Why is BITCOIN better than Bank?
Hi steemian
on this occasion I will explain the difference between BITCOIN and BANK,
Peer-to-peer technology puts more power in the hands of individuals and Bitcoin is a serious upgrade to our money. Decentralization is the "killer apps" of Bitcoin and there are some things that can be done better than traditional banking.
No interest, very sharia
In Bitcoin, not known interest. There are only transaction fees paid on the miner. So, Bitcoin is basically a very "shariah" transaction token.
You do not need permission to use it
The key to being able to access to banks and credit cards is entirely at the discretion of the bank. There are more than a billion people in the world who do not have access to bank accounts. Some people are even denied when opening an account. Opening a bank account or filing a credit card requires filling out a long form and signing a contract that never fits your liking. Bitcoin is free to use and accessible to anyone without restrictions.
There is no limit for spending
The money we used to operate operates through the money reserves in the bank. This means not everyone can access their money at the same time. For this reason banks need to limit purchases and withdrawals with daily spending limits.
Bitcoin does not have a spending limit which means you can send as much money as you need. Is not this more plausible than in limiting how much money your hard-earned money can make?
International Quick Settlement
Have you ever had to wait a few days for money transfers to be liquid? This will happen to international remittances.
With Bitcoin, transactions are received instantaneously and usually only take one hour for correct confirmation. The banking system is currently long enough and even if they can settle quickly, banks may hold our money to make a profit in investment.
Especially with a very low transaction fee, no wonder if someday bitcoin will be a remittance medium that is much more profitable, especially for migrant workers from abroad to Indonesia.
Access 24/7
Because banks are a system with many permissions, our money is not always available to access. In fact, in the history of an incident customers can not access their money.
In Bitcoin, as long as we hold the private key securely then we can access our money 24/7. Bitcoin is a global payment system that never stops running and is not limited by "business hours of operation".
Your account can not be withdrawn / frozen
If you keep your money with a third party then you are at the mercy of that party. There are some examples of people who unfairly have their bank account taken. Recently, governments around the world were forced to implement bail-in policies. Bail-in supports failing banks by pursuing bondholders and uninsured deposits.
With Bitcoin, as long as you keep your private key safe from hackers then nothing can touch your money. All your money is locked on the ledger and the private key determines ownership. Now there is a private key based on 24 randomly generated words that you can memorize and save without a trace.
Low Fee
Bitcoin money is the cheapest way to send international payments. From the various stories available, bitcoin fee / fee transfer is the cheapest. The transfer fee that must be given to the miner is usually only about 0.0005 bitcoin alone.
Just info to give an idea,
- International bank transfers, between $ 22- $ 50 with a processing time of 1-3 days.
- Paypal is about 2.9% plus $ 0.3, and 2.5% for foreign exchange fee (and takes 3-5 days to deposit into our account).
- Remittances - between 9-13% (usually takes 5 minutes)
- Credit cards - 3-5% for merchants, for consumers there are annual fees $ 0- $ 200, 2.5% foregn exchange, and many additional fees for late pay.
- Other e-Wallet (including fintech) - there are many e-wallets usually 2-4% foreign exchange fee, and% fee for shipping / receiving payment and 1-5% for deposit / withdrawal to our bank account.
The most common Bitcoin payment processors like Coinbase will charge a 1% flat fee for bitcoin transfers into your local currency. If Bitcoin becomes a globally recognized currency to pay bills then all costs will be reduced to mining costs alone.
Bitcoin is not a debt
Many people are not aware that the money in their bank account is a credit that represents a promise to pay. The entire banking system of a fractional deposit is a huge debt bubble that resembles a complicated scheme. The scheme pays the dividends of old investors with the money coming from new investors. The global financial system will pay the old debt interest with the creation of new debt. Both schemes have a similar effect in growing the size of the debt because the settlement is actually not possible.
With Bitcoin, your money is cryptographically locked on a common ledger and each coin represents a true value unit and not just a promise to pay for future value.
so many of my explanations, may be useful.
If something is not understood, please stay message in the comment.
Thanks.
Regard.
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