Bitcoin compared with traditional banking and payment methods

[CheckOut3]

bitcoin looks simple, fast and fee-free. However it need more time to be used over online shops.

[Q7]

I think the most important part here is the removal of banks and their outrageous fees from the equation. Even sometimes when you perform cross border transaction both banks from each end will deduct additional fees from it. In bitcoin, there is only one.

[afriezalie]

Bitcoin is easy to use and faster than traditional banking and other payment methods, but in other way, bitcoin is less secure compared to traditional banking and paypal. I don't know why, but there are many bitcoin hacking cases.

[RGBKey]

Bitcoin is easy to use and faster than traditional banking and other payment methods, but in other way, bitcoin is less secure compared to traditional banking and paypal. I don't know why, but there are many bitcoin hacking cases.

Bitcoin is many, many times more secure than traditional banking. The "hacking" you hear about is from people that either do not know how to properly secure a system that handles thousands of transactions, or from people that don't understand basic security and phishing.

[Kprawn]

That would be the ideal diagram, but it's slightly more complex... because most people use 3rd party services to convert BTC back to fiat now. In future converting everything

back to fiat would not be necessary, but for some people this is still not a option. So just add these 3rd parties to that diagram and it would look more or less the same, or even

more complex, if they had to go through their banks too, to get to the cash from these exchanges. If you hoard Bitcoin 100%... it would look like that diagram.   

[Daniel91]

I really liked the simplicity and clarity of the illustration.

Credit given to: https://medium.com/@liamzebedee/3-essential-takeaways-from-the-mit-microsoft-bitcoin-talk-54a4cd71a702  (Images taken from this site and modified slightly)

Very good explanation, great illustration
I recently tried to send money to my friend in Nepal.
WU was to expensive, he can't use paypal in his country, can't get international VISA card (only for use in India&Nepal), Bank wire fees also was to high (and to long wait to receive money) etc.
On the end I suggested to him to open BTC wallet and we solved our problem
It's really simple, fast and secure process.
Thanks God for bitcoin