advantages of bitcoin

[requester]

please pen down all the advantages of bitcoin over traditional bank system. Also mention if bitcoin system is adoptable for bank system.

[ranochigo]

Bitcoin is irreversible, have cheap transaction fees, instantneous speed and is pseudonymous.

Bitcoin's irreversibility allows transactions to be secured in a matter of hours or even minutes, disallowing chargebacks which can hurt the merchant financially. Compared to many banking system, Bitcoin has the fees that are counted in cents instead of dollars. Bitcoin can have transactions appearing in the matter of seconds with the fast propagation speed. Bitcoin can be pseudonymous if it is used correctly, disallowing governments to track the transactions.

Bitcoin would never work with banking systems.

[ethereumhunter]

you can send and receive bitcoin from any place and not depend on different of time on each places, you can trading bitcoin with many cryptocurrency and fiat in many market exchange, bitcoin is really simple, no need to write down our identity, its secure and safe, while in the traditional bank we need to fill our identity.

the low fee of transaction that help us to send any amount of bitcoin, can use any wallet you want as bitcoin can receive in many wallet, bitcoin is a long investment and there is a good chance to make a lot of money in future.

[vino.gcs]

I think the major advantage to use Bitcoins in less transaction fees. And hassle less procedures.
Just enter the address and click "send". That's it, it's gone.

And another reason for the popularity is de-centralization of the bitcoins system. Humans love anonymity, that paved the first success of Bitcoins, I think.

[BTCLovingDude]

there are too many advantages for using bitcoin and i believe that you will only understand these advantages if you use bitcoin yourself.

for me the most important ones are decentralization and also the high security that bitcoin has.

[jacktheking]

As BTCLovingDude say, there is many advantages about Bitcoin over fiat or online banking. This also means that there is a lot of disadvantages too. One of the reason why I use Bitcoin is because that it has no requirement other than a internet-connected device. Unlike Paypal or other online payment solutions whose require you to be of certain age before you can apply for their services.

Another good point about Bitcoin is that it is controlled by the public - everyone, you and me. Unlike traditional systems, whereas it is controlled by only one third-party.

[genos]

there are too many advantages for using bitcoin and i believe that you will only understand these advantages if you use bitcoin yourself.

for me the most important ones are decentralization and also the high security that bitcoin has.

That is the main. But for customers the low fee and no tax is a good advantages for them. Ther is a maximum  limit of bitcoin so it have no inflation. If we safe our fiat in bank, we will get inflation every years and pay monthly cost. anonimity of bictoin make nobody know that we have bitcoin. It is not just a currency but it also an investment. There is so many advantage of using bitcoin.

[Noctis Connor]

please pen down all the advantages of bitcoin over traditional bank system. Also mention if bitcoin system is adoptable for bank system.

The advantage of bitcoin for me is fast transaction and it's less fee when you are sending some one in the world if his using bitcoins too and i can really say that sometimes i use bitcoin as physical money to shop online or to shop offline and i can save bitcoin from bank that converts fast.. into fiat.

[Xenophoto]

In banks, you can store your money in terms of fiat. Fiat doesn't increase its value over time, bitcoin does. The bank system is ran by the government. In Bitcoins, you're your own bank and no one controls the Bitcoin network.

I am not sure why would you want to let somebody else hold your Bitcoins because you are your own bank in Bitcoins. You're the one who makes it secure, you're the only person who's in charge if you're going to let people steal your private keys or hack into your account.

[prabowo96]

please pen down all the advantages of bitcoin over traditional bank system. Also mention if bitcoin system is adoptable for bank system.

Banks don't want bitcoin, they just want the blockchain, for sure they will create a alt in the future or something like that, and well, for sure it will make the others cryptos goes up because everyone will know what's blockchain and their benefits.
the problem with the banks is someone have a hand on your money

[topesis]

The advantages of Bitcoin are many and I still believe that some of it have not even been derived.

1.  Fast and trust-less

2.  Anonymous/ faceless transaction

3. Total control over my money/ investment

4. Immutability

5. Anti establishment

[Barbut]

One very important advantage for me is that with bitcoin everything is much easier, there is no bothering with some stupid administration, with bitcoin
at least we have some kind of anonymity.
With bitcoin I have some kind of control, I`m free to do what I wish with my money in every moment. To move them, cash out, or buy something.
Banks are old system, and I hope they will end their existence in some near future. They controlled this world for too long I think, maybe its time
something else to take that throne.

[requester]

Yes here i had found a new word in bitcoin that is  pseudonymous. before i assumed it as anonymous but but i knew that it's not anonymous. pseudonymous feature is great to check  scam website where they pay in real or not.

[ashiqdey]

it's fast, transaction happens in a matter of few seconds

it's half anonymous that is pseudonymous. one can track bitcoin transaction this helps to check where money is transferred really or not, no one can fake in bitcoin transaction.

you have total control over your money, you are the back of your money.

it's much more secure than traditional bank system.

[ipanks]

there are too many advantages for using bitcoin and i believe that you will only understand these advantages if you use bitcoin yourself.

for me the most important ones are decentralization and also the high security that bitcoin has.

its true but the main advantages of bitcoin is we can make a real money for selling bitcoin and withdraw it into our bank account. but i think its only a few advantages of bitcoin and i am sure that we don't know yet how is the full advantages of bitcoin because bitcoin itself is just seven years from the launch and its need times to realize that bitcoin is make our life easy and simple for making of any transaction.

[clickerz]

The advantages of Bitcoin are many and I still believe that some of it have not even been derived.

1.  Fast and trust-less

2.  Anonymous/ faceless transaction

3. Total control over my money/ investment

4. Immutability

5. Anti establishment

6. Cheaper / Lower transaction fee / Charges

7. Flexible/ You can have online wallet and can transact anytime,anywhere

8. Value appreciates over time

9.Creates opportunity to earn especially to industrializing countries.

There are many advantages you list here but I like the cheaper charges when sending or paying. Next is fast and you can verify on blockchain.

[delliaerd]

please pen down all the advantages of bitcoin over traditional bank system. Also mention if bitcoin system is adoptable for bank system.

The transaction of bitcoin is so transparent that it is match if it use in the government, the government should be have a own address ( will be better if the address change into unique address ) to avoid misappropriation money in government scope. But the address must be share in the official information that it address is by government.

[Caladonian]

The advantages of Bitcoin are many and I still believe that some of it have not even been derived.

1.  Fast and trust-less

2.  Anonymous/ faceless transaction

3. Total control over my money/ investment

4. Immutability

5. Anti establishment

6. Cheaper / Lower transaction fee / Charges

7. Flexible/ You can have online wallet and can transact anytime,anywhere

8. Value appreciates over time

9. fluctuation are more favor with traders.

im into trading and i really love how bitcoin works advantage of chasing the movement get us advantage to earn from this investment.

[Nowl1935]

please pen down all the advantages of bitcoin over traditional bank system. Also mention if bitcoin system is adoptable for bank system.

The best advantage of using  bitcoin is that we could send/receive money anytime, anywhere and even throughout the country. We can easily send money to our loveones in just a minute without leaving our house. Then less hassle, less transaction fees,  anonymous, and trustless..

[amacar2]

-cheaper transaction fee to send and receive cross border payments
- easier and you are in control of your money
- self sustainable decentralized payment network
- no any central body to manipulate your balances or block you from accessing your money.

There are many more advantages but few that i like about bitcoin are above.