Topic: IF ONLY EVERYONE CAN EASILY ACCEPT CRYPTO - page 3. (Read 529 times)
Bitcoin became popular because it allows for decentralized and borderless transactions, unlike traditional fiat transactions through banks that can be fraught with difficulties such as questioning from the bank about the reason and destination of the funds. While this is not a new issue with centralized financial organizations, Bitcoin offers a solution for hassle-free borderless transactions. However, it is important to ensure that funds are sent to the correct recipient, and it cannot be assumed that everyone will readily accept cryptocurrencies as not all crypto coins are the same. Understanding Bitcoin properly takes time.
Transition needs time. Everything won't happen overnight. The acceptance of bitcoin and the awareness on the same can be seen high in comparison to few years back. Traditional banking have got more flaws, ans bitcoin is innovated to fulfill what is lacking with the traditional banking system. What is being mentioned by OP were common issues that everyone into banking experience. Bitcoin can be considered as a solution, but to create awareness among the common people it takes time. Because bitcoin is much known among the urban population and to make effective usage from the rural population is the real growth. I reside in a rural region, and it takes atleast 5+ years for people to talk about bitcoin.
High rate of crypto illiteracy still makes me sad.
I made a transaction through my bank, Fortunately the money was'nt received by the suppose receiver and i was debited.
I went to the bank for transfer error issue, spending more than 5hours trying to get access into the bank(due to crowd) and 3hrs trying to fix the transfer error.
My point here is that, if i had sent the money in form of crypto(Bitcoin), my transaction would have run smoothly, the only way i would have had an issue was if i had transfer to the wrong address.
Note: Crypto illiterate as mentioned above is not an insult, they are individuals with low crypto knowledge.
What's your opinion ? .
This is obviously better that the chance of payment not taking place is negligible in Cryptos but I have seen cases where a few transactions take hell lot of time in getting completed because of network scalability or just the fees being high. In case of Cryptos the fees is pretty hefty same can't be said with bank payments atleast payments within the country. So you can say that one is paying a lot of premium in bitcoin fees to get this full proof facility. I made a transaction through my bank, Fortunately the money was'nt received by the suppose receiver and i was debited.
I went to the bank for transfer error issue, spending more than 5hours trying to get access into the bank(due to crowd) and 3hrs trying to fix the transfer error.
My point here is that, if i had sent the money in form of crypto(Bitcoin), my transaction would have run smoothly, the only way i would have had an issue was if i had transfer to the wrong address.
Note: Crypto illiterate as mentioned above is not an insult, they are individuals with low crypto knowledge.
What's your opinion ? .
It would be ideal if banks were to accept cryptocurrency worldwide, but realistically speaking, it is unlikely to happen. Banks have been resistant to cryptocurrency since the start, as they recognize that its widespread adoption could potentially harm their own businesses.
This is largely because bitcoin is decentralized and offers several advantages over fiat currencies, such as the ability to transfer large sums of money instantly and with low transaction fees, without requiring the involvement of any third parties. However, there is a risk of irreversible transactions if mistakes are made while sending bitcoin to an incorrect address, as it may be difficult to identify and recover the funds, but anything else is really great so far.
This is largely because bitcoin is decentralized and offers several advantages over fiat currencies, such as the ability to transfer large sums of money instantly and with low transaction fees, without requiring the involvement of any third parties. However, there is a risk of irreversible transactions if mistakes are made while sending bitcoin to an incorrect address, as it may be difficult to identify and recover the funds, but anything else is really great so far.
I haven't had issues with Bitcoin transactions in a long time, but there was a time during the bull market when the fees spiked like crazy and sometimes a transaction could get stuck for many hours if not a few days only because of a sudden rise in demand that you didn't anticipate.
Also, it can be easy for newbies to miscalculate fees and that can sometimes lead to needing up to a day to have your transaction confirmed, but at some periods it can take weeks (I had a friend with this issue years ago during the bull market).
As for banks, I guess it depends on a country and a situation. In the vast majority of my experience with banks, I had no issues, the transactions were fast and smooth, and I could instantly see a balance update when they happened. Of course, sometimes things happen, and then it can lead to minor or major problems, but IMO the frequency of such issues, at least in my country, is pretty low and similar to the number of rare issues one can have with Bitcoin transactions.
Also, it can be easy for newbies to miscalculate fees and that can sometimes lead to needing up to a day to have your transaction confirmed, but at some periods it can take weeks (I had a friend with this issue years ago during the bull market).
As for banks, I guess it depends on a country and a situation. In the vast majority of my experience with banks, I had no issues, the transactions were fast and smooth, and I could instantly see a balance update when they happened. Of course, sometimes things happen, and then it can lead to minor or major problems, but IMO the frequency of such issues, at least in my country, is pretty low and similar to the number of rare issues one can have with Bitcoin transactions.
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Hopefully, some of these banks and maybe the new banks that are established by the younger and more open generation are the ones to implement bitcoin acceptance. Most of these banks, especially the old ones are in the same stance as governments, and that is to try to stop decentralized systems because they are out of their control.
Hopefully, some of these banks and maybe the new banks that are established by the younger and more open generation are the ones to implement bitcoin acceptance. Most of these banks, especially the old ones are in the same stance as governments, and that is to try to stop decentralized systems because they are out of their control.
The bank is also part of the government, you cannot run the bank without the permission and regulation of the government. And I don't think the younger generation is going to change that, I mean, no matter what kind of person you are, when you work for the government, you have to conform to them, brings benefits them. You will also be fired if your innovations harm the government. Accepting bitcoin will benefit the people, but it will harm the government, so I don't think they will change their minds.
High rate of crypto illiteracy still makes me sad.
Don't spend time being sad about the situation, when there is something that you can actually do to change it. Many members of the forum have identified this same problem of low or wrong knowledge about crypto in their environment and they are actively taking steps to try to influence the situation and change things. You can organise a seminar for people who are interested in learning about cryptocurrency. -Tell them the difference between bitcoins and other altcoins.
-Tell them the potential of bitcoin and why it was created.
- Tell them the benefits it will have.
With a little effort in educating a few persons, it will spread from there and other people will hear in a little time. You can actually change things.
If bitcoin is highly illegal in your country, you should try another approach that does not expose your identity easily.
First, maybe I quite agree with what @Plaguedeath said by not equating bitcoin with the whole of crypto. and the second, in this case, not all expectations that we aim for in life will go as expected, as well as bitcoin.
Expecting everyone to be in bitcoin quickly wouldn't this just be monotonous. Even though sooner or later in the future more people will know about bitcoin but the process in it is clearly important so that when everyone is pro towards bitcoin then surely this will also affect the market and with the cons in it this will actually be interesting and like today . Honestly I would prefer that kind of condition than immediately expecting everyone to acknowledge bitcoin because this would be normal for bitcoin itself if things were like that.
Expecting everyone to be in bitcoin quickly wouldn't this just be monotonous. Even though sooner or later in the future more people will know about bitcoin but the process in it is clearly important so that when everyone is pro towards bitcoin then surely this will also affect the market and with the cons in it this will actually be interesting and like today . Honestly I would prefer that kind of condition than immediately expecting everyone to acknowledge bitcoin because this would be normal for bitcoin itself if things were like that.
High rate of crypto illiteracy still makes me sad.
I made a transaction through my bank, Fortunately the money was'nt received by the suppose receiver and i was debited.
I went to the bank for transfer error issue, spending more than 5hours trying to get access into the bank(due to crowd) and 3hrs trying to fix the transfer error.
My point here is that, if i had sent the money in form of crypto(Bitcoin), my transaction would have run smoothly, the only way i would have had an issue was if i had transferred to the wrong address.
Note: Crypto illiterate as mentioned above is not an insult, they are individuals with low crypto knowledge.
What's your opinion?
Mate, in as much as Bitcoin provide the best alternatives to fiat in transactions, it is most important to note that sometimes Bitcoin transactions can also get delayed on unconfirmed for several days and sometimes you will need the help of a Bitcoin transaction accelerator to get the transaction pushed through to confirmation and this may take days weeks depending on the fees and network congestion rate. I made a transaction through my bank, Fortunately the money was'nt received by the suppose receiver and i was debited.
I went to the bank for transfer error issue, spending more than 5hours trying to get access into the bank(due to crowd) and 3hrs trying to fix the transfer error.
My point here is that, if i had sent the money in form of crypto(Bitcoin), my transaction would have run smoothly, the only way i would have had an issue was if i had transferred to the wrong address.
Note: Crypto illiterate as mentioned above is not an insult, they are individuals with low crypto knowledge.
What's your opinion?
But in all ramifications, bitcoin proper is a better option in terms of transactions vs the bank and such waBitcoinoin offers the best financial solution can also be noted below.
1: Bitcoin offers universal trans-border financial inclusion compared to the bank.
2: avoidance of third-party involvement and access transaction fees.
3: no double spending with Bitcoin etc.
Not every technology had reached all sector of people in a short period of time.After the event of bitcoin price crossed the value of 19k dollars, most of the stock market investors had moved their view on crypto currency. Then the price of bitcoin had some break down in 2018, it was happened by the whales impact in the price after the all time high of bitcoin price in 2017.
When the covid 19 begins, the same was inverted to pump of bitcoin price.During Covid 19,the investors of stock market had get into loss.This happen due to the investors consider the crypto currency as the stable investment tool during Covid-19.So the price of bitcoin had crossed all time high value of 68k dollars.
The best way to spread the knowledge about the crypto currency is start the things from you.Because we should start the change from ourselves.Their is one proverb," If you want to bring the change, it should be started from yourself as first ".
When the covid 19 begins, the same was inverted to pump of bitcoin price.During Covid 19,the investors of stock market had get into loss.This happen due to the investors consider the crypto currency as the stable investment tool during Covid-19.So the price of bitcoin had crossed all time high value of 68k dollars.
The best way to spread the knowledge about the crypto currency is start the things from you.Because we should start the change from ourselves.Their is one proverb," If you want to bring the change, it should be started from yourself as first ".
It is true that cryptocurrencies like Bitcoin can enable quick and seamless transactions without the need for intermediaries such as banks. However, there are hazards connected with using cryptocurrencies, such as the possibility of hacking and fraud, as well as the fact that transactions are irreversible. As a result, before using cryptocurrencies for transactions, individuals should educate themselves about them. Additionally, the broader financial system must continue to improve and evolve in order to provide greater services and consumer safeguards.
Aside from the degree of illiteracy, some people don't only believe in Bitcoin and find it difficult to distinguish it from ponzi schemes. When I was trying to explain the value of Bitcoin and the risks associated with investing in it to an engineer I once met, all he said was that he did not believe in internet money and preferred the bank and fiat. This made me realize that everyone is free to have their own opinions and that no one can be forced to invest. I believe it should be a personal choice made that yes, today I do want to invest in Bitcoin. for now I feel is going to be difficult for everyone to invest in Bitcoin but I believe with time and unless countries that have made it a legal tender.
High rate of crypto illiteracy still makes me sad.
I made a transaction through my bank, Fortunately the money was'nt received by the suppose receiver and i was debited.
I went to the bank for transfer error issue, spending more than 5hours trying to get access into the bank(due to crowd) and 3hrs trying to fix the transfer error.
My point here is that, if i had sent the money in form of crypto(Bitcoin), my transaction would have run smoothly, the only way i would have had an issue was if i had transfer to the wrong address.
Note: Crypto illiterate as mentioned above is not an insult, they are individuals with low crypto knowledge.
What's your opinion ? .
I made a transaction through my bank, Fortunately the money was'nt received by the suppose receiver and i was debited.
I went to the bank for transfer error issue, spending more than 5hours trying to get access into the bank(due to crowd) and 3hrs trying to fix the transfer error.
My point here is that, if i had sent the money in form of crypto(Bitcoin), my transaction would have run smoothly, the only way i would have had an issue was if i had transfer to the wrong address.
Note: Crypto illiterate as mentioned above is not an insult, they are individuals with low crypto knowledge.
What's your opinion ? .
Banks can tell if they are third parties before reaching the people you want to send money through your bank account. And these third parties make money from transaction fees because they will be the bridge for the money you send to arrive. And it still takes a few hours or even days, right?
But when it comes to Bitcoin transactions, there is no third party and the transaction will take place quickly and the person who will receive the money you send will receive it quickly.
What's your opinion ? .
Yep, Bitcoin gives us more convenience in terms of transacting your money from anywhere in the world. You will not only skip the usage of 3rd party money processor or banks, but you will also skip the long queue in a busy banks.
Though online banking is available for everyone today, but issues like what you said are inevitable, thus visiting or calling the customer service may fix it, but you'll always have to endure long queuing time.
I think the banking industry does not educate their bankers much about crypto. They are still focused on fiat transactions and other centralized online transactions. It's not that they hate crypto, but they don't have comprehensive rules and regulations regarding crypto.
You have to understand that. However, maybe it's the specific bank itself that does not provide good service. You could try opening an account at a bank that is crypto-friendly and has staff with enough knowledge to run certain crypto transactions.
You have to understand that. However, maybe it's the specific bank itself that does not provide good service. You could try opening an account at a bank that is crypto-friendly and has staff with enough knowledge to run certain crypto transactions.
Don't mix Bitcoin with crypto aka shitcoins.
This is why Bitcoin is better than banking system, it's faster and transparent, there's no hide or secret fee if you want to send a coins. Government will not want to accept Bitcoin as a currency because people might tend to choose Bitcoin over their fiat and banks, if not many people use fiat and banks, the government will not make a lot money and many banks will collapse.
Unfortunately, Bitcoin is not anymore faster than fiat wire transfers, because on-chain transactions take more than 10 minutes, even with expensive mining fees while transfers through Paypal or Instant SEPA take only few seconds with no fees. So only LN(that is to say off-chain) transactions can compete with the speed of bank transfers now. This is why Bitcoin is better than banking system, it's faster and transparent, there's no hide or secret fee if you want to send a coins. Government will not want to accept Bitcoin as a currency because people might tend to choose Bitcoin over their fiat and banks, if not many people use fiat and banks, the government will not make a lot money and many banks will collapse.
It is true that there is a significant increase in the rate of illiteracy in Bitcoin. I can speak with full force about my community, but I do not know much about the rest of the communities, but this seems clear that it is a phenomenon that is unfortunately prevalent in all societies.
But this should not make us pessimistic, because we must not forget that Bitcoin is considered a new invention that has not passed its age for less than 15 years, so it is natural that there is a great lack of knowledge about Bitcoin so far.
Therefore, it is our duty to seek as much as possible to spread knowledge about Bitcoin to everyone in his community.
But this should not make us pessimistic, because we must not forget that Bitcoin is considered a new invention that has not passed its age for less than 15 years, so it is natural that there is a great lack of knowledge about Bitcoin so far.
Therefore, it is our duty to seek as much as possible to spread knowledge about Bitcoin to everyone in his community.
I think this level of bitcoin adoption in B2B sales will take a long time before it happens because the demand isn’t there, if there was a high demand of customers requesting to pay in bitcoin, businesses would make the improvisation to satisfy the needs of their customers. But there aren’t many bitcoiners who would want to shop with bitcoins, that’s also a huge part of the problem.
the only way i would have had an issue was if i had transfer to the wrong address.
That wouldn't be just an issue, you would permanently lose those money, unless you mistakenly sent them to someone you can contact and convince them to return the coins. With banks at least you have a very decent chance of fixing the mistake, even if it doesn't happen fast.
I went to the bank for transfer error issue, spending more than 5hours trying to get access into the bank(due to crowd) and 3hrs trying to fix the transfer error.
In my country banks provide customer support via online chats, they respond within minutes and generally can quickly fix all the common problems. Banks don't have universally bad user experience, people need to chose their banks more carefully and demand better user experience to create incentive to modernize.
For everyone to accept cryptocurrency, it is as good as saying everyone in the world should be governed by one president or leader. Think about how impossible this is right now.
Even with a single president governing the global system, people will still use other means of transaction. It is people's freedom of choice. As long as the financial industry is not monopolized by Bitcoin alone and there are still lots of options for the transaction out there, I believe that not everyone will accept cryptocurrency, whether because of their own ego, company policy, or personal experiences. We have a saying, "We cannot please everyone", the same statement stands for Bitcoin and other cryptocurrencies too.
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