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Author Topic: The advantages of bitcoin  (Read 1948 times)
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March 24, 2018, 02:28:05 AM
 #61

The advantages of bitcoin are:
The very expensive electricity cost to mine you know no one will dump it below their cost. Second, so difficult to get new technology to go thru it will be very difficult for one person or party to change it. Third, use only for store of value.
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March 24, 2018, 02:33:24 AM
 #62

I've read that article in 2014 if I'm not mistaken, and I think there are changes in the advantages of bitcoin at this time, for example, the fee is now very expensive different at that time because that time the price of bitcoin is still low.

 
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March 24, 2018, 12:19:46 PM
 #63

i think and i believe there are a lot of advantages of bitcoin, but what i think is more significant is that bitcoin is changing the landscape of social structure, it should be seen as a post structuralism, because before we believe and think that society should be "govern" and ruled in one side model, which of course create hierarchy and power over people, but the concept of bitcoin which is private, everybody take part in controlling, accepting and approving is a kind of a new model for our next society.
there  are a lot of advantages of bitcoin it proc=vied a jobs to the people and its transitions are also very fast every day new people are joining bitcoin because of its great services and  can make yourself rich with bitcoin in a short time.
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March 24, 2018, 12:43:16 PM
 #64

The advantages that Bitcoin offers are already in other emerging alt coins. They even have better features in actuality. The only real advantage that Bitcoin has is its popularity since it is the first go-to coin for people who want to start with crypto.
The advantages of bitcoin as my observation are
1.The ultimate higher of value price
2.Making rich to everyone
3.No taxes
4.Volatile movement
5.Not risky to invest for my own thoughts
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March 24, 2018, 01:12:42 PM
 #65

Freedom of payment - any amount of money can be paid and received instantly and anywhere. No bank holidays, no borders, no imposition. Bitcoin allows its users to completely control their money.

Very low fees - there is no handling charge or very little handling fee for the current payment of bitcoin. The user can include the handling fee in the transaction to obtain processing priority and receive the transaction confirmation from the network faster. In addition, there are merchant processors that help merchants deal with transactions, convert bitcoin into legal tender daily and deposit funds directly into merchants' bank accounts. Because these services are based on bitcoins, they can provide a much lower fee than PayPal or credit card networks.

Reduce the risk of merchants - bitcoin transactions are safe, irrevocable, and do not contain customer sensitivity or personal information. This avoids the loss caused by fraud or fraudulent withdrawal, and there is no need to comply with PCI standards. In places where credit CARDS cannot be used or fraud rates are too high, businesses can easily expand new markets. The net result is lower costs, bigger markets, and less administrative costs.

Security and control - bitcoin users are completely in control of their transactions; Businesses cannot force fees that may or may not be found in other payment methods. Paying with bitcoin doesn't have to be tied to personal information in transactions, which provides great protection against identity theft. Bitcoin users can also protect their money by backing up and encrypting it.

Transparency and neutrality - all information about the money supply itself is stored in a block chain, and anyone can check and use it in real time. No individual or organization can control or manipulate the bitcoin protocol because it is password protected. This makes bitcoin's core believed to be completely neutral, transparent and predictable.
Yes I agree on your point, but bitcoin is not completely secured because it can still be hacked by someone. I may add some advantages of bitcoin, as we all know bitcoin is the first decentralized cryptocurrency ever existed. It opens for a very unique way of trading experience.This virtual currenct is not regulated by any banks just as the word decentralized implies,no banks are holding just like what you have said. The good thing about this being decentralized is it can be accepted everywhere and anywhere in the world. No regulations from banks and government, so this one can be a risk in bitcoim because it can be used as a way to corruption.
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March 24, 2018, 01:26:42 PM
 #66

There's a lot of advantages of bitcoin and two of these are the financial freedom that it gives and the easy way in buying something. Bitcoin now is accepted as a means of payment in many stores in different countries. Bitcoin also gives you financial freedom just like me I don't experience now any financial difficulty because of the help of bitcoin.

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March 24, 2018, 08:23:55 PM
 #67

There's a lot of advantages of bitcoin and two of these are the financial freedom that it gives and the easy way in buying something. Bitcoin now is accepted as a means of payment in many stores in different countries. Bitcoin also gives you financial freedom just like me I don't experience now any financial difficulty because of the help of bitcoin.
The main reason behind the creation of bitcoin was to enable large transaction across the world at very low rates without keeping person waiting for days. But then bitcoin n started to gain value and at the moment, the biggest advantage of bitcoin is its ability to rise really high within short span allowing the holder to gain huge profits by investing very small money. Anonymity is also the reason for its large usage in the digital world.

 
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March 24, 2018, 08:32:24 PM
 #68

i think and i believe there are a lot of advantages of bitcoin, but what i think is more significant is that bitcoin is changing the landscape of social structure, it should be seen as a post structuralism, because before we believe and think that society should be "govern" and ruled in one side model, which of course create hierarchy and power over people, but the concept of bitcoin which is private, everybody take part in controlling, accepting and approving is a kind of a new model for our next society.
there  are a lot of advantages of bitcoin it proc=vied a jobs to the people and its transitions are also very fast every day new people are joining bitcoin because of its great services and  can make yourself rich with bitcoin in a short time.

No doubt bitcoin is full of advantages and it is also true that more people are getting bitcoin so if we will hold our bitcoin today in future it will rise to give us profit. Bitcoin is profit worthy currency and it is very easy to make your family get everything what they want from you, using bitcoin, some people use bitcoin as an additional source of income it mean double profit can easily be earn using bitcoin, so buy now and wait till the price get high more than your investment, so bitcoin has a lot of advantages it secure our future and make our present better gradually.
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March 24, 2018, 09:53:37 PM
 #69

The advantages of bitcoin are:
The very expensive electricity cost to mine you know no one will dump it below their cost.

How do you know that? It's not that there is an average cost of mining one whole Bitcoin. It depends on so many variables, that one miner may just spend like $1000 in resources to mine one whole Bitcoin, where others are more closer to $3000 (figures mentioned are meant to function as example). If a miner needs liquid resources, then it may choose to sell under its own cost price, and I wouldn't be surprised to find out that it happened more often than most of us here realize. On top of that, their sales don't affect the actual market since most of their coins end up being sold to private buyers off-exchange, which is an important difference....
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March 24, 2018, 10:06:43 PM
 #70

Of course bitcoin has many advantages, with bitcoin we can transact quickly to the rest of the world, with bitcoin we can get extra income very well, and with bitcoin economic growth increases. Things get better with bitcoin, that's what I feel so far.

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March 24, 2018, 10:13:40 PM
 #71

With the advantages you have posted, I find it reasonable, but only one thing is that the transaction fee of Bitcoin is low at present is no longer true. Bitcoin currently has some significant disadvantages besides the advantages of high transaction fees and transaction processing time is not fast anymore, sometimes it takes 2 days to complete the transaction.

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March 24, 2018, 10:24:20 PM
 #72

Freedom of payment - any amount of money can be paid and received instantly and anywhere. No bank holidays, no borders, no imposition. Bitcoin allows its users to completely control their money.

Very low fees - there is no handling charge or very little handling fee for the current payment of bitcoin. The user can include the handling fee in the transaction to obtain processing priority and receive the transaction confirmation from the network faster. In addition, there are merchant processors that help merchants deal with transactions, convert bitcoin into legal tender daily and deposit funds directly into merchants' bank accounts. Because these services are based on bitcoins, they can provide a much lower fee than PayPal or credit card networks.

Reduce the risk of merchants - bitcoin transactions are safe, irrevocable, and do not contain customer sensitivity or personal information. This avoids the loss caused by fraud or fraudulent withdrawal, and there is no need to comply with PCI standards. In places where credit CARDS cannot be used or fraud rates are too high, businesses can easily expand new markets. The net result is lower costs, bigger markets, and less administrative costs.

Security and control - bitcoin users are completely in control of their transactions; Businesses cannot force fees that may or may not be found in other payment methods. Paying with bitcoin doesn't have to be tied to personal information in transactions, which provides great protection against identity theft. Bitcoin users can also protect their money by backing up and encrypting it.

Transparency and neutrality - all information about the money supply itself is stored in a block chain, and anyone can check and use it in real time. No individual or organization can control or manipulate the bitcoin protocol because it is password protected. This makes bitcoin's core believed to be completely neutral, transparent and predictable.
There are lots of advantages with bitcoin and one of its advantages is it is not so hard to earn.  A lot of ways here that really earn bitcoin that is if you really search for it. Bitcoin is also easy to transact, easy to send and easy to receive.  You will not find it hard to do wherever and whenever you are.
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March 24, 2018, 10:47:23 PM
 #73

2.Making rich to everyone
3.No taxes
5.Not risky to invest for my own thoughts

I think you are wrong. A lot of people think that Bitcoin will make them rich. That's not necessarily true, Bitcoin might collapse due to for example a critical bug which wouldn't be fixed on time. Most people treat Bitcoin as an investment, every kind of investment is risky. You might lose a lot of money if you continue to be that ignorant. No taxes? I don't know where you live then. You have to pay tax once you cash out. Transactions between BTC addresses are impossible to tax, for now.

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March 25, 2018, 12:10:31 AM
 #74

Bitcoin is a crypto-currency. You can send and receive bitcoins without giving out your info. You can have different addresses for every transaction. It's secure, fast. Once you send someone bitcoin you can't reverse it. You can see all the transactions happening on block chain. It's valuable, its price is increasing right now. So people are investing their money. You can google it to be more sure. And to receive and send bitcoins, you need bitcoin wallet.
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March 25, 2018, 12:29:36 AM
 #75

Bitcoin is a crypto-currency. You can send and receive bitcoins without giving out your info. You can have different addresses for every transaction. It's secure, fast. Once you send someone bitcoin you can't reverse it. You can see all the transactions happening on block chain. It's valuable, its price is increasing right now. So people are investing their money. You can google it to be more sure. And to receive and send bitcoins, you need bitcoin wallet.
Bitcoin is the future currency in all over the world in which it has a great advantages in every transaction is made. Instead of selling our cryptocurrency it's much better to hodl because we can have advantage to grow our bitcoins due to the fluctuating prices on the marketplace. You're having advantages of the knowledge about investment in a blockchain technology that we can use in every transaction.
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March 25, 2018, 01:04:10 AM
 #76

Freedom of payment - any amount of money can be paid and received instantly and anywhere. No bank holidays, no borders, no imposition. Bitcoin allows its users to completely control their money.

Very low fees - there is no handling charge or very little handling fee for the current payment of bitcoin. The user can include the handling fee in the transaction to obtain processing priority and receive the transaction confirmation from the network faster. In addition, there are merchant processors that help merchants deal with transactions, convert bitcoin into legal tender daily and deposit funds directly into merchants' bank accounts. Because these services are based on bitcoins, they can provide a much lower fee than PayPal or credit card networks.

Reduce the risk of merchants - bitcoin transactions are safe, irrevocable, and do not contain customer sensitivity or personal information. This avoids the loss caused by fraud or fraudulent withdrawal, and there is no need to comply with PCI standards. In places where credit CARDS cannot be used or fraud rates are too high, businesses can easily expand new markets. The net result is lower costs, bigger markets, and less administrative costs.

Security and control - bitcoin users are completely in control of their transactions; Businesses cannot force fees that may or may not be found in other payment methods. Paying with bitcoin doesn't have to be tied to personal information in transactions, which provides great protection against identity theft. Bitcoin users can also protect their money by backing up and encrypting it.

Transparency and neutrality - all information about the money supply itself is stored in a block chain, and anyone can check and use it in real time. No individual or organization can control or manipulate the bitcoin protocol because it is password protected. This makes bitcoin's core believed to be completely neutral, transparent and predictable.


The advantages of bitcoin is money at it's core
Bitcoin is truly the best to keeping track of debts
And it has the best iteration of universal ledger.

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March 25, 2018, 03:44:38 AM
 #77

There are many advantages of bitcoin in blockchain technology like easy paying our bills, bitcoin convert to fiat, every transaction online. It's so easy and fastest to earn money from with it, you will become rich if you know how it works and have a skills, experience.

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March 25, 2018, 04:33:37 AM
 #78

There are many advantages of bitcoin in blockchain technology like easy paying our bills, bitcoin convert to fiat, every transaction online. It's so easy and fastest to earn money from with it, you will become rich if you know how it works and have a skills, experience.
Most industries can benefit the blockchain and it's not necessarily that bitcoin will be useful to everything.
But, people who invested this will not allow for bitcoin to be useless so they will continue to support it and educate people that it was
bitcoin who introduce the blockchain and it's just right to also patronize bitcoin.

 
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March 25, 2018, 04:49:29 AM
 #79

Freedom of payment - any amount of money can be paid and received instantly and anywhere. No bank holidays, no borders, no imposition. Bitcoin allows its users to completely control their money.

Very low fees - there is no handling charge or very little handling fee for the current payment of bitcoin. The user can include the handling fee in the transaction to obtain processing priority and receive the transaction confirmation from the network faster. In addition, there are merchant processors that help merchants deal with transactions, convert bitcoin into legal tender daily and deposit funds directly into merchants' bank accounts. Because these services are based on bitcoins, they can provide a much lower fee than PayPal or credit card networks.

Reduce the risk of merchants - bitcoin transactions are safe, irrevocable, and do not contain customer sensitivity or personal information. This avoids the loss caused by fraud or fraudulent withdrawal, and there is no need to comply with PCI standards. In places where credit CARDS cannot be used or fraud rates are too high, businesses can easily expand new markets. The net result is lower costs, bigger markets, and less administrative costs.

Security and control - bitcoin users are completely in control of their transactions; Businesses cannot force fees that may or may not be found in other payment methods. Paying with bitcoin doesn't have to be tied to personal information in transactions, which provides great protection against identity theft. Bitcoin users can also protect their money by backing up and encrypting it.

Transparency and neutrality - all information about the money supply itself is stored in a block chain, and anyone can check and use it in real time. No individual or organization can control or manipulate the bitcoin protocol because it is password protected. This makes bitcoin's core believed to be completely neutral, transparent and predictable.

All these and we still lack many things. The bitcoin value is still unstable and we can not use it for routine purposes. I am not sure if you are thinking about this issue on broad sense but I think it is the reality now. Just imagine how many merchants are really their in the world who accepts the bitcoin payment processor right at front desk? You may say thousands of there but I think thousand is not the great number when we talk about the global acceptance of the bitcoin. It has to be far more than that, it must be legal tender everywhere which government doesn't allow yet. Not in the developed countries and neither in the developing countries. I am not saying all the negative stuff about the bitcoin but the thing is these are disadvantages of the bitcoin over the advantages that you have mentioned. We need lot of work to be done yet.

A lot of Bitcoin's advantages . Bitcoin has its bright future. Bitcoin's big contribution is to help economically. Yes I do not deny that there is no other way to economic development. All sectors improve, success comes but Bitcoin's success is faster. In a very short time man can be rich. Which everyone expects. Bitcoin's price is much higher and so very soon it will be recognized the world.
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March 25, 2018, 08:42:52 AM
 #80

yes, like everything you have explained about the benefits of bitcoin, I have come to the conclusion that bitcoin is a financial asset that has many features that are very profitable and certainly not owned by fiat currency in general. so there is no denying what bitcoin has given to a fairer economic progress because there will be no cheats that can be done on bitcoin.

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