Topic: Why Bitcoin is better than banknotes - page 9. (Read 1543 times)
The blockchain is poised to replace our current standard of trade which is fiat money. But for me, we are a long ways still form this happening. It will have to go through lot of research and government drama worldwide. It only needs one successful country to create a domino effect though.
Bitcoin is better than paper money in some many aspects, I will just briefly highlight some points: Unlike paper money, bitcoin cannot be damaged by water or any other liquids, bitcoin cannot be mutilated like paper money, also, bitcoin cannot be physically stolen except it is done online. There are a lot of other things that makes bitcoin and in fact cryptocurrency a better currency than fiat currencies, such as the ease of transfer, durability, etc.
I think bitcoin is more netter than bank note because the bitcoin price can change day by day and than Bitcoin can use through the world
But minus of bitcoin is fee transfer fee very expensive
But minus of bitcoin is fee transfer fee very expensive
Bitcoin is better than banknotes is because in terms of profitability it has a higher rate of returns and it is safer compare to banknotes.
Bitcoin can not be better than Bitcoin Bank!
Bitcoin and altcoin will grow rapidly in the near future!
2019 will have a lot of changes!
Bitcoin and altcoin will grow rapidly in the near future!
2019 will have a lot of changes!
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 !
I think why bitcoin is better than banknotes is because Bitcoin does not rely on a central authority such as a central bank and has no intrinsic value. There are no public records of the transactions which makes them irreversible.
I think that bitcoin is better than fiat money, because bitcoin can be assessed as an investment (asset) and they also have no problems, you can pay.
Bitcoin is better than fiat currencies as it makes the work easy of transacting world wide with out having to approach the banks for transferring funds to any part of the world, bitcoin gives a sense of financial freedom to it's users. Bank notes can be stolen whereas bitcoins cannot be stolen as it is a digital currency and the bitcoins are transferred through online protocols to the wallets and vice- versa. Fiat currencies can be duplicated whereas bitcoins cannot be duplicated and so manipulation will not happen in a bitcoin network.
I think banknotes are much easier to counterfeit. I think that now there are a lot of fake banknotes in the world. In addition, banknotes are printed in large quantities in contrast to Bitcoin.
it is true that bitcoin is better than paper money, because its value is very high compared to banknotes, and that applies throughout the world, we can shop using bitcoin in other countries, and if we use paper money we have to exchange it in a country we visit, but if we consider it from another perspective, paper money is also better, like in remote areas, in rural areas and there is no electricity or internet, then paper money is better than bitcoin, so it would be better if we had both.
Things that make bitcoin worthy of being a future transaction system are faster, better, cheaper and certainly safer, this is what makes banks worried about the development of bitcoin so they carry out various negative campaigns about bitcoin.
Bitcoin is better than banknotes because the banknotes are subjected to the creation of counterfeit, wearing off and tearing. Banknotes are also subjected to central third party interference which normally makes its transaction delay in some circumstances.
don't get torn, no need to replace, safer and reliable etc.
Bitcoin has no use value, only exchange value, and because it is has no worth in use other than what others are willing to pay for it, it is always in a bubble: these happen when prices of assets get dislodged from their fundamental value. So Bitcoin is the perfect bubble. Now the obvious question that this raises is the following: Is Bitcoin so different from the dollar? a dollar bill also has no use other than what people are willing to pay for it. and if people decide they wish to trust the people who create the Bitcoins more than their own government, then perhaps it could be an alternative medium of exchange.
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 !
There are honestly just too many benefits.
The main one is probably not even about the counterfeiting that goes on with these banknotes. The main issue with fiat banknotes is indeed just its fiat nature. The money supply is solely controlled by central entities that has shown that they are more than willing to debase the currency supply and essentially create this invisible tax that everyone has to pay through inflation. And hyperinflation can also occur as a result. Just look at Zimbabwe, Argentina, WWII China etc.
Even if it's not hyperinflation, just look at the depreciation of the dollar over time. Crazy.
Bitcoin's benefits can really be compared to gold. However, gold can often be counterfeited and it's hard to tell real gold from fakes, and even if you could, it's a costly procedure that is extremely time consuming and just a hassle overall. Bitcoin does not need this.
It is obvious that bitcoin is more secure currency than physical notes. Here are the reasons
1. No need to carry physically any currency.
2. Save electronically and access it any time whenever you want.
3. 24*7 Availability.
4. Low transaction fee and borderless transactions.
1. No need to carry physically any currency.
2. Save electronically and access it any time whenever you want.
3. 24*7 Availability.
4. Low transaction fee and borderless transactions.
For some people, many don't trust this currency because the way it works is rather strange. The greatness of this currency is its cryptographic technique that can protect its users. Bitcoin security comes mostly from hashing, and this hash's used to link one block to another block in the blockchain. Each block stores the previous hash block, and the hash value cannot be replaced without changing the block hash value now (which also needs to be changed in the next block, and so on like that).
When making transactions with bitcoin, actually we all send the transaction to the network of miners. To ensure that no person can transact using our wallet without being known, in this case there's some security that's enforced. With bitcoin, it means we don't have a pile of money that can go up and down like money in a bank. Instead we have a set of bitcoins which can be traced, up to the first miner.
With existence the assumption above, of course bitcoin's the only best currency than paper currency, because the system of the spread of paper currency's very flat no wonder if finally paper currency is very vulnerable to fraud and counterfeiting.
When making transactions with bitcoin, actually we all send the transaction to the network of miners. To ensure that no person can transact using our wallet without being known, in this case there's some security that's enforced. With bitcoin, it means we don't have a pile of money that can go up and down like money in a bank. Instead we have a set of bitcoins which can be traced, up to the first miner.
With existence the assumption above, of course bitcoin's the only best currency than paper currency, because the system of the spread of paper currency's very flat no wonder if finally paper currency is very vulnerable to fraud and counterfeiting.
because many people doing bitcoin faster than banknotes and for that safety and reusable, flexible and helpful
In my opinion, still now it is impossible to say which is better - bitcoin or banknotes. Bitcoin can not do without fiat. The crypto currency and ordinary money has its advantages and disadvantages. Therefore, you need to take advantage of both types of money. Now you do not need to use just one thing. For the time being, we mainly earn in the crypto currency, and the profit is partially transferred to fiat, since it is not possible to directly use the crypto currency as a kind of money.
I believe that transparency and minimum commissions are one of the main qualities of the crypto currency, and there are no geographical limits.
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