a better option for secure payment.
I think cash transactions will also have anonymity. When you trade paper money with the other party, the other party does not know any information about you. But if you pay electronically, the other party may know your information.
However, whether it is Bitcoin or cash, it needs to be properly stored. If you lose your bank card in cash, you can retrieve your bank card through your ID card. But if you lose your Bitcoin key, you can't get your money back.
These two currencies have their own advantages and disadvantages as you said, but to minimize risk it might be said that bitcoin is a little safer than fiat currency transactions but I believe that in this world there are no transactions that are 100% safe because of course there are loopholes that are indeed not perfect for every transaction that exists, whether it is safe or not, of course, all depends on us in storing financial information and also how we carry out these financial transactions. However, whether it is Bitcoin or cash, it needs to be properly stored. If you lose your bank card in cash, you can retrieve your bank card through your ID card. But if you lose your Bitcoin key, you can't get your money back.
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Cash payment is done offline, when spending with paper money no real identity is needed. A buyer can spend their currencies without the bank coming into the picture, no name required because the receiver doesn't need the name of the buyer for transaction to be completed. Bitcoin does hide identity but it is not completely anonymous. Despite Bitcoin not requiring identity to own some coin and spend them the public ledger reveals every transaction on different bitcoin block explorer and as such merge transactions of a particular wallet together and can lead to one's identity been revealed if caution isn't taken.
Back in the early days of my crypto journey, a lot of people were naive about Bitcoin anonymity and also believe since no KYC is involved in the transaction in the block explorer doesn't matter much until blockchain analysis experts open the eyes of people to the misunderstanding which later lead to the creation of crypto tumbler service.Having said that, people also need to take caution even when using a wallet like Electrum client traced to the IP address of a certain wallet broadcasting location.
It is good to use a VPN with this wallet.
Bitcoin is definitely more secure in a peaceful, modern society, in which everyone has free access to the internet and is not enslaved by a dictatorship like in North Korea where you are cut off from anything not approved by the government. Although even in such a dictatorship, people would find ways to keep Bitcoin alive and running.
Now, if the scenario were to be more drastic, like for example, WW3 and the collapse of everything and people would not have an internet connection then in such an extremest of cases, cash would be more useful, short term.
But I am planning for the future not for the apocalypse. So Bitcoin all the way.
Now, if the scenario were to be more drastic, like for example, WW3 and the collapse of everything and people would not have an internet connection then in such an extremest of cases, cash would be more useful, short term.
But I am planning for the future not for the apocalypse. So Bitcoin all the way.
I think cash transactions will also have anonymity. When you trade paper money with the other party, the other party does not know any information about you. But if you pay electronically, the other party may know your information.
However, whether it is Bitcoin or cash, it needs to be properly stored. If you lose your bank card in cash, you can retrieve your bank card through your ID card. But if you lose your Bitcoin key, you can't get your money back.
However, whether it is Bitcoin or cash, it needs to be properly stored. If you lose your bank card in cash, you can retrieve your bank card through your ID card. But if you lose your Bitcoin key, you can't get your money back.
That's the dilemma of some crypto users, the thought of losing or misplacing their wallet keys.
On the other hand, a lot are still trusting the bank, because if you lost the ATM card or your financial book, you can always report it to the bank.
And then, you only need your verification IDs to replace the card or the book. This is why even some people here can't get rid of their bank accounts.
Also, some of financial transactions still do require bank details, and so most of us continue to use the banking services.
In terms of security, I think, both have their pros and cons. It is up to you how you will handle your accounts to safely secure your assets.
I think cash transactions will also have anonymity. When you trade paper money with the other party, the other party does not know any information about you. But if you pay electronically, the other party may know your information.
However, whether it is Bitcoin or cash, it needs to be properly stored. If you lose your bank card in cash, you can retrieve your bank card through your ID card. But if you lose your Bitcoin key, you can't get your money back.
However, whether it is Bitcoin or cash, it needs to be properly stored. If you lose your bank card in cash, you can retrieve your bank card through your ID card. But if you lose your Bitcoin key, you can't get your money back.
Each payment method has its advantages and disadvantages. I can't say which one is better or more secure for everyone, but I can say which one is better for myself: bitcoin.
Before I got to know digital currency [digital fiat] I tend to think that physical currency is better. Then when I got to know digital fiat, physical money didn't seem the best for cross-border transactions. And once I know crypto, bitcoin is the best. This means that everything has its own time and use. Physical fiat is still needed, while digital fiat is needed too, and bitcoin is a great alternative to get more advantages over physical and digital currencies.For better use case, bitcoin has gained high confidence to be a currency that can be a great choice for those who like privacy. Bitcoin can be transacted anywhere at their own fee, without central authority and fast. But whatever it is, it's best what you use today because what's best for someone else doesn't necessarily mean it's right for you and your needs.
Each payment method has its advantages and disadvantages. I can't say which one is better or more secure for everyone, but I can say which one is better for myself: bitcoin. At same time, I'm conscious there are many people, especially elder ones, who don't access electronic devices and internet, so cash is a must for them when dealing and trading financially with other people. On their case cash will be the best alternative, without any doubts. Even though it's not safe to hold cash, they don't have another alternative. What they can do to maximize security is to acquire a safe box to store their cash and avoid walking alone with large sums of money on their pockets.
Cash transaction would have been a perfect option for 100% anonymous transaction but it cannot be sent to some one who is afar off. Bitcoin stands out as the perfect option not as an anonymous tool but as a private coin with no central server.
Cash can equally be sent to someone who is far off, because our forefathers did it back in the 90s, and just that it's slow and could take days before finally delivered. And on the other hand, this cash which you said would have been your most preferred option for 100% anonymous still has it's demerits, as it Is prone to theft and can be duplicated in counterfeit compared to the other two Bitcoin and Online payment.I am not saying let’s all start using bitcoin from now on and never have cash, but at the very least the difference is obvious and that’s why I really do not care about this comparison because we need them both, they both could be used in different places and that would make a lot more sense in the long run.
I am not well convinced about your argument and point you brought to the table. If there should be comparison, it should be between bitcoin and fiat.
Fiat on its own is in printed form which I believe you are referring to as cash or in digital form which can be transferred through mobile applications or in the form of CBDC.
Also in the topic title you asked between bitcoin and cash which is more secured, but in your conclusion you rather digressed to which is more anonymous.
Whatever comparison is on the table, the essence of bitcoin is to have a reliable alternative to fiat. Which will offer some kind of liberty to control your money without the interference of third party which could be financial institutions like bank.
Transferring physical fiat (cash) has no trace unless at the point of disbursement.
Fiat on its own is in printed form which I believe you are referring to as cash or in digital form which can be transferred through mobile applications or in the form of CBDC.
Also in the topic title you asked between bitcoin and cash which is more secured, but in your conclusion you rather digressed to which is more anonymous.
Whatever comparison is on the table, the essence of bitcoin is to have a reliable alternative to fiat. Which will offer some kind of liberty to control your money without the interference of third party which could be financial institutions like bank.
Transferring physical fiat (cash) has no trace unless at the point of disbursement.
I agree with what you said, there is no need to compare them to see which one is better than the other. In case you are looking for an inflation-resistant asset store or an investment that can make profits, then bitcoin is a great option but for daily spending, paying bills, I think fiat is more perfect in this situation. It can be said that they are two completely different things so they cannot be compared on the scale. Fiat will never go away even if it's worse than bitcoin, it's true and we will never stop using it.
the two will never be able to compare which one is greater and which one is worse. both of them have advantages and disadvantages that will complete every transaction. Fiat and Bitcoin become payments that can coexist and complement each other; i. Bitcoin without Fiat will not work because most people still need Fiat whether it's Cash or Digital. and Fiat without Bitcoin will also yield nothing because profitable investment is in Bitcoin or crypto for most investors nowadays. for security issues, it also depends on the user. but Bitcoin is admittedly safer for storage because we have full control, fiat will still be affected by the government. but even so, all have their own risks and benefits.
Bitcoin and Cash both are different things. Cryptocurrency and Fiat both are usually using different method. Why you compare them?I Think, both are more secure their own way.So bitcoin and cash their security and facility of their own system. But i Think, which one you believe then this one is more secure for you.
To be fair, fiat has been around for hundreds of years and we have used it for so many generations, even though it has many problems, it is still useful in our lives. I know bitcoin has many advantages over fiat in many ways, I am a bitcoin investor myself but I have never compared them and brought the bad things of fiat to denigrate, smear it because I still use it every day. My life has changed a lot thanks to bitcoin so I am happy and grateful to be able to use both. As long as you know how to use them properly, you will find the two are worth surviving together.Comparing them is unavoidable because both of them are money but like you I don't really over think it but I am happy that both of them exist because I can now have options to choose from. If I am dealing with online stuffs, I have bitcoin to use but if I am going outside I have my fiat with me.
Well, given the advantages and disadvantages of each, in my case I have both. Nowadays if you pay for everything with your mobile or card you give away your privacy, but not with cash. This also has exceptions, for example if you buy furniture and you want an invoice, even if you pay in cash the transaction is registered in your name even if you paid in cash.
Bitcoin is better for storing large amounts and transferring them, but you can spend cash wherever you want, while bitcoin is not.
In conclusion, for me nowadays they complement each other.
Bitcoin is better for storing large amounts and transferring them, but you can spend cash wherever you want, while bitcoin is not.
In conclusion, for me nowadays they complement each other.
I agree with what you said, there is no need to compare them to see which one is better than the other. In case you are looking for an inflation-resistant asset store or an investment that can make profits, then bitcoin is a great option but for daily spending, paying bills, I think fiat is more perfect in this situation. It can be said that they are two completely different things so they cannot be compared on the scale. Fiat will never go away even if it's worse than bitcoin, it's true and we will never stop using it.
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Well, given the advantages and disadvantages of each, in my case I have both. Nowadays if you pay for everything with your mobile or card you give away your privacy, but not with cash. This also has exceptions, for example if you buy furniture and you want an invoice, even if you pay in cash the transaction is registered in your name even if you paid in cash.
Bitcoin is better for storing large amounts and transferring them, but you can spend cash wherever you want, while bitcoin is not.
In conclusion, for me nowadays they complement each other.
Bitcoin is better for storing large amounts and transferring them, but you can spend cash wherever you want, while bitcoin is not.
In conclusion, for me nowadays they complement each other.
At this moment, cash or fiat is more secured over Bitcoin and other cryptocurrencies simply because it is safe from sudden downfall on its value (inflation rate is a different story),meaning it has less risk.But if it is security concerning anonymity, Bitcoin has its edge because of this blockchain. But I am not concluding. This technology is still young and there are lots of room for improvement. Through years, more countries will adapt this technology or currency as an option for medium of payment. And that will be the time we would see if Bitcoin and other cryptos are acknowledged to be used on a daily basis.
Of course cash is a thing of the past, but still bitcoin can also be easily stolen, for example if you transfer it to scammers. But I don't think it's correct to compare digital currency to cash. They have nothing in common and soon cash may disappear altogether. It will be replaced by cbdc. And then bitcoin will have many advantages over the financial system.
Accidentally sending it to scammers is a bit situational and is something which won't happen on a daily basis. That will have something to do with user negligence.
OK, cash can be taken from you on the street by criminals. But they can also take your bitcoins by looking at your smartphone, which is more difficult, but if they use force, they can do it. That is, they can get you to transfer your bitcoins to them. It has become more often, and no one is surprised that someone has robbed someone and stolen their bitcoins. In general, if you become a victim, there is a high probability that not only cash but also bitcoins can be stolen from you. Cash transaction would have been a perfect option for 100% anonymous transaction but it cannot be sent to some one who is afar off. Bitcoin stands out as the perfect option not as an anonymous tool but as a private coin with no central server.
Cash can equally be sent to someone who is far off, because our forefathers did it back in the 90s, and just that it's slow and could take days before finally delivered. And on the other hand, this cash which you said would have been your most preferred option for 100% anonymous still has it's demerits, as it Is prone to theft and can be duplicated in counterfeit compared to the other two Bitcoin and Online payment.
At this moment, cash or fiat is more secured over Bitcoin and other cryptocurrencies simply because it is safe from sudden downfall on its value (inflation rate is a different story),meaning it has less risk.But if it is security concerning anonymity, Bitcoin has its edge because of this blockchain. But I am not concluding. This technology is still young and there are lots of room for improvement. Through years, more countries will adapt this technology or currency as an option for medium of payment. And that will be the time we would see if Bitcoin and other cryptos are acknowledged to be used on a daily basis.
Of course cash is a thing of the past, but still bitcoin can also be easily stolen, for example if you transfer it to scammers. But I don't think it's correct to compare digital currency to cash. They have nothing in common and soon cash may disappear altogether. It will be replaced by cbdc. And then bitcoin will have many advantages over the financial system.
Accidentally sending it to scammers is a bit situational and is something which won't happen on a daily basis. That will have something to do with user negligence.
Cash transaction would have been a perfect option for 100% anonymous transaction but it cannot be sent to some one who is afar off. Bitcoin stands out as the perfect option not as an anonymous tool but as a private coin with no central server.
Cash can equally be sent to someone who is far off, because our forefathers did it back in the 90s, and just that it's slow and could take days before finally delivered. And on the other hand, this cash which you said would have been your most preferred option for 100% anonymous still has it's demerits, as it Is prone to theft and can be duplicated in counterfeit compared to the other two Bitcoin and Online payment.Jump to: