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Author Topic: Bitcoin Is Better Than Any Banks And Any Other Third Parties  (Read 4653 times)
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RoommateAgreement
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February 13, 2017, 04:35:58 AM
 #41

Every year migrants around the world send billions of USD/EUR back to their families.The cost of sending cash via Western Union and Money Gram averages 10-20% in fees. However bitcoin is emerging as an alternative which offers lower fees and faster payments.

Bitcoin also helps allot for countries with high inflation to store value in Bitcoins.
Bitcoin helps for millions of people worldwide.

How bitcoin helps for your life?

this is only true if those people are getting paid in bitcoin so they already have bitcoin in their hand to send oversees to their families, then you are right it is the best option available because of the fees.

but if they are getting paid with fiat, then want to send bitcoin they first have to buy bitcoin and buying it will cost a lot of fees on exchanges (the fiat deposit fee + 0.2% trade fee) then their family have to also sell bitcoin for fiat and pay the same 2 fees.

the total fee they pay can be big too.

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February 13, 2017, 01:33:21 PM
 #42

I might be better but you can't actually predict.
Like banks are always safe. You can always claim your cash back if any problem occurs.
But in case of blockchain if they data is erased by some reason , you can't claim it back.
You will just have to regret. Also you have to play taxes on both so that is a neutral point.
But transactions are easy with bitcoins. Even young people will understand how to make transactions with bitcoins.
I myself didn't need any explanation on how to buy something with bitcoin.
Bitcoin has many plus points but both are important.
Banks are also equally important

   
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February 13, 2017, 01:36:41 PM
 #43

I might be better but you can't actually predict.
Like banks are always safe. You can always claim your cash back if any problem occurs.
But in case of blockchain if they data is erased by some reason , you can't claim it back.
You will just have to regret. Also you have to play taxes on both so that is a neutral point.
But transactions are easy with bitcoins. Even young people will understand how to make transactions with bitcoins.
I myself didn't need any explanation on how to buy something with bitcoin.
Bitcoin has many plus points but both are important.
Banks are also equally important

The only drawback with bitcoins is that the funds cannot be reversed, once its sent from your wallet its gone forever and there is no chance that you can get it back and in that case bank is much safer as if there is any issue with your funds then banks officials will take care of it but when it comes to fees then I think bitcoin has upper hand over banks.



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February 13, 2017, 01:44:25 PM
 #44

I might be better but you can't actually predict.
Like banks are always safe. You can always claim your cash back if any problem occurs.
But in case of blockchain if they data is erased by some reason , you can't claim it back.
You will just have to regret. Also you have to play taxes on both so that is a neutral point.
But transactions are easy with bitcoins. Even young people will understand how to make transactions with bitcoins.
I myself didn't need any explanation on how to buy something with bitcoin.
Bitcoin has many plus points but both are important.
Banks are also equally important

The only drawback with bitcoins is that the funds cannot be reversed, once its sent from your wallet its gone forever and there is no chance that you can get it back and in that case bank is much safer as if there is any issue with your funds then banks officials will take care of it but when it comes to fees then I think bitcoin has upper hand over banks.

The drawback you mentioned is the one of the best feature of Bitcoin. Irreversible transactions and confirmation system guarantee authenticity of transactions. Suppose for a moment, Bitcoin transactions are reversible then what criteria you can reverse upon? In payment processors like Paypal, they have supreme authority who control all your funds so you can open disputes and reverse transaction. But Bitcoin is decentralized and irreversible transactions add power to it!

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February 13, 2017, 01:56:02 PM
 #45

I might be better but you can't actually predict.
Like banks are always safe. You can always claim your cash back if any problem occurs.
But in case of blockchain if they data is erased by some reason , you can't claim it back.
You will just have to regret. Also you have to play taxes on both so that is a neutral point.
But transactions are easy with bitcoins. Even young people will understand how to make transactions with bitcoins.
I myself didn't need any explanation on how to buy something with bitcoin.
Bitcoin has many plus points but both are important.
Banks are also equally important

The only drawback with bitcoins is that the funds cannot be reversed, once its sent from your wallet its gone forever and there is no chance that you can get it back and in that case bank is much safer as if there is any issue with your funds then banks officials will take care of it but when it comes to fees then I think bitcoin has upper hand over banks.

The drawback you mentioned is the one of the best feature of Bitcoin. Irreversible transactions and confirmation system guarantee authenticity of transactions. Suppose for a moment, Bitcoin transactions are reversible then what criteria you can reverse upon? In payment processors like Paypal, they have supreme authority who control all your funds so you can open disputes and reverse transaction. But Bitcoin is decentralized and irreversible transactions add power to it!
I do really like the irreversible transactions on bitcoin and as you said thats already a guarantee authenticity of the transactions unlike on those government backed services like paypal they do really have the features on reverse transactions thats why they have their own advantages and disadvantages.

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February 13, 2017, 01:57:53 PM
 #46

I might be better but you can't actually predict.
Like banks are always safe. You can always claim your cash back if any problem occurs.
But in case of blockchain if they data is erased by some reason , you can't claim it back.
You will just have to regret. Also you have to play taxes on both so that is a neutral point.
But transactions are easy with bitcoins. Even young people will understand how to make transactions with bitcoins.
I myself didn't need any explanation on how to buy something with bitcoin.
Bitcoin has many plus points but both are important.
Banks are also equally important
Banks always safe? What nonsense are you trying to tell us? There many, many cases of banks failures throughout history.

Not so long ago we have HUGE GLOBAL crisis caused by bankruptcy of one of the biggest banks in the world - Lehman Brothers.

In recent history, look at Greece and Cyprus, for example, there were numerous cases of banks which were unable to fulfill the demands of all of its depositors.

People were unable to withdraw their money from the bank, withdrawals were limited to €50 per day and some deposits were openly stolen by the banks to fix their dire situation.

Banks are important because they WILL be the root of the next major crisis, destabilising the entire economy system must end sooner or later.

When that happens everyone will line up to buy BTC like crazy.

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February 13, 2017, 02:05:46 PM
 #47

I might be better but you can't actually predict.
Like banks are always safe. You can always claim your cash back if any problem occurs.
But in case of blockchain if they data is erased by some reason , you can't claim it back.
You will just have to regret. Also you have to play taxes on both so that is a neutral point.
But transactions are easy with bitcoins. Even young people will understand how to make transactions with bitcoins.
I myself didn't need any explanation on how to buy something with bitcoin.
Bitcoin has many plus points but both are important.
Banks are also equally important
Banks always safe? What nonsense are you trying to tell us? There many, many cases of banks failures throughout history.

Not so long ago we have HUGE GLOBAL crisis caused by bankruptcy of one of the biggest banks in the world - Lehman Brothers.

In recent history, look at Greece and Cyprus, for example, there were numerous cases of banks which were unable to fulfill the demands of all of its depositors.

People were unable to withdraw their money from the bank, withdrawals were limited to €50 per day and some deposits were openly stolen by the banks to fix their dire situation.



What about in some countries that banks are highly stable and established a good foundation for decades? Don't just look at those bank problems in the past generally and only in some areas around the globe. Banking industry, no doubt, still a big institution that have a BIG role in servicing all the people. Not all bank services can be done ny only using bitcoin exchange, same with bank to bitcoin services.

What do you think of bitcoin, especially the exchanges ( since bitcoin must compared to a currency, so bank is to bitcoin exchanges) will never have a problem when being used?

You are the one who doesn't making sense here.

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February 13, 2017, 02:15:19 PM
 #48

Not just in transaction fees, even earning Bitcoins is easy for them. And no one can compare the Bitcoin transactions with Bank transactions. Banks are too outdated, slow and cost u hefty fees in many countries.  Sad

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February 13, 2017, 02:20:29 PM
 #49


What about in some countries that banks are highly stable and established a good foundation for decades? Don't just look at those bank problems in the past generally and only in some areas around the globe. Banking industry, no doubt, still a big institution that have a BIG role in servicing all the people. Not all bank services can be done ny only using bitcoin exchange, same with bank to bitcoin services.

What do you think of bitcoin, especially the exchanges ( since bitcoin must compared to a currency, so bank is to bitcoin exchanges) will never have a problem when being used?

You are the one who doesn't making sense here.
Learn some more about banks, history and economy first please. There is nothing like good established bank. Even the biggest bank can fall.

Lehman brothers was considered to be one of the biggest (over $600 billion in assets), most trusted and oldest banks in the United States. It is to this day the largest bankruptcy case in US history.

They were operational for 158 years from its founding in 1850 until 2008. Pretty trustworthy and established business with good foundation, don't you think?
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February 13, 2017, 02:29:48 PM
 #50

Not just in transaction fees, even earning Bitcoins is easy for them. And no one can compare the Bitcoin transactions with Bank transactions. Banks are too outdated, slow and cost u hefty fees in many countries.  Sad

I think bank and bitcoin we cant compare like that. We know the bank is not the currency, they are legal institutions that manage money. Unlike bitcoin, bitcoin is digital "currency". Moreover, at this time we still need a bank, no bank we could not take our bitcoin. Due to the difficulty using bitcoin in buying our needs.

For op, bitcoin is very helpful in my life. With bitcoin student like me can make money without having to get out of the house. Thank you
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February 13, 2017, 02:36:46 PM
 #51

has helped through the hard time, it has become a great source of side income and the best thing is it is a great investment, for me  is better than any banks because it can act as currency it also can act as a great investment, and sending  doesn't caused any taxed that is the reason I love using
i think either than a currency it is the best source of investment and i think this is the best thing of the bitcoin which attract users towards it...... i think this make bitcoin better than any other bank or any other third party....... we can also earn it through different source....... for stable source of income bitcoin is best..... you can earn a decent money by less effort......

Veritas Mining

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February 13, 2017, 03:11:36 PM
 #52

Not just in transaction fees, even earning Bitcoins is easy for them. And no one can compare the Bitcoin transactions with Bank transactions. Banks are too outdated, slow and cost u hefty fees in many countries.  Sad

I think bank and bitcoin we cant compare like that. We know the bank is not the currency, they are legal institutions that manage money. Unlike bitcoin, bitcoin is digital "currency". Moreover, at this time we still need a bank, no bank we could not take our bitcoin. Due to the difficulty using bitcoin in buying our needs.

For op, bitcoin is very helpful in my life. With bitcoin student like me can make money without having to get out of the house. Thank you

That's what I meant. Earning and transacting Bitcoin has become more popular and easy now than anything. People who know about Bitcoins and earn them are more likely to use Bitcoins than in fiat.  Smiley

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February 13, 2017, 03:22:14 PM
 #53

It is true but I can't say yet that Bitcoin has defeated the purpose of Banks. Right now Bitcoin has lesser function compared to banks. Banks can do credit payments which bitcoins cannot, Bank payments is almost accepted eveywhere while Bitcoin is not, and also Banks can protect your money without depending on you which is a big factor to determine if Bitcoin is really better than any banking system.

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BlackPanda
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February 13, 2017, 03:48:40 PM
 #54

for the current bitcoin payments tends a way that is very easy and practical. I am a person who has high mobility.
I will use bitcoin every day. This is a new lifestyle in the world today.


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February 13, 2017, 06:07:36 PM
 #55

It's not so easy. BTC are easy to get for migrants in Europe, but it's difficult and expensive for their relatives in Somalia or Chad to convert those BTC into local currency.
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February 13, 2017, 06:10:01 PM
 #56

It is true but I can't say yet that Bitcoin has defeated the purpose of Banks. Right now Bitcoin has lesser function compared to banks. Banks can do credit payments which bitcoins cannot, Bank payments is almost accepted eveywhere while Bitcoin is not, and also Banks can protect your money without depending on you which is a big factor to determine if Bitcoin is really better than any banking system.
Maybe the applications of bitcoin payments or the entire system might be limited but the freedom and advantages one individual person may get would be more when comparing against traditional banking system. The definition for a  better system might be differing person to person and hence even you statements are true, bitcoin is sailing in different directions.

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February 13, 2017, 06:31:06 PM
 #57

Well, bitcoin is better than it all. bitcoin help my life by giving me a monthly income, although it is not too much, but I felt that it was enough to make me better. Any Banks And Any Other Third Parties have never made my life better. so, I feel that bitcoin is better than them.



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February 15, 2017, 09:28:37 PM
 #58

"BuyWithBitcoin.info", if not Bitcoin, we would never become partners, that's why i love Bitcoin Smiley.
We can now make a living from it!
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February 16, 2017, 12:26:54 PM
 #59

Bitcoin provides a great option to send and receive payments online for people in my country, it's relatively hard to use the regular payment processors here like Skrill, Neteller. And therefore bitcoin covers that need. although it's still not massively adopted, but it would be working in the direction of making the needed population make use of it.
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February 16, 2017, 12:35:19 PM
 #60

Bitcoin has been helpful not just to us, but for those merchants too who are not just interested in earning something which has a fixed value, but who want something that's emerging as a currency with higher liquidity in order to get something high for the same amount they get few time back, even the other day.

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