Versus

17%

Bitcoin

Bitcoin
Bitcoin is accepted worldwide as a method of payment, the system has been acknowledged internationally as a reliable means of exchange. Bitcoin is generally referred to as a cryptocurrency, because the verification of transactions and unit generation are done through encryption, it is a digital currency and it's operations is free from a central bank, users exchange directly with each other, thereby eliminating the need for a middle man in each transaction.

Cryptography plays a great role in bitcoin transactions, most vulnerabilities are eliminated through this technique and the whole process is kept up-to-date without hassles. Blockchain usually referred to as public distributed ledger keeps accurate record of each transaction, encryption protects data as they travel from node to node, and retrieval of such data is also protected by encryption.

Bitcoin is an open source software birthed in 2009, the founders are unknown but they go with a group name Satoshi Nakamoto, the number of members that join the bitcoin family on daily basis is alarming, and the holds on international market is rising consistently.

People join the bitcoin trading with the aim of selling at a higher price, just like the forex business, it's important to monitor international bitcoin changes, you can easily convert your currency from one form to another through electronic wallet, a lot of e- transactions supports bitcoin.

Pros
• Supports person to person exchange, no intermediary. • Accepted internationally as a method of payment. • Enable you change currency. • Millions of users. • The transactions are secured through encryption. • Several e-wallet supports bitcoin. • Records of all transactions are available.

Cons
• Not properly protected by law or central bank, you can lose all your money at a snap. • Requires internet for transactions.

Supporters

overcast

Bitcoin Blockchain

The money is quicker. And it can be used for international usage. And there is no control over the same. You can see that something like that needs to be properly understood. And people have to be working harder. And that is in itself can be really hard.
Posted by overcast on 01-12-2018

83%

Banknotes

Banknotes
Paper notes popularly known as banknotes is a legal tender in most countries, citizens carryout transactions with the notes, the use is perfectly backed by law, any legal system that coordinates the affairs of the country. The use of bank notes can be traced to China in 118 BC, the Han dynasty were the first to implement such exchange, they used leather material as banknotes.

China also experienced the use of official bank notes, it started in the 7 th century because merchants required recipients as evidence of payments made for their goods, the tang and song era played a notable role in achieving this feat. Merchants had to avoid carrying heavy coins for transactions due to excessive weight when carried in large quantity, the yaun dynasty implemented this system of transaction during the mongol empire.

Europeans adopted the use of banknotes in the 13th century, the notes assisted travellers such as marco polo, official banknotes were produced in Sweden in 1661. Since the invention of banknotes, countries have printed various currencies with different facial value, they shore up stress free transactions.

One of the drawbacks associated with bank notes is counterfeit, unauthorized bodies try to produce notes with resemblance of the original, various government agencies have be set up to mitigate the production of fake currencies.

Pros
• Serves as a reliable means of exchange. • Backed by law. • Government agencies protects it's production, they prevent counterfeit. • widely accepted. • Has different facial values to ensure flexible transactions.

Cons
• Can be easily destroyed by fire disaster. • Lacks parity globally, each country or group of countries have their own official currency.

Supporters

idealmikey

Cash talks!

Well not that the massive drop in bitcoin price has anythign to do with it (honestly, who didn't see this coming and who really thought that the price was just going to keep rising and rising?) Like most currencies, they have their hey day then they settle down. Some people are saying that the price will never go back up to that amount again now that people are "panic selling" and selling all their bitcoin. If it does go up again, or up higher than before, all those people that did panic sell are going to be kicking themselves now. But you know where you are with bank notes you know? I mean, if you've got $100 in bank notes in your pocket. You know that you'll still have $100 of value in those bank notes in your pocket tomorrow, next week or even next year. Where as if you've got say, 10 bitcoins in your wallet, and the value of them all is say $50,000 or something. The value of them could deprecate and be worth much less than they are now. So really, bitcoin, like all crypto currencies are really volatile. But with banknotes that's not the case. Also, sure, more places accept bitcoin today than before. But most places accept cash (unless you're paying for something online. And while b/c does have it's pros and advantages. Cash always talks and is largely accepted everywhere. Again, unless it's an online payment.
Posted by idealmikey on 01-18-2018
limberg

IDGAF about bitcoin

I've heard about bitcoin way back in its early stages, when its value was still low. And looking at how much one bitcoin is today really impresses me. However, I've never owned a bitcoin in my entire life. Other than being a risky investment, I don't see what other use it could be to me. Banknotes could be used both online and offline which makes them very useful. Bitcoins could only be used online, which I think, sucks. In the near future, it seems as though bitcoin is about to crash. It's very unstable. That's why I still go with banknotes.
Posted by limberg on 01-13-2018
Mehano

Still better

I will go with the good old paper money or the so-called banknotes. I do think that the cryptocurrencies are the way of the future but it's still not nearly as developed as it is needed to be able to start fully replacing the paper money.

My country doesn't really support BitCoin at all. We can't use it to pay for anything and therefore, I always just use normal money that we have been using since forever.

Posted by Mehano on 01-11-2018
hermessantos

I still prefer Banknotes

Bitcoins are advantageous so far because they are a high valuation currency (so far). On the other hand, I prefer to use the traditional paper notes yet, simply because I can use them anywhere. Bitcoin is not yet accepted in most places and this is unfeasible for me.
Posted by hermessantos on 01-11-2018
gata montes

Widely accepted everywhere

Apart from the fact that bitcoin is neither supported nor accepted where I live and therefore is of no use to me whatsoever - I much prefer the more reliable, widely accepted means of payment - banknotes and coins.

The latter of which is unlikely to change anytime soon - particularly as - with many of the reputable currency experts predicting that another horrendous crash - similar to the one in 2015 - is more than probable sometime this year - the future of bitcoin remains decidedly uncertain.

Posted by gata montes on 01-14-2018

Comments

Pixie
Cryptocurrencies are actually not accepted in my country as a means of payment. The Central Bank has even issued a notice against the use of these currencies. I don't know why the Government is not allowing us to use bitcoins when it is accepted in the majority of countries. I have never used bitcoins for any transactions before and can't really comment on it. I don't like using banknotes for many reasons. It is a burden to carry notes and coins around. They can be easily stolen or you can lose them. I prefer debit and credit cards over paper money.
Posted by Pixie on 01-11-2018
vhinz
In the coming years, bitcoin will become more popular as a mode of payment online. For many people, bitcoin is still foreign to them but a time will come that it will be embraced by many when they realized its value. Technologies keep on innovating and cryptocurrencies are part of it. Many years ago nobody is doing business online, but today, business owners are taking advantage the internet to make their business competitive and reach millions of potential customers. I think that's what will happen also with cryptocurrency. People like faster and more convenient way of making transactions. Cryptocurrencies can be used for faster transactions online.
Posted by vhinz on 01-11-2018
overcast
I have found bitcoin to be performing lot better than anything these days. And the value of the bitcoin can be really good in that case. You can see that some of the time you have to check out with the fiat currency. And if properly handled then the block-chain it can be good to manage as well. That's what I have learned over a period of years investing into it.
Posted by overcast on 01-12-2018
kgord
The future of Bitcoin is still unknown. I prefer banknotes because they have government backing, but I think cautiously investing in Bitcoin is not a bad idea. Experts are divided on Bitcoin, some feel that it will crash, others think that Bitcoin will continue on into the future, and it's meteroic rise will continue..and it will be a world wide exchange medium.
Posted by kgord on 01-12-2018
muaaz.93
Well, I haven't used it till now or perhaps I can't own it as it has grown leaps and bounds in just a year and a half. But it has no use for me right now as it is not accepted in my country for the time being. So far I think for the developing countries banknotes are going to be the actual currency in atleast this ongoing decade.
Posted by muaaz.93 on 01-12-2018
JMS
Not being one who knows much about Bitcoin, and a traditionalist I like the good old paper money. It's real and in the hand, tangible. Bitcoin is new and I don't know how far it will go or if it will just crash. I think it is just a currency you can use on the net so what is the point of it if you can't use it to pay for utilities or a night out?
Posted by JMS on 01-13-2018
lovely
With the value of Bitcoin skyrocketing and the future still being so bright for Bitcoin,I think I will go with Bitcoin.it really a promising currency whereby is not backed up by law and makes lending and exchanging from one person to another very easy and secured.It has stored value, unlike banknotes.Records of all transactions are readily available and is used by everyone all around the world, unlike banknotes which are restricted to just a country.Bitcoin altcoin is better for a quick transaction.
Posted by lovely on 01-13-2018
vinaya
paper currency is the most accepted payment form, however, it is not possible to use paper money every where. Furthermore there is also a danger associated with carrying a wad of cash. I use paper money to buy things locally, especially on the shops where card payment is not accepted. I have also used bitcoin payment, however, converting funds to bitcoins is expensive, therefore, I prefer to use paypal for online payment.
Posted by vinaya on 01-15-2018
ColdFlameChris
I still don't know much about bitcoin until now and how to earn it but I'm willing to experience having one since its value is tremendously high. Although bitcoin is popular nowadays, I will always prefer to have a banknote since it's what we're sure that it can be used for our everyday lives and the government supports it and regulates it so I prefer to have the safest way to pay things using bank notes. There are also only a few companies who recognize bitcoin so using bitcoin is still limited to certain things especially if you're in a country where it doesn't acknowledge bitcoin very well.
Posted by ColdFlameChris on 01-16-2018