Bitcoin Can Be More Efficient Than Bank Transactions

[LeGaulois]

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.

Do you own a bank account? Because a bank transfer is faster than a Bitcoin transaction it cheaper than BTC and it has no hidden charges like you say. Try it.
You don't need transparency for your bank account. Money goes from point A to point B, what transparency do you want?

[reverseflash]

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.

It can not be stated unequivocally. Too many corrections and clarifications for transactions must be made. For example, a transfer within a country will most likely be cheaper and faster if it is done between bank accounts. But at the same time, a transaction between residents of different countries will most likely be profitable to do with bitcoin, especially if it is a significant amount.

[swordking]

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.

I do not agree with your opinion on this topic. Bitcoin is an anonymous platform to do the transaction. But as you said bitcoin transaction is faster than bank then it is not true. In fact, bank transaction is quicker and it is not take hidden charges.

[VanityWallets2015]

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.

The most huge and the most potentiating crypto currency of the present time is bitcoin, as bitcoin is always able to prove its worth by helping millions of people around the world and earning them a very good life and is superior from not only crypto currencies but all the kind of investment and moreover from the present currency system also and therefore bitcoin is even considered better way of transactions than these bank system and if everything will go well then bitcoin will obviously replace the present currency system.

[Tetutu]

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.

Because it is peer to peer, it is clear that bitcoin transactions are faster and more efficient than banks. All bank transactions are recorded and become banking documents, which can be used if there are problems in transactions and also when the government needs them. If a bitcoin transaction has occurred, it cannot be canceled so the loss is borne due to a shipping error. In addition, bitcoin is difficult to track because it is not on behalf of people, but only in the form of code.

[Shreek]

banks should be able to utilize bitcoin and also the existence of blockchain technology, the existence of cryptocurrency of course can have a positive impact on the banking system which can reduce operating costs rather than transacting between foreign currencies of other countries, so customers and banks will also benefit

[Asusnumbaone]

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 think yes because bitcoin can convert easily with the same value in different currency price. Banks are so strict about the transaction we need to apply to their office but in bitcoin just download a  wallet and convert it to the desire currency and that's it.

[Mr.grin]

I fully agree that bitcoin can be more effective than banking, security and a circuit, but only a very small part because banking is very big with bitcoin. But you can rest assured about the effect of bitcoin.

well, maybe you're right, but of course it depends on the usage, it's just that a lot of bitcoin usage is beyond this. that is, if bitcoin is enabled to exceed the bank, of course that is possible, it's just that there are so many other bitcoin functions. like investment, and others.

[project_delta]

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.

Its all good but I feel like after a decade if bitcoin is accepted as a mainstream payment system ,the free will increase. Also the trouble is converting fiats into bitcoin, though if we can overlook that,yes it is the fastest and the most efficient way.

[blocklancer8]

Indeed, bitcoin is more efficient to translate if in a country the government has legalized bitcoin. But in many countries, bitcoin is still not as efficient as we know it, because not many banks will accept it. The use of credit cards or others is still believed to be a superior tool for transactions. My hope is that as a bitcoin user, it's better that in the future bitcoin will not be fully accepted.

[clonely]

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.

Its all good but I feel like after a decade if bitcoin is accepted as a mainstream payment system ,the free will increase. Also the trouble is converting fiats into bitcoin, though if we can overlook that,yes it is the fastest and the most efficient way.

Do you really believe that Bitcoin will be live a decade later. I don't think it will be. I am sure of new way of payment will be come and we will use it.

[Pattart]

I fully agree that bitcoin can be more effective than banking, security and a circuit, but only a very small part because banking is very big with bitcoin. But you can rest assured about the effect of bitcoin.

Thats right, bitcoin is far more effective than banks. starting from creating an account, you can make wallets anywhere very easily, while banks must need ID card data, and so on. there are many rules in banks while in bitcoin it doesn't. but you are right to beat the bank, it will be very difficult..

[JohnBitCo]

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/

maybe in my opinion cryptocurrencies are created to keep up with the times and technology while technology demands that everything is more efficient and practical and in my opinion cryptocurrencies will follow these developments, even if one day the economic system will be like cryptocurrency

i think bitcoin is a transaction system that is more modern than current system. of course there are many advantages with a decentralized system. but indeed to appear in front of many obstacles that must be faced

We do not need to ask this question. We all know that bitcoin transactions are way faster than traditional payment system. There are also other lot of factors like tax free money transfer world wide and anonymous transactions and many other. If bitcoin properly implemented, can be very effective for the progress of the economy.

[ribowo76]

I agree, sending or receiving bitcoin will require a very small fee and a very fast time. Compared to sending or receiving money using a conventional payment system. In addition, by using bitcoin, there is no geographical limit

[West0813]

I agree, sending or receiving bitcoin will require a very small fee and a very fast time. Compared to sending or receiving money using a conventional payment system. In addition, by using bitcoin, there is no geographical limit

Even though transaction in bitcoin is more faster than transactions in banks. I will still prefer banks than bitcoin. For me banks are more safer than bitcoins.

[ribowo76]

I agree, sending or receiving bitcoin will require a very small fee and a very fast time. Compared to sending or receiving money using a conventional payment system. In addition, by using bitcoin, there is no geographical limit

Even though transaction in bitcoin is more faster than transactions in banks. I will still prefer banks than bitcoin. For me banks are more safer than bitcoins.

As long as we can maintain our private key, I believe. Blockchain technology is much safer than the banking system. Maybe because of that, today many banks are starting to consider adopting blockchain technology in their systems

[sexmining]

I agree, sending or receiving bitcoin will require a very small fee and a very fast time. Compared to sending or receiving money using a conventional payment system. In addition, by using bitcoin, there is no geographical limit

Bitcoin transaction fees cheaper than banks. It's a fact.
Thanks to lightning network and others, Bitcoin and many cryptocurrencies will soon get a massive boost in both speed and cost per transaction.

[ribowo76]

I agree, sending or receiving bitcoin will require a very small fee and a very fast time. Compared to sending or receiving money using a conventional payment system. In addition, by using bitcoin, there is no geographical limit

Bitcoin transaction fees cheaper than banks. It's a fact.
Thanks to lightning network and others, Bitcoin and many cryptocurrencies will soon get a massive boost in both speed and cost per transaction.

You are right, it seems that the adoption of bitcoin globally will happen soon. Because, it seems that many countries are starting to consider legalizing bitcoin

[PaulRobertT]

Bitcoin has obvious advantages, and is more efficient than bank transactions. First, it has faster time, bitcoin transactions can be done in just a few minutes. Secondly, its costs are cheaper than bank transactions, especially deals from places far away geographically. Moreover, it does not need any third party at all and is not subject to any control. individual or organization

[Teawhalee]

Its not arguable, bitcoin is the future. Banks will not be able to meet up and provide the essential needs for users. In all analysis, bitcoin has all it takes to be widely used because of its transparency, privacy, transaction speed, anonymity which banks dosent have.