Bitcoin Can Be More Efficient Than Bank Transactions

[Valakhaha]

At the present time, I think investing in Bitcoin is better than depositing money into a bank. Because when you trade Bitcoin, you will not be able to lose your information, and the bank will not.

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[hawkins]

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

well, maybe in terms of transactions, bitcoin has a very good level of comfort for us. well, I think for now, bitcoin can indeed compete in terms of transactions with banks. but, of course the bank is still superior to me.

[gareng1468]

in recent years money transfer transactions between countries are more comfortable using crypto currencies. because each country or bank charges expensive transfer fees. this is very burdensome for users or customers to transact. with flat transfer fees I really like this feature. and transactions become fast and efficient.

[nightfury]

There are certain degree of factors that make bitcoin more efficient than bank transactions in the sense that it has a fixed amount of supply, lower transaction fees, and is giving people the freedom of privacy in their blockchain transactions as receiving and sending addresses are concealed wherein new addresses are used in every new transactions made in the blockchain giving it more secured transaction.

[yfan2010]

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 also hope that the whole world can implement it, especially in my country, because bitcoin as a means of payment is still prohibited by the government.

[IndigoRed]

Bitcoin as global currency is used in just about every country on earth that accepts it. It can be used on any website, transferred more easily than really any other currency or bank transaction. And the fact that it has no central authority, makes it faster and cheaper too. Plus, we don’t get to confined to banking hours. No such thing as holidays as well!

[maculeth]

there are positive and negative, there are advantages and disadvantages. bitcoin can be faster than banks, and don't need to go anywhere. enough at home and using samrtphone or laptop. besides, the value of bitcoin can increase if held. but unfortunately, there have been many cases of hacking, and also bitcoin is prone to being used for illegal transactions.

[hadveach]

there are positive and negative, there are advantages and disadvantages. bitcoin can be faster than banks, and don't need to go anywhere. enough at home and using samrtphone or laptop. besides, the value of bitcoin can increase if held. but unfortunately, there have been many cases of hacking, and also bitcoin is prone to being used for illegal transactions.

but bitcoin has a greater positive value than banks, banks are very slow, primitive and only provide benefits to the bank. Bitcoin innovation never stops, bitcoin able to compete with world markets, but banks only make the national currency weak.

[babarian]

Very sophisticated blockchain technology allows that to occur using bitcoin transactions will be better than using bank transactions, but at this time it cannot be said to be better because bitcoin still has big problems about its recognition in various countries, even though their technology is ready. but the users are not yet fully aware

[jpnl0008]

Yes of course it can be more efficient than bank transactions i even like the fact the transaction will be faster safer and reliable most times the bank can be very disturbing most times

[maskeffec]

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 agree with you. We all hope there will be regulations from the government or any authority to allow bitcoin transactions. Bitcoin must not be banned, it must be regulated. Banks or governments must see bitcoin opportunities that are more efficient than official banks. It would be better if bitcoin is allowed for any transaction or payment.

[staradvincula]

This is absolutely more efficient than banks and no wonder why many people now a days are more joining into this. It became easier and comfortable to send or receive money thru online. We dont need to go out just to do any kind of transactions as far as money is concern.

[Naughty Princess]

Yes of course it can be more efficient than bank transactions i even like the fact the transaction will be faster safer and reliable most times the bank can be very disturbing most times

Bitcoin is accessible anytime without any hassle and more convenient than banks where you have to appear on their place to make transaction and you have a personnel to do it for you. In bitcoin, you can do everything on it with your time even you are doing other things. I can say that it is efficient to do transactions through bitcoin and make it secure for your own good.

[xvacator]

there are positive and negative, there are advantages and disadvantages. bitcoin can be faster than banks, and don't need to go anywhere. enough at home and using samrtphone or laptop. besides, the value of bitcoin can increase if held. but unfortunately, there have been many cases of hacking, and also bitcoin is prone to being used for illegal transactions.

but bitcoin has a greater positive value than banks, banks are very slow, primitive and only provide benefits to the bank. Bitcoin innovation never stops, bitcoin able to compete with world markets, but banks only make the national currency weak.

Maybe soon, the bank will adopt blockchain technologies to their system, and they can solve their problem in the transaction section. Bitcoin itself still grows right now and still develop in many ways including for the time of the confirming the transaction. And the illegal transaction is the most problem for bitcoin, and it needs to solve in a hurry.

[GunsLair]

The most important advantage of bitcoin is that only you use it and nobody else. Whereas bank uses the money on your account and in case of any problem you will not be able to withdraw your money from the account at the right moment for you. Also you can transfer bitcoin anywhere and anytime, regardless of the schedule of work and holidays, as it is in the bank.

[Tduty]

Yes, of course, bitcoin can be more efficient than the bank transactions. Because bitcoin transactions are cheaper and faster than the banking transaction. I strongly believe that it is more profitable than transactions via banks whose administrative costs are still expensive. But in terms of security, banks have a trusted and guaranteed security.

[bitcoindusts]

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.

The usual 3 to 5 banking days for transfers/deposits has long been addressed by a number of banks.

Majority of banks on an international level is already in cooperation with one another and had speed up banking process.  On a local basis, bank to bank transfers are nearly instant and there are no fees involved if banking under the same institution. While international transfers can take an hour to eight depending on the time zones and would usually entail a reasonable banking transaction fee (though bitcoin transfers are definitely less, converting it to fiat incurs additional fees too).

Perhaps the best attribute of bitcoin that supersedes that of the traditional banking is being permission-less. When banking requires to scrutinize your personal details and at times even source of income and capacity to bank, bitcoin does not allowing anyone to get a wallet and transact.

[Limsam]

Yes, I agree with you. Bitcoin is more efficient than bank transaction, this is the reason why people tend to use bitcoin, not banks anymore

[BitcoinPanther]

The most important advantage of bitcoin is that only you use it and nobody else. Whereas bank uses the money on your account and in case of any problem you will not be able to withdraw your money from the account at the right moment for you. Also you can transfer bitcoin anywhere and anytime, regardless of the schedule of work and holidays, as it is in the bank.

Not wanting to be rude, the usage of our funds by the bank is not illegal per se, some banks do as you cited. And that is why we periodically get some dividends from time to time. But the part where our money could not be withdrawn should we wish too is not so true unless in the event of a technical bank issue or chaotic events caused by war, disaster or economic crisis.

Though i do agree that the bitcoin you have is rest assured to serve you alone at any point of time and none have any access to is except you alone. Perhaps it is in this sense of security that bitcoin pegged a clear edge over banks.

[dimiinx]

Yes, I agree with you. Bitcoin is more efficient than bank transaction, this is the reason why people tend to use bitcoin, not banks anymore

I agree, in bitcoin transactions the transaction is faster and more accurate and efficient than more complicated bank transactions even though there is already an e-banking application