Bitcoin compared with traditional banking and payment methods

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)

Yup, clear and simple.
The 'slow' aspect is elegantly understated. What used to take days, now takes 10 minutes.

Quote from: aso118 on August 07, 2015, 03:28:13 PM

Yup, clear and simple.
The 'slow' aspect is elegantly understated. What used to take days, now takes 10 minutes.

With some other altcoin it may take less than a minute. The problen is that not many altcoin will grow as big as bitcoin.

I think the popularity of alt coins will increase if a certain or specific group will use it as their preferred payment. One example maybe is a University. I remember when I was in College before we buy food in the cafeteria, we need to exchange our local currency to slips with different denomination. I'm really not sure why our school needs to do that. Just imagine if that will be applied to a fast food chain that is popular around the world.

I really dont know why bitcoiners belive so little in bitcoin that they has to produce lies all the time to make it look better....

Bitcoins are much faster than any other fiat currency. When it comes to speed, the fiat currency system is nowhere near the promptness of Bitcoin. Whenever you need to exchange from one fiat currency to another or to make a transaction, the wait is sometimes unbearable. In the era of speed and precision, you can either get through the banks, their questions (not to mention their fees) and wait an eternity for their approval, or you can just use Bitcoin to transfer millions of dollars, for negligible fees, in a matter of seconds.

With bitcoin, everything is so simple.

But you need pay miner fees if you need fast transactions, without fees you need some conditions.

Really great visual, puts the technology's advantages in perfect perspective!

* Note how the banks get to double dip in every transaction.

Quote from: aso118 on August 07, 2015, 03:28:13 PM

Yup, clear and simple.
The 'slow' aspect is elegantly understated. What used to take days, now takes 10 minutes.

You mean: it now takes 2 seconds

(the time for a payment)

What used to take 6+ months (the time before a paypal or credit card payment becomes permanent / irreversible / set in stone) is what takes 10 minutes with Bitcoin.

This is nicely illustrated and straight forward, but it shows bitcoin in cases of simple bitcoin purchase, and for that you need retailers and people that
actually accept bitcoin as payment option. If you would make an example on bitpay or bitcoin debit cards, the transaction wouldn't be as clean as the one in op.

cheers

Nice illustration, makes bitcoin look simple, fast and fee-free. However, I hope that those on this forum see beyond this and also see the real picture.

This diagram is the ideal use of bitcoin in the scenario when every user deal with other user directly. What we have not is not that scenario. There are bitcoin payment processor services.
We have bitcoin debit/credit card. Bitcoin ATMs. Bitcoin satellite services are plaguing cryptocurrencies world we can rarely use direct bitcoin transfer now.

I like infographics, but I also like them to be accurate. The illustration of using a credit card is over complex and newbies can spot that in a second. You also don't need a bank account to transfer money using Western Union. The inaccuracies will put people off that infographic and give a bad impression of bitcoin.

Quote from: PolarPoint on August 07, 2015, 10:00:14 PM

Good point!

It should also be added that one first needs to acquire Bitcoins; either buy in cash, which is a lot of hassle usually or buy with bank, which takes long. Also, escrow services to fight mistrust globally cause extra headache.

well the users or people who are familier with bitcoin already know how it is more good/better then banking and or other payment methods .. its all about spreading awareness to those who dont know about it .. m sure once everyone see it as clear as infographics above would love to try and get involved.

updated the image to change "instant and free" to "fast and cheap" and a few other minor changes

Really nice and simple explanation of what Bitcoin really is and of its advantages over fiat. I will share it everywhere, thanks!

if WU and PayPal was smart, they would capitalize on bitcoin and offer BTC insured transfer services. They could charge half their normal rate and still make a tremendous profit.

Quote from: futurebit640 on August 08, 2015, 08:46:14 PM

if WU and PayPal was smart, they would capitalize on bitcoin and offer BTC insured transfer services. They could charge half their normal rate and still make a tremendous profit.

Good suggestion but this will not happen in the near future.
Bitcoin is still not mainstream, its value is not stable yet (and WU and paypal surely don't like it), sometimes it takes a lot more time to wait for confirmation of the transaction (in one case I had to wait 4-5 hours) etc.
Until we resolve this issues I don't think Paypal or WU will consider to offer BTC as part of their service.

yup this is pretty obvious explanation of bitcoin vs banking system. although bitcoin has some third party in the middle sometimes for payments like (bitpay i think can be considered one of them) but it is still an option and not the main thing. i personally like the fast and low fee transferring the money that bitcoin offers.