Do we need bitcoin?

[South Park]

We did not really have the need for Bitcoin BUT it was worth it learning about it. Learning about Blockchain Technologies was really helpful understand how and why Bitcoin works. Bitcoin really helped a lot financially since the value of Bitcoin is really noticeable. There are already people using the Cryptocurrency Industry as their source of financial help and that is actually resourceful. Bitcoin taught us how to utilize available resources through hard work and patience.

We need bitcoin, we have seen several local currency crises and whenever this happens people buy dollars, gold and in a lesser amount they use bitcoin as well as a store of value, however what it is going to happen when the dollar collapses? While many people think of this as nothing but a dream of those that like alternative forms of money this will eventually happen as all fiat currencies of the world have eventually failed and when that happens people will understand very clearly why we need something like bitcoin.

[carlisle1]

Bitcoin is a currency started by developers that were interested in the idea of sending online payment without a central authority that would check the accounts. The idea and the whole thing (with Satoshi Nakamoto, blockchain technology etc) inspired many people to use it. And some of them, worked on it. Due to this big adoption and fixed supply, bitcoin went to moon. At least for a while, but it did. And right now it is high as well.

Well, do we need it? Because, I can see that people use it only as an investment or as a money laundering tool. Black markets rebornt after the creation of bitcoin. I tried to convince someone to use it, but you know what? I couldn't. Why? Well, honest people don't afraid the central authority, in addition with the dishonest ones. Those who want something that is illegal, cannot do that. So they use bitcoin.

Governments don't want it and they wish they could prevent it, because they cannot track you easily, they cannot tax you, they ..., they ..., they...
Governments like censorship, and there is 0% censorship on bitcoin.

I like bitcoin, a lot. But I don't think that this world needs it. Except if they want to hide something. Prove me wrong.

--I need Bitcoin because i already earned enough profit since the day i learn about this market and how useful bitcoin is.

--I need Bitcoin because i use this to pay most of my bills,i even use this to buy paypal when times i need to transact abroad.

--I need Bitcoin because I know that one day this will Help me achieved my target growth and might change my life forever.

If this traits  are not enough for you?then it is you who has  a problem at all and not Bitcoin.

[pathapoddo]

Yes I also like bitcoin. Because my first earning was from bitcoin and crypto currency. That's why have a special feelings for bitcoin.

Do we need bitcoin? I think it is yes, we need. I know many websites which accepts bitcoin as a payment. For example: Namecheap. I have hosting and domain on their. But my country doesn't support paypal and I also don't own a international card which I can use to pay the fees for the hosting. But yet I can pay them by using bitcoin. Like this you'll find so many example of real use in bitcoin.

I went to Saudi Arabia last year there I saw a supershop is accepting bitcoin as a payment method, also they have bitcoin atm machine there.

[Asuspawer09]

Bitcoin is a currency started by developers that were interested in the idea of sending online payment without a central authority that would check the accounts. The idea and the whole thing (with Satoshi Nakamoto, blockchain technology etc) inspired many people to use it. And some of them, worked on it. Due to this big adoption and fixed supply, bitcoin went to moon. At least for a while, but it did. And right now it is high as well.

Well, do we need it? Because, I can see that people use it only as an investment or as a money laundering tool. Black markets rebornt after the creation of bitcoin. I tried to convince someone to use it, but you know what? I couldn't. Why? Well, honest people don't afraid the central authority, in addition with the dishonest ones. Those who want something that is illegal, cannot do that. So they use bitcoin.

Governments don't want it and they wish they could prevent it, because they cannot track you easily, they cannot tax you, they ..., they ..., they...
Governments like censorship, and there is 0% censorship on bitcoin.

I like bitcoin, a lot. But I don't think that this world needs it. Except if they want to hide something. Prove me wrong.

The world definitely can live without Bitcoin. A lot of countries could just stick in physical money and still continue to grow its economy without this bitcoin technology.

But bitcoin is already a great asset and could really help a lot of countries in a lot of ways, we are doing adaptation so that a lot of countries is going to realize that bitcoin technology is really big help and makes things easier like doing transactions, etc.

[Tamim121]

Not everyone or every country need Bitcoin. But in my site, I need Bitcoin. Because, in this pandemic there is no option for me to making Money and maintaining my family. Now I'm jobless. Where my government unable to give me a job, there Bitcoin helps me a lot.
There are some country who don't accept Bitcoin. But there economy is good, Bitcoin has had no effect on those country's economy. So, In my opinion Bitcoin is need but nor for all.

[panganib999]

It depends on an individual perception because we do have a different stand regarding this matter and we cannot just push it through to prove that someone is right or wrong. Different perspectives are the ones making us diversified on what we think will suit our preference. For me, generally I do not think that we badly need Bitcoin for now because if we do so, then surely all people will get to engage on it with no ifs and no buts. But since we still have a choice on the way of living and have our own national currencies that we use to be able to survive our daily life needs, I think as for now, we do not really need Bitcoin that bad.

Yes we all do love having Bitcoins but other people doesn't like to have it. What varies in here is how do we find Bitcoin's importance making us to believe or not if we need it or not at all. The answer for this question will be two sided because we do have our own stand why we need it or not.

[yogg]

Yes, we need Bitcoin.

The real deal with BTC ... why it's vital for a healthy free market and world-wide economy ... is simple, in the end.

For centuries, the power over who gets to manage and print the money switched from public hands to private hands, back and forth, at least half a dozen of times.
When it's in public hands, politicians get to abuse this right in order to ensure their re-election, among other possible drifts.
When it's in private hands, they abuse this right to serve their own purpose, whoever they may be. (The FED isn't the 1st US Central Bank.)

The USD is a privately issued currency since 1913.


Bitcoin gives us something special.
The ability to have money within no hands, public nor private, is something new.

Bitcoin is "no-one's money".
This is a new monetary paradigm. Never it has happened in the history of our civilization to benefit from such kind of money, not relying on any hands.
Not backed by any faith into any government.
It's only backed by the fact you can verify everything independently on your own, meaning you do not need to trust someone's word for that.


The USD is the Federal Reserve's money, which is a tool used in a much larger system simply called the "Federal Reserve System".


(https://en.wikipedia.org/wiki/Federal_Reserve)

One of the perks of having a money system in no one's hands is the predictability of the behaviour of the system of money.
During this month of July, I can tell you that around 27900BTC are to be newly created.
Theoritically : 144 blocks / day * 6.25 BTC / block (reward) * 31 = 27900 BTC.
It can be a bit more, it can be a bit less, but it will never be twice that nor half that.


Can someone tell me with the same degree of certainty, how many USD have been/will be created in total during July 2020 ?

I think it will be rather difficult unless you're the chairman of the FED.

[ClaimResolverGod]

BTC not any currency but surprisingly it's real money anyway.  It is actually  virtual asset in crypto & reason of this it is essential in the modern digital world. Its also decentralisation and  for everyone helps protect wealth in times of rebuild  government policies.

What if government shuts down all bitcoin-fiat gateways ?
Can you really use that wealth ?
I like Monero, its more decentralized and private.
But number of paths to convert it to fiat is so limited that it becomes concern.
Governments don't like Monero, so Coinbase and others don't even list Monero.
You can easily store value in Bitcoin only because governments allow Bitcoin and big investors are keeping it liquid.

[BuNga_cute]

This is a very interesting question in my opinion, because if we need Bitcoin, the people are using Bitcoin should be above 50%.
But the fact that using Bitcoin until now is no more than 2%, in my opinion right now we really don't need it Bitcoin. But I'm sure
in the future we all need Bitcoin, because today most people still choose use cash money compared to digital currencies like Bitcoin.

[crustycrab666]

--

Yes we all do love having Bitcoins but other people doesn't like to have it. What varies in here is how do we find Bitcoin's importance making us to believe or not if we need it or not at all. The answer for this question will be two sided because we do have our own stand why we need it or not.

I like your explanation. Everyone has different views and needs, it influences his decision in determining whether bitcoin is really needed in his life or not. I as a freelancer, place bitcoin as an alternative in getting additional income through trading. For money transfer activities, I still use bank transfer in full, because the circle of ecosystems in my environment is still not familiar with bitcoin.
On the other hand, there must be someone who really needs bitcoin to make large money transfer transactions, saving time and effort because he can do it without a third-party intermediary. In general, I would say yes, we need bitcoin, either as an alternative or as a top choice, there are many advantages that we can use.

[South Park]

BTC not any currency but surprisingly it's real money anyway.  It is actually  virtual asset in crypto & reason of this it is essential in the modern digital world. Its also decentralisation and  for everyone helps protect wealth in times of rebuild  government policies.

What if government shuts down all bitcoin-fiat gateways ?
Can you really use that wealth ?
I like Monero, its more decentralized and private.
But number of paths to convert it to fiat is so limited that it becomes concern.
Governments don't like Monero, so Coinbase and others don't even list Monero.
You can easily store value in Bitcoin only because governments allow Bitcoin and big investors are keeping it liquid.

This is a big hurdle but as people begin to realize they have been deceived and that the fiat system only benefits a few people at the top I have no doubts we are going to begin to see people adopting bitcoin and exchanging directly even if they still use the value of bitcoin in fiat as a reference, this will be a huge paradigm shift and most likely we will need a huge crisis for this to happen but the more you think about it the day that crisis will come is getting closer as governments keep printing money in order to solve their problems.

[kemoglo]

the moment the governments of the world figure out an easier way to transfer LEGAL funds in between borders, that day the world will not need bitcoin FOR ME, as in my own experience, that's what I've used bitcoin for ever since I discovered it, to transfer funds to and from different countries for low fees.

Hiding is a nice plus, I see why some people see the appeal to it, but to imply that it's the main driver is a short sighted, kind of ignorant position to take when talking about bitcoin. If you made your way into this forum, bother a bit about learning the ins and outs of bitcoins, even if just generally, and you'll see how much MORE bitcoin is than "hiding taxes/criminal activity from the government!"

[nasipadang]

Here there are differences in views because some are disadvantaged because of central authority and some are not. Your question is where the creation of transactions to avoid or not use central authority, then the currency needs to be the value of the transaction so bitcoin is necessary. Blockchain technology can be used as any transparent transaction, be it currency or data. Here indeed most people do not use bitcoin for transactions in general, why does that happen?

That is because the bitcoin situation does not support, first, the lack of bitcoin acceptance of goods and services. Second, transaction fees are more expensive and will continue to increase depending on the miner. Third, the higher the value makes the user think to make it an asset. fourth. anonymous use

[bitzizzix]

People who need bitcoin because those who understand and truly understand bitcoin better and deeper about bitcoin, and besides that they most likely have experienced the benefits of bitcoin results that make them believe.
and there are also people who don't believe in bitcoin on the grounds that they don't know more about the benefits and advantages of bitcoin, and the very sacred reason is that there has been fraud and is still illegal and there are many other reasons that make them not believe in bitcoin .
and I personally really need bitcoin because it has made my life better, especially in the economic and financial fields.

[Furious 7]

People who need bitcoin because those who understand and truly understand bitcoin better and deeper about bitcoin, and besides that they most likely have experienced the benefits of bitcoin results that make them believe.
and there are also people who don't believe in bitcoin on the grounds that they don't know more about the benefits and advantages of bitcoin, and the very sacred reason is that there has been fraud and is still illegal and there are many other reasons that make them not believe in bitcoin .
and I personally really need bitcoin because it has made my life better, especially in the economic and financial fields.

Many people change the economy with bitcoin even now they still need future investment tools so those who believe in the true benefits of bitcoin, I'm sure people who don't trust their bitcoins are afraid of failure or have been trapped in bitcoin so can no longer be trusted for them.
I am more confident that bitcoin in the future will be more beneficial than gold.

[Traderbtcc]

Do we need bitcoin?, Because, I can see that people use it only as an investment or as a money laundering tool

Although alot of people use it for the bad reasons, but the percentage of people using it the right purpose is more,and yes we do need bitcoin, since it has become part of our daily life, I really can't imagine the world without bitcoin now ,bitcoin has made life so easy for most of us, especially for people in the third tier countries where doing any transaction outside the country is pretty hard, it takes some days or maybe a week for one to be able to send money to anyone outside their country, but with bitcoin transactions have been made easy without the middle man (the bank).

[erikoy]

Although alot of people use it for the bad reasons, but the percentage of people using it the right purpose is more,and yes we do need bitcoin, since it has become part of our daily life, I really can't imagine the world without bitcoin now ,bitcoin has made life so easy for most of us, especially for people in the third tier countries where doing any transaction outside the country is pretty hard, it takes some days or maybe a week for one to be able to send money to anyone outside their country, but with bitcoin transactions have been made easy without the middle man (the bank).

Yes it may be advantage on p2p from one country to another. This is one of the benefit having the bitcoin. Aside from that as mention about the transaction cost from service fee of the banks and remittances would relatively higher than to using bitcoin. However, there are also problems when it comes to acquiring bitcoin and that is by doing KYC. Most of exchanges are doing KYC on all of their users. And sometimes collect higher fees when converting fiat to bitcoin due to tax implemented by the government from their set rules and regulations for the safety of the users in that exchanges.

[KnightElite]

Do we need bitcoin?, Because, I can see that people use it only as an investment or as a money laundering tool

Although alot of people use it for the bad reasons, but the percentage of people using it the right purpose is more,and yes we do need bitcoin, since it has become part of our daily life, I really can't imagine the world without bitcoin now ,bitcoin has made life so easy for most of us, especially for people in the third tier countries where doing any transaction outside the country is pretty hard, it takes some days or maybe a week for one to be able to send money to anyone outside their country, but with bitcoin transactions have been made easy without the middle man (the bank).

There are people who using bitcoin in illegal ways but it doesn't mean that bitcoin can only be used in bad ways. Nowadays, it is good to see that there are now many bitcoin ATM'S in different countries. Merchants and businesses are now also accepting bitcoin as payment because of its characteristics which is decentralized. Banks before do not give care about bitcoin but now they are considering the blockchain technology as important because they know that it can improve the current payment system that we have.

[elisabetheva]

Do we need bitcoin?, Because, I can see that people use it only as an investment or as a money laundering tool

Although alot of people use it for the bad reasons, but the percentage of people using it the right purpose is more,and yes we do need bitcoin, since it has become part of our daily life, I really can't imagine the world without bitcoin now ,bitcoin has made life so easy for most of us, especially for people in the third tier countries where doing any transaction outside the country is pretty hard, it takes some days or maybe a week for one to be able to send money to anyone outside their country, but with bitcoin transactions have been made easy without the middle man (the bank).

the character of each person is always different in exposing the existence of bitcoin, it is understandable that people have the connotation that having bitcoin is only for investment and more extreme as a money laundering tool. we cannot avoid all of these facts, but we must also be realistic in responding to something else from the existence of bitcoin.

many people are helped by the existence of bitcoin that we cannot deny and that is the reality that exists today.
by only working at home especially in a pandemic like this, we can make money to make ends meet. many people have been helped by the existence of this bitcoin, because the benefits obtained are quite tempting and the convenience obtained from bitcoin is also very real.
what is more important is that it is true that the existence of bitcoin makes it easy for people to give things to one another only through the bitcoin network without the relationship of the bank and authorization matters.

[Janation]

This is a very interesting question in my opinion, because if we need Bitcoin, the people are using Bitcoin should be above 50%.
But the fact that using Bitcoin until now is no more than 2%, in my opinion right now we really don't need it Bitcoin. But I'm sure
in the future we all need Bitcoin, because today most people still choose use cash money compared to digital currencies like Bitcoin.

I don't know the basis of this percentage but I think it is not the use of it but the possible profit of it that we need.

I know that not all of us would be having the same interest of investing in Bitcoin or any other cryptocurrencies but as we see the price increasing, the interest of investors also increases. They might not be needed right now but in the future, it might be. We can't really compare cash to Bitcoin nowadays in terms of need but some people actually get profits from it getting cash from it they can use.