Bitcoin Forum

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mine:

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The biggest innovation of bitcoin is the payment system
Even though that we think that the confirmation time about the transcation take a long time
In fact that is very fast especially when transfer the funds to another country.

I think the greatest iinnovation of btc is anonymity.A sender and receiver can not trace each other unless they are blockchain tech experts

The biggest innovation of Bitcoin is Bitcoin itself.

Just a fact that you can send money to anybody on the other side of the globe and that they will have it readily available in about 10 minutes is mind-blowing. I won't even mention all of the other Bitcoin advantages like decentralization, your own bank, etc..

The biggest innovation of Bitcoin is fast and cheap money sending worldwide.

the distributed ledger which allows every and all transactions to be seen by anyone, prevents transactions from being double spent, and provides trustlessness.

the biggest innovation of bitcoin is a fixed monetary supply.

... the block chain!
(and all the possibilities!)

The biggest innovation of Bitcoin is how it can completely revolutionize the global monetary system. It is secure and solid. What the humans will or not do with it is its biggest flaw.


Or... know how to google. BTC is absolutely not anonymous, transactions are all fully traceable. Justcopy paste in the TxID and boom. You can even see his bitcoin balance :P
https://blockchain.info/

the biggest innovation of bitcoin is small fee on transaction.
Comparing to international transfer then bitcoin transaction fee are few cents (or mostly free)
Fast transfers, fast confirmation and sometimes it sucks on double spending.

there are a lot of biggest innovations, but the one i like more is the low fees. In other currencies banks/card/transfers companies make a lot of money with its fees.

Bitcoin transactions also work outside business hours. The transaction is seen on the network nearly instantly. Even across the world. It is very convenient, if you live in a country where exchange services are up to par.

It's definitely not anonymous in the sense that anyone can follow transactions on blockchain.info ... You don't really have to be an expert at all. It's correct that you say that it's pseudononymous

The biggest innovation of bitcoin is ... bitcoin. Bitcoin itself is one of most innovative FinTech's to have ever been created.

fast international transferring, digital, cheap tx fee comparing with other methods etc. There are a lot I could mention here. Other revolutional advantages are that it can be money, investment, commodity, future etc.

the biggest innovation of bitcoin is a decentralization money, secure online payment,
if you use other payment processor you will know bitcoin is cheapest fee

The biggest innovation of bitcoin is probably the blockchain , however it's really sad to see banks and other companies interested in Blockchain technology but not interested in Bitcoin itself .

the biggest innovation of bitcoin is.... we as people have the control over our money back. we can send and receive money instantly all over the world 24 hours a day.

The biggest innovation of bitcoin is the decentralization of this digital currency. No government and no country has the power to control its inflation, circulation or price.

Independence from government regulation, no freezing of our hard earned money are the freedom I enjoy by bitcoin now a days. Simply the decentralization is the core concept I believe in. By people for people is the concept from where bitcoin born. I'm one of those people.

At first yes but as we have seen there are opening more and more companies.
And a good number of them hold your bitcoins which makes it not much decentralized.
But in general this is the innovation of bitcoin, low fee, fast transaction and no need for any verification.

By decentralization it means no control by one single entity.Holding bitcoin by someone for some reasons doesn't amount to control

I think the price is very much controlled, if you think its' decentralised, then what about the chinese controlling the largest portion of the mining. Sure, not in the same pool, but collectively.. Secondly, price is very much controlled, and that can only be done through the entities controlling the market having a substantial share of the supply.

the price is controlled because no real adoption i running currently, it's all about a bunch of rich bitcoin guys playing with the market

the fact that you don't need to rely on a third party is the biggest thing of bitcoin, without this it would have been another fiat system

Yes freedom, we must deserve with respect to our money would be the point where bitcoin innovated whereas any financial society of system failed to provide us. We must love bitcoin for such a liberty brought to us. Simply decentralization would make bitcoin more successful and currency of the globe.

Well, in general this is how it should be but this is not completely true.
Let's say that you are a client of coinbase and they "manage" your bitcoin.
If they go offline you don't control your money, they track you where you spend your bitcoins.

No need to pay any tax for holding millions of $$$, no need to worry about the transaction time when transact with other country and no need to worry about the transaction fees, etc.,

To be independent from central banks and solely based on supply/demand

There is no country border between bitcoin users.
Because the fee is the same transfering bitcoin to your another address and to another part of the world it is the same fee.
These fees are very low comparing to the money that is being transferred. I think that the innovation is all about low fee.

That is true but in many place, it is hard or penalizing to convert BTC to their currency. For example Brasil with a massive tax on BTC selling. This completely kill the deal for them. So for international money exchange, it is excellent if the receiver have a good method to exchange currency.

I do, but its not everyone. So its mostly about waiting for BTC to become more developed and accepted all around the world.

I mean that the transaction fee does not recognize any country border.
There is no higher fee to transfer somewhere in New Zealand or locally inside the same country.
This is innovation, decentralized, low fee, a bit anonymous and no need for any verification at all.

Yeah but if you want to use BTC in Kenya, you'll have to go through loops. You can't just buy food with BTC, you need to go through a payment processor or an exchange to turn the money in local currency. So the transaction fee is not the only fee regarding using BTC "anywhere in the world".

Even most online retailer don,t take BTC's, you deal through a payment processor who do take BTC and the merchant is paid in USD or whatever they want.

If your concern is about to make purchase in every field of life then this is possible by owning a bitcoin debit card.

Well the fees in this case it is not from bitcoin platform but from the bitcoin debit card service and from bank.

become a world currency such as the dollar america

Yes that is correct, there is very little place in the "first world" where you would not be able to spend BTC anywhere by proxy. Hence the joke with using Kenya as an example. As i'm not sure "trading plastic" is all that current there, but i might be generalizing.

All in all i think it would be hard to use Bitcoin there when just having a computer and internet is a luxury.

The biggest innovation of bitcoin is the use of peer to peer network for the transaction.
It makes the transactions more secure 8)

Yes. All these are consequences of decentralization. Limited supply would attract people. The new innovation in financial sector as well as in computer science.

... p2p network for send or receive the amount, decentralization, and you don't need to pay tax even if you hold millions value. and blockchain technology is one thing which can beat bitcoin popularity, recently people/group of company is more interested to blockchain technology than bitcoin.

The biggest innovation is decentralized public ledger. By decentralized I mean no control by one single entity (especially only crypto decides if transaction is valid), and public ledger gives so much trust to the Bitcoin.

The biggest innovation of bitcoin is Decentralisation
Bitcoin is universal and not under control of any country or government but people itself who use bitcoins..That's the best thing i like about bitcoins :)
Also bitcoin payments have very less fees and are instant that's another great advantage of bitcoins

ANd while the community seems to have anxiety about its progress as a payment system, this piece still has a lot of legs left. blockchain is just geting all of the attention like a newborn baby right now. It will pass.