Bitcoin Can Be More Efficient Than Bank Transactions

[Kay94]

Thats very sure and even it is very efficient than bank transactions now. You can do it at anywhere in your comfort zone and even watch your transaction status.

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[jackpot888]

yes I agree with this point that bitcoin transaction is much more efficient than the banks system. but most of the people still have much more faith over banks cause it has huge familiarity over the investors, so now we can hope that people will soon realized bitcoin importantnce and accept it

[94K]

With how blockchain was built I think its one of the best means to make transactions more efficient. When people all over the world accepts btc banks will now start to adopt the blockchain because of its efficiency.

[MidnightNugget]

yes this a very true fact but unfortunately people still consider bank as more trustable than bitcoin trading cause they have been using it for longer but hopefully in the upcoming future situation will be more in favor of bitcoin market

[rickn]

This is an interesting question because if banks start using blockchain technology, the processing advantage that bitcoin has will no longer occur.

[Janation]

This is an interesting question because if banks start using blockchain technology, the processing advantage that bitcoin has will no longer occur.

What? No, banks are still more efficient than banks in terms of transaction. Banks has no transaction fee while Bitcoin do, it has a fast transformation confirmation than Bitcoin do.

If Banks use the technology of Bitcoin which is the Blockchain, I guess there will be more efficient and secure transactions. I guess this will be happening in the future.

[Shadesofglory]

One thing is, Bitcoin and even cryptocurrency at large have their own weaknesses now, and one should not expect all to be perfected all of a sudden, it takes gradual process. Using cryptocurrency as transactions in all buying and doing has been in place, juts that it has not really been worldwide use. For bank transactions would be kind of difficult. Central Banks would definitely frown at that. Let us see how it pans out.

[BlackHills41]

Yes, it can be but first of all it need to reduce the transaction fee becasue people lost there interest when they find they have to pay large amount fot transaction.

[Abdulwasey]

It has already been proved, period.

[carlou]

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.

Bitcoin transaction is much better than banks and other financial institution no third party involved is one factor that makes bitcoin more efficient than banks and another conventional financial system regulated or not still bitcoin is efficient in term of transfer.

[Monyong]

yes, all banks must expect many investors to join in the network, but for now the bank manager seems not to be open to service about using bitcoin to new customers who are not bitcoin users.

[Baby Dragon]

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 believe that bitcoin is more efficient than banks. But nowadays there are lot of scam issues so somehow people choose to invest in banks rather than bitcoin and we cant blame them about that.

[crazymelons12]

Somehow I see bitcoin as a useful currency to be used in banking transactions or processes. Though there are risks for its valuation or pricing but it really can be so helpful. The fear about bitcoin being used for illegal activities is really a common thing with actual money. So if we will be asking how different is bitcoin to the physical money in terms of usage for illegal activities? I think not at all. I think it is not even safe for them who use it for illegal activities because they could be traced through exchanges.

[shesheboy]

yes this a very true fact but unfortunately people still consider bank as more trustable than bitcoin trading cause they have been using it for longer but hopefully in the upcoming future situation will be more in favor of bitcoin market

actually bitcoin is more secure because no one holds it , not unlike to banks that it is only operated by people which means there is a risk that your money will be stolen .

 however , volatility is only the problem on bitcoin but sometimes we can also use the effects of volatility as an advantage to buy more coins when it dips  and we can also grow our invested money if ever the price pumps .

Banks is only stable but we cant expect huge returns on here .

[FreedomFighter2]

Bitcoin transaction is much better than banks and other financial institution. 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.

[[ProTrader]]

Banks will already know the advantages of Bitcoin. It so happened that Central Banks will not honor their transaction if they use Bitcoin because it will literally kill the control of financial industry.

[rjsmith]

I agree that bitcoin can be more efficient than bank transactions.Its easy now to transact worldwide because people still consider bank as more trustable.and you can do it at anywhere in your comfort zone.

[Buttermellow]

Bitcoin could potentially be really big but first we need to overcome certain drawbacks such as security and efficiency. Unless these 2 topics are addressed BTC will never be bigger than any banks.

Yes it is indeed good to have a peer to peer transactions here to avoid high transaction fees that those bank will going to deduct every transaction. The good thing with bitcoin is that there is no third party being involved and no one could dictate on you like to do and how much you will like to transfer. Yet, there is one thing that also make bitcoin as an disadvantage to use bitcoin and that is bitcoin is not a bank and you cannot just trust to hold your bitcoins in your wallet because it might be risky like losing your private key and etc.

[Laura Evans]

Bitcoin can be more efficient than bank transactions about fees such as transmit fee, storing fee, protecting fee and so on. Besides, the speed of Bitcoin is faster than bank transactions.

[Jason Camara]

Obviously, bank transactions more efficient than bitcoin. So I do not agree with your idea. Firstly, bank transactions is under controlled by government, so bank transactions can be protected more than Bitcoin. Secondly, money can buy everything but not with Bitcoin. Finally, Bitcoin was banned in over 20 countries.