Bitcoin Can Be More Efficient Than Bank Transactions

[bitcoindusts]

Transactions with bitcoin are without a doubt much more profitable than banking transactions. But to transfer money it is necessary only to trusted users, because to get back your bitcoins, you will not be able.

Truly, the unavailability of transaction reversals are few of the things that one needs to be aware of regarding bitcoin payments. An ounce of extra care when making any transaction is a must. One needs to make sure that they are sending to the right bitcoin wallet, otherwise, the bitcoin sent can not be gained back through any means. And remember, there is no governing bitcoin authority that can reverse such payment mistakes.

[baby1moretime]

Technology 4.0 is growing, the trend of using electronic transactions is increasing so that bitcoin will gradually replace the normal transaction thanks to the fast and low transaction costs. Bitcoin trading is becoming more and more popular
is widely used in the world.

[eashikde]

Bitcoin is really a tool for quick money transfer in the virtual space. At the moment, Bitcoin serves only as a means of payment, while banking services perform and perform many different functions. Banks provide loans to the economy and ensure the implementation of the country's budget in terms of financial support. From this we can say that Bitcoin and banks perform certain functions and cannot be compared.

[Adelia15]

Electronic transactions will gradually replace traditional transactions, helping consumers and businesses significantly reduce the time and costs of transactions. Create conditions to find new customers, new business opportunities in the field. water, regional and international. Stimulate the development of the information technology industry and play an increasingly important role in the economy. This benefit is also significant for developing countries, which can make a leap forward in developing countries in the shortest possible time.

[Yantoaja]

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.

for me personally, I think the bank is more efficient in terms of how to transact and its security in saving money, for the matter of speed and cost in this case I prefer to be the btc who is superior, maybe in the future if the government can begin accepting btc as a legal payment instrument in the digital world , the development of btc in terms of security will be even better, and maybe someday btc or crypto will be much more efficient than conventional banks that we use a lot today

[mitchel_am]

Bitcoin transfers are very fast and because they are untraceable I think this makes them very popular. Locally the banks are more efficient.

[Ava Duvall]

Any transaction is based on the principle of profit. Bitcoin can't be compared to the Bank because it is so different and the transaction is different.

Yes, I agree with you. Bitcoin can solve the bank's problem especially for the speed of the transaction although bitcoin transaction is not too fast. Still, it is fast bitcoin than the banks. Besides that, bitcoin can be sent to any places without any border, and the fee transaction can reduce no matter how much we want to send the amount.

Those are the key points and biggest advantages of bitcoin. But we cant forget the down side- there are many illegal transactions happening,and there is no way to stop them. besides that there are more pro's than cons

[manyu22]

Sure, it is more efficient, actually it is not very hard to be more efficient, than the banking transaction system Still, I do not think banks will use Bitcoin, to make transactions faster.

Bitcoin and Cryptocurrencies provide an opportunity for everyone to directly transact peer to peer without intermediaries. This means that all Cryptocurrency users can see all transactions between users that occur involving the Cryptocurrency, without being able to tamper with the data because it is cryptographically locked and requires consensus agreement between the Miners. (Bitcoin can be regarded as digital gold, a network of developers who are expanding a network of Bitcoin transactions called Miners. They are the ones who are expanding the network of Bitcoin transaction blocks, auditing new transactions and printing new Bitcoin as gold miners increase the amount of gold by digging it up.

[Valer4ik]

Maybe someone will be interested, the conclusions are very sensible, though not in relation to the cue ball, but ethn, but everything is connected,

at least the cue ball has other functions. What I mean is that the indigen is also his time now, and if the next one is still speculative, then it will most likely be technological, because the future is behind them.

[Gary Levanevskii]

Bitcoin is not highly scalable. Therefore, in the future, there may be more competition for add a transaction to the block. Bitcon is digital gold.

[ansarose1]

as for the product of blockchains in cryptocurrency, more people rely on bitcoin transactions rather than banks. Because using bitcoin trnsactions out of the internet, it is so convinient and more fast than bank transactions. And this is possible by bitcoin and its development.

[kolsernik]

The effectiveness of bitcoin should of course be accompanied by regulation.I think the regulation will attract even more businesses and banking institutions to the cryptocurrency space.

[sidodadii]

yes, bitcoin have great transaction than bank. transaction speed, low cost, simple when you make transaction across the world, and many advantages. just need regation from government. need to replace bank with crypto.

[Bessta]

Bitcoin payment transactions are faster, convenient and less costly. While bitcoin is effective in payment transactions banks has a lot of services to offer which makes banks still efficient. Also the direct peer to peer transaction service that bitcoin offers makes bitcoin attractive.

[margaret22]

I would love to see more retail stores accepting Bitcoin, but I am sceptical, when banks will integrate Bitcoin in their system in global, it is so far away from what they represent.

[rockyfeller]

Banks use database, Cryptocurrency use Blockchain and this is why we are in the stage of information. The higher internet speed the higher speed of transaction we need and before anything else the internet may speed up to 5G and it will be on mainstream on 2020 so banks should shift to cryptocurrency. However in the long run if those hackers will use 5G internet they will easily track your portfolio and software database and that will be a big problem to all central banks. So i guess they will shift to cryptocurrency for more safety precaution and more efficient.

[walemil]

Bitcoin transfer will be more efficient than bank transfer in a matter of time. Bitcoin has only been with us for a few years and has improved tremendously. The elimination of intermediary and bureaucracy is a great advantage and you can do your transaction without boundary barrier.

[MinSiu]

for me, bitcoin is always better than bank transactions because bitcoin transaction is cheaper and safer than banks. For oversea transaction, i always choose bitcoin

[celot]

more efficient using bitcoin transaction than bank transaction, we can sent much money by convert with bitcoin with higher value than we have sent money by using bank and limited by bank system. transaction using bitcoin more faster than using bank.

[SIDDHI777]

Bitcoin transfer will be more efficient than bank transfer in a matter of time. Bitcoin has only been with us for a few years and has improved tremendously. The elimination of intermediary and bureaucracy is a great advantage and you can do your transaction without boundary barrier.

Without a doubt it is the most convenient method to do transactions without any barriers or interruption which is unlike traditional banks which uses old methods and centralized network and that increase there transaction fee immensely during processes so users has to bare both high transaction cost and waste of time but with bitcoin those disadvantages can be reduced or eliminated