Bitcoin Can Be More Efficient Than Bank Transactions

[Dmitry.Vastov]

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.

We all are aware with this human tendency of saving money for their budding generations and therefore we human have a habit of investing our money as savings, as from ancient times people used to invest into gold and I guess, this investment is still very popular but then with time some businessmen started investing into stocks but it is not that successful then comes the bank investment and the comes the investment of the future, the crypto investment and I find this investment to be the most successful and the most beneficial investment of the available one.

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[Friskaadew]

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.

I might agree that BTC is more efficient in terms of time and place that can be done anytime and anywhere, but in terms of security I prefer to convesnional banks because they have a trusted and guaranteed security if something happens that we don't want

[bitfocus]

Bitcoin transfers are already cheaper. may be on cointelegraph or news.bitcoin, I saw an article last week that Bitcoin transfer is like 6000 percent cheaper that Fiat Transfer fees of Bank Of America charges.

[buternasek]

of course, the reason is:
Bitcoin and the like can provide transaction cost efficiency, even when compared to banking.

"Transfers with bitcoin even between countries average administrative costs close to zero dollars. Obviously more profitable than transactions via banks whose administrative costs are still expensive.

[Jannn]

In terms of transaction fee, Bitcoin is already hugely more efficient than banks so that's one strike off the list. The only thing Bitcoin needs to improve is the energy cost of its transactions, which I believe is actually somewhere around $300 per transaction if you really do the math. Though of course, the energy expenditure of the Bitcoin network isn't correlated with fees, yet many people do make this calculation regardless.

[killerfrost]

I think bitcoin will never be more efficient than bank transactions. Because Bitcoin is a virtual currency. Bitcoin prices always change. Transactions in bitcoin are anonymous. You will not know who you are dealing with. Bitcoin is where criminal activity and money laundering take place.

[gabbie2010]

No doubt it is proven that bitcoin transactions is cheaper, secured and faster than banking transaction even when lighting Network is implemented however one of the obstacles surrounding its non recognition by some countries is the use of bitcoin illegally ie money laundering however regulations will have been the solution to that but some people prefers transacting anonymously.

[Tramle091296]

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/

Well its the true. Like the First world country is cheap but for the 3rd world country that fee is so high for us thats why some of us use different method to prevemt high transaction fee using different coins. And about on doing a transaction theres maybe advantage and disadvantage ln both sides, bitcoin is cheap better than wiretransfer/using bank transaction but the disadvantage is it can be pish if your not prepare on the transaction you make like on the bank you are fully secured that transfering money is sure that the reciever will get it.

[Rustamm]

Bitcoin is a tool for relatively fast money transfer in the virtual world. It also serves as a measure of value, a means of payment and a means of accumulating value. He does not have any other functions. Meanwhile, banks perform a lot of other important functions, including credit and financial services and maintenance of current and other accounts of individuals and legal entities. Banks provide loans to the economy and ensure the implementation of the country's budget in terms of financial support. Therefore, bitcoins and banks can not be compared, each performs its functions, and in bitcoin they are insignificant compared to banks.

[Commitments]

Yes it will, we can secure transaction by using bitcoin and more faster than bank, always be on time transaction and we can do it eny time and any where, not like bank, we need time and place to make transaction with bank system.

[cybernetik7]

Expecting from people to change their habits in a day is not reasonable. Let's offer some options and give a chance to choose. Also, banks are sitting at the center of transaction and payment systems.

Some people may prefer to use a third party and do their transactions and payments via banks. Some do not and prefer p2p transactions and payments. If people have right to choose, recognition of criptocurrencies will be stimulated. I think banks will be weaken and lose their power in a long term.

[OddEvenBets.com]

Agree with you. Transaction is very cheap.
I saw TX amount 500 K$ with low fees, about 5-10 cents only.

[Chicksteen]

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.

You can conveniently make a transactions with bitcoin because all is online on it unlike banks that you have to personally go there and make the other person do a transaction for you. Using bitcoin is less hassle for everyone and you can make it with your own time. It also faster to transfer money from one place to other place without risking your life to be robbed in the road.

[Trustor]

Bitcoin no doubt is faster, quicker than a bank transaction though it is not more reliable than a bank transaction because of anonymity of the transactions. So if a person prefers anonymity Bitcoin is more efficient being digital money. But it is also limited to people who have access to internet. It is super efficient for cross border transactions also.

[Leocristophe]

There is no comparison between Bitcoin and the bank. Each system has its own roles and in the e-commerce sector can be bitcoin is seen as rapid exchange. Be sure to calculate the value of the cryptocurrency.

[kucritt]

many people said like this too, many people think that blockchain the system of the bitcoin has more power and more security than the ordinary system that bank use for their transaction, and i think that its true, because we can see that blockchain is the new platform that have the high level secuirty, i think in the future we can see that there are many things will use the blockchain system in their system

[VanityWallets2015]

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.

There isn't any doubt in bitcoin being better than banks in many a ways like sending the payments across the globe very quickly and cheaply than banks but the reliability and the convert ability of bitcoin to cash isn't available in most of the countries that are in the developing world so using bitcoin is almost impossible to send money into those countries. The best part about bitcoin that I like is that we get the money same day as compared to bank which takes more than a couple of days to complete the transaction.

[GreatArkansas]

Yes, that is one of the best feature of Bitcoin, that's why I much prefer using Bitcoin than sending money thru banks and many banks here in our country freezing individual's account without any reason, that is very scary. Bitcoin is really the best for that problem.

[Cryptomania843]

The development of blockchain and bitcoin is a revolution. There is no way blockchain and bitcoin are better than banks. We are at the beginning of a revolution and we just have to be patient enough for this blockchain world to become part of our daily lives. The beginnings are always difficult and that is why we must be patient.

[teklang01]

Yes I agree to that, bitcoin is more efficient than traditional banking. It gives the freedom of privacy in our transactions and we can even do transactions globally with ease and with minimal cost. Bitcoin is really amazing invention.