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<p>[QUOTE="hchcoin, post: 6456297, member: 94272"]Being in the financial industry I think it is easy to also understand the need for something like Bitcoin. At the beginning of the video he talks about trying to transfer funds from one party to another. Bitcoin allows you to transfer the funds without going through a bank (trusted third party) which saves you money because you don't have to pay a fee. In addition, it allows funds to transfer quickly. If you work with any large banking institution, they will have various ways of transferring money to other people but they always charge you for speed or they take time to verify the other party before allowing you to make your first transfer. Bitcoin allows the user to take control of the transaction and secondly makes it untraceable. Bitcoin is also more secure in many aspects than using a bank. Venmo, Zelle and PayPal charge a fee for their services but the fee can be waived if you link your bank account in some circumstances. This again goes back to the problem of using a trusted 3rd party (bank) and fees.[/QUOTE]</p><p><br /></p>
[QUOTE="hchcoin, post: 6456297, member: 94272"]Being in the financial industry I think it is easy to also understand the need for something like Bitcoin. At the beginning of the video he talks about trying to transfer funds from one party to another. Bitcoin allows you to transfer the funds without going through a bank (trusted third party) which saves you money because you don't have to pay a fee. In addition, it allows funds to transfer quickly. If you work with any large banking institution, they will have various ways of transferring money to other people but they always charge you for speed or they take time to verify the other party before allowing you to make your first transfer. Bitcoin allows the user to take control of the transaction and secondly makes it untraceable. Bitcoin is also more secure in many aspects than using a bank. Venmo, Zelle and PayPal charge a fee for their services but the fee can be waived if you link your bank account in some circumstances. This again goes back to the problem of using a trusted 3rd party (bank) and fees.[/QUOTE]
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