Bitcoin Can Be More Efficient Than Bank Transactions

[Fersec]

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.

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[mk4]

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/

[butka]

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.

[kryptqnick]

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.

[davhek]

It already is better and cheaper. It will only get even better.

[MainIbem]

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.

This is the very essence of the blockchain and cryptocurrency. The banks killing people with charges. The transfer speed on the network is super fast, and you know what, further improvements are making the speed even faster.

Ego is making the banks and governments not to key into this technology, at least for now.

[vit05]

Bitcoin's big problem is still the difficulty of converting fiat into Bitcoin without needing to rely on a third person. The fee is really high in a lot of situations, but if it's really comparing all the costs involved, it's a lot cheaper.

To use the credit card in a business transaction between people two people from different countries, several fees are paid. And it is necessary to use the services of 2, 3 institutions in the least.

With Bitcoin the transmission is direct, fast, easily identifiable and auditable. Bitcoin will be a breach of the walls between countries long before it is used to pay for a coffee or to be used in a snack machine. A person from Sudan can get a cell phone from a Chinese company without having a bank account. This is how Bitcoin will be the disruptor of the entire banking system.

[pareshnakar]

Bitcoin it is decentralized network and more efficient than the bank translations it is easy and instant transaction so people like bitcoin and many people interested in the bitcoin transaction also it is good and efficient that the bank transactions.

[omorfi]

Digital asset based bank debit cards will greatly increase the usability of bitcoins and other crypto currencies through fast fiat/crypto convert options..

[gantez]

The fees are more beneficial for a larger transaction
and international business

Although I acknowledge the central bank's concern if Bitcoin transactions are used for prohibited matters.

For the fear, that is why it is taking time for the regulation that you are talking about.

[Cryptotissue]

the word is '' bitcoin is more efficient than that of the bank'' not the other way round. in today's world by and selling with bitcoin has been made easier than it was in the past. the traditional way of the bank today doesn't favor the improvement of this technological age.

[seoincorporation]

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.

[LeGaulois]

You definitely forget something.

You suggest that people would need to join a website from a bank that has an agreement with the market authority institutions
Bitcoin's purpose is to be free from banks, governments, and you suggest to get this digital currency finally managed/regulated by these same institutions. In this case better to buy a token issued by a bank, it's a just a digital money similar to the scriptural money.

[Thanasis]

It is more cheaper but more importantly you are in full charge of your transaction no one is doing that for you,you no need anyone's permission to transact anywhere better than the bank transaction right.But I don't know how it is possible to store all your and monitor all the transactions happening in a country maybe it is possible in Japan since it is less populated country but the countries with huge population still can monitor all the transactions?

[cryptolandlords]

Bitcoin is the  more efficient than bank transactions, when it comes to international transfer and sending across large amount of money where bank will start asking you some confidential questions which is sometimes annoying, bitcoin transaction is the best substitute.

[ralle14]

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 platform must be accompanied by a central bank permit.

One of the biggest exchange in our country had already done this. It can save us fees, but it won't always be the case because off chain transaction is limited within the country and to users who use the platform. And using platforms like exchanges to store Bitcoin is not recommended.

The best solution we currently have is already mentioned by mjglqw which is the Lightning Network. There are fees involved, but they won't be expensive than onchain transactions.

[crypto_nite12]

I agree Bitcoin will one day replace traditional banking!

[squatter]

More efficient? Not really. Blockchains use huge amounts of redundancy to achieve trustlessness -- that's how decentralization works. The centrally administered databases that power banking transactions can be much faster and use less resources because they sidestep the entire mining and validation process.

It's correct that high-value transactions can be much cheaper than the legacy system -- you can send millions of dollars in value for pennies in fees. But that may not always be true. Fees are expected to rise considerably over the years because they are going to eventually replace the mining subsidy.

[Criptomen]

There are several problems, first of transaction is cheap, then banks will not earn money, the second is that the price of bitcoin is not stable, and we need to convert fiat to bitcoin and then bitcoin to Fiat (pay fee), the transaction goes ~ 10 minutes, during this time price of bitcoin can change and client or bank will have loss, is not profitable.

... if we compare that wit bitcoin, we have blocks each 10 minutes with 2500 transactions/second aprox.

This figure can rise if more people will use bitcoin? or it's a technical ceiling?

[Phlaser]

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 everyone agrees 100%on them. We can only wish for the beest of Bitcoin in real life application and until that happens before we can wholly enjoy the benefits of Bitcoin.