Bitcoin Can Be More Efficient Than Bank Transactions

[gentlemand]

It kind of depends on where you are.

In Europe transfers are often free and can be instant between accounts. It's a very different matter in the US which has truly stone age banking in comparison. I don't think Europeans realise how bad it is and why Bitcoin is a bigger deal. A decent part of it is that use for actual banking makes proper sense in a way it doesn't in the EU.

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[ratatat bangbang]

For me it depends upon the situation and the said country. We all know that not all accepted bitcoin so meaning some transactions have big fees. There is no assurance also if we can get a transparency between our transactions.

[beatzcoin123]

bitcoin is more evenly distributed than bank transactions, transactions with bank especially when its global, has to undergo exchanges of fiat currency, but with bitcoin, no exchanges needed, as bitcoin is a globally accepted currency.

[qumeijia]

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 completely agree that. We are all expecting that there will be regulation from government or any authority to allow bitcoin transactions. Bitcoin should not be banned, it should be regulated. Banks or government should see the opportunity of bitcoin which is more efficient than official Banks. It would be pretty if bitcoin is allow for any transaction or payment.

[StImelda]

If you consider factors such as ease of transactions, speed of transactions, cost of transactions, absence  of restrictions across geographical locations,security etc, bitcoin is certainly the more efficient currency,far better than banks

[Al-e_x]

Yes, of course. Blockchain technology makes our lives easier and more efficient, and safer is peer to peer transactions.

but you must know, that fiat will always be there until the future, and fiat always used by some people who do not know technology. they have difficulty using blockchain technology.

but not in big countries like Japan, Russia, USA and others.

[Remilekun1]

To some extent and people bitcoin is more efficient than bank transaction. The peer to peer transaction. And also the across the board transaction between a residence of two different country kills it all.

[zolfa]

I think we can't lie that some hacking occurs on the blockchain system, and that it hurts a lot of people. and that is the fault of a user who is not careful about storing bitcoin assets.

but what's interesting is that bitcoin has many positive values, like easy to use for transactions, we only need gadgets and internet networks that store bitcoin or mastercard balances like debit cards.

[Sandracrypto]

Bitcoin is definitely more efficient than bank transactions. Looking at the transaction fees of bitcoin and comparing that to bank transaction fees, bitcoin is relatively cheaper than that of the bitcoin. Also, in terms of how fast the transactions are, bitcoin is faster  than the bank.

[Muwatti]

Absolutely yes bitcoin transaction is better than banking transaction since it was using a blockchain technology that provides fastest ways of transferring crypto transactions. While banking use a traditional methods of transferring money that's why it takes time to get done or to transact. But we thought we can't deny that sometimes cryptocurrency has a necessary fraudulent activities that's why people can't rely a full trust on crypto world.

[yitzjoe]

Sending a number of funds in the bank will require a fee and requires a third party (the bank as an intermediary), while in the blockchain the shipment is directly or p2p and is recorded on the blockchain without intermediaries so that it saves time and money

[BitcoinPanther]

There's really a lot going on in your post that many would dwell on technically, and indeed, there is better efficiency with bitcoin if pitted against the bank.

And i won't stretch that much into techie discussions to drive my point through. I'll stick with the status of confirmation of transactions.

For me, the better part of bitcoin is allowing both the sender and recipient to check on the status of the transfer. As we know, once a person deposits an amount to our bank accounts we sit idle at the mercy of the bank to know whether the deposit has been really made already. Not until we see the amount reflected on our account, we are left wondering.

But with bitcoin, the sender can simply send you the transaction reference that is generated immediately upon transfer as a proof that the transaction indeed took place and this spells much comfort and peace of mind. Now all we have to do is continually check for confirmation until the amount has been received.

And for me, that is true efficiency.

[billionaireSHS]

Yes ofcourse, but you know it is not only efficient but also it is very convinient compare to banks, that's why I am thinking that banks will be considered bitcoin as their competitor. I hope that someday people realized and recognized that bitcoin is better than banks.

[pokang13]

Somehow bitcoin can be more efficient than bank transactions because you do not need to go to the bank, fall in a long line and wait.In bitcoin, you just need to have internet connection to make transactions.

[KimmyF]

Well for me, Bitcoin can be much more efficient than bank transactions most especially in more upcoming years. Even as of now, I already been agree to this. Why? Because I already been using the Bitcoin and other crypto currencies in some of my dialy financial transactions that gives me an ease, secure and faster way of paying. Well, the Bitcoin has a great potential having a great possibility to become the payment method in the future.

[elwiswoodie]

but, errors caused by users, cannot be overcome by Bitcoin while banks, can still help to solve existing problems
each method has its own strengths and weaknesses, so use it as needed

[Lizzyflower]

Bitcoin is absolutely cheaper than the bank transactions especially when transferring between countries. And bitcoin is more efficient and faster, the only cause for concern is usually the confirmation time, this can also be dependent on the bitcoin network congestion, the fee used and the nature of wallet sent from. One of the thing one must be careful about is to avoid error as the transactions are irreversible.

[libert19]

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.

Right but Bitcoin isn't mass adopted as banks. This will probably resolved with better cryptos than Bitcoin (like steem, bitshares, eos can manage far more transactions than bitcoin).

[Kakmakr]

The mayor Banks are already working on their own permissioned Blockchain technologies to replace old technologies like SWIFT. <which is used for this intercontinental transfers and settlements between different Banks> They will never use Bitcoin, because they cannot control it.

Also, doing this type of tx's requires stability and less volatility and speed. <Current systems is very slow and outdated, so they will have to improve on that with Blockchain based technologies>

[Pursuer]

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.

Right but Bitcoin isn't mass adopted as banks. This will probably resolved with better cryptos than Bitcoin (like steem, bitshares, eos can manage far more transactions than bitcoin).

so your reason is that because bitcoin is not mass adopted the banks won't use it.
then you say they will use an altcoin which is also not mass adopted, and not only that it is not even have  1/10000 of bitcoin adoption! does this really make sense to you, or are you just saying random stuff just to name altcoins you have invested in?