advantages of bitcoin

[septiumwolf]

bitcoin have advantages in security and accountability. It uses blockchain technology which shares the same advantages.

Actually, I prefer to talk about the advantages in the real life. How implementatble is this in X country? how acceptable bitcoin to merchants?

One thing I like about bitcoin is, there are a lot of stuff I can buy cheaply with bitcooin.

[wintermeasures]

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

As We All Know That Bitcoin is a Digital Currency and it Has Many Advantages and Disadvantages also But  I Am listing Below Some Advantages Of Bitcoins:-
1) Bitcoin Can Be Transferred From One Country To Any Part of the World Within a Second with No Extra Charge.....
2) No Organization Or Government Have Control Over Bitcoin and I Like this Most and No One Can Control Our Funds Without Our Permission.....

[marleybobthedog]

Bitcoin have lot of advantages like it can be transferred to another country without any barriers and we could avoid heavy transaction charge. Inspit of Less transaction fees it is faster as conspired to banking system.

[requester]

thanks a lot guys for your awesome and most valuable answers. I am really grateful to you all. now i come to know the full list of advantages of bitcoin. now here's the compiled note from all the replies


1) Bitcoin Can Be Transferred From One Country To Any Part of the World Within a Second
2. it have very less transaction charge, almost negligible charge
3.No Organization Or Government Have Control Over Bitcoin
4. bitcoin have advantages in security and accountability.
5. It uses blockchain technology which shares the same advantages.
6. Bitcoin is  fast
7.  it's decentralized.
8. The transactions don't take that much time in normal cases.
9. There's not that much effort too if you're sending Bitcoins.
10.   Bitcoin known as it's anonymity.
11. It's hard to trace the sender and the receiver.

 still more advantages? please post here




 

[abel1337]

thanks a lot guys for your awesome and most valuable answers. I am really grateful to you all. now i come to know the full list of advantages of bitcoin. now here's the compiled note from all the replies


1) Bitcoin Can Be Transferred From One Country To Any Part of the World Within a Second
2. it have very less transaction charge, almost negligible charge
3.No Organization Or Government Have Control Over Bitcoin
4. bitcoin have advantages in security and accountability.
5. It uses blockchain technology which shares the same advantages.
6. Bitcoin is  fast
7.  it's decentralized.
8. The transactions don't take that much time in normal cases.
9. There's not that much effort too if you're sending Bitcoins.
10.   Bitcoin known as it's anonymity.
11. It's hard to trace the sender and the receiver.

 still more advantages? please post here




 

This is the reasons why I prefer bitcoin than paypal, Paypal is not anonymously used, Paypal has a very high transaction fee too. Thats why I start using bitcoin cause bitcoin has many advantages than paypal. Paypal has advantages too. like many sites, Banks and shops are accepting bitcoin as their payments

[error08]

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.

The main idea I like of bitcoin is the price increase over time and consider as good investment. We happily wait for the halving to buy bitcoin and hold it. Bitcoin has many advantages as we know, fast and anonymous transaction, low fees of transaction, those reason why we like it.

[Roboabhishek]

There are many advantages of using bitcoins.
Let me state some of them

- Can make a transaction while being anonymous

- Can receive payments without going through banks

- Can be used to buy online stuff

- Can be used in black markets

[chaser15]

- Can receive payments without going through banks

You mean converting bitcoin to fiat here? Do you have a direct converter there in your place? Im surprised with the company that you may able to convert your bitcoin without some information from their client.

Here in our country, most of the options when doing withdrawing bitcoins to fiat are bank services and third party payment processor which you are not allowed to freely get the money. This is more secure to me rather than no info was needed.

[Mastsetad]

bitcoin have advantages in security and accountability. It uses blockchain technology which shares the same advantages.

Actually, I prefer to talk about the advantages in the real life. How implementatble is this in X country? how acceptable bitcoin to merchants?

One thing I like about bitcoin is, there are a lot of stuff I can buy cheaply with bitcooin.

I personally cannot describe any real life advantages of bitcoin as i have never used it in practical life yet because it is not yet introduced here, i have never even seen any news about it on t.v in my country nor i have heard about a place accepting it as a payment.

[groll]

Bitcoin have lot of advantages like it can be transferred to another country without any barriers and we could avoid heavy transaction charge. Inspit of Less transaction fees it is faster as conspired to banking system.

yes you are correct. In addition bitcoin has less charges compared to banks that has large surcharges and fines and many other fees. When you transact from one bank to other banks from one country to other countries you will suffer a loss in your balance due to fees. But thanks to bitcoin you can enjoy less and minimal transaction fees.

[Felimon]

The largest advantage is the fees involved with bitcoin.  Lets say you want to pay someone from your bank; first you have to use your debit card or a check.  If you use a card, the buyer has no fees, but the seller gets taken for about 3% of the funds he is collecting.  If you are using bitcoin that fee would be less than .01%, depending on the transaction.  If you are using a check, you have to pay for that check.  The fees are not worth it when dealing with a bank and comparing to bitcoin.

[tee-rex]

The largest advantage is the fees involved with bitcoin.  Lets say you want to pay someone from your bank; first you have to use your debit card or a check.  If you use a card, the buyer has no fees, but the seller gets taken for about 3% of the funds he is collecting.  If you are using bitcoin that fee would be less than .01%, depending on the transaction.  If you are using a check, you have to pay for that check.  The fees are not worth it when dealing with a bank and comparing to bitcoin.

To correctly compare the fees, we should use either bitcoins or some fiat currency. When making bank transactions we are paying the fees in fiat, provided we pay them at all, while making bitcoin transactions we are paying the miner fees in bitcoins. My point is that if Bitcoin price should grow, the miner fees may remain the same in bitcoins but will evidently grow in fiat, up to a point when this advantage turns into a disadvantage.

[genos]

thanks a lot guys for your awesome and most valuable answers. I am really grateful to you all. now i come to know the full list of advantages of bitcoin. now here's the compiled note from all the replies


1) Bitcoin Can Be Transferred From One Country To Any Part of the World Within a Second
2. it have very less transaction charge, almost negligible charge
3.No Organization Or Government Have Control Over Bitcoin
4. bitcoin have advantages in security and accountability.
5. It uses blockchain technology which shares the same advantages.
6. Bitcoin is  fast
7.  it's decentralized.
8. The transactions don't take that much time in normal cases.
9. There's not that much effort too if you're sending Bitcoins.
10.   Bitcoin known as it's anonymity.
11. It's hard to trace the sender and the receiver.

 still more advantages? please post here




 

This is the reasons why I prefer bitcoin than paypal, Paypal is not anonymously used, Paypal has a very high transaction fee too. Thats why I start using bitcoin cause bitcoin has many advantages than paypal. Paypal has advantages too. like many sites, Banks and shops are accepting bitcoin as their payments

There are so many advantage of using bitcoin that did not said yet. If we use bitcoin, we can avoid the tax. So we do not have to pay tax to anyone becouse goverment is not controling bitcoin. also bitcoin was not just as a currency but it is such as investment too. The price is always rise rise and rise, so we can use bitcoin to be an investment too.

[iram3130]

The irreversible feature is the best one if you ask me coz people who don't wanna be faithful or respectful, they will just reverse the money in Paypal and it's been a game for scammers.

Security is much better.
Fees are very low.
Being anonymous is also a cool feature compared to other currencies.

[bitcoinisbest]

Easy to use and understand
Quick and can be transferred anywhere
Very less transaction fees
Very good concept and technology

[serjent05]

Easy to use and understand
Quick and can be transferred anywhere
Very less transaction fees
Very good concept and technology

LOL, if it is easy to use and understand then why are people still having a hard time learning it the first time around?

I like bitcoin for it's security and transparency.  You can check every transaction in the blockchain.  Transaction is instant though confirmation  seems lifetime LOL.  Low transaction fees,  and as in an early stage, earning potential is very attractive.

[Aamir1]

Easy to use and understand
Quick and can be transferred anywhere
Very less transaction fees
Very good concept and technology

LOL, if it is easy to use and understand then why are people still having a hard time learning it the first time around?

I like bitcoin for it's security and transparency.  You can check every transaction in the blockchain.  Transaction is instant though confirmation  seems lifetime LOL.  Low transaction fees,  and as in an early stage, earning potential is very attractive.

It is obviously easy to use once you get it but it is not easy to understand i feel too, because the technology of bitcoin is quite complicated for those who comes newly into it or for the ones who have never been involved with this kind of technologies.
Other advantages of it are low fees, good security and a lot more.

[kidoseagle0312]

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.

You are definitely correct, Aside from that bitcoin is very easy to use even a newbie in this sites can easily understand what bitcoin is all about. I am also one of the bitcoin enthusiast who loved anonymity. So for me there are 3 things only why it is very advantage to any other digital currency, 1st very safe@secured, 2nd transaction charge is too low, and very fast/quick.

[sonnyacg]

I think the advantage of bitcoin:
1. The cost of freedom, allows you to send and receive money instantly anytime and anywhere. There is no bank holiday. There are no national boundaries. No restrictions are imposed. Bitcoin gives users full control over their money.
 
2. The cost is very low., Payment Bitcoin is currently processed at no cost or at a very low cost. Users can enter the costs in the transaction to acquire the processing priority, so it gets faster transaction confirmation by the network.

3. Low risk for the seller, Bitcoin transactions are very secure, can not be undone, and do not contain any personal or sensitive information from customers.

4. Security and control, Bitcoin Users have full control over their transactions; it is impossible for the seller to make unwanted bills or considered as can happen with other payment methods.

5. Transparent and neutral, all information related to the supply of money Bitcoin has been provided in the chain-block for anyone who wants to verify or to use it in real time. No individual or organization can control or manipulate the Bitcoin protocol because it is very secure cryptographically.

[carlfebz2]

thanks a lot guys for your awesome and most valuable answers. I am really grateful to you all. now i come to know the full list of advantages of bitcoin. now here's the compiled note from all the replies


1) Bitcoin Can Be Transferred From One Country To Any Part of the World Within a Second
2. it have very less transaction charge, almost negligible charge
3.No Organization Or Government Have Control Over Bitcoin
4. bitcoin have advantages in security and accountability.
5. It uses blockchain technology which shares the same advantages.
6. Bitcoin is  fast
7.  it's decentralized.
8. The transactions don't take that much time in normal cases.
9. There's not that much effort too if you're sending Bitcoins.
10.   Bitcoin known as it's anonymity.
11. It's hard to trace the sender and the receiver.

 still more advantages? please post here




 

This is the reasons why I prefer bitcoin than paypal, Paypal is not anonymously used, Paypal has a very high transaction fee too. Thats why I start using bitcoin cause bitcoin has many advantages than paypal. Paypal has advantages too. like many sites, Banks and shops are accepting bitcoin as their payments

Paypal do  have    really some    advantage  compared to  bitcoin  because  its being regulated and legal  thus  we could somehow  assure some  security regarding  on  legit transactions because  you would really able to  know  to whom are you  transacting with  but the  problem  here is   on its fees  which  would really   charge you  high and   somehow frustrating  in using their  service that's  why  bitcoin have  lots   of  advantages  over  it, fees, transfer times, anonymity, accessibility, more security.