Bitcoin Vs Cash which is more secure - page 2.

Ayers

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Quote from: Mamun74 on November 12, 2022, 06:26:10 AM

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.

Mamun74

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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.

Mauser

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Quote from: Zilon on November 08, 2022, 04:04:53 PM

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.

While cash transaction are great for making purchases or sales with a lot of anonymity the security aspect of cash if not great in my opinion. Most people will be reluctant to engage in larger size cash transaction, because they afraid to carry around it. The risk of getting rob is too high in my opinion. That is why I only have small bills and not a lot of cash with me when I go to the city. Also we should be aware that cash transaction don't offer 100% anonymity anymore, whenever we use cash we need to physically meet other people and this can be seen by others too. CCTV and facial recognition became very popular over the last 10 years and it's hard to avoid it in many countries today. Just take London for example, all of the major places are fully covered by CCTV. So whenever you meet someone to make a transaction with large sums of money, this could be recorded. Not that this is a bad thing, it provides a lot of security, but also takes away the anonymity in public places. Bitcoin and other crypto currencies seem like the best way to make transactions that are secure and outside of the banking industry.

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Quote from: 1miau on November 08, 2022, 09:02:55 PM

Each of it has benefits and disadvantages. I would say it depends on how you care for it and where you need it.
For example if you would (and could) make payments for daily purchases it's quite different than storing value for your savings.
Of course, cash is more suited as a currency while Bitcoin is more suited as a store of value.
There are still some unforseen issues which can affect Cash and / or Bitcoin but in general I would say Cash is better for purchases and Bitcoin is better as a store of value.

I do international trade, and for me, bitcoin is more convenient, of course I think security depends not only on bitcoin itself, but also my hardware wallet. Banking For me, security is a factor that I ignore, more of a habit.

CryptoHeadlineNews

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Quote from: Zilon on November 08, 2022, 04:04:53 PM

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.

OgNasty

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Which you believe is more secure is highly dependent upon your definition of secure. Sure, cash is nice because you can take it with you and spend it without the need for electronics or an internet connection. That makes some people feel secure. Who doesn't have that hidden $20 dollar bill stuffed in their wallet?

However, if you're talking about security like the government is trying to seize your funds, then cash is clearly the easier target. Whether that's cash on your person or in a bank account, the government can just take it from you. Bitcoin offers you the ability to secure your coins to the point where nobody else can take them from you, and that to some people is everything.

boyptc

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Security in cash is all about secured on its value and it's also made by the government, that's security.

While for bitcoin, its network is secured and thanks to the miners and nodes providers out there to maintain its security.

Quote from: Zilon on November 08, 2022, 04:04:53 PM

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.

This is actually true, terrorists are using cash and I don't understand why there would always be those "experts" that revert this idea for bitcoin. Although it's a fact that it's really been used in the dark places.

BlackHatCoiner

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Quote from: Zilon on November 08, 2022, 04:04:53 PM

BITCOIN
A p2p server needed

Not sure what you mean here. Nodes are indeed required in a peer-to-peer network. Obviously. But, you make it sound as if a central server is required to process payments. "p2p server" rather makes little sense.

Quote from: Zilon on November 08, 2022, 04:04:53 PM

BITCOIN
Smarter Spending

Don't get you here neither. What's smarter in spending bitcoin, and in comparison with what?

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Quote from: Fivestar4everMVP on November 08, 2022, 04:49:38 PM

Quote from: Zilon on November 08, 2022, 04:04:53 PM

Cash transaction would have been a perfect option for 100% anonymous transaction

Sorry but how is cash transactions anonymous? Except if the cash you are referring to here is not the physical cash we spend, that is otherwise known as fiat, then I would like to know the type of cash you are referring to as anonymous, because to me, cash transactions are nothing near to being anonymous.

Cash as in banknotes and metal coins.
How is cash not anonymous?
Do the bill you hand over to some grocery store carry your name on it? Are they registered with your name in some database? Can someone looking at a bill track you or see how many $ you had in your wallet 10 years after you made the purchase?
So, what aspect of handling cash do you think is breaking your privacy and revealing personal details to others?

Quote from: Findingnemo on November 09, 2022, 12:37:44 PM

Comparing cash and bitcoin in security then definitely bitcoin is highly secured cause its irreversible,

And cash is not?

Zaguru12

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Quote from: Findingnemo on November 09, 2022, 12:37:44 PM

Comparing cash and bitcoin in security then definitely bitcoin is highly secured cause its irreversible, can't be duplicated, no Central authority to make changes also there is no hidden fees.

It's irreversiblity can actually have a con as a payment method during purchase at shops. Say a bad purchase is done and a refund is needed then this could only be done manually creating extra work for the shop keeper if there many refunds to be done.

But generally bitcoin inflation hedge or it been a store of value makes it edges over cash. And against credit card it's low transaction fee makes more preferred

Cookdata

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Bitcoin is a smart way of spending, however, the manner in which some people spend bitcoins doesn't differentiate them from cash like they spend bitcoin on exchanges and get verified with exposed privacy, which breaks the purpose of bitcoin. To spend smartly, privacy must be preserved to the minimum level otherwise, I don't see the reason why use Bitcoin in the first place.

Quote from: tadamichi on November 08, 2022, 04:39:23 PM

Cash has counterparty risk, while Bitcoin doesnt. It cant really compete with Bitcoin in long term security, because theres no security mechanism to prevent cash from getting inflated, getting replaced by new currencies or being taken out of circulation by policies for example. This is the bigger flaw of cash in terms of security, which basically makes it an insecure store of value.

The frequent unexpected volatility is what bothered me with bitcoin as a means of payment, cash is prone to inflation while Bitcoin is not but volatility remains an issue. Bitcoin is more of a store of value than means of payment in my opinion, though I can't deny its merit of instantaneous payment.

kryptqnick

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As the op correctly points out, there are pros and cons for both cash and Bitcoin, and I'd say a lot depends on the needs of a person and factors taken into consideration. If it's for everyday purchases like groceries, local transactions are enough. Cash is also, unfortunately, sometimes almost a must if you are in a place where digitalization didn't quite kick off or where it's temporarily at risk because of power shortages or something like this. Also, while Bitcoin is borderless, let's not forget that it's also usually not accepted as payment, so it's not very helpful that you could use it if you actually can't. At the same time, if a person has some savings and doesn't want them to become devaluated, I'd say Bitcoin is better than cash (if you're okay with waiting for perhaps a couple of years) because cash is steadily losing value (inflation) and in times like the current recession, it can lose much more than usual, without bouncing back.

Findingnemo

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Let's put the credit card away because its actually the money we spent we actually don't own so its like interest free loan.

Comparing cash and bitcoin in security then definitely bitcoin is highly secured cause its irreversible, can't be duplicated, no Central authority to make changes also there is no hidden fees.

With cash you can spend almost anywhere but only in the country because its not going to be accepted as currency in another country and as security someone can easily steal your physical wallet and take all your money which is not possible with bitcoins.

witcher_sense

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Bitcoin combines the advantages of credit cards while providing relatively anonymous transactions free of the influence of undesirable intermediaries like physical cash does. With bitcoin, it is possible to make fast, borderless, censorship-free payments in the most secure and trustless manner, and, what is more important, bitcoin is barely susceptible to the influence of financial manipulators of the traditional world. Unlike physical cash. The main reason physical cash is less secure than decentralized currency such as bitcoin is that it is still money issued and controlled by the government. The government can't effectively track your cash transactions, but it can control those transactions remotely via different regulations, limitations, and draconian measures. They can dictate the price of your cash because they are in power to manage the economy via printing. They can dictate which goods and services you are allowed to pay for with physical cash: people who accept cash in illegal transactions are risking to find themselves in jail, which is why they will prefer either credit cards or their substitutes also fully controlled by governments. It all doesn't sound very secure, at least not for continuous payments.

Reatim

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do we really need to compare these two about which is much secure?

Bitcoin(cryptocurrency) is the safest , this cannot be taken from us unless we don't know how to handle it , while Cash can easily be taken , even banks and Vaults being broken and take our funds out.

Bitcoin is the best answer.

Quote from: drwhobox on November 08, 2022, 05:03:50 PM

Fiat is fine for me as local transactions but when it comes to paying online I can not go for credit or debit cards. Shopping sites or other websites can read all my data. It doesn't make sense to me.
It is a relief that nowadays some of the big companies or shopping sites are accepting bitcoin and other coins as payments.

so it is Bitcoin that is safe comparing to other.

Minor Miner

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Although many people say that cash has a lot of limitations and should not be used, I see fiat and bitcoin both have their own use cases, pros and cons of each. Cannot say that bitcoin is the best, is all we need and government cash is useless. Bitcoin was born and ushered in a new era, one that allows us to respect our privacy but not so that we forget about fiat and start vilifying it. We should remember that we have been using it for hundreds of years and it is still our main daily trading tool. Fiat depreciates over time, but that doesn't mean it will die or become completely useless. The best way is that we should balance both and use according to the most suitable cases to bring high efficiency and convenience.

1miau

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Each of it has benefits and disadvantages. I would say it depends on how you care for it and where you need it.
For example if you would (and could) make payments for daily purchases it's quite different than storing value for your savings.
Of course, cash is more suited as a currency while Bitcoin is more suited as a store of value.
There are still some unforseen issues which can affect Cash and / or Bitcoin but in general I would say Cash is better for purchases and Bitcoin is better as a store of value.

Darker45

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There are a number of advantages and disadvantages to both Bitcoin and cash. One cannot entirely replace the other. Perhaps you could add that with cash, you can spend it literally anywhere anytime. That's not possible with Bitcoin. But the problem with cash is that it is always gradually losing value. That's not the case with Bitcoin. This is the main problem with cash, the embodiment of fiat. Moreover, there's also the issue of counterfeit bills and coins. There's no counterfeit Bitcoin.

tbct_mt2

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Bitcoin is more secured than cash, fiat currency or CBDCs. With Bitcoin, nobody can control you IF you use a non custodial wallet with which you have private key / wallet seed and you can store your bitcoin safely; you are free to broadcast your bitcoins; you are free to use changed address, choose inputs for your transactions; you are free to choose fee rate for your transaction.

Most important, nobody can either seize your bitcoins in that wallet or steal it from you. Only you can have access to it and if you don't give up the access, your bitcoins is yours.

Despairo

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What's the reason to differentiate between cash and credit card? both of them are same, cash isn't anonymous since they can track your money from your banks and when you want to trade with other people, they're already recognize who you're, your face and where you trade (by CCTV). It's very wrong to define cash is 100% anonymous, it's better if you learn what is anonymous first.

In short Cash and Credit Card is same since banks is the one who create it and it's centralized, while Bitcoin doesn't need any third party and decentralized.

Topic: Bitcoin Vs Cash which is more secure - page 2. (Read 523 times)