Ninjastic
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Board Bitcoin Discussion
Re: Advantages of Bitcoin over traditional payment systems
by
eternalgloom
on 07/10/2016, 13:29:40 UTC
Quote from: pedrog on October 07, 2016, 10:10:38 AM
Quote from: TheUltraElite on October 07, 2016, 09:29:28 AM
Quote from: pedrog on October 07, 2016, 08:31:44 AM
You also should include the disadvantages, it doesn't seem honest just to show the good stuff, you should give a complete picture.

Yes there are several disadvantages as well and as well all know comparison = similarity + dissimilarity. On this note I would like to point out some relevant points regarding this matter:

1. Volatility of price of bitcoin is there which makes it a prime target for traders. Bad news for stores/shops
2. Payment Gateways integration is low for bitcoin with respect to fiat currency.
3. Payment Availability in bitcoin is also low. Not many people get paid in bitcoin for offering their service (I am talking in general which means outside this forum)
4. Acceptance and Popularity - bitcoin needs more acceptance throughout the world, that does not mean the US/UK - the rest of the world is also there.
5. Irreversibility of transaction - though I consider it as the least because it is a fault of the user to mis-click and not system. However we are all human and we tend to make mistakes.

Edit: I did remove one about which I am also not very confident as a disadvatage but is rather a misconception.

Lack of consumer protection, network congestion leading to huge confirmation times, and lack of scalability are the main disadvantages.

Also, I don't think it's fair to compare Bitcoin with a payment system as bitcoin is not suited to be used for shopping, specially online shopping.
Care to elaborate on that? I'd say it's perfectly suitable for online shopping, especially recently with relative low volatility.
Also, many retailers would disagree with you, since there are quite a few that have implemented Bitcoin payments and they've not removed it for years now.

The list of businesses accepting Bitcoin is growing, maybe not as fast as everybody would like, but slowly it's winning over even large corporations.

And for OP, having a list of places that accept Bitcoin, especially large retailers or service providers is always good to mention when you talk about the benefits of using Bitcoin. No point in talking about benefits to a regular person if you don't provide him with practical use cases.