Bitcoin Can Be More Efficient Than Bank Transactions

[MickyDonald]

It can be said that bitcoin was born as a payment revolution. It fixes traditional transaction issues such as Any transaction has a limit on the transfer and receive money but for bitcoin, there is no limit. The transaction is still done but your identity is completely secure. The transaction cost is extremely low, and most importantly Bitcoin cannot be faked.

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[mia khalifa]

yes, of course bitcoin will be more efficient and than bank transactions because by using bitcoin all transactions can be seen and are very fast and the security is very guaranteed, and you can also make transfers between countries quickly.

[basyang]

If we talk about efficiency then sorry to disappoint you, but banks are more efficient than bitcoin by far, and let me explain you why:

From the source: https://www.quora.com/How-many-transactions-do-typical-banks-process-everyday

We see mastercard have 34000+ transactions/second and visa have 24000+, if we compare that wit bitcoin, we have blocks each 10 minutes with 2500 transactions/second aprox.  So bitcoin now days can't handle yet the high number of transactions we have with banks, That's why i say bitcoin cen't be more efficent than banks, but maybe that will change in the future.

yes. I am totally agree with your point of view regarding to this topic. As of now, Banks is still efficient to used because many businessman and other investors still used it and proved it by many years while bitcoin was knew and we can not say that it can be effecient that easily. We still need banks to support the market and it is very common used to transactions.

[fanji]

bitcoin will continue to be banned by governments around the world because it is often associated as a means of money laundering that leaves no trace at all, but it seems that there are several banks in the world that have cooperated with one Cryptocurreny altcoin namely xrp, this news has been heard since 2017

[fortuner]

it is very true that bitcoin is further more efficient than transactions carried out through banks, with bitcoin we no longer need banks, we can make transaction anywhere, anytime, only through our smartphone, even with lower cost than bank administration fees

[Ahimoth]

it is very true that bitcoin is further more efficient than transactions carried out through banks, with bitcoin we no longer need banks, we can make transaction anywhere, anytime, only through our smartphone, even with lower cost than bank administration fees

Yes totally because Bitcoin is much faster compared than the bank transaction. When do transaction in Bitcoin there's no need paper to fill up, you only need to click and then they will receive it immediately. People always want a instantaneous so Bitcoin is good for that especially when do transaction. So if Bitcoin allowed to used then possible many transaction will be immediately received.

[ranman09]

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.

Some are already getting this this about the fees and yet don't want to take the risks full crypto adoption involves, so they offer rather weird solutions. There's a good example, not bank-related, though. IBM will accept blockchain, but only as a mediator. There's a person in some country, selling local fiat for btc and sending it to IBM to purchase stuff. IBM then sells btc for the fiat they prefer. Banks could do the same thing, but I think that requiring ID and fully adopting cryptos is a better solution. It's just that nobody wants to say goodbye to fiat.

That's a nice solution for mass adoption. It would really lessen waiting time for overseas transfers and be a win-win for all the ordinary people and the banks.

I would not want for fiat to be gone also if the can work hand in hand, then I don't see any problem with that.

[Farma]

it is very true that bitcoin is further more efficient than transactions carried out through banks, with bitcoin we no longer need banks, we can make transaction anywhere, anytime, only through our smartphone, even with lower cost than bank administration fees

if the transaction is a problem, I am sure that I can really beat the bank. well, one of the advantages of bitcoin is this. however, the bank is not just a transaction, but there are still so many things that bitcoin cannot do to exceed the bank's capacity.

[Elqui]

Of course, i think that is also one of the reasons why governments says its illegal because a lot of banks will be dead if people will get to use bitcoin. Bitcoin has a lot of future, its about us how we will make it more useable for our everyday lives.

[rujuklagi]

"Transfers with bitcoin even between countries average administrative costs close to zero dolllar. Obviously more profitable than transactions via banking that are still expensive administrative costs".

Bitcoin and the like can provide transaction cost efficiency, even when compared to banks.

[LeetPoolsOP]

The only reason that any bank in the world is created is the profit of the owners and they are absolutely indifferent to the convenience and comfort of the client.

[maloibtc]

I think that btc can be more effective than bank transactions because it is the best coin ever and it has a lot of advantages. I am sure that btc will be the leader in the market for long and we will see this soon

[romantic007]

BTC transactions need to be centralized to make it coordinated with banks. Although I think it's good to control and regulate transactions to prevent frauds and illegal actions, it's hard to do without centralization.

[Cryptogid]

Bitcoin is more efficient than banks, less in transactions charges, money in pocket that is safe from thief's,its grows while in your account,decentralized in nature..

[Finestream]

Bitcoin is more efficient than banks, less in transactions charges, money in pocket that is safe from thief's,its grows while in your account,decentralized in nature..

Yes i agree.Bitcoin transaction is definitely more convenient and efficient compared to bank transactions.And the fact that you can have the sole and full control of your account so it stays private and more secured.While in bank transactions,your account may be privately known by their own employees and that will definitely cause an inside job transactions.

[killerfrost]

I think bitcoin will never be better than bank transactions. Bitcoin is the best electronic currency but it's just a virtual currency. Bitcoin trading is also anonymous. So it will be where the money laundering takes place. Bitcoin has not been accepted in many parts of the world.

[korkor]

Bitcoin transactions are more efficient than that of bank transactions. In terms of the time needed to complete a transaction, bitcoin is very fast than that of the bank.  The person receives the funds instantly with no third party involvement. Bitcoin also provides cheaper transaction fees as compared with the bank.

[PitbullP]

I'm sure that bitcoin will be more efficient than bank transaction. It provides cheaper, safer and faster transaction. One more thing is that bitcoin transaction is completely anonymous

[Aldrinx00]

Bank transfer usually takes 3-5 business days just to complete the transaction while in Bitcoin it takes just a couple of minutes hours or day to do so. Moreover the cost of bank or wire transfer is more expensive compare to Bitcoin which is more beneficial to people.

[arthotdog]

Yup i believe the same thing mate,since the reliability and accommodation that bitcoin can offer is too far from banks can.and the efficiency of blockchain transactions is what we need ,because being a former bank user we can differentiate whats the advantage and disadvantage of both.so for me i am to cryptocurrency specially bitcoin and I don’t wanna use a third party involvement again