Bitcoin Can Be More Efficient Than Bank Transactions

[chidrawarster]

Yes I agree btc would be more efficient than bank transactions provided btc is regulated globally. There is no doubt that btc has got absolute good blockchain technology by which the whole network of transactions is solid good. The only my thing what concerns even today is its regulation, rest everything is fine. I also see btc has got cheaper transaction fees compared to the banks and also lightning speed. Let's see how we move ahead in the future.

[J Gambler]

Bitcoin transfers even between countries on average the administrative costs are very cheap. Obviously more profitable than banking transactions, the administrative costs of which are still expensive.

I hope that all banks can see opportunities for Bitcoin to be utilized. Although I acknowledge the central bank's concern if Bitcoin transactions are used for prohibited matters.

One step that can be done by the Bank is to allow Bitcoin transactions on condition that they have to be registered on a special platform. Later the patform must be accompanied by a central bank permit.

This means that all bitcoin transactions must be recorded by regulators, now there are many illegal bitcoin transactions without permission and without supervision from regulators.

There is one country that can use it, for example in Japan that allows transactions with Bitcoin, even for payments in retail stores.

The government in Japan actually allows retail stores to accept payments via bitcoin. There are 4,000 stores that accept bitcoin payments. So far there are no problems. Even the Japanese government is making its own cryptocurrency.

That's true. More efficient, easy to use and secured as well. Instead of going to bank to withdraw money, you can just use the cashless transaction options from online wallets. You can also earn while at home. Additionally, even 7 year old kid can use Bitcoin with ease.

[tspmhack5]

I think Bitcoin is more effective. However, for widespread use Bitcoin is probably not the number one choice because:
1. Total supply less: 21 million coin
2. Part held by Chinese speculators. It should not be widely accepted globally.
3. Speed ​​is slower than many other types like Xrp or CMT
So, in my opinion, CMT and Xrp is probably the most commonly used coin.

[johnwest]

The popularity and volume is with Bitcoin, the only problem with governments accepting Bitcoin is its anonymity feature. Otherwise banks would have been started using it by now.

[VivianJacob]

One of the hallmarks of effective bitcoin is that, in bitcoin transactions, there is no need for a third party or intermediary, which will save costs, and a much faster  speed than  Banking transactions with complicated paperwork.

[max fray]

Bitcoin transfers even between countries on average the administrative costs are very cheap. Obviously more profitable than banking transactions, the administrative costs of which are still expensive.

I hope that all banks can see opportunities for Bitcoin to be utilized. Although I acknowledge the central bank's concern if Bitcoin transactions are used for prohibited matters.

One step that can be done by the Bank is to allow Bitcoin transactions on condition that they have to be registered on a special platform. Later the patform must be accompanied by a central bank permit.

This means that all bitcoin transactions must be recorded by regulators, now there are many illegal bitcoin transactions without permission and without supervision from regulators.

There is one country that can use it, for example in Japan that allows transactions with Bitcoin, even for payments in retail stores.

The government in Japan actually allows retail stores to accept payments via bitcoin. There are 4,000 stores that accept bitcoin payments. So far there are no problems. Even the Japanese government is making its own cryptocurrency.

Banks will not accept cheap bitcoin for the very simple reason that high fees for transactions is how banks earn their money. Why should they refuse from their profit and make the fees lower?
Regarding your statement that btc transactions must be recorded by regulators.. Is this is done, blockchain will lose its main advantage - anonymity and freedom od using one's funds. It will not be blockchain anymore - it will become just another type of conventional financial system.

[conected]

Bitcoin transfers even between countries on average the administrative costs are very cheap. Obviously more profitable than banking transactions, the administrative costs of which are still expensive.

I hope that all banks can see opportunities for Bitcoin to be utilized. Although I acknowledge the central bank's concern if Bitcoin transactions are used for prohibited matters.

One step that can be done by the Bank is to allow Bitcoin transactions on condition that they have to be registered on a special platform. Later the patform must be accompanied by a central bank permit.

This means that all bitcoin transactions must be recorded by regulators, now there are many illegal bitcoin transactions without permission and without supervision from regulators.

There is one country that can use it, for example in Japan that allows transactions with Bitcoin, even for payments in retail stores.

The government in Japan actually allows retail stores to accept payments via bitcoin. There are 4,000 stores that accept bitcoin payments. So far there are no problems. Even the Japanese government is making its own cryptocurrency.

That's true. More efficient, easy to use and secured as well. Instead of going to bank to withdraw money, you can just use the cashless transaction options from online wallets. You can also earn while at home. Additionally, even 7 year old kid can use Bitcoin with ease.

- I can not deny that bitcoin is actually more efficient than bank transactions when the speed of transactions is quite fast and the distance is the whole world but it is not perfect, sometimes it can happen problems as delay and if we send the wrong address, that money will not be able to retrieve it. People can not fully trust it while banks are very reputable in such matters, they can handle very quickly situations, and therefore, bitcoin can not compete with banks, and banks are not afraid of it as many have said, they are only afraid of solving the problems that bitcoin brings

[lyks15]

I agree! On my own opinion bitcoin is more efficient than bank transactions because bitcoin is hassle free. You don't have to go with a very stressfull traffice along the bank and you don't have to waste yor time to the slow transactions to the bank. In bitcoin you the only thing that you need to do is transact online. No more traffic,no more time consumming and no more irratating tellers that we need to face off. We can do our transaction anytine and anywhere and we are the boss in our own transactions. And I hope governnent will see that because I think bitcoin is the solution in everyday problem in our society.

[yatogami]

One step that can be done by the Bank is to allow Bitcoin transactions on condition that they have to be registered on a special platform. Later the patform must be accompanied by a central bank permit.

This means that all bitcoin transactions must be recorded by regulators, now there are many illegal bitcoin transactions without permission and without supervision from regulators.

There is one country that can use it, for example in Japan that allows transactions with Bitcoin, even for payments in retail stores.

The government in Japan actually allows retail stores to accept payments via bitcoin. There are 4,000 stores that accept bitcoin payments. So far there are no problems. Even the Japanese government is making its own cryptocurrency.

Banking with bitcoin is something different from just buying and selling goods in retail stores like in Japan. There are many rules that need to be followed when sending money via bank (e.g. you need to indicate purpose of payment).
So I don't think such platforms will ever be widespread as hardly any users of bitcoin would like their transactions to be monitored and tracked.

[kzozenberg]

Bitcoin is much more profitable and convenient than banking transactions that take 7 days and do not need to contact a third party for transactions. Everything can be done at home.

[kvipcn]

Definitely, bitcoin transactions is always efficient more than that of the Bank transactions. With Bitcoin transactions, there are no third parties involved and speed of the transactions is even faster than that of the bank.  With regards to the charges involved in the transactions of bitcoin and that of the bank, bitcoin transactions are cheaper than that of the bank transactions.

[eashikde]

Well, as we know that Bitcoin has a lot of positive qualities compared to the traditional system. Now technologies are evolving and they tend to be one level higher than those already existing. In my opinion, there is a future with a decentralized system.

[devinks]

I think Bitcoin is more effective. However, for widespread use Bitcoin is probably not the number one choice because:
1. Total supply less: 21 million coin
2. Part held by Chinese speculators. It should not be widely accepted globally.
3. Speed ​​is slower than many other types like Xrp or CMT
So, in my opinion, CMT and Xrp is probably the most commonly used coin.

Well even if bitcoin has its downside but still a huge volume of people are supporting it and believing the capacity of bitcoin. But let's see if there will be other coins that beat it.

I don't think it's possible if bitcoin is defeated by other coins, we know that price comparisons and bitcoin's popularity with other coins are very far away. bitcoin is also the main cryptocurrency coin which is the main choice of investors, so it's very difficult for other coins to replace bitcoin positions.

[newbie-hero]

In terms of efficiency and transparency, I do believe strongly that Bitcoin is far a better option than the banking transactions. Bitcoin is fast and does not have hidden charges.

I do not agree with your opinion on this topic. Bitcoin is an anonymous platform to do the transaction. But as you said bitcoin transaction is faster than bank then it is not true. In fact, bank transaction is quicker and it is not take hidden charges.

I can partly agree with the author of this post. Yes, very often Bitcoin is faster but in case you forget any data or write the wrong wallet the transaction cannot be canceled.

[visionE2]

of course it is true, with bitcoin, we can make any transaction everytime and everywhere, we only need our smartphone or laptop, and the transaction cost of bitcoin is really cheaper than Bank

[Google+]

bitcoin can be said to be more efficient than transacting at a bank because I think bitcoin shipping is very fast even between countries between continents and can make transactions around the world quickly even when making very cheap transactions makes bitcoin better and more efficient than banks. Other advantages of recording bitcoin transactions that use blockchain technology also look neater.

[wolffy0216]

bitcoin can be said to be more efficient than transacting at a bank because I think bitcoin shipping is very fast even between countries between continents and can make transactions around the world quickly even when making very cheap transactions makes bitcoin better and more efficient than banks. Other advantages of recording bitcoin transactions that use blockchain technology also look neater.

Yes there are some advantages of bitcoin compared to banks and this is the reason why others are into bitcoin now, but still a lot of portion of the world believe and support banks and fiat currencies.