Topic: Why Bitcoin is better than banknotes - page 16. (Read 1541 times)
Governments basically print money anytime they want, they are the ones counterfeiting if you think about it. Counterfeiting destroys the value of your money and makes people lose trust as rapid inflation occurs. Bitcoin is truly excellent because of the set supply amounts based on code. There is no magical printing with bitcoin.
Bitcoin is more flexible than bank notes, because bitcoin is very safety to use. We can use bitcoin throughout the world but we cannot use bank notes like that. Bitcoin is more reliable than bank notes. The transaction speed is very fast while using bitcoin. We can transfer bitcoin from any part of the world. This is also an another advantage of bitcoin usage. In future bitcoin that is cryptocurrency only takes place. Usage of bank notes will be less.
Boths are important , bitcoin is security coins and more flexible than banknotes. But bitcoin has a simple hacking problem...but banknotes has no risky .I like banknotes than bitcoin.
banknotes can be lost and bitcoin is not available
Bitcoin is way better than the fiat money simply because of its technology but still we are experiencing a problem with cryptocurrncy since a lot of government are still not accepting this as a legal one. Yeah we cannot counterfeit bitcoin but a lot of scams happening around this market, well I hope this problem will address in the future.
Well, it is not as if it was not attempted before. There was several attempts at double spending and there are also several hard forks that tried to dismantle the security of Bitcoin.
We have also seen some very close calls to a scenario where there could have been a 51% attack. In essence these attacks are just as harmful as counterfeiting in fiat currencies.
Good thing is, we are still standing after all of these attacks.
We have also seen some very close calls to a scenario where there could have been a 51% attack. In essence these attacks are just as harmful as counterfeiting in fiat currencies.
Good thing is, we are still standing after all of these attacks.
The banknotes build trust on nothing material and are inflationary. Bitcoin builds trust on mathematics certainty and is deflationary. Need anything else?
Bitcoin is a crypto currency that is acceptable to any other countries direct price, with out convert to equivalent price in USD, and secondly is faster than banknotes transaction, and secondly bitcoin transaction can be done at any given point in time, while Banknotes work with time duration.
I think that Bitcoin is better than paper money because it is not connected with the state currency system.
This is its huge advantage!
This is its huge advantage!
Bitcoin can circulate freely around the world, while paper money cannot.
Moreover, it is very convenient to use bitcoin, and the transfer speed of bitcoin is very fast, which is also the advantage of bitcoin
Moreover, it is very convenient to use bitcoin, and the transfer speed of bitcoin is very fast, which is also the advantage of bitcoin
I still don't understand why is it legal for central banks to print as much currencies backed by toilet paper and devalue it which only hurts the holders and users of such currency.
Printing Bitcoin is not actually printing you are getting rewarded for your tasks of securing the network.
Can someone explain what central banks have done in order to deserve such power over people.
In my country, we had to swap our currency three times in three decades because of Government/Central bank fuk ups.
Printing Bitcoin is not actually printing you are getting rewarded for your tasks of securing the network.
Can someone explain what central banks have done in order to deserve such power over people.
In my country, we had to swap our currency three times in three decades because of Government/Central bank fuk ups.
It can help prevent counterfeit money. Reduce the situation of counterfeit money in the market today
You have a nice point and advantage of bitcoin but it is not only going to reduce counterfeit, it will totally eradicate it because bitcoin has no fake, once it is transferred to a wallet, it is real, existing and usable at anytime. It does not get old
It can help prevent counterfeit money. Reduce the situation of counterfeit money in the market today
You have a nice point and advantage of bitcoin but it is not only going to reduce counterfeit, it will totally eradicate it because bitcoin has no fake, once it is transferred to a wallet, it is real, existing and usable at anytime. It does not get old
I think bitcoin is better than paper money because it can not be tampered with. if it is widely used in the daily human payment operations. It can help prevent counterfeit money. Reduce the situation of counterfeit money in the market today
If we are just looking at this angle then we can tell that bitcoin is really better than banknotes but if we look at accessibility such as the remote areas without electricity and internet access on remote areas in the third world countries then we can say that banknotes is better than bitcoin. But both the banknotes and bitcoin have its own uniqueness, advantage and disadvantages thus its good to have both.
Because it is safer and more reliable than banknotes
The infographic shows the 10 most popular banknotes worldwide with its anti-counterfeiting security.
There are thousands of million dollars counterfeit circulating worldwide. Just in The US the FED said 7.3 We conclude that the total value of counterfeits in circulation at any moment is approximately $70 million or about one note in 10,000, and is highly unlikely to exceed
$200 million, or about 2.5 in 10,000.
it's costly for the society (more regulations, more resources to deter, individual or business accepting it accidentally >direct loss,...) Counterfeit money exists since the Ancient Rome at least, and it can destroy a government and its economy. Even the Nazis were counterfeiting the USD and GBP (Operation Bernhard) If only 1% of your circulating currency is fake your government is out. It can't borrow money anymore, business will stop to accept the currency, and since it's the only one, then the economy will be dead.
Do you know how many Bitcoin has ever been counterfeited since10 years? ZERO !
There are thousands of million dollars counterfeit circulating worldwide. Just in The US the FED said 7.3 We conclude that the total value of counterfeits in circulation at any moment is approximately $70 million or about one note in 10,000, and is highly unlikely to exceed
$200 million, or about 2.5 in 10,000.
it's costly for the society (more regulations, more resources to deter, individual or business accepting it accidentally >direct loss,...) Counterfeit money exists since the Ancient Rome at least, and it can destroy a government and its economy. Even the Nazis were counterfeiting the USD and GBP (Operation Bernhard) If only 1% of your circulating currency is fake your government is out. It can't borrow money anymore, business will stop to accept the currency, and since it's the only one, then the economy will be dead.
Do you know how many Bitcoin has ever been counterfeited since10 years? ZERO !
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