Freedom of payment - any amount of money can be paid and received instantly and anywhere. No bank holidays, no borders, no imposition. Bitcoin allows its users to completely control their money.
Very low fees - there is no handling charge or very little handling fee for the current payment of bitcoin. The user can include the handling fee in the transaction to obtain processing priority and receive the transaction confirmation from the network faster. In addition, there are merchant processors that help merchants deal with transactions, convert bitcoin into legal tender daily and deposit funds directly into merchants' bank accounts. Because these services are based on bitcoins, they can provide a much lower fee than PayPal or credit card networks.
Reduce the risk of merchants - bitcoin transactions are safe, irrevocable, and do not contain customer sensitivity or personal information. This avoids the loss caused by fraud or fraudulent withdrawal, and there is no need to comply with PCI standards. In places where credit CARDS cannot be used or fraud rates are too high, businesses can easily expand new markets. The net result is lower costs, bigger markets, and less administrative costs.
Security and control - bitcoin users are completely in control of their transactions; Businesses cannot force fees that may or may not be found in other payment methods. Paying with bitcoin doesn't have to be tied to personal information in transactions, which provides great protection against identity theft. Bitcoin users can also protect their money by backing up and encrypting it.
Transparency and neutrality - all information about the money supply itself is stored in a block chain, and anyone can check and use it in real time. No individual or organization can control or manipulate the bitcoin protocol because it is password protected. This makes bitcoin's core believed to be completely neutral, transparent and predictable.
I think instead of giving an example of advantage of bitcoin I will give one of the most disadvantage of bitcoin. It is when bitcoin will be used in some dirty works like selling and buying drugs on the black market and doing trafficking like child trafficking because bitcoin doesn't leave a trace of transaction unlike when you send money thru banks. So it is kinda scary when bitcoin will totally become free form the eye of governments. |
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mon·ey (noun)
- a current medium of exchange in the form of coins and banknotes; coins and banknotes collectively.
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cur·ren·cy read as ˈkərənsē (noun)
-a system of money in general use in a particular country.
So, is bitcoin money or currency?
Not an actual money but bitcoin is like a representation of money because you can buy using bitcoin and money is the thing that can be used to buy things. Unlike money, bitcoin is more flexible than money or physical money because you can use it anytime and anywhere just have an internet and a phone not like money that you really need a physical appearance of money before you could purchase an thing. |
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There was a time where Bitcoin was not even on the radar, it was a novel idea that was primarily used by thieves and drug dealers on the dark web. Nothing to be afraid of in terms of holding a monopoly on money. However, that same little upstart is now disrupting the system of things; from Bitcoin and other cryptocurrencies, ICOs and the ever impressive Blockchain technology. This is now a legitimate threat on traditional banks. Banks have existed unchallenged for hundreds of years, and that is the key issue here; Bitcoin, backed by a solid platform such as Blockchain technology, is a ghost that is incredibly hard to control due to its decentralized nature. The power and control of money is being ripped away from traditional institutions, which can also be seen on Wall Street. Some of these traditional investors are siding with what could be the future, while others vehemently denounce it. Individuals can now enter into direct peer-to-peer trusted exchanges with strangers. They no longer need a central institution to vouch for the other party. Just like the fax machine, the library, even metered taxis, new technologies have come along and made others obsolete. Banks are now in the sights of Bitcoin and are in their death throws, as they lash out with the power of states behind them. However, there’s no stopping progress, and even with state-backed regulations trying to wrestle the money of the people under control, banks have every reason to be nervous. Full news https://www.cointelegraph.com/news/why-big-banks-are-so-nervous-about-bitcoinBitcoin gives convenience to people that banks can't give at all just like queueing. When you use bitcoin you don't need to queue for a long line, wherever you are and whenever you want, you can send some bitcoin or money to someone even she/he is on the other side of the world unlike with banks there are so much process and questioning. |
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http://www.cnbc.com/2017/06/20/bitcoin-millionaire-erik-finman-says-going-to-college-isnt-worth-it.htmlHave you heard of the story of a 12 year old kid who wagered with his mom that if he will be a millionaire at age 18 he will not go to college. To his mothers surprise he is now a millionaire and never went to college. His secret he bought bitcoin at 12$ with a 1000 $ gift from his grandmother. If we also dream of getting rich in the future it is now time to invest in bitcoins. Many said that we will be experiencing bubbles more often, that is true but we have survived it and still bitcoin keeps moving on. If we want to get rich invest in bitcoins today. The price of bitcoin today is at 2600$ and moving up but imagine its value 5 to 10 years from now. I think it's all depend on you on how you will become a millionaire or if you want to be rich. If you can balance both your time and your money properly, you will become a millionaire in no time especially when you have big amount of bitcoin. I see that many millionaire today focuses on how their investment grow and I think a knowledge about this field is essential for you to learn some things that will help you to reach the top. |
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I think it's not far if i say that dollar and bitcoin are actually the leaders of their platforms. What's also crazy is how this forum served as the source of consumers and a big factor in increasing the acceptability of bitcoin by people. Really the design and everything about this community is genius.
If we observe the similarity between bitcoin and dollar, we may state one main similarity. In fiat currencies, dollar is what we call the leading currency, and most watched by everyone in the world. While in crypto currencies, we may say bitcoin is the leading crypto. No doubt that this is true because everyone can see the evidence. Regarding about this forum, it is really helpful for us users to agree and disagree with certain topics, and to hear what are the thoughts of people using crypto currencies. |
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Maybe yes, or maybe not. Don't be too complacent because we still don't know what can happen within these times. We may observe a slow growth on the prices, but let us not be too happy for this. This should be normal for us users. There was a sharp rise until yesterday, but today there was a correction. The crypto currencies showed their power again and gave us confidence.
As I was saying, we do not know what will happen, because bitcoin is volatile, and everyone knows it is not manipulated by anything. |
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When I started bitcoin, I thought of myself that when I earn some, I will use it for my family's needs, support in my studying, and other useful things. Now that I have received some, I have used it to buy what I want and I need, and I don't even ask my parents for money if I have to go out, and also, I use it to help my parents somehow if they have something they need too. My next project is me contributing in my family to buy our own house. Maybe difficult but it is not impossible.
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Honestly speaking, I am finding a source of income online, and my classmates are speaking about bitcoin. I really don't what it is until a few weeks or months later i have found that they are earning money through this platform. So what I did is I read articles and I read here in the forum how to get bitcoins.
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I was wondering which one was your favorite out of the two cryptocurrencies? I think Ethereum has proved to be more flexible than Bitcoin even though Bitcoin is making the biggest noise
Both bitcoin and Ethereum is good exchanger or currency and it has really big part in crypto world. Before bitcoin is the most popular since the value and expected value is huge than ethereum but now I think ethereum is more popular since every minute the eth increase or there has a change in price. Unlike bitcoin it is stable in red value which is really depressing for some bitcoin user. |
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I am not entirely surprised by this at all actually, anecdotally I have always felt people who achieved success where mainly in the right place right time. Whether that be born to a certain family or class, or to a certain country, or area of a country, these things all effect where we will end up. Good to know us average folk can still make it in this rigged world  Actually, yes being rich is not because you are smart person or skillful person sometimes it is by chance, by faith or by opportunities that comes to us. What is the essence of being top student in your class, or have lots of rewards and certificate of appreciation if you don't have any opportunities to grab? That's useless. |
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after this major price correction. i want to see what are your ideas on this. lets say you bought bitcoin 2 years ago. you notice prices were high at 19,000$ should u sell or continue to hold? what are your thoughts after this huge correction?
it is probably too late to sell after holding since the 19000$ correction.
I think it is bad idea to buy bitcoin in high value then sell it is low value. You will definitely get loss on your investment. It is better if you buy at low value and sell in high price, you are assure that your investment generates profit. Once you buy bitcoin, do not sell it immediately. Try to hold it and wait until the value is enough for you. |
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No matter how sad it sounds, bitcoin is still used for illegal activities, especially for the sale of drugs. For drug dealers, bitcoin is a gold mine. Imagine, complete anonymity, deaf the need for meet with customers, Ah and laundering money. How to deal with it? Nobody knows. But you need to fight.
Yes there are some sectors or sites that are using bitcoin in some illegal aspect such as gambling. Theyre using bitcoin as their bid and then they will use it to earn money easily. But the profit there is not sure because it is a 50/50 process. You cant predict if you will win you will lose. |
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Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.
Someday bitcoins are lost forever and no one would able to access it, i think for sure is, if you have a bitcoin, you need to exchange it emidiatly to be sure, and your money is save it to a bank, then if you have an emergency you have a money saved. If you think your money is safe in the bank you may be in for a big surprise. Banks are insured only up to a certain amount against bankruptcy, which happens more often then you think, and are obliged to take your money and give it to the government, which also happens more often then you think. Much safer in your cryptographically protected digital wallet. Thanks for bringing this up, it's a very common belief that no matter how much money you have in a bank you'll always get it back since the governments back your funds, but what it is going to happen when the government is the one that is facing bankruptcy? They are not going to be able to protect your money especially when you need them the most, this has happened many times just in this decade and it will keep happening, this is why satoshi created bitcoin in the first place to help people to manage their own money and not depend on anyone else. It will definitely a big loss. Because you can even tell atleast one member of your family that is trusted for you. You can give him or her you provate keys or passwords so that when you died or when youre gone they can use the money for good and you leave a good legacy to your family giving them the wealth that you earn when you are still living. |
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In 2018, we are having a lot of issues relating to cryptocurrencies and most of these issues are regulations and governments trying to centralized Bitcoin by establishing control over it.
I am thinking if Bitcoin can actually fight on as we can see from the pricing of recent that Bitcoin has been dropping and it is finding it difficult to recover. How far can Bitcoin go? Has governments using the tools' of regulation to control Bitcoin pricing working for them? Your opinion will be appreciated and if you make a good view about what is happening you will get merit from me. Thanks.
Yeah, in my view this is year have a issues relating to cryptocurrencies even the famous website like the facebook. Past months ago, Mark Zuckerberg the CEO of the Facebook banned all the advertisement on the said site. This issue that been suffering a few months ago is the reason the value of the bitcoin drops, but we still fight and believe that amount of the bitcoin will recover. I think this month are waiting for, the value of the bitcoin still in the recovery process. For me. As it continue to spread up today maybe it will be more recognized as time passes by. It is because of what we are doing right now making the bitcoins or any other cryptocurrency to promote and spreading the good features of it. It makes the investors or any individual that have eagerness and finding easy income. Maybe theyre trusting bitcoin too if they experienced the good features of it. |
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There always a reason to defend that Bitcoin is better payment system compare to real money. For we know that as technologies grows and develops it is more accessible and easy to transact with crypto Currency. That we don't need to go to the banks..
Yes ofcourse. It is really a good way of paying someone or any site. Or if you are invedting onlinne it is really a good and better way of depositing your money to any site because it needs internet connection to send it. Technology is really the reason why is it happening right now. Making the transaction so fast. And earning money so fast too. |
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It is highly recommended to invest time in understanding these crucial things before investing actual money in the same. As we all know that Bitcoin and cryptocurrency is are based on blockchain technology which relies on the principle of decentralization, there is a decentralization of responsibilities to and hence it is important to identify those responsibilities as the user to make sure that your funds are safe with you. Governments and banking systems are making it difficult to get involved with Bitcoin and cryptocurrencies but there is always a way to do it without breaking any law.
Yes I really agree with that because money here is not can be seen because if you want to invest your money here. You need to buy bitcoin using your fiat and it is really risky because bitcoin is a digital currency and it is a untouchable. But if you are wise than amy other you can secure your funds by doing active or secure transactions too to avoid scam. |
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So recently I was using this app called Instagram (in case some of you never heard of it) and I posted some pictures & videos related to Bitcoin on my Instagram Stories (Like that day when the price goes insanely high and keep going til now). Then 2 days ago some of my friends suddenly asked me about what Bitcoin is & how could the price goes up like that. And I was surprisingly glad to know that I've influenced some people to get to know Bitcoin. And then I introduced them to Bitcoin and answer their questions about it, there were 3 people asking about Bitcoin that day just because of this 1 post. I mean why don't we just use this power of social media to make people aware about this Cryptocurrency, well I know that there are already some people doing this (like those YouTube channels). But what I'm talking about here is to us to post something about Bitcoin on our social media, you can just at least post something like your first transaction with Bitcoin and share your story on your Facebook or take the picture of your book that you just bought from the internet using your Bitcoin and then post it on your Twitter. Don't be afraid to share your experience, you won't get hurt by doing it! (at least not now)These days people have a easy access on media but they use it improperly. So I think it will be good if bitcoin will be advertised on social media because these days people are drawn to social media they spend half of their day to social media. Also if you advertised bitcoin on social media you have the chance to earned bitcoin too. |
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Some people invest some if not all of thier asset in bitcoin. They are lured by its growing up value its equivalent to fiat currency but is bitcoin really safe and secure.? What do you think.,
It is secure. We have no problems of lost coins and the like, but the one thing we cannot assure is the price of it because we do not control it. We can assure that it will still exist in the long run because there are many users of bitcoin, and we can continue saving, trading, or mining in the future. There qre wallets that make you assure that it is safe and no one will steal it. |
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In this mid year of 2018, we experience the low prices of bitcoin and it's hard to sell now the different coins that we have. For me it is unbelievable that bitcoin drops its price now because last year we have a shocking year and everyone is in hype. But we should get used to it because I know it will go back to its price where it is high and everyone seems to be active.
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Bitcoin is a new innovative way of transacting, trading, and investing money that technolgy users must know. On the other hand, people must not only lean to bitcoin and the like to earn money because at the first place, bitcoin is only used as a virtual money and not convertible to cash. Unlike now, bitcoins are a benefit to other people because they earn because of it.
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