Why we need bitcoin...

[aysg76]

Feds printing notes to resolve financial problems of the countries is not new concept at all but they have been printing money at such at enormous level that if we see hyperinflation few years ahead but in reality it would come to the real world soon and then what will happen? The Feds will be busy printing notes again to tackle it creating even worse situations ahead or in simple terms your Fiat useless or mere piece of paper only like what happened in Venezuela where you could not buy toilet papers worth millions of dollars also and they have thrown them into garbage dumps of city :

But the problem is they don't see it as bad move and now you could see how much the supply has increased over past time like over 80% of US dollar supply is printed in a decade only.

2016 : Fed prints $6.25 Million each ten minutes

2021 : Fed prints $12.5 Million each ten minutes

While bitcoin halves US dollar doubles

Here is illustration for the same that how the money supply has increased over time and you could easily recognise how much was printed over past decade

But the problem is they still not take lessons from their past mistake and wants to raise the debt limit again by almost $ 2.5 trillion and bill was passed in the Congress session  for the same :

Congress gave final approval early Wednesday to legislation that would raise the debt ceiling by $2.5 trillion, moving over nearly unanimous Republican opposition to stave off the threat of a first-ever federal default until at least early 2023.

Senator Chuck Schumer of New York, the majority leader, said on Tuesday that the $2.5 trillion figure would be enough to punt the threat of a default past the midterm elections next year, an assessment shared by the Treasury Department, according to a person familiar with its internal estimates. The debt limit, which covers debt incurred by administrations from both parties, is currently set at $28.9 trillion.

Congress $2.5 trillion debt limit raise

You could check there is line in the article that says as follows :

“The American people can breathe easy and rest assured there will not be a default,” Mr. Schumer said in a speech on the Senate floor.

What the hell? You create all the problems and then prints notes out of thin air and says now people can relax easily? Well that's what they have been doing from past hundred of years like putting the whole blame on each other but the money printing game continues every time no matter who is in the white house.

But they do have the impact on currency devaluation and you could easily find that almost each fiat currency has lost it's quite good amount of value over time and then they say bitcoin could destabilize their economy like they were doing the right thing and knows inside bitcoin could safeguard them but still don't want to accept the reality.

Recently bank of England also issued some statement like btc could go to zero ignoring the fact the value British pound has lost over time :

Secondary dollar devaluation is not a new concept for most of us and we are aware that how much it has lost in value over all these years and spending billion dollars on wars and then again printing more and more out of thin air and then say crypto is not backed up by any thing like the fiat which only some knows in reality but they will keep talking shit about btc as they fear decentralisation of power.

For all these reasons i have invested in Bitcoin after so much research and that's why dips also don't matter in the end and have shared about the same here : Reasons why I prefer Bitcoin over any other assets and dips don't panic me....

The same is situation with almost every currency and that's why we need bitcoin as the main source to protect us from coming inflation or say super inflation situations that could be more worse than they might seem to you.Bitcoin is the exit policy from all such worries.

Bitcoin is hedge guard against inflation which you need to grab ar the right time.

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[Questat]

Nice topic, though the US assured that they'll be able to pay their debt but it's always better for us to get ready if they will default as we already know what would happen to USD. Having bitcoin in our wallet is truly a hedge for an inflation and since it's not controlled by any government, people will have a liberty to invest and consider bitcoin as a hedge which would result to increase its value due to that particular demand.

[nullama]

Inflation is one thing, but I also really enjoy having full control of my own money.

No need to ask permission to anyone to spend it in whatever I want.

It's great to spend your money freely. Money is freedom. Bitcoin is freedom.

[tyz]

To be honest, you wouldn't necessarily need Bitcoin for that, even though Bitcoin is perhaps the easiest option to manage. But in principle, gold, silver or other naturally limited resources would also be possible as an alternative. There is still too much speculation in Bitcoin, so for me gold is still the best indicator to show how much value the dollar and other fiat currencies have lost.

[Gozie51]

The question is to ask ourselves if printing of more notes will help the situation in reducing inflation and the answer is no because it has not helped. A long time ago maybe some dacades ago that the fed and other financial institutions of other countries started printing of it, nothing has changed from bad to good but rather we still experience good to bad situation. The inflation in Nigeria is increasing by the day, banks have started reducing rates of withdrawal to discourage spending but yet things still getting unbearable.

[mu_enrico]

It's more accurate to say we need better government. You know even with Bitcoin there are many ways of doing fractional reserve although it's not in the protocol. Pegged BTC coin like wBTC and other similar coins cannot be guaranteed 1:1. If the tx price continues to rise, this pegged coin will be in great demand IMO. I hope I'm wrong, but it will be the same if in the future we have wBTC, aBTC, bBTC, with different protocols.

[Congyang]

This is proof that inflation is inevitable every year and even though they are very confident that they can pay their debts, there is no definite guarantee for this.
bitcoin being a suitable one? I think things like this are still very difficult to do because even though they are indeed one of the easiest and most promising options, many people still can't fully accept them.
As for the indicators themselves, I still believe in the natural resources that are used which can determine this clearly

[Husires]

Inflation has not been a big problem during the past years. For example, from year to year, you will not find that many people have bought bitcoin because they see that the inflation of the dollar, but rather:

• Decentralization: where you can have complete control over your money.
• A store of wealth: real estate increases according to inflation and other factors, but Bitcoin will increase its price even if there is no inflation.
• Limited Supply: Limited supply and increased demand is an important factor in increasing the value of the commodity.
• New Technology: The revolutionary technology that represents digitization.

And other reasons why people invest.

[The Sceptical Chymist]

What the hell? You create all the problems and then prints notes out of thin air and says now people can relax easily?

And, I might add, taxes are or will be going up under Biden's reign of senility.  The government has more hands than any alien creature you could imagine, and they're all in our pockets fishing for what little money we have--and on top of the money printing you mentioned, there's the undeclared tax of inflation which is a direct consequence of irresponsible fiscal policies (like handing out money in the form of stimulus/COVID relief as if it were Halloween candy).

Yeah, you better believe bitcoin is a sounder form of money than the USD is.  The dollar might not be hyperinflated and carted around in wheelbarrows yet, but we're getting there.  What's frustrating is that no one I know in real life seems to see this or care much about it if they do.  I don't know what everyone is staring at on their smartphones all the time, but I'm guessing it doesn't have anything to do with economics.

[Distinctin]

Inflation is one thing, but I also really enjoy having full control of my own money.

No need to ask permission to anyone to spend it in whatever I want.

It's great to spend your money freely. Money is freedom. Bitcoin is freedom.

If you don't put your money in the bank, you can spend it without asking for permission or signing papers to withdraw your funds. However, we are only talking of cash here and it's not applicable if we love ot travel as we cannot carry a huge amount of cash, unlike with bitcoin that just have to carry the private key to access our bitcoin wallet and everything would work.

The difference between bitcoin and fiat is that bitcoin cannot be frozen, unlike your bank balance where the authorities could freeze if you are suspected to be a criminal or involve in any crime.

[fiulpro]

I do not understand the situation here, it's illegal to throw the money like that, at the end of the day thats still official money and the government does have the responsibility to protect it so that they do not get scammed in the first place. I do think that they might have been faulty notes or might not be real, but getting it the point:
Over printing is not just a probelm with people who are living in a country like Venezuela, but also the biggest countries in the world like the US, at the end of the day you end up holding the dominant fiat, but the value dies down every day, which makes it eventually have weaknesses, but the government does not stop there now, even during covid when they do know what's happening, they have done nothing to help it. Plus if the biggest bodies collapsed so will be the small nations dependent on the already developed country. That's why we need some investment which is not backed by governmental organizations.

[Lucius]

The difference between bitcoin and fiat is that bitcoin cannot be frozen, unlike your bank balance where the authorities could freeze if you are suspected to be a criminal or involve in any crime.

You're right, and yet you're not, and here's the problem. If your Bitcoin is in a non-custodial wallet and only you have control over your private keys, then no one can forbid you anything, you can send transactions 24 hours a day, 365 days a year.

But what if someone’s Bitcoin is in a custodial wallet, whether it’s a crypto exchange or an online wallet? We all know that most major crypto exchanges are fully compliant with legal requirements, and we also know that at any time the authorities can freeze all funds on these crypto exchanges for any reason - say on suspicion that users are financing terrorism, or engaging in money laundering. So it's not about Bitcoin, it's about how people use it.

What the hell? You create all the problems and then prints notes out of thin air and says now people can relax easily? Well that's what they have been doing from past hundred of years like putting the whole blame on each other but the money printing game continues every time no matter who is in the white house.

Do they have any choice other than what they do? This is their modus operandi and if they give it up, everything will collapse like a tower of cards. Of course, all governments of the world are aware of what they are doing, but it would be foolish to expect them to say, "Bitcoin is the solution" when it is the complete opposite of the centralized financial system from which their power to govern the world stems.

[Reid]

Thank you.
That's educational and I wish more of us will be reached by this.

Questions like "Why do the world government is not talking about this or if they do, what movement is happening?" pops out of your mind whenever you see news like these. It's right there, in broad daylight.
And even with all those unlimited printing the value won't decrease in a higher scale and poor countries are still worshipping the USD. Then it became a game of put the blame on something else, like what they did with bitcoin. They never lose a reason to brought up and in the end be the cleanest of all.

[el kaka22]

It has been talked about a million times so far, bitcoin has always been our hedge against the devaluation of fiat, and that is a great reason to hold bitcoin. However, for me it is not about the devaluation, I could live with that if that was the only wrong thing in fiat world, sure it is bad but I could survive that somehow, the real problem is that the unfairness of it gets bigger and bigger.

Right now the super rich people somehow get all the money, maybe they deserve it and I am not against them getting what they deserve, but that results with people who are under 35 years old to live the worst financial situation in the last 100 years. Even the people who worked in horrible factory conditions had a better standard of living and more possessions 100 years ago, and today with the advancing technology the super wealthy people like Jeff Bezos and Elon Musk could become as rich as they possibly could but that shouldn't come at the expense of the poor people. This is why I am in bitcoin, it is decentralized and there is no unfair situation.

[Zanab247]

Here are some reasons we need bitcoin:
1) To eliminate unemployment: The reason why we need bitcoin in our country or community is to reduce unemployment in the country. It can create many jobs for the citizens to enjoy and their unborn children too to enjoy in the future.
2) Impact : Many people need bitcoin by the impact they have received from their mentor to know how to use it positively in the community.
3) To become rich: Many need bitcoin to become a millionaires in the country. Many fiat investors have quite their fiat business to join bitcoin investment just to become somebody in the future.

[Coyster]

The same is situation with almost every currency and that's why we need bitcoin as the main source to protect us from coming inflation or say super inflation situations that could be more worse than they might seem to you.Bitcoin is the exit policy from all such worries.

It is, or rather could be for Bitcoin users and people who actually understand the Bitcoin network, mind you that there are quite a lot of people that have been misinformed by the media about Bitcoin, thus notwithstanding the rate of Inflation, it becomes almost impossible to convince such people on what the advantages of using Bitcoin is, much of this erroneous info about Bitcoin is spread by the media which have for a long time now tried its possible best to dissuade people from using Bitcoin, and that's cause they (the media) are more or less controlled by the government that obviously doesn't want you to have control of your funds.

I second it that this inflation is prolly going to affect most currencies/economies, but some will definitely be hit harder than others, especially in developing countries that have been struggling with the said inflation and struggling economy even prior to the pandemic, citizens of such countries really need to embrace Bitcoin as a hedge to Fiat devaluation.

[Smartvirus]

The world is heading towards a more digital era and as such, some form of digital currency is needed to meet up with the advances in technology of the world. For a fact, digital fiat seems to step in but then, the quest for decentralisation and some form of currency without regulation from the government, privacy ensured and no bank interference is what necessitates bitcoin or cryptocurrencies. Its a new world order and we've got to live with it because, fighting it would be fighting one's self.

[Botnake]

The world is heading towards a more digital era and as such, some form of digital currency is needed to meet up with the advances in technology of the world. For a fact, digital fiat seems to step in but then, the quest for decentralisation and some form of currency without regulation from the government, privacy ensured and no bank interference is what necessitates bitcoin or cryptocurrencies. Its a new world order and we've got to live with it because, fighting it would be fighting one's self.

Yes. We need to live by bitcoin and decentralized currencies as they will be the future seeing we are starting to live in this digital age. Maybe the government will be more open about bitcoin and the rest of crypto in the next years to follow as people who are now inclined into bitcoin and the cryptp world are now becoming inevitable. Even if the government will always fight for it, they will never succeed in a battle once the people are the most concerned.

[Gosgosking]

Their are so many good reasons why we need bitcoin,  we need bitcoin to be financially stable while doing our jobs or business. Bitcoin is a good investment anyone who have vision for the future to need. One thing I love bitcoin when you are into it, bitcoin will make you think properly how to manage investment well.

[LeGaulois]

However, printing money is also essential for the growth of a country's economy and for its development. Otherwise, we would be living 50 years in the past.

But I agree that it must be done in a rational way. We often talk about the USA but in fact, there are many countries in the same position (and probably worse for some).
Sometimes I wonder what would happen to the world's geopolitics if we returned to the days when the dollar was based on gold

This.
Bitcoin is an asset so volatile that I wouldn't risk my capital in to anticipate a crisis. There are assets safer than BTC to do it. There is the capital you can afford to lose and there is the capital you really need to protect. That's what people often forget here in threads comparing BTC vs XAU

1) To eliminate unemployment: we're talking about what? let's say 50 000 jobs worldwide. That's not with the crypto industry that you will reduce the rate of employed people, It's a drop in the ocean

2) People aren't looking for a "mentor" to know how to spend their money. Whatever if it's fiat or Bitcoin. What is "to use positively" exactly? And so to use negatively?

3) To become rich: why is everyone thinking Bitcoin will make everyone rich? Bitcoin wasn't designed to make the population "rich" but to be used in a P2P environment without 3rd parties

The concerns of people for decentralization and an environment without regulations are a myth. People are not at this point interested in these things at all. And evidence, they are constantly demanding regulations, applaud when a country establishes a new one and have no problem using centralized solutions to buy BTC and shitcoins.

I'm talking about the mentality in general. It's far from the original idea of Bitcoin

[Darker45]

This goes to show that the control system of fiat is actually a double-edged sword. On the one hand, there may be some good in the fiat mechanism that allows it to be controlled by the government. The effect of an economic depression or any economic crisis brought about by natural and man-made disasters, such as what we're currently experiencing with COVID-19, could somehow be eased with certain government steps. On the other hand, however, a bad monetary and economic decision could easily make this control system the cause of a much larger economic problem in the future.

[Jawhead999]

Yep we're need Bitcoin, but don't ignore the fact we still need fiat too because not all merchants will accept Bitcoin... even more if you live in countries where Bitcoin still in grey area, you won't see any merchants will accept Bitcoin.

Average Joe will think fiat is more safer than Bitcoin in terms physically and wouldn't loss since most bank offer insurance if the bank bankrupt, unlike Bitcoin it's non physical and will loss if the exchanges got hacked or compromised. This is why people should educate yourself to understand Bitcoin is and using exchanges only to trade, not to hold.

[traderethereum]

Yep we're need Bitcoin, but don't ignore the fact we still need fiat too because not all merchants will accept Bitcoin... even more if you live in countries where Bitcoin still in grey area, you won't see any merchants will accept Bitcoin.

Average Joe will think fiat is more safer than Bitcoin in terms physically and wouldn't loss since most bank offer insurance if the bank bankrupt, unlike Bitcoin it's non physical and will loss if the exchanges got hacked or compromised. This is why people should educate yourself to understand Bitcoin is and using exchanges only to trade, not to hold.

I agree with this because at least when people still use fiat and if something bad happens, they can ask the government to help them fix the problem.
But when something bad happens to bitcoin, they can not ask anyone except themselves why they put their money in bitcoin.
Yes, not many local merchants accept bitcoin but fortunately, we can use bitcoin and convert it into fiat so we can still buy something using that fiat.
Those people will still use fiat because there is a guarantee from their government but if they can open their minds and know bitcoin, they should invest in bitcoin, just in case, bitcoin can help them when they need money in the future.

[tygeade]

The same is situation with almost every currency and that's why we need bitcoin as the main source to protect us from coming inflation or say super inflation situations that could be more worse than they might seem to you.Bitcoin is the exit policy from all such worries.

For the worst consequence of inflation, deflationary currency might be a solution but practically I am seeing bitcoin is slowly turning as an asset rather than being a currency (I agree an asset is still capable of serving as currency and cannot be an alternate to fiats).

Limited supply obviously makes a currency into asset class which again leads to high volatile nature. A highly fluctuating entity may not remain as a preferred payment method as people may need to hold them even for short period of time for any reason (monthly salary is common practice worldwide which means we need to hold/save fiats at least for 30 days and if we lose even 5% value in 30 days of time that might again impact negatively). 

[Rufsilf]

This goes to show that the control system of fiat is actually a double-edged sword. On the one hand, there may be some good in the fiat mechanism that allows it to be controlled by the government. The effect of an economic depression or any economic crisis brought about by natural and man-made disasters, such as what we're currently experiencing with COVID-19, could somehow be eased with certain government steps. On the other hand, however, a bad monetary and economic decision could easily make this control system the cause of a much larger economic problem in the future.

The people who actually works in such Federal Banks where fiats is printed and produced doesn't really know what it feels to be a regular citizen because they're in the higher position of the economy. But for the normal citizens who only just got enough money to put food on the table and for other bills certainly do felt what the government did and how deep they have dug just to pay the debt by producing more fiats.
Actually, government knew that already that at some point economy will collapse, they have just neglected it and just cared to fix the problem on their time while they have the job and then transfer the responsibilities to pay the debts again by the incoming government officials. That's why it's a never ending cycle.

[globalpain]

Yep we're need Bitcoin, but don't ignore the fact we still need fiat too because not all merchants will accept Bitcoin... even more if you live in countries where Bitcoin still in grey area, you won't see any merchants will accept Bitcoin.

Average Joe will think fiat is more safer than Bitcoin in terms physically and wouldn't loss since most bank offer insurance if the bank bankrupt, unlike Bitcoin it's non physical and will loss if the exchanges got hacked or compromised. This is why people should educate yourself to understand Bitcoin is and using exchanges only to trade, not to hold.

It is important to understand that not all countries legalize Bitcoin as a means of payment,
so Fiat is still very much needed in every country,
Hacking is indeed still a scourge or anxiety for those of us who use crypto, so we need to be careful and improve the security of our wallets.

[aysg76]

And, I might add, taxes are or will be going up under Biden's reign of senility.  The government has more hands than any alien creature you could imagine, and they're all in our pockets fishing for what little money we have--and on top of the money printing you mentioned, there's the undeclared tax of inflation which is a direct consequence of irresponsible fiscal policies (like handing out money in the form of stimulus/COVID relief as if it were Halloween candy).

Paying taxes is okay and must be paid because it's essential for the development of the country infrastructure and to make progress but what Governments are doing at this time is unbearable like always have an eye over you making transactions and each and every record and later on they simply give the excuse of AML policy.The tax slabs should be set according to different set of rules and this biden reign will also end up on the same political agenda like wars,covid and some other useless topics but they will never say the inflation has increased in their time and will keep on blaming each other and carry on same political drama.They simply print money and give out as stimulus check and people believe they are helping them but they never know the indirect burden is going to be shifted on them eventually in form of inflation and taxes.

Yeah, you better believe bitcoin is a sounder form of money than the USD is.  The dollar might not be hyperinflated and carted around in wheelbarrows yet, but we're getting there.  What's frustrating is that no one I know in real life seems to see this or care much about it if they do.  I don't know what everyone is staring at on their smartphones all the time, but I'm guessing it doesn't have anything to do with economics.

Yeah at this moment USD might sound stronger than most of the currencies as world trade is carried out in it despite the fact that some other currencies like dinar and Pound are stronger in value but the government has full rehearsal of taking it towards zero levels with their fiscal policies and creating a hyperinflation in the country not too ahead but this scene can be seen soon and then the debt limits would be raised to $50 trillion also or even more.Sometimes i wonder which will happen first US raising debt limits beyond any levels or btc crossing $100k? Talking about youth only a handful of them are interested in these topics these days and most of them are busy in making reels on insta and sharing memes over the internet.Few days back i was shocked to see teenager becoming social media influencers with huge followers and waste their whole time on this useless stuff which won't help them in the long run.These days it's hard to find someone at young age talking about economics or real world problems.

Yep we're need Bitcoin, but don't ignore the fact we still need fiat too because not all merchants will accept Bitcoin... even more if you live in countries where Bitcoin still in grey area, you won't see any merchants will accept Bitcoin.

Average Joe will think fiat is more safer than Bitcoin in terms physically and wouldn't loss since most bank offer insurance if the bank bankrupt, unlike Bitcoin it's non physical and will loss if the exchanges got hacked or compromised. This is why people should educate yourself to understand Bitcoin is and using exchanges only to trade, not to hold.

Actually what i am trying to explain is future problems because i also know you can't use bitcoin to make payments unless you are El Salvador resident which i am not like many of you.At this time bitcoin is more frequently popular as an asset rather than mode of payment but that will turn out soon because the true use case of btc was alternate mode of decentralised payment system to evade the Central control and provide you freedom of funds but slowly when it will be accepted by all or say most you will automatically see people spending it on usual stuff.You must have seen people paying in Bitcoin to merchants you are referring to in El Salvador through LN on strike wallet or any other wallet supporting LN and same will happen with time.But you should have bitcoin till that time to safeguard you against inflation.For me it's best and it could not be for you.

[jaberwock]

For all these reasons i have invested in Bitcoin after so much research and that's why dips also don't matter in the end and have shared about the same here : Reasons why I prefer Bitcoin over any other assets and dips don't panic me....

The same is situation with almost every currency and that's why we need bitcoin as the main source to protect us from coming inflation or say super inflation situations that could be more worse than they might seem to you.Bitcoin is the exit policy from all such worries.

Yes that is true, and Bitcoin is like a solution to all these problems. But, sometimes I do wonder why the government never care about situations like this. I wonder whether this kind of situation bothers them at all, because if it really bothers them then they would have shown concern and start looking for a solution on how to solve this issue of inflation.

It just looks like as if they do not care about it at all, and all they care about is just to keep on printing money, every year we are seeing more and more being printed. And at the end of the day it all leads to inflation. This goes to show how important it is for us to keep on investing, especially in Bitcoin, if we would like to save our value in time to come.

[DooMAD]

While bitcoin halves US dollar doubles

Similar story in the UK.  The total M1 GBP money supply has doubled within the space of a decade:


source: https://tradingeconomics.com/united-kingdom/money-supply-m1 -> 10 year chart

Chances are, it'll probably double again, or worse, in the next 10 years.  It can't be sustainable.

HODL HODL and such.

[kryptqnick]

I agree with the general sentiment that overprinting isn't new and that is can lead to hyperinflation, but there's a big difference between countries that suffered from it and the USA. The difference, of course, is not in the type of action, but it's in the trust (both within the country and internationally) towards a currency. With the US being a #1 economy, the USD is in very high demand and is valued as an example of stability and reliability. And while dollar lost a lot of value over decades, the majority is okay with this rate of inflation, so unless something changes drastically, it's probably not going to be a problem. I don't think the US can get away with ANY rate of overprinting money, but it can afford more than probably any other country.

[SquallLeonhart]

Bitcoin is like a solution to all these problems. But, sometimes I do wonder why the government never care about situations like this. I wonder whether this kind of situation bothers them at all, because if it really bothers them then they would have shown concern and start looking for a solution on how to solve this issue of inflation.

It just looks like as if they do not care about it at all, and all they care about is just to keep on printing money, every year we are seeing more and more being printed. And at the end of the day it all leads to inflation. This goes to show how important it is for us to keep on investing, especially in Bitcoin, if we would like to save our value in time to come.

Because they control the law, and when you control the law then you control everything else. Sure bitcoin is decentralized and governments can't print more bitcoin, but that doesn't mean they can't tax your bitcoin trading. I have seen plenty of people who had to pay more taxes than the whole bitcoin amounts they were holding because of the trading they did. So, you buy at 1 and sell at 2 and buy back at 3?

You just made a profit from your 1 to 2 trade and government may not see you got back in at 3, and it may have dropped back to 1 as well and as long as you didn't sell it in time for the taxing happens at certain dates of the year, that means you now have a profit for that year, a loss for the next year, but in reality you only have a loss. So, governments could literally make you go broke with the laws they have in their hand from all of your crypto trading.

[Darker45]

I agree with the general sentiment that overprinting isn't new and that is can lead to hyperinflation, but there's a big difference between countries that suffered from it and the USA. The difference, of course, is not in the type of action, but it's in the trust (both within the country and internationally) towards a currency. With the US being a #1 economy, the USD is in very high demand and is valued as an example of stability and reliability. And while dollar lost a lot of value over decades, the majority is okay with this rate of inflation, so unless something changes drastically, it's probably not going to be a problem. I don't think the US can get away with ANY rate of overprinting money, but it can afford more than probably any other country.

Definitely. But it is not just a matter of trust. It is a matter of power. The US is a very powerful and influential country despite how it is oftentimes being painted by the media, their very own more than others. But the truth is that it still has a lot of leverage, which poor countries don't have.

However, things are, of course, not okay with the current rate of inflation. The rate has gone through the roof and there is indeed a rise of homeless individuals even inside the largest economy of the world. At the top, there may seem to have not much problem. But at the receiving end, the rising prices of basic goods and services is already very painful.

[southerngentuk]

Because of development in a way, matters are right/wrong... from our point of view, and it also brings other development.
I think about the 'why?' but indeed when everyone can see the reason but can't find the end of the relationship, so the skepticism will not stop, and not only bitcoin but for everything that we are using tools in life.

[Shasha80]

Their are so many good reasons why we need bitcoin,  we need bitcoin to be financially stable while doing our jobs or business. Bitcoin is a good investment anyone who have vision for the future to need. One thing I love bitcoin when you are into it, bitcoin will make you think properly how to manage investment well.

I agree there are many reasons why we all need Bitcoin, for me Bitcoin can be a very good retirement plan. That's a strong reason right now I need
Bitcoin, investing in Bitcoin in the long term can allow me to have savings in the future and it is a good retirement plan. Since I'm comparing Bitcoin
to other assets, what's interesting is that Bitcoin performs better than other assets. So most likely if we long-term investment in Bitcoin will generate
large amounts of money. Moreover, for fiat inflation occurs almost every year, especially during a pandemic that forces all countries to print money
in large quantities, this is a strong reason why we need Bitcoin. Imagine if we have large amounts of savings in the bank, it will only make the value of
our savings continue to decline. That's why we really need Bitcoin, and for those who refuse Bitcoin, I'm sure they will regret it in the future.

[aysg76]

wow! That was a lot of knowledge on the place. You have done some good research on this topic. Actually, I also do not like how govt has control over our money. They can do as they want like printing more money or banning certain amounts of paper bills that are totally ridiculous. It's like we are not the owner of our wealth because with one action from the govt our have nothing.

Btc gave us the freedom to store or move our value as we want to. There is no one to ask nor forbid it to happen. BTC gives us the freedom financially.

This is what central owned funds means and you are just using them till they want you all to do and then will render some policies like restricting you to transfer funds without any proper documentation to clear how you earn them,how much you earned and then taxation purpose.The transactions are settled with third party and at the end when they find it suitable to put restrictions they can but the case with bitcoin is entirely different and you have all the responsibility of your funds and only need to be careful to secure them on hardware wallets with good returns but banks provide annual interest of very low rates and people are not anymore convenienced to put money in banks.

Similar story in the UK.  The total M1 GBP money supply has doubled within the space of a decade:


source: https://tradingeconomics.com/united-kingdom/money-supply-m1 -> 10 year chart

Chances are, it'll probably double again, or worse, in the next 10 years.  It can't be sustainable.

HODL HODL and such.

The most of countries have the similar situations but still the first world countries have better conditions but the third world country face lot of other problems and money printing also won't help them even to survive the current scenario because US and UK could be facing such conditions late but these countries are mostly dominated by US dollar and they should recognise the importance of Bitcoin and then this could help them at some point otherwise they are going down the inflation road which will end up burning the fiat one's.

[redsun114]

I agree there are many reasons why we all need Bitcoin, for me Bitcoin can be a very good retirement plan. That's a strong reason right now I need Bitcoin, investing in Bitcoin in the long term can allow me to have savings in the future and it is a good retirement plan. Since I'm comparing Bitcoin to other assets, what's interesting is that Bitcoin performs better than other assets. So most likely if we long-term investment in Bitcoin will generate large amounts of money. Moreover, for fiat inflation occurs almost every year, especially during a pandemic that forces all countries to print money in large quantities, this is a strong reason why we need Bitcoin. Imagine if we have large amounts of savings in the bank, it will only make the value of our savings continue to decline. That's why we really need Bitcoin, and for those who refuse Bitcoin, I'm sure they will regret it in the future.

I am doing it both for right now and also for the future at the same time. What people haven't figured out too much just yet that there are a ton of work to be done in crypto. There are more companies starting up and more projects and instead of just putting your money into it, you could work for them as well. I do not have the time right now and I have my hands full with life and work but if I ever wanted to I am 100% sure that I could find a job in a month and get paid for at least a year on that job.

I remember I had to find some extra money a few years ago, it has been a while but I remember I just found translations to my own language (from English) and there were like a few each month, so I would make a good amount of money that way. I also put some money aside every month in crypto, I just cashed out my Avax unfortunately for paying some medicine I needed to get for my mother-in-law (just 800 bucks, not a life changer) but these are all the great things that crypto help you with, I spent about 50 bucks on that Avax, made a great profit, and used it to get a life saving drug.

[aysg76]

I agree with this because at least when people still use fiat and if something bad happens, they can ask the government to help them fix the problem.
But when something bad happens to bitcoin, they can not ask anyone except themselves why they put their money in bitcoin.

Okay i understand your point also but there are two scenario case for it also as if you are seeing bitcoin as an asset class or mode of payment.If we are making comparisons among fiat and btc then take both as mode of payment and take all the cases in that respect.But what bad can happen to fiat about which you are saying? Suppose there are funds loss or some kind of scam then does it happen due to any natural loss but it happened because we were careless and ignorant enough that made us suffer such loss but if say about Bitcoin the same could happen in that also like people getting scammed of funds because they're ignorant and fool not to safely backup their funds and it that's simple man.You just take care of your funds as many are doing then use them when needed.But if say it's not widely accepted at this moment then it is fine excuse but government can help you if you help yourself first.So be sure in first place.

I remember I had to find some extra money a few years ago, it has been a while but I remember I just found translations to my own language (from English) and there were like a few each month, so I would make a good amount of money that way. I also put some money aside every month in crypto, I just cashed out my Avax unfortunately for paying some medicine I needed to get for my mother-in-law (just 800 bucks, not a life changer) but these are all the great things that crypto help you with, I spent about 50 bucks on that Avax, made a great profit, and used it to get a life saving drug.

That's good that you earned good amount of profits from these crypto projects but don't blindly trust them as most of them coming to the market these days with their token offering through different visions turn out to be scam and you don't want to be part of them as it could ruin your image as well not getting you paid.In 2017 I also was involved in some projects in social media promotion and done some translations like you but in the end the story was same like other's of not getting paid and then leave them all.For me investing in bitcoin could only be sufficient evidence that can solve your lot of problems.

[Hydrogen]

Recently bank of England also issued some statement like btc could go to zero ignoring the fact the value British pound has lost over time :

I do not understand why they publish these statements.

1. Those who actively read and educate themselves would never fall for this news headline. They comprehend what the term inflation protected asset means (even if a bank of england publicist does not).

2.  The demographic that does not read or educate themselves, might believe this headline. But those people never read, and in never reading, would never see it.

[electronicash]

Nice topic, though the US assured that they'll be able to pay their debt but it's always better for us to get ready if they will default as we already know what would happen to USD. Having bitcoin in our wallet is truly a hedge for an inflation and since it's not controlled by any government, people will have a liberty to invest and consider bitcoin as a hedge which would result to increase its value due to that particular demand.

printing more is the way to go to pay the debts and the USD has so much leverage for that because it's the reserve. the more they print the lesser the debts will be but it's the people that will suffer from the inflation due to, however.

this is why a country like El Salvador will probably be the one that has the advantage in the coming years. or will we ever see another currency because a country like Myanmar shifted to Yuan (Renminbi) recently?

[aysg76]

I do not understand why they publish these statements.

1. Those who actively read and educate themselves would never fall for this news headline. They comprehend what the term inflation protected asset means (even if a bank of england publicist does not).

2.  The demographic that does not read or educate themselves, might believe this headline. But those people never read, and in never reading, would never see it.

That's the problem that still vast majority of people have gone in flow to believe that their currency is becoming strong in world market.For instance people living in US,UK, Canada and some developed nations tend to believe they can spend more in other countries as the third world countries and underdeveloped countries have very low rates because of many reasons but in actual they never see that their legal fiat has lost so much in value overtime and the inflation rates have killed them slowly.But the problem they see is when the conditions go out of hands and the government imposes emergency declaration and then they curse them but it's all in vain.

BOA and other who have built their fiat bubble across the society couldn't see it burst by the Bitcoin and people knowing the reality of their currency that how much it has depreciated over time.The people who are educated about bitcoin will gain knowledge about how it could help them a lot in coming time as hedge guard against inflation due to it's deflationary Nature.There is nice comparison which shows that $1 USD could buy you complete loaf of bread and other items in the past but now it could not buy you daily items with few dollars also because of inflation but on the other side one bitcoin in the past was equal to loaf of bread but now see you could even buy Tesla with it so tells what is best investment?

This is difference which Bank of America and other government officials will hinder you to see it but if you are educated enough to put light on it then you will believe in bitcoin.

[Shasha80]

I agree there are many reasons why we all need Bitcoin, for me Bitcoin can be a very good retirement plan. That's a strong reason right now I need Bitcoin, investing in Bitcoin in the long term can allow me to have savings in the future and it is a good retirement plan. Since I'm comparing Bitcoin to other assets, what's interesting is that Bitcoin performs better than other assets. So most likely if we long-term investment in Bitcoin will generate large amounts of money. Moreover, for fiat inflation occurs almost every year, especially during a pandemic that forces all countries to print money in large quantities, this is a strong reason why we need Bitcoin. Imagine if we have large amounts of savings in the bank, it will only make the value of our savings continue to decline. That's why we really need Bitcoin, and for those who refuse Bitcoin, I'm sure they will regret it in the future.

I am doing it both for right now and also for the future at the same time. What people haven't figured out too much just yet that there are a ton of work to be done in crypto. There are more companies starting up and more projects and instead of just putting your money into it, you could work for them as well. I do not have the time right now and I have my hands full with life and work but if I ever wanted to I am 100% sure that I could find a job in a month and get paid for at least a year on that job.

I remember I had to find some extra money a few years ago, it has been a while but I remember I just found translations to my own language (from English) and there were like a few each month, so I would make a good amount of money that way. I also put some money aside every month in crypto, I just cashed out my Avax unfortunately for paying some medicine I needed to get for my mother-in-law (just 800 bucks, not a life changer) but these are all the great things that crypto help you with, I spent about 50 bucks on that Avax, made a great profit, and used it to get a life saving drug.

It is true that there are many opportunities that open up in the crypto world to be able to make money, not only investing in Bitcoin. But we can
be involved in the promotion of new projects to be able to get crypto payments, and some projects sometimes open job vacancies to be part of
their development team. If we are experienced programmers, we can apply for the job. In conclusion, the crypto world opens up many opportunities
for all people in the world to get a job. So don't be lazy to improve our skills and be diligent in digging for information on the internet to be able
to get job opportunities. If we can make money either from investing or working in the crypto world, we can help others, especially we can be useful
at least for our own family.

[Quidat]

I agree there are many reasons why we all need Bitcoin, for me Bitcoin can be a very good retirement plan. That's a strong reason right now I need Bitcoin, investing in Bitcoin in the long term can allow me to have savings in the future and it is a good retirement plan. Since I'm comparing Bitcoin to other assets, what's interesting is that Bitcoin performs better than other assets. So most likely if we long-term investment in Bitcoin will generate large amounts of money. Moreover, for fiat inflation occurs almost every year, especially during a pandemic that forces all countries to print money in large quantities, this is a strong reason why we need Bitcoin. Imagine if we have large amounts of savings in the bank, it will only make the value of our savings continue to decline. That's why we really need Bitcoin, and for those who refuse Bitcoin, I'm sure they will regret it in the future.

I am doing it both for right now and also for the future at the same time. What people haven't figured out too much just yet that there are a ton of work to be done in crypto. There are more companies starting up and more projects and instead of just putting your money into it, you could work for them as well. I do not have the time right now and I have my hands full with life and work but if I ever wanted to I am 100% sure that I could find a job in a month and get paid for at least a year on that job.

I remember I had to find some extra money a few years ago, it has been a while but I remember I just found translations to my own language (from English) and there were like a few each month, so I would make a good amount of money that way. I also put some money aside every month in crypto, I just cashed out my Avax unfortunately for paying some medicine I needed to get for my mother-in-law (just 800 bucks, not a life changer) but these are all the great things that crypto help you with, I spent about 50 bucks on that Avax, made a great profit, and used it to get a life saving drug.

It is true that there are many opportunities that open up in the crypto world to be able to make money, not only investing in Bitcoin. But we can
be involved in the promotion of new projects to be able to get crypto payments, and some projects sometimes open job vacancies to be part of
their development team. If we are experienced programmers, we can apply for the job. In conclusion, the crypto world opens up many opportunities
for all people in the world to get a job. So don't be lazy to improve our skills and be diligent in digging for information on the internet to be able
to get job opportunities. If we can make money either from investing or working in the crypto world, we can help others, especially we can be useful
at least for our own family.

It does simply needs effort of course just like on what you are doing on on real life world on where you do need to exert effort and action for you to achieve on what you do have in mind.
If you do tend to find a job then you do need to work hard for it and its true that crypto does really give out that kind of chance or benefit but of course you would really need to take
action and not just sitting around and wait up for some blessings to come which is really impossible for someone to commit on.

[habebe]

Honestly, most others use bitcoin to solve problems so that they can get what they need every day, but even Bitcoin is the easiest option for the government.  But what is still known to all is the thing that is usually used by most is gold, and then also a silver or other limited natural resource as an alternative.  There are still a lot who don’t believe in a bitcoin crypto, so for me and the same place gold is still the most first of all we see so that’s where we know how high the value of the dollar and other fiat currencies is around  world

[uneng]

Honestly, most others use bitcoin to solve problems so that they can get what they need every day, but even Bitcoin is the easiest option for the government.  But what is still known to all is the thing that is usually used by most is gold, and then also a silver or other limited natural resource as an alternative.  There are still a lot who don’t believe in a bitcoin crypto, so for me and the same place gold is still the most first of all we see so that’s where we know how high the value of the dollar and other fiat currencies is around  world

Personally I prefer bitcoin because it's much easier and more accessible to acquire. To say the truth I don't know anyone who owns gold, so I don't have any close example to take a better conclusion on how to do it in a worthful and smart way, because I fear if I go for gold blindly without any guidelines I'm under risk of buying it more expensive than I should and maybe from the wrong person/company.
Furthermore it can be also difficult to sell gold if compared to bitcoin. I like bitcoin's liquidity and the fact it's easy to deal with from anywhere. All you need is a device with internet connection.

I think most people don't own anything: bitcoin neither gold. If they had learned financial education at schools, then the reality should be different and due to the reasons I presented above I believe bitcoin investment would be much more popular than gold and scarce natural resources already.

[bharal07]

Inflation is one thing, but I also really enjoy having full control of my own money.

No need to ask permission to anyone to spend it in whatever I want.

It's great to spend your money freely. Money is freedom. Bitcoin is freedom.

That's how it should be, you don't need other people to think about whether to spend? we don't need other people to make the right decision.

when it comes to decision, it is up to us to decide because this is our life.

i need bitcoin because it pays a lot, and i can get everything i want in life. to help my family and for my friends to stay with me. because when you don't have money, you don't have friends.

[michellee]

Inflation is one thing, but I also really enjoy having full control of my own money.

No need to ask permission to anyone to spend it in whatever I want.

It's great to spend your money freely. Money is freedom. Bitcoin is freedom.

That's how it should be, you don't need other people to think about whether to spend? we don't need other people to make the right decision.

when it comes to decision, it is up to us to decide because this is our life.

i need bitcoin because it pays a lot, and i can get everything i want in life. to help my family and for my friends to stay with me. because when you don't have money, you don't have friends.

Indeed. What we do with bitcoin will not depend on other people and it is also not related to other people because we need to be responsible for our funds. Other people can not interfere with our decision about when we use bitcoin, we can use it secretly without anyone knowing.

Those who use bitcoin will know why they need bitcoin and we have our reason for that. Let the government do anything with their fiat while preparing ourselves for a better future.

[oHnK]

Those who use bitcoin will know why they need bitcoin and we have our reason for that. Let the government do anything with their fiat while preparing ourselves for a better future.

Bitcoin will always be opposed by the government because of the decentralized system while the government has no power whatsoever with such a concept.  However, as long as BTC is still allowed to be traded it is still fair enough because there is still a chance for other people to feel the benefits of owning it.  Even many of my friends are rich because they have BTC for a long time.

[el kaka22]

What we do with bitcoin will not depend on other people and it is also not related to other people because we need to be responsible for our funds. Other people can not interfere with our decision about when we use bitcoin, we can use it secretly without anyone knowing.

Those who use bitcoin will know why they need bitcoin and we have our reason for that. Let the government do anything with their fiat while preparing ourselves for a better future.

Honestly I did not see bitcoin as a passive income thing so far, only saw it as a "future wealth maker" and I can even see it as a passive income thing nowadays, more of defi world and more chains all come down to making a passive income, or play to earns which is not passive but at least you play a game.

This is me after 8-9 years in crypto, I still find out how crypto could help me and my life to be better, after so many years. Obviously the most important part of crypto world is to have money to spend, we have so many people who have no idea how to make money from it because they have zero and it is understandable since some of us come from poor nations, but it is still a lot better than any other investment.

Hopefully, I will reach to a level where I make thousands per month without doing much work (maybe few hours every day) in the future. This is not just about governments or anything else, it is about how we can get financial freedom and nothing in fiat world gives us that. Government results with our investments becoming nothing, I can save 100k in 10 years and from the day I started to the day I ended the value of that 100k will go to shit, whereas crypto doesn't do that.

[Silberman]

Inflation is one thing, but I also really enjoy having full control of my own money.

No need to ask permission to anyone to spend it in whatever I want.

It's great to spend your money freely. Money is freedom. Bitcoin is freedom.

Without a doubt that is a great advantage of bitcoin, and it could be argued governments and banks hate this even more than the fact that bitcoin protects you from inflation, after all with the banking system banks and governments can block your bank accounts at any moment they want for no reason at all, this allows them to exert a huge deal of power without lifting a finger, as just the threat of this happening to you is more than enough to fear them, after all losing the savings of all your life is terrifying, however bitcoin protects you from this as well and they do not like that we can enjoy this level of freedom without them having any power to stop us.

[Shasha80]

~

~

It is true that there are many opportunities that open up in the crypto world to be able to make money, not only investing in Bitcoin. But we can
be involved in the promotion of new projects to be able to get crypto payments, and some projects sometimes open job vacancies to be part of
their development team. If we are experienced programmers, we can apply for the job. In conclusion, the crypto world opens up many opportunities
for all people in the world to get a job. So don't be lazy to improve our skills and be diligent in digging for information on the internet to be able
to get job opportunities. If we can make money either from investing or working in the crypto world, we can help others, especially we can be useful
at least for our own family.

It does simply needs effort of course just like on what you are doing on on real life world on where you do need to exert effort and action for you to achieve on what you do have in mind.
If you do tend to find a job then you do need to work hard for it and its true that crypto does really give out that kind of chance or benefit but of course you would really need to take
action and not just sitting around and wait up for some blessings to come which is really impossible for someone to commit on.

It's not much different when we look for work in the real world, we need struggle and hard work to get the job we want. This also applies in
the crypto world, because even simple things like investing in crypto we have to learn to be able to make money. So there really is no instant
way to make money, we must be willing to work hard and of course we must be ready to undergo a process to success that may be quite long
and difficult. As long as we have a strong desire for success within us, we will definitely try hard to achieve it, and I believe everyone has
the opportunity to be successful. So depending on ourselves, how much effort have we put in to make a lot of money. Although crypto opens up
many opportunities to make money, but if we are lazy to learn and only rely on the opinions of others in choosing coins for investment.
It will not allow us to make a lot of money, it will only make us lose more money.

[michellee]

Bitcoin will always be opposed by the government because of the decentralized system while the government has no power whatsoever with such a concept.  However, as long as BTC is still allowed to be traded it is still fair enough because there is still a chance for other people to feel the benefits of owning it.  Even many of my friends are rich because they have BTC for a long time.

Hopefully, the government will not be against bitcoin instead, allow bitcoin for its people. It is enough if the government can allow bitcoin to be traded as we can still make money and transfer it into our bank's account. I also see many friends already make money from crypto, not just from bitcoin and they still want to take part in the bitcoin world.

Honestly I did not see bitcoin as a passive income thing so far, only saw it as a "future wealth maker" and I can even see it as a passive income thing nowadays, more of defi world and more chains all come down to making a passive income, or play to earns which is not passive but at least you play a game.

This is me after 8-9 years in crypto, I still find out how crypto could help me and my life to be better, after so many years. Obviously the most important part of crypto world is to have money to spend, we have so many people who have no idea how to make money from it because they have zero and it is understandable since some of us come from poor nations, but it is still a lot better than any other investment.

Hopefully, I will reach to a level where I make thousands per month without doing much work (maybe few hours every day) in the future. This is not just about governments or anything else, it is about how we can get financial freedom and nothing in fiat world gives us that. Government results with our investments becoming nothing, I can save 100k in 10 years and from the day I started to the day I ended the value of that 100k will go to shit, whereas crypto doesn't do that.

We all have the opportunity to make thousands per month in the future, but we need to work hard from now on because, without that, I doubt we will get a big result in the future. If we want to achieve, we need to prepare for a long time and those people who already have bitcoin from a long time ago are making a passive income right now and will still like that in the future.

I agree that is about how we can get financial freedom and all we do right now will determine our destiny in the future. What we do with crypto will give something big in the future, so we are not wasting our time investing in crypto, while I consider that it is just a matter of time to see our investment value explode in the next few years.

With many changes in crypto, it will help us gain more benefits from crypto to ourselves. Maybe we can not achieve our goals shortly but just believe it and still do what you think is right, and you will see that you have already achieved it in the future. The dream will help you survive because you want to accomplish all of your goals in the future.

[aysg76]

Honestly, most others use bitcoin to solve problems so that they can get what they need every day, but even Bitcoin is the easiest option for the government.  But what is still known to all is the thing that is usually used by most is gold, and then also a silver or other limited natural resource as an alternative.  There are still a lot who don’t believe in a bitcoin crypto, so for me and the same place gold is still the most first of all we see so that’s where we know how high the value of the dollar and other fiat currencies is around  world

Gold is a commodity not a payment source but on the other side bitcoin was first developed as an alternate to fiat but gradually overtime due to it's profits most of us started using it as an asset class to generate profits in the future.But it is double edged sword like asset giving profits and can be used an payment option also but can you give gold directly to shopkeeper for buying any stuff or make transactions out of it? It's physical form which you can't always carry with you and most probably the fiat devaluation have direct impact on it due to which it's value is also diminishing overtime.

You said high value of USD at this time but you might be ignoring the inflation charts and how well dollar is coping up with the same because if you have done a little research you would not have done the same thing and this is how government agencies are making fools of all people like you for whom dollar is still in well conditions and no problem at all but they need to understand the reality.

[bonyaserg]

I can say that Bitcoin is already well-known to many and in ten years of its existence has achieved excellent authority. Since Bitcoin is a very promising coin that brings excellent investment income. And many Bitcoin coin holders have started to enjoy excellent investment returns. And I believe that with the advent of Bitcoin, many have improved their well-being. And now we can say with confidence that we need Bitcoin, as it is a great way to make good profits.

[kaya11]

Worth the read, eye opener for the people who still doesn't acknowledge BTC as a safe haven from inflation. I really felt the prices of primary commodities get higher, good thing our government almost double the salary to make sure our family survive the daily needs. Just in case everything falls, I make sure I have Bitcoins that I could trust, making it my hedge, somethings coming, maybe a global reset, that's just what I am afraid of.

[DooMAD]

Inflation is one thing, but I also really enjoy having full control of my own money.

No need to ask permission to anyone to spend it in whatever I want.

It's great to spend your money freely. Money is freedom. Bitcoin is freedom.

Without a doubt that is a great advantage of bitcoin, and it could be argued governments and banks hate this even more than the fact that bitcoin protects you from inflation, after all with the banking system banks and governments can block your bank accounts at any moment they want for no reason at all, this allows them to exert a huge deal of power without lifting a finger, as just the threat of this happening to you is more than enough to fear them, after all losing the savings of all your life is terrifying, however bitcoin protects you from this as well and they do not like that we can enjoy this level of freedom without them having any power to stop us.

Not to mention all the Bank Holidays at this time of year.  I can understand X-Mas and New Year's Day, but I have no idea why Monday 3rd Jan should be a Bank Holiday.  Dunno if it's the same in other countries, but it's a Bank Holiday here. 

Bitcoin doesn't know or care what day it is.  It knows only blockheights and has no concept of what a holiday is.   

[adzino]

Yes, we need crypto currencies, not only bitcoin. Sure, it is a hedge guard against inflation, but the way it works right now isn't completely suitable for replacing fiat currency and using it as a regular day to day currency. But I am sure we will eventually come up with a solution that will solve all those problems related to scalability, network congestion and the fees. Solutions like lightning network. But right now using custodial wallets and payment processors are the only way to get rid of the network delay, but in that case decentralization doesn't exist and people loses control over their coins.

[el kaka22]

Gold is a commodity not a payment source but on the other side bitcoin was first developed as an alternate to fiat but gradually overtime due to it's profits most of us started using it as an asset class to generate profits in the future.But it is double edged sword like asset giving profits and can be used an payment option also but can you give gold directly to shopkeeper for buying any stuff or make transactions out of it? It's physical form which you can't always carry with you and most probably the fiat devaluation have direct impact on it due to which it's value is also diminishing overtime.

I do agree that bitcoin (and some other big name cryptos) could be used for payment, but how many people actually do use it? I feel like you do not go to a shop and pay with bitcoin to buy something neither. You usually buy it, hold it as long as you can, make a profit from it and then sell it.

I have to say that there is a good chance we could say that bitcoin is becoming more like gold these days, not an uncommon thing to be fair and it would have to be considered in the same league at the very least. Sure you could still spend bitcoin a lot easier, sure you can send it anywhere around the world, and all of that is correct but that doesn't change the fact that you need to see a lot more spending with crypto to say it is similar to fiat and not to gold. Maybe overtime it will become more adopted and people will spend it more, just not these days.

[TheNineClub]

It's always good not to have all of your eggs in one basket. And having BTC as an alternative is great. But first and foremost we needed BTC to usher us into new economic possibilities, and I think it did that verry well. It definatelly showed us that we can take some of that into our own hands.

[xSkylarx]

It's always good not to have all of your eggs in one basket. And having BTC as an alternative is great. But first and foremost we needed BTC to usher us into new economic possibilities, and I think it did that verry well. It definatelly showed us that we can take some of that into our own hands.

That is really the most famous saying of all, which is really great to remind us that we shouldn't invest all our money into one asset because if that asset goes down, then all of our money will go down, same with the egg. If the basket gets dropped, then all the eggs will be broken. That is why we should diversify our money into other assets. On the other hand, most of the answers here are that they needed bitcoin because that is their income, which all of us are, and it means a lot to us since we could buy things because of bitcoin.

[SquallLeonhart]

I have to say that there is a good chance we could say that bitcoin is becoming more like gold these days, not an uncommon thing to be fair and it would have to be considered in the same league at the very least. Sure you could still spend bitcoin a lot easier, sure you can send it anywhere around the world, and all of that is correct but that doesn't change the fact that you need to see a lot more spending with crypto to say it is similar to fiat and not to gold. Maybe overtime it will become more adopted and people will spend it more, just not these days.

Most people do not understand the importance of having Bitcoin, a currency that doesn’t have any central authority at all and is completely decentralized. A lot of people are really finding it difficult to understand what Bitcoin is all about. Sometimes when I talk to people about Bitcoin and explain everything that it is all about,the idea behind it, some people still fail to understand it. Some of them would even tell you that because it doesn’t have any central authority means that it is not a legit platform or currency.

But, this is because they are lacking that understanding to really grab what this is all about. If they should truly understand it, then they would know the value of Bitcoin,and they wouldn’t like to miss such a great opportunity to hold fiat which would depreciate in value and disappoint them tomorrow.

[LUCKMCFLY]

Leaving from every point of view of traditional economists, people who do FUD to BTC, I think that BTC is needed for everything, to be able to have goods and services, to acquire improvements and any type of comfort, you just have to look at such a small country As is El Salvador that its president believes in BTC and is obtaining unique liquidity from BTC, where it offers credit facilities to people to obtain BTC, I believe that this country is an example to the world and to those developed countries in Europe and the USA that do not They took into account nothing of what traditional economists thought about BTC, they only took the risk and now it could be said that it is a country that in a short time will become one of the most developed in the world.

For me the bad news of BTC always means: Buy.

[maju69]

Easy questions to answer but hard to explain. For those of us who have bitcoins any reason why we have or maybe need bitcoins will make sense. But look out there are many who do not understand what we are actually doing. Not only that, some of them even said something unpleasant to hear. In a position like that I can't say they're wrong, and I can't say I'm wrong either.
The point is, this is homework for us in this forum

[globalpain]

Easy questions to answer but hard to explain. For those of us who have bitcoins any reason why we have or maybe need bitcoins will make sense. But look out there are many who do not understand what we are actually doing. Not only that, some of them even said something unpleasant to hear. In a position like that I can't say they're wrong, and I can't say I'm wrong either.
The point is, this is homework for us in this forum

That's right because basically each person has their own view on bitcoin, we can't regulate it,
things like that don't need to be ignored because taking care of people like that will only be a waste of time

[maju69]

Easy questions to answer but hard to explain. For those of us who have bitcoins any reason why we have or maybe need bitcoins will make sense. But look out there are many who do not understand what we are actually doing. Not only that, some of them even said something unpleasant to hear. In a position like that I can't say they're wrong, and I can't say I'm wrong either.
The point is, this is homework for us in this forum

That's right because basically each person has their own view on bitcoin, we can't regulate it,
things like that don't need to be ignored because taking care of people like that will only be a waste of time

I agree that everyone has a different point of view in any case. We can't force what we believe on people. But at least they also let us with our current job, without commenting that no-no. I'm not an anti-critic, as long as the criticism is still within the limits of a reasonable thing.
My principle, you have no right to comment on something you do not know.

[Silberman]

Inflation is one thing, but I also really enjoy having full control of my own money.

No need to ask permission to anyone to spend it in whatever I want.

It's great to spend your money freely. Money is freedom. Bitcoin is freedom.

Without a doubt that is a great advantage of bitcoin, and it could be argued governments and banks hate this even more than the fact that bitcoin protects you from inflation, after all with the banking system banks and governments can block your bank accounts at any moment they want for no reason at all, this allows them to exert a huge deal of power without lifting a finger, as just the threat of this happening to you is more than enough to fear them, after all losing the savings of all your life is terrifying, however bitcoin protects you from this as well and they do not like that we can enjoy this level of freedom without them having any power to stop us.

Not to mention all the Bank Holidays at this time of year.  I can understand X-Mas and New Year's Day, but I have no idea why Monday 3rd Jan should be a Bank Holiday.  Dunno if it's the same in other countries, but it's a Bank Holiday here. 

Bitcoin doesn't know or care what day it is.  It knows only blockheights and has no concept of what a holiday is.   

Good point, while those kind of bank holidays are just a nuisance we know that when governments lose control of their economy they call for bank holidays to protect the banks from a rush against them so they do not go bankrupt, and not only that a bank holiday of that type can last for weeks in which you have no access to your savings, and once the bank holiday is over most likely the amount of money people had on their bank accounts has gone down or it has lost a great deal of its purchasing power during that time, something that cannot happen to bitcoin.

[Mamun74]

Bitcoin already proved Their value.Bitcoin is most popular coin and most valuable Altcoin in market. I think, A Great advantage of Bitcoin. I Think, If you know how much value of bitcoin then you don’t miss this opportunity. Market Little dip so you can buy now more bitcoin for long term holding and i hope you will get good profit from it.Bitcoin is a decentralization so it will be never stable.

[andriarto]

for me, i personally need bitcoin to change fate. where with high fluctuations and has future potential, so it has a great opportunity to earn big profits. on the other hand bitcoin will be a universal currency for the whole world like its main purpose, but in this case i am more interested in getting money from bitcoin investment to become a rich man and be able to diversify my money later

[RealMalatesta]

while those kind of bank holidays are just a nuisance we know that when governments lose control of their economy they call for bank holidays to protect the banks from a rush against them so they do not go bankrupt, and not only that a bank holiday of that type can last for weeks in which you have no access to your savings, and once the bank holiday is over most likely the amount of money people had on their bank accounts has gone down or it has lost a great deal of its purchasing power during that time, something that cannot happen to bitcoin.

We literally have a system where the stock market could be stopped. You literally can't be trading on stock markets whenever the government wants to stop it. That is done to protect the stock prices to crash all of a sudden, and their reasoning turns out to be true some of them which is "crash is overreaction, in a few days it will be back on wherever, so stopping it allows people to relax and make sure".

Sometimes that's true, sometimes in a few days people forget all of it and stocks are back to where they are and if it wasn't stopped then many people would have lost a lot of money. However reality is that we are talking about something that is still too centralized and too dangerous.

[m2017]

I don't think it's news to anyone that money always depreciates. This is due to the fact that money is not a way of storing value, but a means of exchange. Most ordinary people confuse this feature.

Please note that the rich people of the planet don't keep their wealth in money, but keep it in gold, real estate, enterprises and shares of various companies + some in bicoin / crypto.

It is not worth comparing money and bitcoin. In this they have completely different purposes. Although in the beginning bitcoin should have become an alternative to money, but as we all can see, BTC acquired a different purpose as an investment instrument.

[Blue0x.com]

The question is...what do you buy with Bitcoin when the USD collapses?  If the USD becomes so worthless that it is not even worth the paper it is printed on, what do you do with Bitcoin?

[nakamura12]

It depends on why you need bitcoin. Some may use it for transferring funds and whatever reason they want to use Bitcoin. Why do you use Bitcoin or why do buy?. If you can answer that question then you'll know why you use bitcoin or why do you need bitcoin. Every person have their own reasons why they use or buy crypto when there is fiat.

[HUSTLER]

It's more accurate to say we need better government. You know even with Bitcoin there are many ways of doing fractional reserve although it's not in the protocol. Pegged BTC coin like wBTC and other similar coins cannot be guaranteed 1:1. If the tx price continues to rise, this pegged coin will be in great demand IMO. I hope I'm wrong, but it will be the same if in the future we have wBTC, aBTC, bBTC, with different protocols

[tygeade]

I don't think it's news to anyone that money always depreciates. This is due to the fact that money is not a way of storing value, but a means of exchange. Most ordinary people confuse this feature.

Please note that the rich people of the planet don't keep their wealth in money, but keep it in gold, real estate, enterprises and shares of various companies + some in bicoin / crypto.

It is not worth comparing money and bitcoin. In this they have completely different purposes. Although in the beginning bitcoin should have become an alternative to money, but as we all can see, BTC acquired a different purpose as an investment instrument.

I would say that money is means to exchange value but at the same time it doesn't "have to" lose value neither. Doesn't mean it needs to get more valuable neither but there is nothing that says means of exchange needs to drop in value neither.

So, people are getting more mad about the current situation because they are losing so much money whereas they are not making that much more. Imagine USA, we had minimum wage salary crisis in USA and everyone talked about 15 bucks should be minimum way before this inflation, now it should probably be 20+ if you ask me per hour.

However they do not have it and politicians didn't agree on it and it is still a bit over 7 bucks in a world where there is inflation. So, it means that fiat doesn't "need to" lose value, but in a world where people still make very little salary and not increasing, it is silly to accept fiat being so worthless all of a sudden.

[Blue0x.com]

I don't think it's news to anyone that money always depreciates. This is due to the fact that money is not a way of storing value, but a means of exchange. Most ordinary people confuse this feature.

Please note that the rich people of the planet don't keep their wealth in money, but keep it in gold, real estate, enterprises and shares of various companies + some in bicoin / crypto.

It is not worth comparing money and bitcoin. In this they have completely different purposes. Although in the beginning bitcoin should have become an alternative to money, but as we all can see, BTC acquired a different purpose as an investment instrument.

I would say that money is means to exchange value but at the same time it doesn't "have to" lose value neither. Doesn't mean it needs to get more valuable neither but there is nothing that says means of exchange needs to drop in value neither.

So, people are getting more mad about the current situation because they are losing so much money whereas they are not making that much more. Imagine USA, we had minimum wage salary crisis in USA and everyone talked about 15 bucks should be minimum way before this inflation, now it should probably be 20+ if you ask me per hour.

However they do not have it and politicians didn't agree on it and it is still a bit over 7 bucks in a world where there is inflation. So, it means that fiat doesn't "need to" lose value, but in a world where people still make very little salary and not increasing, it is silly to accept fiat being so worthless all of a sudden.

Money should always equal 1:1 in 10,20,30,40 years.  Expanding the money supply is the problem.  1 unit of money today should equal the same unit of money tomorrow.  There is no reason that it ever needs to expand.  If the population increases, lower the price/unit.  If population decreases, increase the price/unit.  Money losing value over time is a the biggest scam given to a nations population.  The increase in money is ONLY TO KEEP THE PONZI GOING.

[fullhdpixel]

The question is...what do you buy with Bitcoin when the USD collapses?  If the USD becomes so worthless that it is not even worth the paper it is printed on, what do you do with Bitcoin?

This is a kind of question that answers itself when the time comes. There are so many things that you can do with the money that you have gotten from your cryptocurrency investment, and whenever you feel it is right for you to sell some coins and invest somewhere else, you would always get that answer that you’re looking for.

You can invest in stocks, real estate, and you can as well invest in starting up a business that would benefit you over the years. This is something I did after I made profit from Bitcoin the first time, I invested in my passion which is photography, and I started up a studio and the business has kept growing.

[savetheFORUM]

It depends on why you need bitcoin. Some may use it for transferring funds and whatever reason they want to use Bitcoin. Why do you use Bitcoin or why do buy?. If you can answer that question then you'll know why you use bitcoin or why do you need bitcoin. Every person have their own reasons why they use or buy crypto when there is fiat.

You start with one reason and before you get to know it, there would be lots of reasons why you would be needing bitcoin. When I started, it was just for me to be transferring funds and as time goes on I started to have other reasons as well, although making a transfer of funds still remains the main purpose, but I have also seen it as an investment. I always make sure that I am buying Bitcoin whenever it’s possible for me to do so. And it has been a good investment so far, because what I gain from it surpasses every other investments I make.

[Yamifoud]

It depends on why you need bitcoin. Some may use it for transferring funds and whatever reason they want to use Bitcoin. Why do you use Bitcoin or why do buy?. If you can answer that question then you'll know why you use bitcoin or why do you need bitcoin. Every person have their own reasons why they use or buy crypto when there is fiat.

You start with one reason and before you get to know it, there would be lots of reasons why you would be needing bitcoin. When I started, it was just for me to be transferring funds and as time goes on I started to have other reasons as well, although making a transfer of funds still remains the main purpose, but I have also seen it as an investment. I always make sure that I am buying Bitcoin whenever it’s possible for me to do so. And it has been a good investment so far, because what I gain from it surpasses every other investments I make.

We actually don't need Bitcoin, it was just the time has come that it was created for some reason that we use to enjoy and sometimes make a living on it. In fact, people can live without Bitcoin and that is true. We still have fiat money where everyone is still using it till now, we can make this vanish and replace it with crypto that is why we couldn't weigh that much, and place Bitcoin as very important to our life.
And since it has existed, why not make use of it? That is all about but certainly, there is no string attached and people will forget this once the time has been done.

[GeorgeJohn]

I do not understand why they publish these statements.

1. Those who actively read and educate themselves would never fall for this news headline. They comprehend what the term inflation protected asset means (even if a bank of england publicist does not).

2.  The demographic that does not read or educate themselves, might believe this headline. But those people never read, and in never reading, would never see it.

That's the problem that still vast majority of people have gone in flow to believe that their currency is becoming strong in world market.For instance people living in US,UK, Canada and some developed nations tend to believe they can spend more in other countries as the third world countries and underdeveloped countries have very low rates because of many reasons but in actual they never see that their legal fiat has lost so much in value overtime and the inflation rates have killed them slowly.But the problem they see is when the conditions go out of hands and the government imposes emergency declaration and then they curse them but it's all in vain.

BOA and other who have built their fiat bubble across the society couldn't see it burst by the Bitcoin and people knowing the reality of their currency that how much it has depreciated over time.The people who are educated about bitcoin will gain knowledge about how it could help them a lot in coming time as hedge guard against inflation due to it's deflationary Nature.There is nice comparison which shows that $1 USD could buy you complete loaf of bread and other items in the past but now it could not buy you daily items with few dollars also because of inflation but on the other side one bitcoin in the past was equal to loaf of bread but now see you could even buy Tesla with it so tells what is best investment?

This is difference which Bank of America and other government officials will hinder you to see it but if you are educated enough to put light on it then you will believe in bitcoin.

I really like this table of fiat  and Bitcoin explanation, it's revolving and showing that fiat currency is reducing in the values when we turn to another year, while Bitcoin is continuing to have value every year so the different is very clear that the values of fiat currency irrespective your country is depreciating in value Everytime, what you purchase it this year by two years it can't afford it, while Bitcoin is affording what it happened to get multiple times with 1btc, so it's important to value and adopt bitcoin than fiat currency from my own perspective.

[Tumanggor]

Bitcoin already proved Their value.Bitcoin is most popular coin and most valuable Altcoin in market. I think, A Great advantage of Bitcoin. I Think, If you know how much value of bitcoin then you don’t miss this opportunity. Market Little dip so you can buy now more bitcoin for long term holding and i hope you will get good profit from it.Bitcoin is a decentralization so it will be never stable.

you have to understand that Bitcoin is not an altcoin, what is called an altcoin is another coin outside Bitcoin!

bitcoin can not be added or subtracted, unlike fiat which continues to be printed every year to be traded. Bitcoin is very much needed because of its decentralized nature, without Bitcoin there is no investment asset or currency that can give us freedom from banks

[palle11]

I always make sure that I am buying Bitcoin whenever it’s possible for me to do so. And it has been a good investment so far, because what I gain from it surpasses every other investments I make.

And this looks a right time for the buying. Bitcoin has hit a point that it looks like a reversion is around. The price has dipped and possibly set for another drive up and buying spray is going to continue, this is what will spike the price up again. We can expect that this first half may be volatile like in 2020 and 2021. Obvious too is that altcoins will have some shake up soon.

[Kyraishi]

This is excellent content.

People think that inflation is something of the past, but they don't realize just how hard it is for central banks to balance priorities perfectly and make sure that there is no rampant inflation but still stable economic growth.

The centralized model is so outdated. There are fiat currencies in inflationary crises every second year. Why does no one educate kids about this in school?

[Pejoh Asu]

Bitcoin is a great solution for transactions and sending money around the world at a low cost and certainly faster, if previously there were many complaints because sending money at a bank or western union was too much procedure and took a long time then with bitcoin it only took 10 minutes or less to be accepted worldwide.

[arwin100]

Bitcoin is a great solution for transactions and sending money around the world at a low cost and certainly faster, if previously there were many complaints because sending money at a bank or western union was too much procedure and took a long time then with bitcoin it only took 10 minutes or less to be accepted worldwide.

There are several digital payment processors has been created by the banks and other financial institutions that's why if we compare this then most provably bitcoin cost a lot of money for transferring some amount especially when the network experiences heavy traffic. But what I think why we really need bitcoin because this gives equal opportunity to others since we don't need to have special diplomas to earn huge amount of money since the only thing we need here is patience,skills and proper understandings on how this tech works.

[marilynmanson21]

Bitcoin is probably the easiest option to manage. But in principle, gold, silver and other limited natural resources will also be possible as an alternative ,  not to bitcoin as an alternative.
and inflation is inevitable every year and even though they are very confident that they can pay their debts, there is no surefire guarantee for this.

[Mauser]

I fully agree with you on why we need bitcoin in today's world. Printing unlimited amounts of money is a sin by politicians. Having the opportunity to create money out of nothing removes the need for a balanced budget. Every year the government makes a plan for the upcoming year and how much they are going to spend. They are fully aware that they won't meet their own targets. Spending more money means making more voters happy. That is why we finally need a currency that is independent and can't be touched by politicians. The more we invest in crypto currencies the more we show the government that we want more control over our own money.

[TinaK]

I fully agree with you on why we need bitcoin in today's world. Printing unlimited amounts of money is a sin by politicians. Having the opportunity to create money out of nothing removes the need for a balanced budget. Every year the government makes a plan for the upcoming year and how much they are going to spend. They are fully aware that they won't meet their own targets. Spending more money means making more voters happy. That is why we finally need a currency that is independent and can't be touched by politicians. The more we invest in crypto currencies the more we show the government that we want more control over our own money.

Sounds good but let's accept the fact that traditional money won't be vanished by bitcoin, they will remain both important to us.
The word of global payment system which is the goal of bitcoin doesn't meet because they think that bitcoin is good for storing the value, not for the payment system. Then, speaking of assets that you have freedom and have full control of your asset, bitcoin is suitable when it comes to that matter, you can store value and wait until your money folded for how many times.

I totally agree with the OP and that was right, we know how important bitcoin is and how useful it is.

[browsiek]

why do we need bitcoin because we need freedom in transactions with low fees, no taxes, fast and practical of course, also there are no regulations that can change prices easily. and I as a bitcoin user feel more comfortable if the transaction uses this bitcoin.
but if it is used as a tool for legal transactions, the world does not agree because of its fluctuating value, I think it is enough to make it a valuable digital asset.

[Mamun74]

We need freedom in transaction with low fees and no taxes.Bitcoin doesn't have backing government authorities or doesn't  have a system intermediary bank to propagate its use.A decentralised network consisting of independent nodes is responses for approving consensus-based transaction in bitcoin network. Bitcoin is touted private, DECETRALIZED currency.

[aysg76]

We need freedom in transaction with low fees and no taxes.

The fees issues could easily be resolved with LN if you are aware about it and you merely pay any fees for the transaction.You just need to open a channel and only the main transactions are sent to blockchain network and you could make many in between them so the fees issues are resolved in bitcoin with the same.

The taxes? What type of taxes are you paying even in normal banking transactions also? You only need to pay taxes on the income you made out of capital gains on bitcoin at the end only not per transaction so don't know what you are talking about at all.The taxes should not be avoided as the whole economy and infrastructural growth is present over them so you should not try to evade them and pay it.

Bitcoin doesn't have backing government authorities or doesn't  have a system intermediary bank to propagate its use.A decentralised network consisting of independent nodes is responses for approving consensus-based transaction in bitcoin network. Bitcoin is touted private, DECETRALIZED currency.

This is how complete decentralisation of power actually looks like where no third party is involved and you are sole repsonsible of your actions.The network is secured by miners and transactions verified through full nodes built a trust system which we say concensus.This is what freedom you were saying about above.

The main use case of btc is to protect us from the rising inflation due to government recklessly printing notes and wasteful monetary policies that are devaluing the fiat even more and you losing your future hopes so gather as much sats(smallest unit of bitcoin) you can.

[syedakhlaque]

The printing of paper money is not the solution to the problem. It will decrease the value of your currency. There is an extreme need to improve economic policies to control inflation. It is needed. that Per capita income should be increased. The joining of bitcoin and cryptocurrency will also help to increase revenue and control inflation. Bitcoin business has good potential to overcome such issues.

[so98nn]

We need freedom in transaction with low fees and no taxes.

[....]
The taxes? What type of taxes are you paying even in normal banking transactions also? You only need to pay taxes on the income you made out of capital gains on bitcoin at the end only not per transaction so don't know what you are talking about at all.The taxes should not be avoided as the whole economy and infrastructural growth is present over them so you should not try to evade them and pay it.

Bitcoin doesn't have backing government authorities or doesn't  have a system intermediary bank to propagate its use.A decentralised network consisting of independent nodes is responses for approving consensus-based transaction in bitcoin network. Bitcoin is touted private, DECETRALIZED currency.

This is how complete decentralisation of power actually looks like where no third party is involved and you are sole repsonsible of your actions.The network is secured by miners and transactions verified through full nodes built a trust system which we say concensus.This is what freedom you were saying about above.

The main use case of btc is to protect us from the rising inflation due to government recklessly printing notes and wasteful monetary policies that are devaluing the fiat even more and you losing your future hopes so gather as much sats(smallest unit of bitcoin) you can.

Surprisingly its way easy to tackle the taxes in the crypto space as compared to the banks. When we say crypto space the transaction is actually from one crypto peer to another crypto peer thats all! If you are going to sell the crypto for fiat then obviously you are leaving behind the crypto terrioty and entering into the traditional banking system

If you are withdrawing then its straight away considered as your income and you are liable for the taxes.

Its really one to one logic here. If you dont wanna pay the taxes then just use the crypto to pay for any products and services. There are now hundreds of projects which are offering services to buy real world stuff with crypto thus leaving behind the traditional banking trail.

However, it is also important not to forget what @aysg76 stated . . .

The taxes should not be avoided as the whole economy and infrastructural growth is present over them so you should not try to evade them and pay it.

[Sebas.tian]

We need freedom in transaction with low fees and no taxes.Bitcoin doesn't have backing government authorities or doesn't  have a system intermediary bank to propagate its use.A decentralised network consisting of independent nodes is responses for approving consensus-based transaction in bitcoin network. Bitcoin is touted private, DECETRALIZED currency.

Freedom to all decentralized users that believe on bitcoin and also happy for what bitcoin is doing in different countries that accepted it.  No permission from any government before you can start using bitcoin to improve your business or your community economy. Bitcoin reduced unemployment and accommodated employment without the help of the government. Bitcoin is not control by the kings or Queens before it can pump or dump in the exchange market.

[mia_houston]

We will need time to fully adopt bitcoin as a substitute for paper money, because so far paper money has achieved stability from time to time and already has value from every transaction we make in every field of the economy, but of course along with the progress of the times we must also be able to accept other alternatives that may be better than using paper money, but I think the only thing that prevents bitcoin from being adopted as a world currency is because of its high volatility, so that which makes many countries may be a little hesitant to regulate bitcoin as a substitute for paper money.

[savetheFORUM]

We need freedom in transaction with low fees and no taxes.

The fees issues could easily be resolved with LN if you are aware about it and you merely pay any fees for the transaction.You just need to open a channel and only the main transactions are sent to blockchain network and you could make many in between them so the fees issues are resolved in bitcoin with the same.

There is also bech32, segwit system that you could use with Bitcoin which makes things a lot cheaper as well. Payments are still not as cheap as we want it to be of course, but it is also global as well. If you live in a nation and send money to someone in that nation maybe you have cheaper options than bitcoin, but I doubt it is cheaper than SOL or Doge or something like that, and when you consider people who send money from USA to China or something like that, it becomes a huge trouble, sending 10 bucks is not even possible.

So, bitcoin and crypto is still the best option we have when we want to move money around. At least it looks like the most profitable outcome for the time being.

[Gasty4]

The government takes out money Unknown to us, but then with Bitcoin we have full control and freedom.
Bitcoin has been like a friend In times of trials,the poor has gotten more money from it although the sole aim of a bitcoiner is to hold down for life, but still having financial freedom is all they want and they've got it with Bitcoin.

[famososMuertos]

Bitcoin is...well! in fact right now given its price, is where you have to have the balls and say I like bitcoin, I like this when it drops in price, seeing the markets in the red, the concern, the people lamenting, others happy, times of purchase, the dip that by the way is never good, there is always time for more dip and a paraphernalia of situations that, regardless of the price of bitcoin, this have it vibrating. I love bitcoin.

Now, what you mention in the OP is only a statistical and historical reference, in fact I was in your idea a few years ago, it is the one that is sold and continues, but I think that when you have certain years in the idea of ​​bitcoin these comparisons have to overcome, not forget, let me explain:
It's not that we need bitcoin because fiat currency sucks, in fact comparing Venezuela with ... there is no similarity of comparison, Fiat money in Venezuela was not the problem, neither was it in Germany, and in fact see that box with the Venezuelan currency reminded me of something I read about the hyperinflation that Germany had, where and more or less I quote; if you left a wheelbarrow with millions of francs, they stole the wheelbarrow and left the money, then Fiat money has gone through historical instances where its value is not reflected in its paper, but in the clumsiness of those who have led it to be useless, as much as to throw it away (OP) or in the case of Germany use it to burn it, to mention as an example in fairness with the one reflected in the OP.

We must not fall into extremism with bitcoin, it can happen the same let's be honest, in fact bitcoin "hides" between the lines a destitute amount of coins of such proportions and even greater than the average of alts that are born every day.

The comparison of satoshi is always one hundred million for each BTC, but beware we have an intrinsic 2.15x10¹⁵ Sat, a huge amount, the satoshi are the Trojan horse that would save everyone's option to have access to the so-called bitcoin, but that access if it is not well managed can mean issues and if something goes wrong, believe me it is not because of the essence as an asset of what bitcoin is.

The point is, if that Fiat money works or not, your economic situation, good or bad, does not have to be the impulse to need bitcoin, I need bitcoin, for what it is and what it means to me, so you have to learn to love bitcoin for being bitcoin and I take advantage of the queue to say that if you want it you don't have to be a Hodl, so be free with bitcoin according to your needs, sell and buy when you can or whatever, but don't let external factors bring you closer to bitcoin, approach bitcoin because of your convictions as a project.

[Gyfts]

We need freedom in transaction with low fees and no taxes.Bitcoin doesn't have backing government authorities or doesn't  have a system intermediary bank to propagate its use.A decentralised network consisting of independent nodes is responses for approving consensus-based transaction in bitcoin network. Bitcoin is touted private, DECETRALIZED currency.

Why would there be no taxes? Mass adoption of Bitcoin doesn't mean taxes should go away, there wouldn't be a way of paying for public utilities. The issue I have with most tax systems involving crypto is that any conversion of currencies require that you pay a tax, which is excessive. But in an absolute crypto based economy, I wouldn't have a problem with crypto income being taxed. Obviously we need to pay for public utilities somehow, unless you have a better way.

[laredo7mm]

But the problem is they don't see it as bad move and now you could see how much the supply has increased over past time like over 80% of US dollar supply is printed in a decade only.

2016 : Fed prints $6.25 Million each ten minutes

2021 : Fed prints $12.5 Million each ten minutes

While bitcoin halves US dollar doubles

The printing rate has doubled in these 5 years!  That's enough to destroy the economy.  Satoshi Nakamoto already understood what was going to happen next.  Many people used to call Bitcoin a scam but now they are investing in Bitcoin due to inflation.  We are now looking at what Satoshi understood a decade ago.  When someone has the power to control the economy, he uses it to his advantage, even if he destroys it.  That is what is happening now but the common people will suffer.  In order to have time, everyone should buy some bitcoins before the paper coins become worthless like toilet paper.

[dezoel]

The printing rate has doubled in these 5 years!  That's enough to destroy the economy.  Satoshi Nakamoto already understood what was going to happen next.  Many people used to call Bitcoin a scam but now they are investing in Bitcoin due to inflation.  We are now looking at what Satoshi understood a decade ago.  When someone has the power to control the economy, he uses it to his advantage, even if he destroys it.  That is what is happening now but the common people will suffer.  In order to have time, everyone should buy some bitcoins before the paper coins become worthless like toilet paper.

That has been always like that but got worse. Unfortunately the only method US government figured out how economy wouldn't collapse was to injure it instead of killing it. I mean yes, compared to not printing money and collapsing, printing money does sound better, however I believe it could have been done a lot better and not like this.

In the end, FED will keep on printing more and more, the government debt will increase more and we are just going to live in a world where a pack of gum will cost $100 in the future. That is just a fact, we had people buying houses for $100 just like 100 years ago, today that money is good for a good meal at a nice place, and in maybe 20 maybe 50 or maybe 100 years we are going to see that as pack of gums money. Inflation will never end as and it is going to keep hurting people who live paycheck to paycheck and do not own anything.

[pinggoki]

The government takes out money Unknown to us, but then with Bitcoin we have full control and freedom.
Bitcoin has been like a friend In times of trials,the poor has gotten more money from it although the sole aim of a bitcoiner is to hold down for life, but still having financial freedom is all they want and they've got it with Bitcoin.

But the problem is that the government is still above us and with a swipe of their hand, they will be able to ban the use or acceptance of bitcoin inside the domain that they're governing, it's that easy for them especially if people are stupidly obedient and they don't think for them themselves, they can be easily manipulated. I think in the matter of financial freedom, it's not enough that we are just hodling, we also should be actively looking for a way to make more money.

[judaspriest]

why do we need bitcoin because we need freedom in transactions with low fees, no taxes, fast and practical of course, also there are no regulations that can change prices easily. and I as a bitcoin user feel more comfortable if the transaction uses this bitcoin.
but if it is used as a tool for legal transactions, the world does not agree because of its fluctuating value, I think it is enough to make it a valuable digital asset.

That is the truth Bitcoin is Freedom and you be in your house and transact plenty amount of money Bitcoin exchanges no body will know except your business partner, i believe that bitcoin is something we can alone and secretly in our various destinations or environment without any one knowing, i prefer bitcoin investment than manual investment because manual investment are stressful

I think it depends on each person there are those who prefer and are comfortable investing in crypto, especially Bitcoin and vice versa there are also those who prefer to invest manually,
besides that we can see for ourselves that Bitcoin continues to develop every year and we don't know what will happen in the future

[Vaskiy]

The government takes out money Unknown to us, but then with Bitcoin we have full control and freedom.
Bitcoin has been like a friend In times of trials,the poor has gotten more money from it although the sole aim of a bitcoiner is to hold down for life, but still having financial freedom is all they want and they've got it with Bitcoin.

But the problem is that the government is still above us and with a swipe of their hand, they will be able to ban the use or acceptance of bitcoin inside the domain that they're governing, it's that easy for them especially if people are stupidly obedient and they don't think for them themselves, they can be easily manipulated. I think in the matter of financial freedom, it's not enough that we are just hodling, we also should be actively looking for a way to make more money.

Even While using cryptocurrency governments were able to keep people under control with the swipe of the hand, but they weren't able to take our funds under control. This is the true goodness of holding/having cryptocurrency over the traditional fiat. Right now it is quite hard to find more ways to make money in an active manner. Providing services in exchange for cryptocurrency and acceptance of bitcoin into already established businesses were the possibilities.

[AicecreaME]

We really need bitcoin as fallback if ever things go wrong, we have something to rely on. Most especially now that time is changing and moving fast, we have to adapt to the dynamic changes and transitions. Right now, most economies are prone to inflation more than the usual rate, hence, the devaluation of fiat money is slowly happening. Instead of having its price appreciated, it depreciates instead. Also, add up the shrinkflation happening, so most probably, in the future, we will really have to spend a lot over a small set of things that we used to buy for a cheap amount only.

Bitcoin being a store of value for the future is really something that someone who has the capacity should consider investing upon. It has so many advantages and benefits to offer today and most probably in the future as well. This could serve as a medium of exchange even after some time because blockchain is the next big thing and most of the things would certainly slowly transition to being digital and instant. We can be our very own banks and we won't undergo the hassle of consenting a third-party organization such as a bank to handle our funds because we can do it on our own.