Do we need bitcoin?

[BlackHatCoiner]

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.

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[KrisAlex18]

I also like bitcoin because it helps me a lot before when I am not using bitcoin I can't buy things I want but when I enter the world of crypto it gives me a chance to get what I want and what I need. This is a somehow similar experience with my friends because we entered the world of crypto at the same time.

Our world needs it because it gives us a chance to earn money, there are some people who are now that comfortable working outside their home so this bitcoin cryptocurrency helps them to earn money even though they are at their home. It also gives them a chance to save their money and making it profitable at the then long term through investing. Investing is risky but the excitement and thrill give it happiness on me.

[mk4]

Because, I can see that people use it only as an investment or as a money laundering tool.

This is simply false. Yes, a lot of people use it for unethical purposes, but the percentage is minuscule.

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.

Look. It's true that not everyone needs it, at least right now. And I'm guessing that you have such opinion because you're from a economically-healthy country. Take a look at Venezuela, Zimbabwe, and other more countries that are currently facing hyperinflation. Saying the world doesn't need it just because you don't, is being quite narrow-minded and selfish. Think outside your circle.

[BlackHatCoiner]

The percentage is minuscule? You mean of the honest ones, right? Find me an ethical shop that prefers bitcoin than governments cash or paypal, I'll wait.

I forgot about the donations. That was a thing, if you don't want to show any bank accounts. But as I said, to hide something.

[Alucard1]

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.

Bitcoin is very important for all of us since it can be the future financial system of the whole world if the mass adaptation occurs. It will make the economy of the whole world better and the basis of country's being rich is how many Bitcoin they have on their country although hackers can hack some accounts and device to rob but different wallets will surely have a tighter security if the mass adaptation occurs so we don't need to worry unless you are using a non secured wallet.

[bitbunnny]

It's a funny question after all these years that Bitcoin is present.
I have to say that I'm involved with Bitcoin for almost 8 years now and for me the answer is definetely yes. Bitcoin appeared as alternative to fiat currencies and to my opinion it fulfilled its purpose. It helped me in difficult financial times and I think that people need to have multiple choices.
In digital era and so fast development of new technologies Bitcoin and other cryptocurrencies are very logical solution.

[BlackHatCoiner]

Bitcoin is very important for all of us since it can be the future financial system of the whole world if the mass adaptation occurs.

Mass adoption isn't enough. Governments must agree with the idea too. In fiat, if the central bank gets hacked, insurance will just make a case to get your money back.

[romero121]

I don't understand the term honest being used in the opening post. How does you segregate honest money and black money. If you say money issued through the bank is honest money, then I say it is wrong. Now each and everything is associated with data, and banks are the profit makers of the same.

In simple when someone goes for a loan, the bank pays certain percentage (~10%) to the central banking authority. The authority provides the right to issue the amount that's been requested as loan. That means if $10000 is requested as loan, then the bank pays $1000 to the central authority. It gives authentication to provide $10000 to the person requesting loan. Here nothing is transferred just the data. So what the bank has spend is $1000, and when it gets back it receives $10000 along with the interest.

This way with $1000 the banks circulate ten times the amount. So nothing is honest, to eliminate this intermediary bitcoin is essential in my opinion.

[Reid]

I think you are in haste.
Yeah, they might not need it now and there is truth that it became just an investment.

But the answer also resides in your back story before your questions.
Adoption.
Not much merchants yet because of the volatility.
They are still afraid to lose more while using bitcoin.
But there are some merchants who are already taking the next step.

It might be difficult to explain it for now. But, when it's widely used then I don't think you will need to explain to them.
Social media is also becoming a large part to give people the right answers.

[mk4]

The percentage is minuscule? You mean of the honest ones, right? Find me an ethical shop that prefers bitcoin than governments cash or paypal, I'll wait.

I forgot about the donations. That was a thing, if you don't want to show any bank accounts. But as I said, to hide something.

Because wanting to be private automatically means you want to hide something unlawful or illegal, right? It's the old heavily flawed "nothing to hide argument" argument again. This is a very old argument and has been discussed hundreds and hundreds of times already.

Also:

https://bitcoinmagazine.com/articles/report-just-1-percent-bitcoin-transactions-involve-illicit-dark-web-activity
https://www.coincenter.org/a-new-study-finds-less-than-1-of-bitcoin-transactions-to-exchanges-are-illicit/
https://cointelegraph.com/news/chainalysis-only-1-of-1-trillion-transacted-in-crypto-in-2019-was-illicit

[Jet Cash]

Bitcoin is not a currency, it is money. This is an important distinction. It is the only hard virtual asset in crypto, and because of this it is essential in the modern digital world. Its decentralisation and availability for everyone helps protect wealth in times of changing government policies and even governments. It also helps to protect us from the banking elite who are determined to pursue their goal of globalisation.

[Nhor1011]

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.

Government can impose tax in bitcoin holder if they want.Yes,government can't track you easily because of the blockchain technology that you used anonymously but if you're going to cash out your bitcoin and you need to exchange it first into fiat money then the government can trace your transaction through their banks or remittance center. What the government want is the centralize digital currency so that they have a full control over it. That's why it's difficult for them to accept bitcoin. Whatever the reason i still use bitcoin  not just as investment  but also as payment method especially now that the covid 19 virus keep on spreading.

[buwaytress]

Due to this big adoption and fixed supply, bitcoin went to moon.

Me likey Bitcoin long time too, but no, bitcoin did not went to moon because of big adoption and fixed supply. If you're keen to test this theory, just you try now and live on Bitcoin alone and no fiat for a month and see how that goes. Adoption is happening but on not many measures can you say it's in a big way. Your own question puts that notion to the gallows.

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.

Money laundering tool? Where's your stats? Look back on all the major corruption and laundering cases. King of Spain. Panama papers. Danske Bank. Are any of them using Bitcoin?

[jossiel]

Cash is more often used in money laundering and do you think that cash isn't even used for illegal activities? It's even the most used currency for those methods and this taboo about bitcoin must be changed.

Bitcoin is very much welcome in commercial use and from the perspective of being used illegally, that's changing into the mainstream day by day. It doesn't mean you use bitcoin because you are into illegal activities. You use bitcoin because you know that it's a good investment and a good alternative payment method.

[Lance203sin]

Bitcoin is a store of value and the main indicator of the industry, we cant live without it

[BlackHatCoiner]

Cash is more often used in money laundering and do you think that cash isn't even used for illegal activities? It's even the most used currency for those methods and this taboo about bitcoin must be changed.

Bitcoin is very much welcome in commercial use and from the perspective of being used illegally, that's changing into the mainstream day by day. It doesn't mean you use bitcoin because you are into illegal activities. You use bitcoin because you know that it's a good investment and a good alternative payment method.

Did I say that fiat is not used for money laundering? No.
Indeed, the most used cash system would be normally used for money laundering too.

What I'm saying that if you start accepting bitcoin in your business, no one will track you. And no one will tax you.

If you start selling drugs and accept bitcoin instead of cash nothing will change. You will have the same possibility to get caught.

Bitcoin is a store of value and the main indicator of the industry, we cant live without it

We can't live without internet too. But the world didn't begin in 1995 

[carter34]

Except if they want to hide something. Prove me wrong.

Hide something ? Well maybe you looking at the government people or people who are in politics taking away people's money and hiding it in bitcoin but for a real investor and hodlers, they don't need to hide anything. For such investors, bitcoin is real investment and asset.

[BlackHatCoiner]

Except if they want to hide something. Prove me wrong.

Hide something ? Well maybe you looking at the government people or people who are in politics taking away people's money and hiding it in bitcoin but for a real investor and hodlers, they don't need to hide anything. For such investors, bitcoin is real investment and asset.

I'm talking about illegal activity, buddy. Not investment.

[verita1]

Because, I can see that people use it only as an investment or as a money laundering tool.

This is simply false. Yes, a lot of people use it for unethical purposes, but the percentage is minuscule.

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.

Look. It's true that not everyone needs it, at least right now. And I'm guessing that you have such opinion because you're from a economically-healthy country. Take a look at Venezuela, Zimbabwe, and other more countries that are currently facing hyperinflation. Saying the world doesn't need it just because you don't, is being quite narrow-minded and selfish. Think outside your circle.

Totally true. Thanks for mentioning that Venezuela needs Bitcoin due to the hyperinflation that it is going through. Bitcoin can help the citizens of my country to earn an income, we have a high unemployment figure since before the coronavirus and now it has worsened. Our internet service has ranked among the worst in Latin America. What makes it difficult for many things but not impossible. Only people need to have the knowledge and dedication to be able to help themselves with Bitcoin.
https://www.speedtest.net/global-index/venezuela

[jossiel]

Did I say that fiat is not used for money laundering? No.
Indeed, the most used cash system would be normally used for money laundering too.

Yes, you didn't say that but you are pointing out that bitcoin is being used on it and we are not denying that. I guess that idea was already into bitcoin's character but that's changing already.

What I'm saying that if you start accepting bitcoin in your business, no one will track you. And no one will tax you.

The taxation depends on the country you reside, if they are actively monitoring the progress of bitcoin, they can create or mandate a law that covers the taxation for bitcoin transfers or cashout into their jurisdiction.

Bitcoin is a store of value and the main indicator of the industry, we cant live without it

We can't live without internet too. But the world didn't begin in 1995 

That's valid point.

But let's accept the fact that we are into different generation and era this time. Most businesses are running through internet these days and if your business can't go online, you'll be missing too many opportunities.