Bitcoin Can Be More Efficient Than Bank Transactions

[cathalary153]

In my opinion, the cost for bitcoin is much cheaper than bank transactions, thereby saving for user. Moreover, bitcoin can be more convenient to make. Furthermore, I think bitcoin is safe and secure because no one knows who I am.

[cryptoalfs76]

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.

Maybe in the future crypto would become better and efficient in terms of transaction rather than the banks if all the country used this crypto and become legitimize,but for us now i can say thats banks are better than crypto because its legit and allowed by the world government to operate world wide.

[fipper]

It is very true that cryptocurrencies are created with the technology and development of the times that require development in terms of the economy and of course practical, fast and efficient of course and that is what people need in the future

[SIDDHI777]

In my opinion, Bitcoin will be more effective than bank transactions because of the rapid transaction. You do not have to wait a few days to receive the money if the bank leaves on Saturday and Sunday.

Weekends and other holidays are not a problem for bitcoin transactions to get delay and that is a significant advantage in the bitcoin network because there is no centralized party filled with workers to process a transactions like does in banks and other financial organizations so doesn't matter what ever the day is or time is bitcoins transactions will be always faster and effective than banks

[spiderman00]

Of course it is. As bitcoin is a digital currency it will lead the future currency market. There is no transaction delay & limit. Also the parties involved in transactions are anonymous. So, there is a growing trend of Bitcoin. I personally like it & more people are engaging wit it.

[traderethereum]

It could be efficient if all people support bitcoin/cryptocurrency so they can use crypto without any problem. I am sure that the banks are seeing this is as the opportunity for their system. But the problem is, the government still not stating the crypto and I think they still learning the crypto deeper so they can try to migrate their system. I agree that with bitcoin, the transaction fee can be reduced because this is the biggest problem so far in all country and once we can use bitcoin for the legal thing especially for making a payment, then the problem will be solved.

[KingOfWinterfell01]

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 agree, international money transfer is very beneficial if you're using bitcoins as a medium but if you're going to transfer locally, then just stick with the more convenient options like money transfer. I wouldn't opt to use bitcoins now for a local transaction due to the time and the cost to transfer.

[karmapala]

I agree that bitcoin is more efficient than banks, especially for transactions between countries. Bitcoin prices depend on the market, but if the bank measures the exchange rate is the dollar usd and haeus is recognized by the tax and administration costs of the bank. I think bitcoin is more feasible to use in the free trade in theword.

[denzkilim]

Actually, for a fact it is right that the transaction fees for overseas transfers is very minimal if we use bitcoin for these transactions. Bitcoin is even more faster for such transactions. But people still use only those traditional methods of transactions. Because they find it ore convenient. It is their prudence, that does not allow them to shift to better methods of transfer. Actually people have natural tendency to resist change and that is the main problem that is not letting full bitcoin adoption.

The only thing in here is that Bitcoin is very volatile and its price/value isn't stable and this is a big "NO" when it comes to banking but if Bitcoin is not volatile it will be absolutely adopted by every bank in the world. We can't do anything with the volatility part of Bitcoin because its main feature is being a decentralized crypto currency the no one controls neither a government or a central bank and this gives freedom to every user of this technology. Maybe banks will not accept or adopt Bitcoin but there is a high chance that they will surely adopt the blockchain technology of Bitcoin because they already know what this technology can do and the efficiency they'll get when they use this innovation.

When it comes to transaction efficiency, Bitcoin is surely more efficient than bank transaction because of the time and energy that a person can save with this method and there is no doubt about that.

I don't believe that banks will accept crypto currencies but who knows anything might happen in the future and there could be some change of heart that will occur. 

[yndye]

Bitcoin seems to be more efficient than bank transactions at the moment. If you ask why, sending Bitcoin from one end of the world to the other end is less than a fraction of the money.

But it depends on the volume of the transaction though because there are times when the transaction fee becomes expensive especially during the times when the price is going up and more people are transacting and since they want to send their coins as fast as possible, they would be willing to pay out a higher fee compared to others causing the price to go up as more people would be willing to pay a higher transaction fee for a faster transaction.

The advantage of bitcoin over bank transactions is that there is no middle man which is the bank so you are assured that when the other party sends you something, it will reach you as soon as possible when it's included in the block.

[criket]

when it comes to transmitting money I think that bitcoin is more suitable but in terms of cashing out, I think bank transactions are more reliable and efficient since bitcoin needs a lot of fixing and it will take the king of cryptocurrencies into a very very very long discussion to be a national currency and transaction.

bitcoin and banks of course have different systems. all have their own uses, we cannot compare which will be more efficient. indeed for now bitcoin is still very difficult to be a currency in several countries. most bitcoin users and cryptocurrency only make bitcoin an investment asset, not a payment instrument.

[solkinsolali]

In terms of efficiency and transparency, I do believe strongly that Bitcoin is far a better option than the banking transactions. Bitcoin is fast and does not have hidden charges.

[Xising]

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/

I agree. However, despite having such potential, Bitcoin is still a long way to go before it can actually realize all its raw potential. The thing about cryptocurrency these days is the reality that despite it is a good market to be in, and it has lots of good changes to undergo that could lead into its further development and improvement of its stability. I think when that time comes, Bitcoin can compete with other similar markets and would surely inspire a change in the business sector.

[thesmallgod]

of course bitcoin can be more efficient in term of transaction processing but everything will be in advantage of the customers also processing transaction through bitcoin network might result in loss job because few people are required. However since we all know that transaction cannot be altered or tampered with. which means it unlikely transaction can be reverse in case of transfering to a wrong account and this is one of the cons of bitcoin network. you can actually see the transaction but ones its done it can not be reversed.

[dianepot]

I definitely agree with this. Bitcoin transactions sometimes worth a penny. You can also buy some stuffs overseas without any third parties used and didnt have hidden charges. You just have to make sure that you've input the right address in transacting or everything will be lost. Unlike banking you can still recover your money if this happens. Still bitcoin transactions are the best. Hope this will be fully regulated so everything will be so handy

[syntac]

everyone must need a process, in my country I haven't used such a system, because the development of bitcoin in my country is still limited. but the reality is that since the presence of bitcoin in my country, many people have progressed especially in terms of the economy, and the poverty rate has been drastically reduced.

[BD Money365]

Yeah since few days I think about it and I realized bitcoin can be more efficient than bank transaction.When I transection  money by bank I faced few problem from  Present traditional bank transection which is very irritated for me where bitcoin transection is very comfortable.So in few month peoples realized about it than they attract bitcoin transection.

[Ludmilla_rose1995]

Other countries should follow the example of Japan. because Japan has tested and reviewed how bitcoin works and until now Japan has not experienced a crisis or any negative things after legalizing bitcoin as a currency there.

[SventraPapere]

Japanese in General good fellows.I have long said that we have much to learn from them.I very much like their political and economic tactics of conducting Affairs of development of the state.it would be good for other countries to switch to this mode of work.There will be economic growth and development of the state and political relations

[Zadeket]

In terms of efficiency and transparency, I do believe strongly that Bitcoin is far a better option than the banking transactions. Bitcoin is fast and does not have hidden charges.

Bitcoin is obviously more efficient than banks for transactions, because it is peer to peer, so sending bitcoin can directly enter the intended account without complicated procedures. The cost is also very cheap, because large or small nominal costs are the same.