Topic: Why Bitcoin is better than banknotes - page 8. (Read 1541 times)
I think banknotes is better in third world countries as there are some remote areas without electricity and internet access. Thus, both banknotes and bitcoin has their own advantages.
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 !
That is one of the he advantage of bitcoin, it can not be fake. You can be scammed if you are not wise but there is no such thing as fake bitcoin. Moreover, if we talk about the counterfeited there is really no recorded incident on it. Bitcoin is really more effective that it. And more efficient at the same time.
Yes in some point it is better but we can't just ignore that banknotes has some advantages too cause not every one in the world can't access Bitcoin specially the poor countries and remote
As you said Banknotes has a flaw it can be faked no matter how advance they Update it. I'm not saying that bitcoin had no flaw too rather i say they didn't find something as of today to make a counterfeit out of it. But nothing will last is this world forever time will pass it will become useless or overcome by other crypto currencies.
The basic point is really that if Bitcoin is to replace money then Bitcoin has to be better than money in some or many ways.
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 is no such thing as a "bitcoin" that can be copied. Rather, there is a list of all the transactions that have taken place on the bitcoin network and the order they have taken place. Every client has a copy of this list. Essentially, the only way to counterfeit bitcoins would be to spend them in more than one place. This is called a double-spend attack. However, because of the design of the bitcoin blockchain (the list of all the transactions) and the way that list is secured by mining, this requires a tremendous amount of computer power. 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 !
Central banks can print with Quantitative Easing as many banknotes as they want because they HAVE THE POWER to do it, unless it will impact huge in the economic system and its inflacton.
So with BTC instead you cannot mine more than fixed amount of virtual coin, you already know that 21 Milions, so in the first thought its price can only grow up in the future ( look in the long term always ), do not make the mistake to look everyday at the cart keeping you finger cross to wait iys appreciation , if you're not a professional trader ( I meant pro speculator ).
In the end it's up to you if you want to believe it or not, but it's a game changer for me in the ecosystem and when the whales are out, we can talk again. This time for sure.
So with BTC instead you cannot mine more than fixed amount of virtual coin, you already know that 21 Milions, so in the first thought its price can only grow up in the future ( look in the long term always ), do not make the mistake to look everyday at the cart keeping you finger cross to wait iys appreciation , if you're not a professional trader ( I meant pro speculator ).
In the end it's up to you if you want to believe it or not, but it's a game changer for me in the ecosystem and when the whales are out, we can talk again. This time for sure.
Bitcoin is good, better and the best in term of making it as a means of transaction but not to the extent of better than bank. Unless the bitcoin survive most of d hardship facing d bank then will bitcoin be the best to me. Lastly h should note bitcoin has not been using to purchase pepper in my country
Bitcoin may be better than paper notes, but it also has weaknesses that are ready to generate evil. For example, large-scale money laundering using bitcoin.
Is this possible to counterfeit the bitcoins?
I don't think it is possible because it is in digital platform and on its own blockchain network so any one can never counterfeit the bitcoins.
But it is possible to counterfeit the cassacious.
I don't think it is possible because it is in digital platform and on its own blockchain network so any one can never counterfeit the bitcoins.
But it is possible to counterfeit the cassacious.
Counterfeiting of currency notes is a big problem for any country. Even during historic times, the gold and silver coins in circulation were counterfeited by reducing the percentage of the precious metal. With the introduction of paper money it has become even easier. Bitcoin gives the users an advantage by using blockchain technology where they cannot be counterfeited.
It is better in terms of usage and transparency in the transactions happen around the globe. Much faster than the fiat transactions and also fees will be 90% less compared to fiat transactions.
difference between cryptanages or why bitcoin is better than banknotes is due to the fact that bitcoin payments are only available digitally, while paper money exists in physical form.
Paper currency currencies are central, bitcoin is decentralized. While a central authority (banknote) exists in the paper money system and prints money, there is no such central authority in crypto currency
Paper currency currencies are central, bitcoin is decentralized. While a central authority (banknote) exists in the paper money system and prints money, there is no such central authority in crypto currency
Bitcoin is better than Fiat money definitely,in the future I hope there will be projects that will give the opportunity to use bitcoin in the calculations in everyday life.
Both have advantages and disadvantages, bitcoin can be hacked, banknote is difficult to circulate widely. In addition, the price of bitcoin often fluctuates, I think later we need to find the optimal solution. I like banknote than bitcoin.
Yes are right, it two different currency with different advantage and disadvantage in bitcoin it with required is blockchain which automatically means it self or individual control why bankNote is centralized which means you need third party before you can perform any transaction and the advantage of paper money over bitcoin is that any fund lose in bitoin is at your own risk nobody will be hold responsiable
Because it has several advantages of paper money easier and more practical in making payments or purchases so that it is widely used and has the highest popularity in all countries
Both have advantages and disadvantages, bitcoin can be hacked, banknote is difficult to circulate widely. In addition, the price of bitcoin often fluctuates, I think later we need to find the optimal solution. I like banknote than bitcoin.
That is a strong point that adds up to the list of Bitcoin benefits, it's true that BTC has never been counterfeited but let's not forget that hypothetically it's still not immune to the 51% attack and we know that in 2014, the mining pool ghash.io briefly exceeded 50% of BTC network's computing power, afterward they voluntarily committed to reducing their share of the network. Today, from a realistic view it's very unlikely to happen again.
Because the advantages of bitcoin are more than bank records and the more people who use bitcoin, then people move by using bitcoin in the end.
Bitcoin is a digital currency that is acceptable across the nation, that can add values at any give point in time, therefore bitcoin transaction is fastest transaction that not required long protocol before sending. Which is far better than Banknotes.
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