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Topic: Why Bitcoin is better than banknotes - page 4. (Read 1541 times)

newbie
Activity: 134
Merit: 0
August 23, 2018, 01:53:29 AM
Bitcoin is better than any other fiat currency. There are so many reasons behind this comment. First of all bitcoin is a decentralized currency. No one can manipulate its price. Bitcoin do not need to have any physical existence that means it does not need to have a machine to make a transaction. It needs just an account and a password. It has no boundary no extra hassle.
legendary
Activity: 1274
Merit: 1004
August 19, 2018, 03:45:33 PM
I don't know why this topic even exists I mean there is no arguing about Bank notes they clearly suck. The first thing is we have to carry them separately in a wallet or maybe in the pocket that can potentially damage it which can make it lose its value because no one is going to accept the damaged agreement. The second thing is the price is decreasing as hell and even if the government has taken extremely higher precautions that the money cannot be counterfeit but still it is possible to do it but with Bitcoin, it is impossible you cannot duplicate a single coin. Banknotes do not have a specific transaction record system because we use them in the physical world but Bitcoin, on the other hand, has the transaction system because they are inside the digital system.
jr. member
Activity: 280
Merit: 2
August 19, 2018, 03:34:52 PM
for me so bitcoin is better than phiatic money, bitcoin is convenient and versatile and safe
newbie
Activity: 18
Merit: 0
August 19, 2018, 03:26:08 PM
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 !



And what about exchange hacks? How many fiat exchanges have been hacked in however long they've existed?

My point is that there will always be fakers, counterfeiters, scammers, and cheaters of every kind. It doesn't matter if we're talking about dollars, bitcoin, gold, pashmina, or walrus tusks. People know how to find shortcuts, and they will always find them. Make something forbidden, and they'll do it even quicker.

Bitcoin definitely is more secure than fiat. It's not perfect, but it's a step up.
jr. member
Activity: 667
Merit: 1
August 19, 2018, 03:20:29 PM
Definitely I agreee with you. Counterfeiting Bitcoin at this stage is very limited or zeroed maybe when we get to paper note stage it might come in play by now, its more preferred to bank notes because it offers many solutions to the deficiencies of bank notes.
jr. member
Activity: 331
Merit: 1
August 19, 2018, 03:02:58 PM
It is better than bank notes bcos of it decentralized nature , it doesn't require intermediary to makes a transaction and it is not under the control of any government
sr. member
Activity: 643
Merit: 264
August 19, 2018, 02:47:05 PM
Coz bitcoin is accepted worldwide already as a method of payment, the system has been acknowledged internationally as a reliable means of exchange.
copper member
Activity: 2940
Merit: 4101
Top Crypto Casino
August 19, 2018, 02:43:38 PM
In many ways, yes, it is a lot better: reliability, cost of transaction, etc., etc., but it becomes totally useless when you have to make an off-line payment in a country or a place with no or limited internet access. You can't even buy a bottle of water or a hamburger. Think about it. You can have a lot of BTC in your digital and hard wallets striding along the street in a foreign town and if they don't have internet, you're broke for them! Wink
There must be some way out of it...
Because it is safer and more reliable than banknotes

Bitcoin is better than banknotes because bitcoin that has blockchain technology can record all transactions and still intact will not be lost or deleted. And bitcoin is more popular these days and bitcoin has easy ways to access and to transact, and since bitcoin itself are havingva faster transactions in terms of money exchange with a very low fees. And also, 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 that had an shortage of sources in the third world countries then we can say that banknotes is better than bitcoin.

Banks, Visa, Mastercard, Discover, AMEX, etc have all their transactions registered in the databases. Good luck to get them deleted, so far I have never heard about transactions history lost from a bank.
Bitcoin doesn't have a faster transaction time compared to bank transfers which are instant and free of charge in 99% of the time.

The point I wanted to say in the OP was about what it costs to the society
Quote
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.
newbie
Activity: 44
Merit: 0
August 19, 2018, 02:35:19 PM
In my opinion is, Bitcoin is very very better than banknotes. Bitcoin is a very very interesting digital currency. Billions of people are using BTC and they are using BTC for some transactions. Most people are very like using BTC transactions because It is very easy to use and it's fast and safe. By the way, it has great security features. Actually, BTC is very valuable than banknotes.
member
Activity: 218
Merit: 10
August 19, 2018, 02:19:06 PM
If we only look at this angle then we can say that bitcoin is really better than paper money but if we look at accessibility like remote areas without electricity and internet access in remote areas in third world countries then we can say that paper money is better than bitcoin. But both paper money and bitcoin have their own unique advantages and disadvantages.
sr. member
Activity: 1106
Merit: 250
Vave.com - Crypto Casino
August 19, 2018, 01:51:34 PM
Bitcoin is  better than banknotes i am aggre with this. There are so many reason that bitcoin is very good to bank not. Bitcoin is your on one can take bitcoin from force to you, No need to go any place to collect bitcoin. You can complete thousand of economical work at your home.
member
Activity: 394
Merit: 10
August 19, 2018, 01:32:04 PM
if I think the Bitcoin exchange rate is high and also faster and easier to deal with then bitcoin is a crypto currency with an increasingly sophisticated level of Hash the level of complexity of the cryptographic algorithm of public trust is also guaranteed to avoid risks such as counterfeiting.
member
Activity: 210
Merit: 10
August 19, 2018, 07:48:01 AM
I think Bitcoin is very matching to the new generation world. It is very smart and very interesting. I believe Bitcoin is much better than banknotes because Bitcoin is very easy to use, Fast transactions, High profitable, great security features in the Bitcoin. I think these are the most important thing Bitcoin's have. I hoping, Soon day Bitcoin can become a valid payment method in the world. For me, Bitcoin is very very better than banknotes.
newbie
Activity: 31
Merit: 0
August 19, 2018, 07:09:29 AM
It was the pioneer at the blockchain technology, that's why it's so unique and important.
full member
Activity: 560
Merit: 101
August 19, 2018, 07:06:49 AM
I think the technology, fast transactions, anonimity, security that bitcoin bring are the elements that make btc better but these do not make banknotes lesser financial note.
jr. member
Activity: 196
Merit: 1
August 19, 2018, 06:43:46 AM
yes indeed it is. plus everything bitcoin is very convenient and quickly transmits any corner of the world that you can not say about Fiat
member
Activity: 308
Merit: 12
August 19, 2018, 06:28:52 AM
I really like bitcoin for its unique innovative ideas. This is a technology that changes all the usual financial structure of the world to a more secure and convenient.
full member
Activity: 527
Merit: 101
DIA | Data infrastructure for DeFi
August 19, 2018, 06:24:51 AM
I like the idea of globality and the decentralization of the currency. This makes us independent of state manipulation and borders. Bitcoin is the currency of freedom.
full member
Activity: 672
Merit: 100
August 19, 2018, 06:17:35 AM
Paper money is difficult to control and volatile. Bitcoin transparency is one factor that makes many people happy because you can look up every amount saved in the way your wallet is. Bitcoin is Cryptocurrency so it can use online payments quickly.
jr. member
Activity: 168
Merit: 3
August 19, 2018, 06:13:13 AM
Maybe there's some truth to that.But bitcoin will not replace Fiat money.At least in the coming decades.No matter how good was not a crypto-currency,the bankers and the government will not pay attention to it.
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