The problem bitcoin solves

[AjithBtc]

Bitcoin solves most of the financial and investment related issues get sought as it is perfectly decentralized and runs without any kind of manipulation relative to the needs. Also the transparency through it lets the network function without flaws. In specific it'll get you the financial freedom which is now under the hands of banks.

In my country when withdrawing beyond certain limit in hard cash it is supposed to pay 2% as tax. At times we cannot use our funds on our need, only when bank wishes we can use our funds. These issues weren't there with bitcoin.

[MonsterV]

The problem that is overcome by bitcoin is that transactions without intermediaries are usually called the p2p system. Long before Bitcoin was launched, everyone transacted and sent money to use bank intermediaries, etc. When bitcoin was launched, this became a new innovation because everyone can send and transact without intermediaries, transparency and privacy. Not even controlled by any party, I think Bitcoin has overcome our problem with Fiat.

With a limited amount, bitcoin can also be a new investment area besides gold. Even bitcoin is relatively more profitable in investment because of its high volatility and increasing years.

[bitbunnny]

I think that Bitcoin helped a lot to stop the dominance of banks like only relevant source of financial services. It also showed that there is decentralized alternative that could offer more simple possibilities.
For some Bitcoin helped to solve financial issues as an additional income or to make investment portfolio without necessary big starting capital. Also it improves transparent in transactions without third parties and opened the possibilities for new concept of businesses based on cryptocurrencies.

[Wallflower28]

The problem that is overcome by bitcoin is that transactions without intermediaries are usually called the p2p system. Long before Bitcoin was launched, everyone transacted and sent money to use bank intermediaries, etc. When bitcoin was launched, this became a new innovation because everyone can send and transact without intermediaries, transparency and privacy. Not even controlled by any party, I think Bitcoin has overcome our problem with Fiat.

With a limited amount, bitcoin can also be a new investment area besides gold. Even bitcoin is relatively more profitable in investment because of its high volatility and increasing years.

Bitcoin just not resolve dealing with transactions using peer-to-peer system. We are using bitcoin because it is the most efficient way to buy goods and send money along international borders. In addition, it is made also as a key to be profitable. Many investors are putting their capital in bitcoin because they know that holding it for long term will make a big result that might change to their lives. That is why I say that bitcoin is life changer.

[BitHodler]

I think that Bitcoin helped a lot to stop the dominance of banks like only relevant source of financial services.

For some people maybe, but the majority is still valuing their fiat currencies in their bank account more than the paper value of the coins they think to own but are stored on an exchange for who knows how long.

The fact is still that spot exchanges depend on banks for fiat deposits and withdrawals, and abide by all the terms the banks comes up with in order to not lose them as banking partner.

Banks are still the main leaders in the game, and that by far. People here get excited the moment the price pumps, why? Because they can sell their coins to fiat to withdraw it to their bank account-- this for people is profit.

[davis196]

Paul Krugman is a lousy economist.He is no authority to me.
However,he is kinda right about the fiat currency being backed by guns.Every fiat currency in the world is backed by it's government and weak governments(like in Venezuela) have weak currencies.
Bitcoin is a currency that doesn't need the support of any government,which makes it stronger in some cases and vulnerable in other.

[deisik]

Many have talked about the importance of skepticism and peer review to maintain good standards in society. The question could be raised of whether Paul Krugman's stance: "fiat money retains value as it is backed by guns" is verifiable by history. Certainly many are aware of venezuela and other nations issues with inflation and overprinting of fiat currency. However most seem not to comprehend the negative consequences of these principles until they have first hand, real life, experience with them. That learning curve could blind many to the intrinsic value of crypto currencies. Its possible bitcoin is still undervalued

This is not an intrinsic value of cryptocurrencies (and Bitcoin specifically)

It is what can be loosely called their extrinsic value (based on analogy) attached to them via external factors. More specifically, it seems like you mean that those principles established by Paul Krugman may have devastating consequences (which I fully agree with). However, that doesn't make cryptocurrencies more valuable on their own. It may make them more valuable in general (which I also agree with), due to deficiencies of fiat currencies ("help yourself to guns and ammo") but that wouldn't be Bitcoin's intrinsic value, no way

[gwdf1]

The problem that is overcome by bitcoin is that transactions without intermediaries are usually called the p2p system. Long before Bitcoin was launched, everyone transacted and sent money to use bank intermediaries, etc. When bitcoin was launched, this became a new innovation because everyone can send and transact without intermediaries, transparency and privacy. Not even controlled by any party, I think Bitcoin has overcome our problem with Fiat.

With a limited amount, bitcoin can also be a new investment area besides gold. Even bitcoin is relatively more profitable in investment because of its high volatility and increasing years.

This is true. For me, Bitcoin is one of the best methods to transfer money and use it in other countries. It is very convenient when you travel somewhere: simply have your BTC in a wallet and stay safe.

[beerlover]

I think that feeling of "freedom" from all the banks is the most important one. Ever since I know myself I hated banks, I try to never work with them but it is very difficult to achieve. I once even got a bitcoin debit card but there was some problems so I never managed to use it, I still have the card but unfortunately I can't use it.

Anyway for people like me to have the freedom to do whatever they want with the money they have without banks getting in the way is the most important part, I know banks are doing legal stuff but they are doing it in a manner that they are basically showing off their power.

For example, let's say you are overdue 50 dollars, not a big amount but still that is a debt to bank and are they right about calling you and asking you to pay? Sure, that is their job and they have to do it, they have all the rights to do it, but when you call someone 6 times to pay 50 bucks to the banks and call his family for it then it becomes something very fishy and immoral even though they have all the right to do it.

[justdimin]

There is a big difference between using bitcoin as a payment globally and using bitcoin as investment. First of all the global payment thing is awesome but it is becoming worse and worse, the blocks are more heavy, the transactions cost more and the times are getting worse as well.

We are at an age where you can send money to your friend in a second via digital banking right now and we are here talking about how it is awesome for bitcoin to send a 30 dollar to someone in another country in 6 hours with 5 bucks transaction fee. So that used to be the best thing about bitcoin because it was less than 30 minutes and cost only few cents, nowadays the investment part is getting more attention because just recently we have moved %200+ upwards in the past 3-4 months, that is why the problem bitcoin solves changes all the time.

[NathanJB]

We are at an age where you can send money to your friend in a second via digital banking right now and we are here talking about how it is awesome for bitcoin to send a 30 dollar to someone in another country in 6 hours with 5 bucks transaction fee. So that used to be the best thing about bitcoin because it was less than 30 minutes and cost only few cents, nowadays the investment part is getting more attention because just recently we have moved %200+ upwards in the past 3-4 months, that is why the problem bitcoin solves changes all the time.

In other words, the other players are catching up. Bitcoin came out ahead but then the banks have something up their sleeves as well. Well, what they don't have is the capacity to increase value. Fiat is always depreciating. Bitcoin is not. That is the best offer Bitcoin can give right now. And hopefully, the Lightning Network will solve problems about confirmation time and fees.

[Naida_BR]

Bitcoin is a big help to solves the financial problem from many people who are unemployed or no regular work, through bitcoin they can earn huge of profit and maybe bitcoin can change your lifestyle in the future and it can help to boost the economy in every country.

I wouldn't agree more.
And on top of that, it solves inequality patterns that exist among the people that live in poverty and those who don't.
It provides a gateway for people especially who live in the African continent and struggle to find ways of adding a small income to their pockets.

[Kakmakr]

I think Satoshi's vision for this technology was to provide for a alternative payment option, when these oppressive governments force reserve currencies on it's citizens. No government can stop Bitcoin use, because it is a decentralized technology and every citizen of a country must have a choice to use other currencies, if their reserve currency fails them.

They can use guns to force people to use their reserve currencies, but people still use illegal Black markets to bypass these restrictions. Bitcoin is also border-less, so people would move their wealth in Bitcoin, if they are forced or exploited in their own country. 

[el kaka22]

I just realized that bitcoin is not actually solving a problem, it is actually giving you an option for something that already exists, you actually do not have a "problem" but a hard way of doing something and bitcoin shows an easier way of doing it.

I know people want to talk about money and I can understand that, for example dollar will lose its value because of inflation and everything will be more expensive in the future but your salary will be higher as well, making 100k a year would be insane in 1920 for example, that would yield you like 50 houses a year or something, but today it is like an okay earning depending on where you live in USA.

However, what I believe is the true purpose is always the transactions and sending/receiving money with bitcoin actually makes things just "easier" , it is not solving the a problem because you can still do it without bitcoin anyway, it is just making it simpler.

[atjiat]

Bitcoin is a big help to solves the financial problem from many people who are unemployed or no regular work, through bitcoin they can earn huge of profit and maybe bitcoin can change your lifestyle in the future and it can help to boost the economy in every country.

I wouldn't agree more.
And on top of that, it solves inequality patterns that exist among the people that live in poverty and those who don't.
It provides a gateway for people especially who live in the African continent and struggle to find ways of adding a small income to their pockets.

today, I fully agree with your opinion, since the cryptocurrency really now gives a good income for people who previously had no financial stability.  But I am sure that the cryptocurrency has other values ​​for humanity, which we will begin to appreciate after a certain time.

[serjent05]

Bitcoin just not resolve dealing with transactions using peer-to-peer system. We are using bitcoin because it is the most efficient way to buy goods and send money along international borders. In addition, it is made also as a key to be profitable. Many investors are putting their capital in bitcoin because they know that holding it for long term will make a big result that might change to their lives. That is why I say that bitcoin is life changer.

I don't know if we have the same standard on Bitcoin being the most efficient way..  the high volatility of Bitcoin stated otherwise, the long confirmation period for it to be accepted by the payment platform is another thing especially when we accidentally set our tx fee to substandard.  It will sit from days to weeks of being unconfirmed.  I think there are lots of improvement needed by Bitcoin to help solve the problem stated by OP in a large scale.  Though, it is somehow life changer because those who are able to take advantage of the new start-ups booming around this cryptocurrency will definitely get a huge profit but alas, it is not open to all masses because only a certain qualified individual can be able to do it.

[davinchi]

There is a big difference between using bitcoin as a payment globally and using bitcoin as investment. First of all the global payment thing is awesome but it is becoming worse and worse, the blocks are more heavy, the transactions cost more and the times are getting worse as well.

We are at an age where you can send money to your friend in a second via digital banking right now and we are here talking about how it is awesome for bitcoin to send a 30 dollar to someone in another country in 6 hours with 5 bucks transaction fee. So that used to be the best thing about bitcoin because it was less than 30 minutes and cost only few cents, nowadays the investment part is getting more attention because just recently we have moved %200+ upwards in the past 3-4 months, that is why the problem bitcoin solves changes all the time.

I get your point clearly and I understand the feeling when you see what the transaction in bitcoin is turning to as regards fee, but that should not be issue for us that much, because we have many alternatives that we could use to send money for payment and also to our loved ones without much  fees.

It is not uncommon for bitcoin to really get high in transaction fee, most especially now that the value in becoming very high, and there is more traffic on the network, so we should expect this at this period, at least when bitcoin was still down, it was not like this, and I don’t think this is how it will remain forever. This high cost is just a matter of time, and we have other coins that can serve same purpose like Ethereum and others. There are still so many problems bitcoin solves that is just more than the payment part of it too.

[deisik]

We are at an age where you can send money to your friend in a second via digital banking right now and we are here talking about how it is awesome for bitcoin to send a 30 dollar to someone in another country in 6 hours with 5 bucks transaction fee. So that used to be the best thing about bitcoin because it was less than 30 minutes and cost only few cents, nowadays the investment part is getting more attention because just recently we have moved %200+ upwards in the past 3-4 months, that is why the problem bitcoin solves changes all the time

Altcoins are solving this problem

I mean moving wealth around in a cheap and fast way without having to deal with banks. With that said though, to solve a problem we should have a problem in the first place, right? But sending wealth with Bitcoin was hardly a problem on a large scale, though I definitely understand the frustration of having to pay exuberant fees and wait for hours till your TX gets confirmed. Another question is whether altcoins are suitable for moving big wealth, but that's exactly where Bitcoin fees and transaction times become mostly irrelevant. In other words, if you are sending 1M dollar worth of Bitcoin, you can typically wait and you can pay (actually, if you pay, you don't have to wait)

[pokeronlinestatus]

Bitcoin is not really solving any of those problems as you have mentioned. I only think the problems that cryptocurrency can solve is transaction; making transactions cheap and fast. That’s the only thing I know for now and nothing else. And for those saying it’s helping struggling economies, lolzzz… I just laugh when I see people post such comments. I live in one of these countries with bad economy and bitcoin Is helping. So stop saying what you don’t know. Bitcoin is even expensive here and most people can’t afford to invest in it, cause it’s too much. If you’re going to say Bitcoin is helping bad economies, then you should be ready to state how it does that.

[BitHodler]

In other words, if you are sending 1M dollar worth of Bitcoin, you can typically wait and you can pay (actually, if you pay, you don't have to wait)

People moving values of that order will pay up for the fees without a problem, and we're seeing that already-- multi million dollar transactions are sent with fees ridiculously higher than the recommended fee.

It makes sense as well because when you're about to settle a transaction with someone, you don't want to be a cheapskate by including a low fee while a dump would wipe out like $100k of your transaction value in minutes.

It's better to 'lose' $10-$15 in fees and have your transaction included in a timely manner than to lose a lot of value due to a dump because you were trying to save a few bucks.