The fair advantage of Btcoin

[Kelward]

I don't understand why you're using "fair advantage of Bitcoin" you could have just simply said 'advantage of Bitcoin', the 'fair' sounds to me like 'average'.

Having clarified that I'll agree that Bitcoin has numerous advantages over traditional currencies that is why it's adoption continues to increase. To sum it up Bitcoin has gained so much reputation and that is why it has become a store of value, a lot of people and entities are getting in because it gives ROI on the long term. It is not in competition with fiat, it is a decentralized alternative currency for those that wants privacy.

[stuff0577]

yes technically you need the government’s permission to hold bitcoin

I'm not sure I follow.  what do you mean?

[Dr.Bitcoin_Strange]

It is also a fair advantage because of its low cost of transactions, unlike money deposit banks... You have to pay VAT, pay for maintenance, pay fees, etc.

Bank deposit or withdrawal fee is actually low but I think the way some bank institutions charge is based on the transaction value you are depositing or withdrawing but with Bitcoin even if you are depositing a large amount, the fee can still be low and affordable unless you are withdrawing the Bitcoin from a centralized exchange, that's when the fees can be extremely high because the exchange owners are the ones that set their fees. For the maintenance fees and sms alert fee that banks charge their customers, Bitcoin has nothing like. So, there's really advantages for Bitcoin enthusiast.

[peter0425]

It is also a fair advantage because of its low cost of transactions, unlike money deposit banks... You have to pay VAT, pay for maintenance, pay fees, etc.

Bank deposit or withdrawal fee is actually low but I think the way some bank institutions charge is based on the transaction value you are depositing or withdrawing but with Bitcoin even if you are depositing a large amount, the fee can still be low and affordable unless you are withdrawing the Bitcoin from a centralized exchange, that's when the fees can be extremely high because the exchange owners are the ones that set their fees. For the maintenance fees and sms alert fee that banks charge their customers, Bitcoin has nothing like. So, there's really advantages for Bitcoin enthusiast.

The fees may be the same but honestly the transaction speed often differs a lot. Banks are always somehow doing something wrong. Something is always getting delayed. There is always you need to wait for etc etc. But with exchanges, these things usually do not occur. The transactions are often very speedy.

[MusaPk]

Bank deposit or withdrawal fee is actually low but I think the way some bank institutions charge is based on the transaction value you are depositing or withdrawing but with Bitcoin even if you are depositing a large amount, the fee can still be low and affordable unless you are withdrawing the Bitcoin from a centralized exchange, that's when the fees can be extremely high because the exchange owners are the ones that set their fees. For the maintenance fees and sms alert fee that banks charge their customers, Bitcoin has nothing like. So, there's really advantages for Bitcoin enthusiast.

Banks impose lots of restrictions on it's client like you can send a maximum amount per day, the transfer fee increases with sending amount,  Bank has the authority to block transaction if looks suspicious and more. Bitcoin eliminates all such restrictions and give the complete authority back to the owner of Bitcoin. In Bitcoin ecosystem, you are never asked why and to whom you are sending funds. Bitcoin offers freedom to it's owner, something denied and abused by banks for centuries.

[uchegod-21]

I think that bitcoin has lost that low transaction vibe because there are many altcoins with low transaction fees. If the network is not congested, it will not be a big problem. But I see this blowing out of proportion in the future.

So as what as explained earlier, it's not that because many altcoins have low transactions that Bitcoin fee started to go down. And perhaps there are a lot of miners as well, although transactions fees are volatile but it's not that high anymore.

Yes, I know the ordinals attack and how it went. The network was very congested with spam transactions thereby raising the transaction fees. It is nice to understand that the project wasn't sustainable and the reason the transaction fees came down. But I am having this feeling that this feels will likely go very high again, especially when BTC his $200k figure.

[SUPERSAIAN]

It is a fair advantage because No discrimination. No racism, no gender, no age barrier, and it is open to anyone who wishes to hold it or buy it. Don't need anyone's or the government's permission.

Although BTC has numerous disadvantages too, and it is risky to invest in it. In my view, if the merits outweigh the demerits, it is good to go with the flow.

Bitcoin has many advantages other than its fair advantage, which is why Bitcoin is the most valuable asset. Bitcoin's fixed supply of 21 million units is a very resistant asset to inflation. Bitcoin's ability to be used without geographical boundaries and to be accessible to everyone with an internet connection is seen as an advantage.

This feature stands out especially in areas with limited access when we consider traditional financial systems. Everything has its disadvantages, but Bitcoin is so perfect that I don't even see its disadvantages.

[Trout Mask]

BTC precludes (and transcends) centralized and fractional reserve banking.

[Darker45]

The big advantage of Bitcoin is that it's ruled by codes and not men. And it's scarce, too. Fiat is unlimited whether it's cash or in the form of CBDC. And its system is ruled by corruptible mortals.

But Bitcoin has disadvantages, too, especially as a currency. A merchant accepting Bitcoin payments today might not be able to roll his/her capital the following day because Bitcoin's price has lost more than 5% overnight. It still lacks a certain level of stability to properly function as day-to-day money.

[ancafe]

Bitcoin has many advantages other than its fair advantage, which is why Bitcoin is the most valuable asset. Bitcoin's fixed supply of 21 million units is a very resistant asset to inflation. Bitcoin's ability to be used without geographical boundaries and to be accessible to everyone with an internet connection is seen as an advantage.

This feature stands out especially in areas with limited access when we consider traditional financial systems. Everything has its disadvantages, but Bitcoin is so perfect that I don't even see its disadvantages.

Bitcoin can also be transacted even without an internet network, but this is rarely done because of limited human resources. Bitcoin will continue to function globally because other nodes will continue to be confirmed, either using radio waves or satellites, so even if the internet network goes down, this will not stop bitcoin from making transactions. Generally, people think that bitcoin is completely dependent on the internet, but we can refer to Africa as an example.

If compared to the traditional financial system, it may be true that bitcoin has many more advantages and that is why people are starting to see bitcoin as a solution that can be applied to the investment process being carried out. We can see that Bitcoin is able to provide financial freedom, but it really depends on each individual's approach to it.

[Spaceman1000$]

~
It is a fair advantage because No discrimination. No racism, no gender, no age barrier, and it is open to anyone who wishes to hold it or buy it. Don't need anyone's or the government's permission.

I mean sure, technically you dont need any kind of special permission to use Bitcoin.  But that doesnt mean governments cant get in the way.  Theres some places where Bitcoin is straight-up banned and  so while Bitcoin itself doesnt discriminate, the rules different countries set up definitely can.  And governments have no problem messing things up.  If you live somewhere that says you cant use Bitcoin at all, suddenly that fair advantage of not needing permission sort of falls apart.  Because using it anyway in one of those countries is basically illegal.  You could get fined have your bitcoin taken away, or even go to jail just for buying some.  And thats a pretty huge roadblock for some folks.

yes technically you need the government’s permission to hold bitcoin

but if we compare it to banks where there is usually discrimination on how you dress or how you present itself bitcoin is surely an advantage and the good thing as well is you can hold whatever amount no matter your age as long as you know how to do it

I don't think you need the technical permission of any government to hold Bitcoin, Bitcoin is an asset that can be privately owned, the government doesn't have any input as to how you should hold your coins, it's decentralized nature doesn't give the government powers to flex their muscles on Bitcoin.
The Banks are all government controlled, that's why they tell you to dress a certain way before you can access your own money, they the literally want to control and confisticate your financial lifestyle, that's what the banks and government are after.

[aylabadia05]

Bitcoin's fair advantages are as follows:
It has no special central authority that controls its transactions, unlike a traditional bank. BTC is a fair advantage for anyone who invests in it. Anyone can hold it, whether rich or poor, as long as there's internet service.

It also uses blockchain technology, which may not be easy to hack or alter... It is secure compared to traditional banks unless you are careless with your password or mistakenly forget your code.

If you confide in chatGPT by entering the question what the fair advantages of Bitcoin are as follows, although not as long as this topic, but the machine gives a short answer but the point is almost the same as the one you made.

There is no need for the internet to hold Bitcoin, except when you want to make a transaction. This is why cold wallets are more secure because they are not connected to the internet directly. Anyone who buys Bitcoin is moved to a cold wallet because people realize that storage in a cold wallet is safer from cyber attacks.
This is being practiced by economic actors in the midst of fiat currency conditions that are increasingly unclear due to many things.

[betswift]

Bitcoin's fair advantages are as follows:
It has no special central authority that controls its transactions, unlike a traditional bank. BTC is a fair advantage for anyone who invests in it. Anyone can hold it, whether rich or poor, as long as there's internet service.

It also uses blockchain technology, which may not be easy to hack or alter... It is secure compared to traditional banks unless you are careless with your password or mistakenly forget your code.

If you confide in chatGPT by entering the question what the fair advantages of Bitcoin are as follows, although not as long as this topic, but the machine gives a short answer but the point is almost the same as the one you made.

There is no need for the internet to hold Bitcoin, except when you want to make a transaction. This is why cold wallets are more secure because they are not connected to the internet directly. Anyone who buys Bitcoin is moved to a cold wallet because people realize that storage in a cold wallet is safer from cyber attacks.
This is being practiced by economic actors in the midst of fiat currency conditions that are increasingly unclear due to many things.

Those who value their custody will gain more knowledge on cold storage and keep their coins there, using coins on services / exchanges only if needed.

That's a safe route to take.

[Floxynice]

It is also a fair advantage because of its low cost of transactions, unlike money deposit banks... You have to pay VAT, pay for maintenance, pay fees, etc.

Low transaction cost? I literally spend more on transaction fees when transacting with Bitcoin than I do when transacting with fiat. The situation is even worse when the network is congested because you have to deal with both high transaction fees and slow transaction speed. @OP, I don't think you have done some transactions yourself to experience this firsthand. There are lots of fair advantages we can link to Bitcoin, but definitely not this one.

[Evergreenpost]

BTC is a fair advantage for anyone who invests in it. Anyone can hold it, whether rich or poor, as long as there's internet service.

Nope!
If you're poor, you don't have money, but Bitcoin is money!
If you don't have a penny to invest, Bitcoin is just as impossible an investment for you as stock, gold or real estate!
Alright.

It is also a fair advantage because of its low cost of transactions, unlike money deposit banks... You have to pay VAT, pay for maintenance, pay fees, etc.

And this tells me you have never had a bank out!
You don't pay VAT on financial transactions, that's what is called Value Added Tax in the first place!
Also, even nowadays with fees at 1sat/vb Bitcoin isn't beating domestic transfers of any bank, this is no longer 2009 nor 2013, instant free transfers have been around for years!

Bitcoin is doing some things just great and it's impossible to replace those advantages but there is no need to lie about others!

I don't know which country you are from, but in Africa; especially in Nigeria, citizens pay various bank charges. We pay VAT (Value Added Tax) whenever we transfer money to other accounts. Therefore, I am right about what I said earlier regarding VAT . 7.5% is charged on many banking services. We also pay stamp duty, as well as bank maintenance fees and more.

[TheUltraElite]

Blockchain is a niche technology but internet need is one Achilles heel of bitcoin. It is better than fiat in many respects and today internet connectivity is improving and most of the urban areas are getting good internet if not shut down by the government.

There are digital payment systems but bitcoin is unique to all of them and it is one of a kind being decentralized and resistant to censorship.

I dont expect the suburban and rural populations to accept bitcoin right away, due to low tech literacy and internt coverage. But in future we might be able to reach that too.