I wanted to know!!!!

[hunkey600]

I wanted to know how bitcoin is useful to community and what are the advantages of this currency above other P2P or electronic currencies. If you like you can share disadvantage too.

Please share your thoughts.

Thanks

[Meuh6879]

https://www.youtube.com/watch?v=joITmEr4SjY

[Nancarrow]

I wanted to know how bitcoin is useful to community and what are the advantages of this currency above other P2P or electronic currencies. If you like you can share disadvantage too.

Please share your thoughts.

Thanks

The advantage over other cryptocurrencies is that it is the first, and as a result its codebase is the most tested and established, it is the most well known and by far the most valuable in terms of fiat exchange price. The importance of the latter is frequently dismissed by people who must somehow not require food, clothing, housing, utilities and so on.

All those advantages could change over time if an altcoin shows clear technical superiority and as a result gains a following and then media attention. But three points make that difficult:
1) Greed. Most altcoin creators and promoters seem to just want to make a quick buck by pumping-and-dumping
2) Innovation. Bitcoin solved some very deep problems compared to national fiat money. An altcoin successor must recognise *genuine* problems with Bitcoin and provide *genuine* solutions. Changing a line in the code to cutt block generation time to 1 minute won't cut it.
3) Adaptability. If the bitcoin community sees a clear improvement has been made with an altcoin, those features can be incorporated into bitcoin. Not easily to be sure - it almost certainly requires a hard-fork and a prior year or two gathering consensus. But it can be done.

[franky1]

advantages
1. no need to waste money making business plans just to convince a bank to give you a business account, and then pay fee's to add electronic payment systems... bitcoin can work with just a QR code on a piece of paper.. no need for banks or payment service providers

2. send funds across into any country without delay or fee's

3. sell products from your house, street market, website without card processing equipment.

4. no worries of chargebacks or non-payment. bitcoin is an electronic cheque, once signed and handed over the funds are yours guaranteed.

5. you can send someone $1billion or half a penny, without any difference to the method, time, hassle or hindrance

6. no need to store customer payment details for 6 years, no risk of identity theft or hacking to gain customer payment details.

7. you can be as public as you like by announcing which address represents your employee's wage receiving address, making it completely public. or keep it completely a secret where no one will know who or what the transactions are for

8. funds can be used as a public vote. set up 2 addresses, the one with most tx's received wins

many more advantages, but i got bored of typing

[BillyBobZorton]

I wanted to know how bitcoin is useful to community and what are the advantages of this currency above other P2P or electronic currencies. If you like you can share disadvantage too.

Please share your thoughts.

Thanks

The advantage over other cryptocurrencies is that it is the first, and as a result its codebase is the most tested and established, it is the most well known and by far the most valuable in terms of fiat exchange price. The importance of the latter is frequently dismissed by people who must somehow not require food, clothing, housing, utilities and so on.

All those advantages could change over time if an altcoin shows clear technical superiority and as a result gains a following and then media attention. But three points make that difficult:
1) Greed. Most altcoin creators and promoters seem to just want to make a quick buck by pumping-and-dumping
2) Innovation. Bitcoin solved some very deep problems compared to national fiat money. An altcoin successor must recognise *genuine* problems with Bitcoin and provide *genuine* solutions. Changing a line in the code to cutt block generation time to 1 minute won't cut it.
3) Adaptability. If the bitcoin community sees a clear improvement has been made with an altcoin, those features can be incorporated into bitcoin. Not easily to be sure - it almost certainly requires a hard-fork and a prior year or two gathering consensus. But it can be done.

I don't think there will be an altcoin powerful enough to gain the insanely strong network effect of BTC. The only other cryptocoin that can dethrone Bitcoin, is when TPTB replace cash with an e-currency which is based on financial credits, of course closed source. Basically, closed source e-fiat, a total nightmare.

[hunkey600]

advantages
1. no need to waste money making business plans just to convince a bank to give you a business account, and then pay fee's to add electronic payment systems... bitcoin can work with just a QR code on a piece of paper.. no need for banks or payment service providers

2. send funds across into any country without delay or fee's

3. sell products from your house, street market, website without card processing equipment.

4. no worries of chargebacks or non-payment. bitcoin is an electronic cheque, once signed and handed over the funds are yours guaranteed.

5. you can send someone $1billion or half a penny, without any difference to the method, time, hassle or hindrance

6. no need to store customer payment details for 6 years, no risk of identity theft or hacking to gain customer payment details.

7. you can be as public as you like by announcing which address represents your employee's wage receiving address, making it completely public. or keep it completely a secret where no one will know who or what the transactions are for

8. funds can be used as a public vote. set up 2 addresses, the one with most tx's received wins

many more advantages, but i got bored of typing

haha...thanks for your time by typing this post, i agree these are some of the best advantages bitcoin has but don't you think most of these can be covered by other e-currencies also you lose identity when convert botcoins to fiat.

[Coinster]

haha...thanks for your time by typing this post, i agree these are some of the best advantages bitcoin has but don't you think most of these can be covered by other e-currencies also you lose identity when convert botcoins to fiat.

There are ways to mix bitcoins to clear links to activity. It's also possible to convert bitcoins to fiat with no identity using P2P exchanges like LocalBitcoins.com.

[hunkey600]

haha...thanks for your time by typing this post, i agree these are some of the best advantages bitcoin has but don't you think most of these can be covered by other e-currencies also you lose identity when convert botcoins to fiat.

There are ways to mix bitcoins to clear links to activity. It's also possible to convert bitcoins to fiat with no identity using P2P exchanges like LocalBitcoins.com.

Yeah both points you highlighted are really good and i completely forgot about localbitcoins.com this way you can hide the identity but again this is an alternative not a solution, what you say?

[Error404]

i dont understand bitcoin really are because many defintion , our opinion but in my opinion bitcoin really help for people who lost their job or no job for people who's had financial problem or some people poor it can be way of gaining knowledge about what topic they want to know or help some people who had problem to help ,

[Amph]

i dont understand bitcoin really are because many defintion , our opinion but in my opinion bitcoin really help for people who lost their job or no job for people who's had financial problem or some people poor it can be way of gaining knowledge about what topic they want to know or help some people who had problem to help ,

this is what bitcoin really is not, a instrument to help the poor... it was not born for giving a quick buck, it was born for an alternative to fiat money and they centralized system,nothing else, yet people are still using for acquiring more fiat

people should do the opposite, convert all fiat to bitcoin

[Error404]

i dont understand bitcoin really are because many defintion , our opinion but in my opinion bitcoin really help for people who lost their job or no job for people who's had financial problem or some people poor it can be way of gaining knowledge about what topic they want to know or help some people who had problem to help ,

this is what bitcoin really is not, a instrument to help the poor... it was not born for giving a quick buck, it was born for an alternative to fiat money and they centralized system,nothing else, yet people are still using for acquiring more fiat

people should do the opposite, convert all fiat to bitcoin

im new in this community sorry for what i said i just say my own opinion that is my know about bitcoin is and i dont know fiat means because like i said im new in this community many question about this community and i just study and read it to know what world is this 

[ilyasilyaso]

the bitcoin is one of kind digital currency that has no likeness,of course there is nothing perfect bitcoins does have it"s flaws
Bitcoin Advantages

(Freedom in Payment) :-With Bitcoin it is very possible to be able to send and get money anywhere in the world at any given time.
-You don’t have to worry about crossing borders, rescheduling for bank holidays, or any other limitations one might think will occur when transferring money
-You are in control of your money with Bitcoin. There is no central authority figure in the Bitcoin network.
(Control and Security);Allowing users to be in control of their transactions help keep Bitcoin safe for the network
(Very Low Fees);Currently there are either no fees, or very low fees within Bitcoin payments

[daddybios]

Bitcoins can be called disadvantages.
Constantly increasing the size blockchain.
Very long transfers between wallets.
It is necessary to wait 6 evidence, and it is long!
Many believe that the end will come soon Bitcoins.

[dothebeats]

Bitcoins can be called disadvantages.
Constantly increasing the size blockchain.
Very long transfers between wallets.
It is necessary to wait 6 evidence, and it is long!
Many believe that the end will come soon Bitcoins.

Constantly increasing the size blockchain.

This is necessary as the need for data space will arise as soon as the network sees increasing transactions over time.

Very long transfers between wallets.

Nope. As far as I can remember, most wallet services only require 6 confirmations from the network before the balance appeared in the wallet. That will only take 30 minutes usually (in opposition to several days before you can flag a transaction complete in bank transfers). In case of importing wallets, it only takes several minutes before the process is done. I don't see how you consider that as long.

It is necessary to wait 6 evidence, and it is long!

Necessary? Yes, so as to prevent double-spending. However, there are some clients who don't flag a transaction valid before it reach 120 blocks deep. See https://en.bitcoin.it/wiki/Confirmation for more information.

Many believe that the end will come soon Bitcoins.

This are only some of the factors that helped bitcoin see its way to where it is right now. Without the necessary safety precautions and measures that is being implemented in the coin, I don't see bitcoin going this far.

[daddybios]

Nope. As far as I can remember, most wallet services only require 6 confirmations from the network before the balance appeared in the wallet. That will only take 30 minutes usually (in opposition to several days before you can flag a transaction complete in bank transfers). In case of importing wallets, it only takes several minutes before the process is done. I don't see how you consider that as long.

30 minutes - too long for me. Sometimes you need to quickly convert from one Bitcoin exchange for another. For this, I and many others are using other coins. This is for me the main drawback.
Very often it is necessary to wait more than 30 minutes (~60min). Although I pay a good commission.

[hunkey600]

Thanks guys slowly i am learning some new facts and will the transaction wait time will increase slowly?

[ThEmporium]

https://www.youtube.com/watch?v=joITmEr4SjY

Good Video and fine explanation, We need to learn a lot about bitcoins deeply, really useful comparing to other currencies, recently I came to understand that slowly people get to understand the bitcoin, hopefully if the bitcoin get introduced in Hyper markets around the world, it would be awesome to have the secure transactions with them,  I need aviation related should also deal with bitcoin.

[franky1]

Yeah both points you highlighted are really good and i completely forgot about localbitcoins.com this way you can hide the identity but again this is an alternative not a solution, what you say?

converting fiat to bitcoins to buy things. or converting bitcoins to fiat to buy things is not what bitcoins are all about.. what you are taking about is the gateway services, not bitcoin itself..

bitcoin can be compared to bank notes. when paid in bank notes and buying things with bank notes, businesses do not need or care about identity. yet if you went to an exchange service to swap bank notes of $ for euro's then things get complicated where if you request more then $1000 the exchange starts to get interested in who you are.

 i have an income that is fully bitcoin (no conversion) i pay my bills in bitcoin so i never need to hand over my details. and thats what bitcoin is about. not the exchanges

[erikalui]

Yeah both points you highlighted are really good and i completely forgot about localbitcoins.com this way you can hide the identity but again this is an alternative not a solution, what you say?

converting fiat to bitcoins to buy things. or converting bitcoins to fiat to buy things is not what bitcoins are all about.. what you are taking about is the gateway services, not bitcoin itself..

bitcoin can be compared to bank notes. when paid in bank notes and buying things with bank notes, businesses do not need or care about identity. yet if you went to an exchange service to swap bank notes of $ for euro's then things get complicated where if you request more then $1000 the exchange starts to get interested in who you are.

 i have an income that is fully bitcoin (no conversion) i pay my bills in bitcoin so i never need to hand over my details. and thats what bitcoin is about. not the exchanges

So the only advantage of using bitcoins is the anonymity factor? Was that the only reason to have this crypto currency?

For me it's the fact that the currency can be converted into fiat and trading in it earns me a profit if the price increases. I don't bother much about the anonymity.

[hunkey600]

Yeah both points you highlighted are really good and i completely forgot about localbitcoins.com this way you can hide the identity but again this is an alternative not a solution, what you say?

converting fiat to bitcoins to buy things. or converting bitcoins to fiat to buy things is not what bitcoins are all about.. what you are taking about is the gateway services, not bitcoin itself..

bitcoin can be compared to bank notes. when paid in bank notes and buying things with bank notes, businesses do not need or care about identity. yet if you went to an exchange service to swap bank notes of $ for euro's then things get complicated where if you request more then $1000 the exchange starts to get interested in who you are.

 i have an income that is fully bitcoin (no conversion) i pay my bills in bitcoin so i never need to hand over my details. and thats what bitcoin is about. not the exchanges

Yeah anonymity is one of the factor making it popular but this is not popular in all the countries as of now so if you have bitcoins then you need to convert them to fiat.