Bitcoin Can Be More Efficient Than Bank Transactions

[Lukiti Janete]

More efficient is not meaning more protective. That reason why many people still choose bank transactions more than Bitcoin.

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[dimiinx]

Bitcoin can be more efficient than bank transactions about fees such as transmit fee, storing fee, protecting fee and so on. Besides, the speed of Bitcoin is faster than bank transactions.

Yes, I agree that your opinion is that bitcoin can exceed bank transactions which are rather complicated and the solution for bitcoin that can help transact with others and is not complicated and accessible anywhere is not required

[goldencrypto7100]

I completely agree with your statement but it is also true that most of the people still finds bank more safe they don't want to take risks, but we have to make them aware of that this is more cheaper and easier than bitcoin trading

[Jombrangs]

Yes, I strongly agree on this. First, Bank transaction was very hassle, meaning very slow to be done and to be manage if you have that emergency to be paying after cut off. Second, too much of ID and verification just to verify your account, and to much of process to be done before withdrawing and depositing into an account. And lastly, no tax or rather percentage for profiting and you must wait at least month to wait unlike banks that profits only every year.

[learningcrypto5421]

Bitcoin it is decentralized that's why it is more efficient than the bank.people like bitcoin because you can easily transaction here. it is great and efficient that the bank transactions.

[ghosong]

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.

All the points stated here are facts and many people agree to them. We can only hope to beest from Bitcoin in real life applications and until that happens before we can fully enjoy the benefits of Bitcoin.

[Eurobot]

Bitcoin it is decentralized that's why it is more transparent and fast transaction. it is also reliable and more efficient than the bank translations.thats why people like bitcoin and most of people are interest to use it.

[Hidemeb4]

Bitcoin can be better option for cross-border transactions because of its ability to make cheaper transactions. Sometimes more secured and free transactions can be operated easily.

[steve_rogers321]

Bitcoin it is decentralized and third party control free. it is made by advance blockchain technology thats why its transaction are so fast and it's more transparent. it's also easy transaction and people are more interest to use it. it is good and efficient that the bank transactions.

[jak3]

It's true that Bitcoin transactions are much safer and efficient than banks. Before saying everything to banks I will like to highlight a point, That why people are even using Bitcoin when they already have banking sectors. People already have cash and other cashless services but with Bitcoin and other cryptocurrencies, they are getting much more features and at a very low fee or tax. This not only saves our money but also save our time because these internet currencies are much faster than banking sectors.

[Nasonn]

Yes, because of blockchain technology bitcoin transactions are not only more efficient than bank transactions but are also more secure and transparent.

[Radio-Active]

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.

Yeah, bank cost us administration fees and charge us when we store our money on it.
Maybe satoshi created bitcoin for eliminating the high fee while we send our money.
But now, bitcoin price is very high, causing the fee of transactions gone high too. Maybe other altcoins have better fee.

[dominional]

In bank transaction somebody  or staff is needed but in the case if bitcoin u can do it alone without anybody assistance.  It can go all the way from where it was to another level without any assistance from anybody.

[zhanyiguai261315]

BTC and blockchain have changed the existing banking business model!
BTC is more efficient, easier to use, less expensive to transfer and use than traditional banks, and effectively protects users' privacy!

[drm]

Bitcoin is definitely cheap in terms of borderless, over-seas transactions(compared to wire transactions and such). The challenge that bitcoin has right now is transactions that are made when purchasing stuff from your local store or something. Yes, fees are quite cheap right now(a few cents to sub $1),but fees should be cheap enough to be used by 3rd world countries; as I'm pretty sure a good number of people from poor countries aren't willing to pay even for as low as $.20 (trust me, I myself is from a 3rd world country). Here's where lightning network[1] comes in. Hoping for a steady increase in development and adoption.

[1] https://lightning.network/

Need fees that serve microtransactions, and preferably a decentralized option besides LN.

[Dudeperfect]

Yes, that's because Bitcoin is based on the blockchain technology which relies on the principle of decentralization. That's why some banks have already started testing blockchain technology to optimise their traditional infrastructure and processing units. However, this innovation is still evolving and I am sure that we will see a fine product down the road that will be beneficial not only in for the financial sector but also in other crucial sectors out there.

[carlisle1]

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.

I agree that Bitcoin can be more efficient than bank transactions. However, the banks have no say in approving Bitcoin transactions. They can only limit or monitor cash conversion to bitcoin and vice versa. That's it. Once you have bitcoins, you can freely transact via the Bitcoins network and the banks can do nothing about it, neither allow them, nor prevent them.

Thats why OP says that banks will allow transactions of bitcoin with condition of registering on special platforms.so before hand this is not happening ..

For me crypto transaction is more accurate,more efficient and more cheaper than banking networks so I believe that in short time this will happen,since banks are now starting to adopt blockchain to their technology

[bitterdog]

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.

Of course bitcoin can be more efficient than  the bank transactions, because bitcoin doesn't need the role of middleman that often takes a alot of time and cost that makes the transactions unefficient.

[arief.sutono]

Indeed, there are some who already get this about costs and do not want to risk full adoption of crypto, so there are those who offer the best solution. There is a good example, not related to the bank. IBM will receive blockchain, but only as a mediator. There is someone in a country, sells local fiat to BTC and sends it to IBM to buy goods. IBM then sold btc for the fiat they wanted. Banks can do the same thing, but I think that needing an ID and fully adopting cryptos is a better solution. It's just that no one wants to say goodbye to Fiat. Thanks

[virendarnagpal]

Payment / transactions by using bitcoin is surely cheap, efficient, quick, fast and without middle man.  Banking transactions are costlier as compared to bitcoin transactions. 
That is why more and more people are attracting towards it.