This is why bitcoin is unique. - page 2.

lixer

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Quote from: elmanchez on April 12, 2020, 03:33:49 PM

Transfer of more than 1 billion, US dollars, and a commission of 0.7 cents.

Which bank will allow you to do as well?
That is why bitcoin is a great creation.

https://www.blockchain.com/btc/tx/b36bced99cc459506ad2b3af6990920b12f6dc84f9c7ed0dd2c3703f94a4b692

Yup, that's one thing that's unique with cryptocurrency when compared with other payment methods we have. Other payment methods always have a limit to how much you can send at a time and receive. If it's in the bank that you try to make a transfer of 1 billion USD, you will have a lot of questions to answer and papers to fill out and I believe the fees will be high. And you can't make such a transaction with PayPal, and no other transaction methods can help you do this.

But with Bitcoin, nobody tells you what to do, you're the boss and you have complete control over your money, you say how much goes in and out.

AniviaBtc

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Quote from: hatshepsut93 on April 12, 2020, 05:24:36 PM

Yeah, it's cool, but you can't really advertise Bitcoin with this alone. Just try to tell people on the streets that Bitcoin allows you to move billions without any additional verifications and for low fee - most people will scratch their head and ask "why would I need that? I don't have billions of dollars". So, if you talk about this, it's important to point out that this is an example of censorship resistance and decentralization, and $1 or 1 billion - it's all the same for Bitcoin's protocol.

That's not how advertisement works, the way you advertise it is very literal and people are really not that knowledgeable and have no idea on bitcoin. We can use billboard to advertise it in roads, we can create seminars for those who are interested to have a big income or profit. People nowadays are still ignorant about the benefits of bitcoin in their community, they are not seeking some information on how it works so that they can also experience manipulating it to have an income. I know it is not hard to push bitcoin into mass adoption but that what makes bitcoin unique, it can move huge amount of money easily without any hassle. People also need to understand and go with the flow with the bitcoin protocol.

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Quote from: Arkann on April 15, 2020, 12:15:53 PM

It seems to me that if the problem of scalability of bitcoin is solved, then this cryptocurrency will be indispensable for the entire cryptocurrency market as a means of payment, a valuable asset for investments and international currency for international trade. In addition, it is very important that when using Bitcoin, no one can abuse it like governments do by printing new money. Perhaps one of the most important values of bitcoin is its limited amount.

I doubt that "the problem of scalability of bitcoin" will ever be solved. The core protocol should remain unchanged so that the level of security it provides wouldn't fall significantly. The core blockchain of bitcoin is not suitable for everyday payments, but it's perfect for storing a value. When one use any asset as store of value, this asset is not moving whatsoever. Basically, bitcoin transactions will be used as final settlements like it's happening now in Lightning Network. Eventually, fees will be higher because most of everyday transactions will propagate off chain, but final settlements and rare movings of value should serve as incentive for miners.

Reatim

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Quote from: elmanchez on April 12, 2020, 03:33:49 PM

Transfer of more than 1 billion, US dollars, and a commission of 0.7 cents.

Which bank will allow you to do as well?
That is why bitcoin is a great creation.

https://www.blockchain.com/btc/tx/b36bced99cc459506ad2b3af6990920b12f6dc84f9c7ed0dd2c3703f94a4b692

And this is what people should learn specially those Constantly using banks for their transactions.If they will only learn about this great benefits i am sure transferring here is what they will do instantly.

Imagine 7cents/for 10 digits transfer?amazing lol (how i wish one day i will have same transfer Grin

)

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Bitcoin is one of the best cryptos in the world. Yes, lower transfer cost is one of the features of Bitcoin but there are more other advantages of it. That's why it is unique.

Not one of the best crypto but The Best Crypto In the World

CryptopreneurBrainboss

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Quote from: elmanchez on April 12, 2020, 03:33:49 PM

Transfer of more than 1 billion, US dollars, and a commission of 0.7 cents.

Which bank will allow you to do as well?
That is why bitcoin is a great creation.

Low fees isn't the feature that makes bitcoin special neither is the rate (speed) at which this transactions are been process. One can easily create a zero fee digital currency with the speed of transaction 10x times better than that of bitcoin but still won't new able to outshine bitcoin because if the uniqueness of the cryptocurrency.

Bitcoin's decentralized operation in a peer2peer system is what makes it special. The fact that you can transfer the billions highlighted in the OP yet stay anonymous without needing any third-party to process the transaction but do it yourself right from the comfort of your phone/laptop (home) is what makes bitcoin special.

FlightyPouch

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There are a lot of transfers in the past that is already this much and this is the reason why bitcoin is the best when it comes to global transfers and other transactions. We can't stop people from criticizing it but let them be, as people grew fond of bitcoin, people are opening themselves into accepting it and using it as such. As that continues more business groups, companies and even small businesses would consider to accept and use it.

Utoy101

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Quote from: elmanchez on April 12, 2020, 03:33:49 PM

Transfer of more than 1 billion, US dollars, and a commission of 0.7 cents.Which bank will allow you to do as well? That is why bitcoin is a great creation.

https://www.blockchain.com/btc/tx/b36bced99cc459506ad2b3af6990920b12f6dc84f9c7ed0dd2c3703f94a4b692

The decentralization and flexibility that comes with the usage of cryptocurrency is sweet. The core features of bitcoin is breaking the long chain of intermediaries involved in the traditional financial system and i can tell you that thia transaction as well as other ones done in the past has seen to the achivement of that goal. If you're to make such a huge transaction thorough the FIAT and the traditional system, you'll have to pass through lots of legal intermediaries and third-party and i guess that's what makes it more secure than the cryptocurrency and other decentralized digital currency. Every advantage and flexibility comes with a price and i think the price paid by cryptocurrency is security as you can just wake and see that biilion dollar turn to few millions as well the wallet/exchange can get compromised leading to loss of such a big amount of money

Youghoor

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I can imagine the transaction fee that would have come along with this transaction if it had been done in fiat currency. Ever since I got to know about cryptocurrencies I just realized that fiat is a failure to enhance easy transactions among people. This transaction would have taken a week or more for any bank to process especially if he was saving with them.

Arkann

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It seems to me that if the problem of scalability of bitcoin is solved, then this cryptocurrency will be indispensable for the entire cryptocurrency market as a means of payment, a valuable asset for investments and international currency for international trade. In addition, it is very important that when using Bitcoin, no one can abuse it like governments do by printing new money. Perhaps one of the most important values of bitcoin is its limited amount.

Jawhead999

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Indeed, bitcoin is unique since bitcoin is lower fees than other. Also bitcoin is decentralized and don't use third party from the transaction. And then the supply is limited, only 21 milions bitcoin in worldwide.

This is the basic understanding why bitcoin is unique and valuable. I really interested about bitcoin because from that's point.

hahay

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Extraordinary indeed, that is what makes me wonder when there are still people who are concerned about fees when fees might increase due to unstable market behavior, and even when I don't have a lot of bitcoin in my wallet and at the same time fees increase, I still don't mind about fees which are increasing or are only slightly increasing than usual. So I think it doesn't matter as long as the transaction process is safe and quickly resolved so that's something to be proud of from bitcoin and its technology.

Bitcoinislife09

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Quote from: hatshepsut93 on April 12, 2020, 05:24:36 PM

Yeah, it's cool, but you can't really advertise Bitcoin with this alone. Just try to tell people on the streets that Bitcoin allows you to move billions without any additional verifications and for low fee - most people will scratch their head and ask "why would I need that? I don't have billions of dollars". So, if you talk about this, it's important to point out that this is an example of censorship resistance and decentralization, and $1 or 1 billion - it's all the same for Bitcoin's protocol.

I guess because it was the first cryptocurrency and a lot of cryptocurrency are just a copy or they are trying to copy this bitcoin which is unique and also in my opinion already have the demand from the community.

Bitcoin has a lot of virtues that makes it unique. Someone can gain and earn so much money. Someone can make their time and effort productive. Using bitcoin someone can buy goods, there are establishments nowadays that are already accepting bitcoin as their mode of payment. But still some countries are not yet accepting cryptocurrency. They have importance in their current currency and think of it effectively more than cryptocurrency. Through bitcoin we can make our society better and can build a lot of friendships and colleagues.

Sayma83

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The really interesting thing to look at is how many of these, Bitcoin and other crypto currencies are there, that cut a few commissions for billion dollar transactions, which are never possible in a country's bank, you see in all countries. Bkash, there are 10 dollar transactions - 0.20 $ Fee is deducted, which is a lot, which is not possible to make a large transaction, and look at the other - as in the case of Skrill Dollar transactions. You have to pay 1.4% VAT on your transaction, so if you are trying to make 100000 Usd transaction then how much money will you deduct from your account,

Transaction Amounts = 100000 Usd
Transaction Fee = +1.4% Usd
-----------------------------
Total= 101400 Usd

1.4% = 101400 USd, which means you have to pay them 1400 usd Transaction fee. However, in the case of Bitcoin is only 0.7usd, so if you are trading through Bitcoin Coinbase or via email then you do not have to pay any Transaction fee. That is why you understand why Bitcoin is called Unique. How much more is the reason yai Bitcoin will discuss aa case that the other day.

Lucius

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Quote from: Sanugarid on April 13, 2020, 08:23:53 AM

Are you guys going to support a bank that as a digital currency investment option? We don't have that yet in my country, I know there are already banks that is operating with crypto somewhere in Europe that's why I'm curious on how are they going to earn with those currency because trading cost is visible to investors right? can't wait to see banks going bankrupt lol.

No one asks ordinary people whether or not to support something, banks are powerful enough to initiate such laws that will allow them to sell and store crypto funds from their clients. This has just happened in Germany, where there are dozens of banks that have shown interest in taking their share of the cake when it comes to crypto. It is logical that if they cannot defeat the idea of Bitcoin, that they try to make money on it.

As good as it may seem at first, buy BTC at a bank and then leave it to the same bank for safekeeping just doesn't make sense to me. Because it's just like buying through some crypto exchange, and then using that same exchange as a wallet.

On the other hand, BTC will gain more legitimacy if banks include it as part of their services, and it will certainly be easier for some people to invest in that way.

gundala

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Quote from: jostorres on April 13, 2020, 02:33:19 PM

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I have used several times to make transactions to people I know in other countries and it’s way too cheap compared to when I go to the bank to do such a transaction; Western Union, MoneyGram and the rest of them will charge you high fees. But with bitcoin I just fund my wallet, and quickly send the money to them.

That's what makes BTC unique. We can make transfers in large numbers, without limits, without complicated terms and regulations as in conventional systems, and without territorial boundaries and without additional admin fees. As long as we are able to maintain security and give our best efforts for it, BTC is a good choice compared to conventional systems today. See? if we only fixate on the negative side, then we will not be able to enjoy the positive side and benefit from it.

jostorres

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That’s why you’re being told that bitcoin gives you freedom. What you can’t do with most other payment methods, you can achieve them with Bitcoin easily. Lots of other payment methods wouldn’t allow you to make such a transaction, and those that will allow you will end up charging you too much fees that will discourage you lol. That’s the good thing with having a decentralized currency.

I have used several times to make transactions to people I know in other countries and it’s way too cheap compared to when I go to the bank to do such a transaction; Western Union, MoneyGram and the rest of them will charge you high fees. But with bitcoin I just fund my wallet, and quickly send the money to them.

rexxarofmoknathal

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Quote from: CarnagexD on April 13, 2020, 01:29:40 AM

Bitcoin is one of the most profitable things we have because it lessens the transaction fee and this is good well to us because like if you are trying to make the transfer for over 5k dollars of bitcoin over the other wallet, it does not require too much transaction fee most of the time it consumes more or less over five dollars just a few, and this is what I like in bitcoin also you can use the bitcoin to other kinds of stuff because there are a lot of stores today accepting the use of bitcoin payment just sending the address or just scanning the barcode and immediately it is directed to their funds as payment

That's true, the scalability of BTC transactions amount to little in comparison to what it might have been using regular fiat. The fact is, that BTC isn't the only one that's unique, in my opinion, cryptocurrency in general provides us with unique ways to optimise and increase financial efficiency Grin

Reid

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What could it be?
Is it a whale or an exchange?
That is all that lingers in my mind now. Grin

Well, if they are making bitcoin for a good usage then why not.
But I doubt it is a whale. Yeah, may an exchange.
See, that is all I can think of when looking at those large numbers.

Sanugarid

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Quote from: Lucius on April 13, 2020, 07:59:01 AM

What is even better is the fact that in such transactions, banks earn 0% and this is what bothers them the most. These greedy bastards certainly do not sleep peacefully because they are aware that there is a financial system that completely bypasses them and that they have not been able to destroy it despite ruling the world from their ultra expensive penthouses somewhere in the clouds.

Are you guys going to support a bank that as a digital currency investment option? We don't have that yet in my country, I know there are already banks that is operating with crypto somewhere in Europe that's why I'm curious on how are they going to earn with those currency because trading cost is visible to investors right? can't wait to see banks going bankrupt lol.

Quote from: Lucius on April 13, 2020, 07:59:01 AM

Quote from: davis196 on April 13, 2020, 07:16:00 AM

I hope that the individual(or company),sent the bitcoins to the right receiving address. Grin

Address 1Kr6QSydW9bFQG1mXiPNNu6WpJGmUa9i1g is connected with Bitcoin.de, CoinPayments, Huobi, Xapo, Bitrex, and I guess this is some big player moving coins around.

Whales are moving under every one's radar I guess.

20kevin20

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I'm more wondering which bank allows you to transfer such amounts without asking you what you're moving them for. And I'm sure none does

But I think billionaires negotiate with banks. Otherwise, the commissions would be insane when moving billions of dollars - 0.01% commission is $100k for every billion moved, now imagine if billionaires had our fees..

But even if the bank negotiated fees to 0.0001%, the fees would STILL be high as hell ($1k)!

If anyone is interested: the fees that were paid for moving $1.08B represent 0.00000007% of the sum.

Quote from: davis196 on April 13, 2020, 07:16:00 AM

I hope that the individual(or company),sent the bitcoins to the right receiving address. Grin

~

I don't want anyone to suffer from a loss of billions but I wouldn't mind having a more scarcer BTC by +150k coins lost in the void!

Quote from: davis196 on April 13, 2020, 07:16:00 AM

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I also hope that this isn't some crypto whale billionaire,who is currently selling all his bitcoins for fiat.
~

That comes with a big opportunity for some to buy. If years ago I was afraid someone would massively sell, today I see it as a massive opportunity for buyers & investors.

Topic: This is why bitcoin is unique. - page 2. (Read 759 times)