Advantages of Bitcoin over traditional payment systems

[mace15]

There's more advantages of bitcoin over traditional payment.
These are: low costs, less fee, faster transactions, less efforts,
and secure payment. These advantages could help a lot to many
users of bitcoin.

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[pedrog]

Bitcoin was not designed for online shopping like, for example, Paypal, bitcoin is slow and has no consumer protection, if you want to be scammed by strangers over the Internet you should shop with bitcoin.

Paypal was designed for ecommerce, it has buyer and seller protection, it's fast, and very easy to use.

Bitcoin can actually be used for online shopping. Bitcoin was at first, thought to be useful for online transactions due to its difficulty to reverse after the transaction has been confirmed for a number of times. Digital goods and credits can be quite hard to purchase with PayPal since merchants are reluctant to accept Paypal as a payment option as it would result in chargebacks. Not to mention the fees are quite steep.

Bitcoin can arguably become Paypal if there can be an escrow service which can allow 2-of-3 multisig where the seller and buyer each hold one and the escrow holds one of the keys too.

Ever heard of MtGox, Bitfinex?

Or a shit load of other thefts: https://bitcointalk.org/index.php?topic=576337.0

The thefts occurs mostly due to the user trusting the exchange/service too much and holds all their money in the exchanges/services. The thefts could easily be prevented if the user practice proper security measures and use their own desktop wallet for storage of their own BTC.

What you're saying is that bitcoin can become Paypal if we put a Paypal in bitcoin.

[amacar2]

I like your listing but i would like you to add that bitcoin transaction are irreversible one making merchants to feel safe against chargebacks with traditional payment systems.

[kanazawa]

Unbanking people can transfer, use, etc this "money" without control. And in many countries you can be outside government domain by simply create a wallet on localbitcoins and trade your physical cash into bitcoins without any intervension of the state. The track system is also very cool and the small taxation is beatiful. There are so many advantages that you could write a huge list. Nothing compares with this freedom.

[ashiqdey]

there is many advantages of bitcoin transaction specially for heavy amount because.

• it's safe and secure than traditional bank system
• it's anonymous, no one will know to whom you have paid money
• it's faster and transaction fee is much lesser then bank system

[bitbunnny]

To all this I would also add freedom of payment and independence from the bank. You can freely choose where to keep Bitcoins and how to spend them. Also, no one is checking you credit history or reputation. You can stay anonimous or reveal your identity. And with just few coins you can feel rich.  

[Kprawn]

there is many advantages of bitcoin transaction specially for heavy amount because.

• it's safe and secure than traditional bank system
• it's anonymous, no one will know to whom you have paid money
• it's faster and transaction fee is much lesser then bank system

It is safe, if you use it directly {person 2 person} NOT if you use some 3rd party service or a dodgy exchange. It is not anonymous, but

rather Pseudo anonymous. It's definitely faster, if you compare it with international wire transfers, but the transaction fees might be

comparable, depending on what 3rd party service you are using. Some services just hide their overall cost, and make the transactions

look cheaper. 

[davis196]

I often meet newbies and try to explain to them what makes Bitcoin special. I am trying to compile a list of advantages of Bitcoin.

Is there anything anybody feels I should add to the list below?

Also I think its better to keep to concrete, succinct,  advantages. Not what might be considered wishy washy hype about how it will 'help bring sub-saharan Africans out of poverty by allowing them to purchase goats with Bitcoin".

Some of the reasons which I currently state:

-It allows you to have full control of your money, nobody can take away your money.

-It is not controlled by anyone. Its a decentralised peer-to-peer network. Based on open source software. This means it can not be manipulated, Bitcoin supply is fixed modelling it after gold. Nobody can stop or prevent transactions.

-It has low fees compared to other online payment methods like paypal, credit cards etc.

-It is truly global.

-It is programmable money that allows for smart contracts.

-Anybody including kids from their basement, can create financial applications without permission. This is because its open source technology and the network is not controlled by anybody. Nobody needs to ask permission to use it and nobody can restrict access. If you have access to the internet you can access it.

-It is pseudo anonymous and with some extra effort it can be very close to anonymous. You need sophisticated state actors using significant resources to de-anonymise if somebody takes extra effort.

-It is less hackable then traditional payment systems because it is a push system. That means you dont provide your 'secret keys' to receiver/merchant when you make a payment, unlike with credit cards.

I agree with your list,but the biggest bitcoin advantage is the irreversible transactions.

There are people who think that irreversible transactions are a flaw,but they are wrong.

[jonahmarieaton101]

You also should include the disadvantages, it doesn't seem honest just to show the good stuff, you should give a complete picture.

Anyways, you said advantages? Is their any advantages of bitcoin over traditional payment systems?

Mind me to share your thoughts 

[Red-Apple]

it is Decentralized.

i don't care about any other feature bitcoin has, although a lot of them are excellent and i like bitcoin because of them too but in my opinion the decentralized feature of bitcoin is the best one.

i can use it however i like and there is nobody in the world that can ask me why.

with fiat i go to one site and it says we don't accept your bank, another says we don't accept your country,... with bitcoin nobody can say we don't accept your bitcoin!

[Yakamoto]

it is Decentralized.

i don't care about any other feature bitcoin has, although a lot of them are excellent and i like bitcoin because of them too but in my opinion the decentralized feature of bitcoin is the best one.

i can use it however i like and there is nobody in the world that can ask me why.

with fiat i go to one site and it says we don't accept your bank, another says we don't accept your country,... with bitcoin nobody can say we don't accept your bitcoin!

Decentralization is a pretty big thing when it comes to economics, and quite impressive when you can have a currency built around that concept that works, however Bitcoin isn't miraculously something that is going to be accepted everywhere because it isn't some sort of fiat. Bitcoin is still kind of fiat-like right now when it comes to value, the only difference being that the value is crowd-sourced, which is better than just being told $1 = $1.

[croutonhexagon]

Bitcoin is a revolutionary technology of modern money. Which Satoshi had invented for first time and this have lot of advantages. Transaction fees in bitcoin it's comparatively less then bank system. Byron transaction transaction is much faster then traditional bank system. Notun transaction is highly secure then bank system. Transaction in bitcoin system is anonymous and automated.

[countryfree]

People talk about BTC being anonymous, which isn't exactly true. It's better to say you can easily hide money with BTC. You can create a wallet in a place which offers public wifi, sends a few BTC there, and it would be next to impossible to prove those still belong to you.

[Robertqueen2]

I can count a lot of Bitcoin advantages, but the most beneficial features are: user anonymity and the small transaction fees, as well as no one can freeze your money, these three feature are the most important reasons which push people to buy and store Bitcoin and other Cryptos.

[YTBitcoin]

For me the best advantage is that without that I was a jobless and now I do not need any job and I am earning a good income with trade from bitcoin and altcoin.

[akatsuki]

It has been fast for me when making payments versus the traditional methods that I have been using so far.
It is a god sent actually if you ask me.

[Backside walkaround]

All of those things are great...if you're computer savvy, which most people are not and never will be.  And to that population, fiat is so much easier to use and so much more available that there's no true need for bitcoin.  I do wish you luck in proselytizing, because bitcoin needs pumpers out there.  I just think if you're trying to convince Joe Blow on the street that he needs to use this funky internet currency, he'll laugh in your face.  Anonymity is big, but a lot of people don't care about that.

[ajun96]

There's more advantages of bitcoin over traditional payment.
These are: low costs, less fee, faster transactions, less efforts,
and secure payment. These advantages could help a lot to many
users of bitcoin.

yeah it is a basic difference when you use the bitcoin for methods to send money than traditional methods. you do not need the hassle of sending money to bitcoin, because you only need to open the gadget and send bitcoin, and the transaction is completed, let alone a very small transaction fee in bitcoin

[ranochigo]

People talk about BTC being anonymous, which isn't exactly true. It's better to say you can easily hide money with BTC. You can create a wallet in a place which offers public wifi, sends a few BTC there, and it would be next to impossible to prove those still belong to you.

The Bitcoin can be traced easily. If you were to send 1BTC from an address to another address, there is a high possibility that they belong to you. If you were to use a mixer, it wouldn't be so easily traceable. Tor is a better alternative for users to connect their wallets to. Most wallets do have the option to setup a proxy and Tor offers more privacy.

All of those things are great...if you're computer savvy, which most people are not and never will be.  And to that population, fiat is so much easier to use and so much more available that there's no true need for bitcoin.  I do wish you luck in proselytizing, because bitcoin needs pumpers out there.  I just think if you're trying to convince Joe Blow on the street that he needs to use this funky internet currency, he'll laugh in your face.  Anonymity is big, but a lot of people don't care about that.

Most wallets have a good user interface and it would require an average Joe minimal knowledge to know how to use Bitcoin. They only have to understand whats an address and confirmation and that's it.

[th3nolo]

I think that its best advantages are fast Payouts, low fees, you can simply change it to any currency, its value grows with time, anonymity payments and it is decentralized.