Bitcoin Can Be More Efficient Than Bank Transactions

[ChainFish]

That's an unique idea. But I doubt if regulations on cryptocurrency is possible or not. Because cryptocurrency runs on decentralized system.

[jackpot888]

Actually, you are right. By regulating cryptocurrency, illegal transactions can be stopped. Banks can utilise this method and support cryptocurrency based transaction.

[Wrathhawk]

BTC is already a better and cheaper and a more convenient means of transferring money. And the fact that it runs on a decentralized system is what makes the market more efficient.

[cxmyifan16]

I think that btc is the best coin ever and it is really more efficient than bank transactions which not always meet expectations today. I think that the use of btc will be faster and more reliable than banks

[Silentsweeper785]

Givent hat the banks run a centralized system and BTC runs on a decentralized one has already made it into a better alternatoive than banks. Plus it is a less expensive way in terms of the fees compared to banks.

[darkangel11]

Givent hat the banks run a centralized system and BTC runs on a decentralized one has already made it into a better alternatoive than banks. Plus it is a less expensive way in terms of the fees compared to banks.

Of course. The greatest advantage of BTC is that you don't have to depend on the bank system and their servers. Btc is available 24/7 and it never needs a coffee break or a holiday. It doesn't need time for maintenance. My online bank prompts me once every 2 months about a scheduled maintenance and it usually takes the site down for the whole night. What if I had something urgent going on like a huge business deal at that point? BTC gives you comfort you never had before.

[javadsalehi]

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.

Banks have no control over bitcoin transactions. They can only create a wallet and want people to use that wallet for sending their coins. But it will be always possible to access to the blockchain using other wallets. They cannot force people to use their platform. They cannot stop the transactions that are made without using their platform.  

[NervousWolf]

Bitcoin itself is relatively new so adopting it to the extent of banking would be very difficult. Third world countries' people tend to be a bit behind and something as new as crypto would definitely be something they would not prefer compared to traditional banking methods. Bitcoin transactions would need to be more streamlined and more simpler for the average person to utilize it as normal bank transactions go. It could be adopted, but it would take time and a new platform for it to be widely accepted.

[ayodeji01]

To an extent bitcoin efficiency is greater than bank transactions... But still there are various logistics involved

[steve_rogers321]

I concur that Bitcoin can be more productive than bank exchanges. Notwithstanding, the banks have nothing to do with endorsing Bitcoin exchanges. They can just farthest point or screen money transformation to bitcoin and the other way around. That is it.

[Faeton]

It depends on what kind of banking transactions are involved. Banks perform various functions that bitcoin can not perform. As for the implementation of the transaction, it is true that bitcoin is more efficient than the banks used to be. Previously, banks used the outdated SWIFT method to transfer funds and, with the advent of blockchain technology, they began actively switching to the use of ripple crypto currency, which provides money transfers to any point of the globe in a matter of seconds.

[cryptofan999]

Bitcoin's enormous issue is as yet the trouble of changing over fiat into Bitcoin without expecting to depend on a third individual. The expense is extremely high in a lot of circumstances, however in the event that it's truly contrasting every one of the costs included, it's a ton less expensive.

[Rainbow009]

The blockchain technology provides a fast, cheap, secure, decentralized and transparent means of transferring funds.
In NY opinion it is more efficient than bank transactions and would most likely be adopted by the banking sector in the near future.

[AutisticKid007]

It is less expensive yet more vitally, you are in full charge of your exchange nobody is doing that for you, you no need anybody's consent to execute anyplace superior to anything the bank exchange right.It is the better option than banks.

[florac9]

Bitcoin is more effective thanbank transfer already ,its faster and easier .it will still take time if not years before it can be recognized generally over the world and the fully used as means of payment in everyday transactions.

[Cybora9]

Bitcoin is better than bank transfer in many aspects. It is decentralized which makes it faster and cheaper than traditional bank transaction. Still i think it need more developments in future.

[ribowo76]

Supposedly, bitcoin can be more efficient than bank transactions. Because, it's one of the goals of the creation of bitcoin. And I believe, one day such things will be realized

[coppied]

Yes I agree with it because it transition system is better than banking system. Banking system is a lengthy process also it varies different types of process. Bitcoin system is transparent and it can easily transfer currency .

[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.

Yes, it may be more efficient, but it tends to have a higher risk of being exposed to fraud because we do not have any data with whom we transaction, so I think BTC is indeed more efficient in place of time and cost. but it will not be safer than transactions in a conventional bank

[goldencrypto7100]

Bitcoin is gaining popularity because it has beaten the performance of bank transaction. Still bitcoin need a well amount of transaction fees. I think if it going to be reduced bitcoin will be more accepted.