What problem does Bitcoin solve?

[Zanab247]

Bitcoin has solved multiple problem from the users, it will continue to help countries, governments, city, town and villages to solve their problems if they are willing to embrace it like the way it solved the problems of other countries, governments, city, villages that embraced it. I have heard and seen how Bitcoin has helped people to became rich by building estates all over the country, establishing businesses all over the country, driving good cars in the community, sending their children to the most expensive school in the country with the help of Bitcoin.

HERE ARE SOME PROBLEMS BITCOIN SOLVE FOR THE USERS:

1) Problem of divisibility: you can divide Bitcoin up to 8 decimal point like 0.00000001 bitcoin

2) The government cannot reach up it's bum and pull because is a decentralized currency.

3) Bitcoin as a decentralized currency solve the problem of the need for a corruptible third party from the central bank.

Let us continue to spread the good news about Bitcoin until the whole world make it legal.

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[Dunamisx]

There are many solutions bitcoin has come to offer and the world is benefiting from it right from time, what the government or central authorities cannot give is freedom in handling our finances, this is the major reason Satoshi Nakamoto remain ever commited to the research on his work on bitcoin until he finally got it launched in 2009, and ever since then, alot of benefits have emancipated from the introduction and bitcoin had ever remain the most valuable digital currency, asset, store of value and investment to go for, alot of opportunities have also come forth through this such ad employment, ease of cross boarder fees, centralized system, delay in transaction, abuse on privacy, low security, inflation, challenge of bulkiness, KYC challenges just to mention few using p2p on the decentralized network of blockchain.

[Yaunfitda]

I don't know if Satoshi has this in his mind when he created bitcoin. His initial design was for bitcoin to be a payment scheme, P2P.

Nevertheless it evolved so much since the beginning, to the point that people thinks that it will solve every problem, including poverty, lol. And so we don't need to complicate things here, just use it for it's intended purpose and then some.

[Zilon]

Bitcoin isn't intended to solve any problem for any government it is designed as a  p2p payment system for the common man. The common man in the sense that no third party which also implies if the government must key into the system they too operate as common men where we all operate in decentralised network of an existing public ledger.

So it hasn't solved any problem for any government not even El Salvador the Bitcoin city who are currently on 60% loss of its total value can say Bitcoin has solved a single issue for them yet. Individuals, businesses and co-operations who invested earlier might have Bitcoin work for them but they own it independently

[BitcoinBarrel]

It solves the problem for a safe, encrypted, store of value for wealth.

You can create a private key from memory using any seed, so no need for a bank or vault.

[Rruchi man]

...people think that it will solve every problem, including poverty, lol.

This is the most motivating reason that has prompted many persons to bitcoin especially in places like Africa where the poverty rate is very high. Unfortunately sometimes these persons later get to realise that that mindset of a get-rich-quick scheme that they have about bitcoin is false especially when they witness and are affected by a decline in price. Bitcoins can make you rich but it is not a get-rich-quick scheme, a lot of persons need to know the difference.

[Bitcoin_Arena]

I don't know if Satoshi has this in his mind when he created bitcoin. His initial design was for bitcoin to be a payment scheme, P2P.

What he had in mind is pretty clear in the Bitcoin white paper 

This is the most motivating reason that has prompted many persons to bitcoin especially in places like Africa where the poverty rate is very high. Unfortunately sometimes these persons later get to realise that that mindset of a get-rich-quick scheme that they have about bitcoin is false especially when they witness and are affected by a decline in price. Bitcoins can make you rich but it is not a get-rich-quick scheme, a lot of persons need to know the difference.

Not just from Africa. Almost all greedy folks have the same kind of thinking. I think the fact that Bitcoin rose from just cents to tens of thousands of dollars afew years later made some people think they could actually get rich too overnight. Little did they know that the early adopters had balls of steel to believe in a project in its infant stages

[sheenshane]

I don't know if Satoshi has this in his mind when he created bitcoin. His initial design was for bitcoin to be a payment scheme, P2P.

What he had in mind is pretty clear in the Bitcoin white paper 

I tend to agree here and the Bitcoin Whitepaper tells everything.
Satoshi's plan was perfectly successful even though people now prefer to store value but still, the purpose of Bitcoin and why it is created was still there.

The main problem that has been solved and the main purpose why Bitcoin was created is just because of the alternative payment system, a digital currency that can send across the border without third-party control.

[nullama]

Bitcoin separates money from state.

This is a big thing because most countries can decide to generate more of their own money, making the currency less valuable. That's inflation.

Also Bitcoin, if setup properly, cannot be confiscated.

Bitcoin basically frees a person from being controlled by a particular country's monetary policy.

[Die_empty]

The population of the unbanked in my country is very high. Most locations, especially in rural areas don't have any access to banks. Bitcoin serves as the bank of so many people. They don't need to come to urban areas to carry out business transactions because Bitcoin can serve as a very potent means of exchange.

There are also restrictions or benchmarks on the maximum amount that can be withdrawn from physical banks. This has really affected so many individuals and businesses because they have to pay high bank charges to withdraw above their limits. Bitcoin serves as a veritable tool to bypass these restrictions without paying more charges or violating any financial law. 

[lovesmayfamilis]

You forgot that there are just as many people who lost their invested money and went bankrupt. If you only talk about the positives without warning people to be careful about using bitcoin, you will have many opponents who, having experienced the loss of their deposits, will take the opposite side. The post is very pompous. I can not say that bitcoin solves all problems. It all depends on the person. You should not turn bitcoin into an idol of wealth. A poor person can become richer if he can invest in bitcoin correctly, and it is not a small amount that the poor usually do not have that matters, and it also takes time. How many years of life have you measured for yourself? OP, by what age do you expect to become rich and live without problems?

[jossiel]

It's better to look at those attributes as something that makes bitcoin unique by having those as its features. But the best thing that can be said about bitcoin is that it's our own money that we hold.

No need for the banks to hold our own bitcoin because we will do it for ourselves. Don't forget that there are many incidents about the banks that are not allowing their depositors to get their own saved money.

[Charles-Tim]

1) Problem of divisibility: you can divide Bitcoin up to 8 decimal point like 0.00000001 bitcoin

Comparing it with assets like gold, yes it is an advantage. But if comparing it with fiat, fiat is also having the characteristics of divisibility, but it is a depreciative asset. I will agree because bitcoin have the characteristics. It is well designed.

How about cross border payments that are cheap with bitcoin. And making remittance easy and cheap to people in countries it is accepted like El Salvador.

Bitcoin is also an appreciative asset, but it requires speculations before anyone should think of investing.

[KaliLinux]

I don't know if Satoshi has this in his mind when he created bitcoin. His initial design was for bitcoin to be a payment scheme, P2P.

Nevertheless it evolved so much since the beginning, to the point that people thinks that it will solve every problem, including poverty, lol. And so we don't need to complicate things here, just use it for it's intended purpose and the some.

You are right but on the other hand, you can not blame people for being excited over what Bitcoin has metamorphosed into even if this weren't its original intention. I believe the best is its decentralized nature and the investment side, ROI. Investors in Bitcoin over the years have noticed this is unarguably one of the best investments you can take considering your ROI after a few years which is more than other sectors.

[Hamza2424]

Which problem you are facing right now, BTC is able to fix it ... That's obvious there is no known asset more devisable then BTC if there is then I am not aware of it.  In my view BTC is nothing more then financial freedom and that what matter as if my funds are in my control then what is better then that. So I think BTC don't need us but we need BTC as Satoshi knows everything he might be a genius in Economics.

[Z-tight]

Any problem you think that fiat currency can solve it is same thing bitcoin as a usual self can solve

That is not a good way to put things, fiat doesn't solve the problem of over centralization, fiat isn't deflationary, fiat isn't limited in supply, fiat isn't resistant to censoring, it is BTC that does all of the aformentioned things and in addition is safe, fast and doesn't require a central body to validate or issue new forms of it. I will put it that BTC can do what fiat does (which is for payment,) with many other additional things inclusive that fiat can't do.

There are shillers, influencers, programers who are earning big from the crypto market.

All of these have nothing to do with bitcoin in itself, or what it can solve.

So I think BTC don't need us but we need BTC as Satoshi knows everything he might be a genius in Economics.

Satoshi is no more a part of the network. You are not correct, the BTC community are too important, since the tech doesn't have a central organization, it has to be run by the community: Miners, nodes, users, investors. These are the people involved in the growth and protection (through mining) of BTC. If people didn't trust Satoshi's creation and supported it BTC may not be where it is today, if people like Gavin Andresen didn't give out free BTC in 2010, and the other devs who supported in one way or another, who knows if the network would have come this far. TL;DR: BTC needs BTC users to grow.

[GreatArkansas]

(......)
2) The government cannot reach up it's bum and pull because is a decentralized currency.

This thing must keep in the mind of most people because there are some people that can easily hooked up with some FUD especially when it comes to government restrictions or regulations and especially if it's not true.
Since government can't really control Bitcoin, then they for sure become strict how some businesses or individual use Bitcoin.

[DapanasFruit]

As for me, Bitcoin is our protection from the possible encroachment of those in power - most especially in the government - so they can not just confiscate anything we own just like what they can do with fiat money. With Bitcoin, we are all empowered to bypass the power of the state especially at times when they feel that they can abuse us and just do anything they wanted to do. While I don't have much problem with the fiat money actually on the personal level, we can never predict the kind of behavior those in power may exhibit once there will be global financial crisis...and I think there are now many factors pointing us into that direction.

[Lizzylove1]

There are so much problem the bitcoin has solved and keeps solving. The government spend huge amount of money printing paper money and same government will have to mop up cash when they start decaying and not too fit for public health, they burn it up thereby incurring huge financial losses. Bitcoin doesn't transmit diseases unlike the fiat that was a means of transferring Covid-19 and other dangerous disease, with bitcoin, traditional banks need not fleece me of transaction fees within and across borders regardless of the amount am transacting. 

[Lucius]

Also Bitcoin, if setup properly, cannot be confiscated.
Bitcoin basically frees a person from being controlled by a particular country's monetary policy.

The problem is that a lot of those who bought Bitcoin for one reason or another still have a completely wrong understanding of how it is safe to store it where they bought it. Not only are they at risk of being hacked through phishing, clipboard malware or exchange hacking, but at any moment their funds can be frozen for any reason.

Even if you set things up the right way (non-custodial wallet), you can still depend heavily on the central system if you can't buy anything directly for Bitcoin, or if you are a client of a bank that is not crypto-friendly. In an ideal world where Bitcoin would be accepted everywhere, we could say that we are free in the financial sense - until then, someone can find himself in a situation where he has a certain amount of Bitcoin, and literally be hungry because there is no way to exchange Bitcoin for anything.

[Yatsan]

There are so much problem the bitcoin has solved and keeps solving. The government spend huge amount of money printing paper money and same government will have to mop up cash when they start decaying and not too fit for public health, they burn it up thereby incurring huge financial losses. Bitcoin doesn't transmit diseases unlike the fiat that was a means of transferring Covid-19 and other dangerous disease, with bitcoin, traditional banks need not fleece me of transaction fees within and across borders regardless of the amount am transacting. 

These are issues present for decades. Keep in mind that online payments are still having problems at the present because of connectivity issues. Also, not all people are 'tech savvy', perhaps how about older people? teaching this technology would still be a problem right now. Bitcoin and other cryptos, indeed, has many advantages but allow things to continue developing. It should be supported by now to counteies around the globe if there would be no potential problems. This technology has a high tendency to be on 'that' phase so for now, be patient.

[_BlackStar]

OP, there are 12 basic points ^[Innovation] you need to know when you want to learn about some of the things bitcoin can solve as a currency versus fiat. I don't want to go into details, but you can invest a little time learning it yourself, here it is: Innovation in Payment Systems

• Control against fraud
• Global accessibility
• Cost efficiency
• Tips and donations
• Crowdfunding
• Micro payments
• Dispute mediation
• Multi-signature accounts
• Trust and integrity
• Resilience and decentralization
• Flexible transparency
• Automated solutions

You will probably know that bitcoin is a different payment system from fiat, so some of the problems that bitcoin solves through its innovations have become something of an advantage over bitcoin that users prefer.

[hatshepsut93]

1) Problem of divisibility: you can divide Bitcoin up to 8 decimal point like 0.00000001 bitcoin

How many times in your life did you regret not being able to pay someone $0.0000001?

2) The government cannot reach up it's bum and pull because is a decentralized currency.

3) Bitcoin as a decentralized currency solve the problem of the need for a corruptible third party from the central bank.

Bitcoin doesn't actually solve those problems. Bitcoin is a radically different system with its own pros and cons. Saying that Bitcoin solves problems of fiat is like saying that an airplane solved the problems of a car.

It's very common in Bitcoin community to compare certain aspects of Bitcoin with fiat and ignore the full picture.

[GideonGono]

For me financial freedom, letting us earn comfortable with whatever device we are using as long as it have an internet connection.
And I know some people who use crypto as their savings we trust it more than Banks and believe that it would be more profitable than letting our money sit on our Bank accounts.

[Despairo]

I have heard and seen how Bitcoin has helped people to became rich by building estates all over the country, establishing businesses all over the country, driving good cars in the community, sending their children to the most expensive school in the country with the help of Bitcoin.

It's not correct to say Bitcoin solving poverty problem because Bitcoin isn't a free money which anyone can get and trade for high amount money, if Bitcoin is free money, Bitcoin price would either worthless or zero. The early adopter who have Bitcoin when it's still cheap, that's a gift for holding Bitcoin.

3) Bitcoin as a decentralized currency solve the problem of the need for a corruptible third party from the central bank.

Now are you really not touch fiat at all? are you only use Bitcoin to spend your daily expenses and you didn't use fiat anymore?

Bitcoin isn't created to replace fiat, it's just an alternative currency for people that prefer to use Bitcoin than fiat (if the country make Bitcoin as legal tender).

[nullama]

~snip~
Yes the freedom that bitcoin offers is one that got me interested in bitcoin. I can access it whenever and wherever I want. This is not like the central bank which often makes it difficult for users, especially if they need a large amount. It's completely different here without even the slightest pressure. Something that can't be found in the central bank, we can feel here. Freedom is one of the needs that everyone wants, and we can get it here. Another important thing is that bitcoin is transparent which makes me even more convinced of the existence of bitcoin.

Yes.

And it's also an asset. Just like a real estate for example.

The great thing about Bitcoin though is that you can buy a fraction of it, which you cannot do with real estate.

Also you can easily move around with it, even leave the country, which of course you can't do with real estate.

You can even pay for goods and services with it. It's great.

[$anounimus$]

HERE ARE SOME PROBLEMS BITCOIN SOLVE FOR THE USERS:

2) The government cannot reach up it's bum and pull because is a decentralized currency.

The government doesn't really care about BTC. In fact, they absolutely hate decentralized currencies and I tend to agree with this statement that governments will eventually crack down on Bitcoin in the future because of the simple law of supply and demand. I am looking forward to the possibilities of innovative new payment systems such as Bitcoin and other cryptocurrencies.

If you look at the Bitcoin market, for now, it is very volatile with assuming the Bitcoin price goes up and down too often and too fast. But, although Bitcoin's decline in value worries me, I'm sure it will bounce back.

[Falconer]

There are so many uses for bitcoin that it's a shame if we miss it and don't have it, although there are still many who are against the existence of this bitcoin. But that's not a problem because I believe that bitcoin will soon be accepted in all circles although it takes time. and it's proven that now a lot of big investors are starting to look at the potential of bitcoin.
Assets like this are what we need today, that don't burden the user in every way. This is the advantage of bitcoin that we can't doubt anymore.

Of course it's true, bitcoin has many uses but bitcoin tends to be used more for trading and investing assets than its use case as a currency in my opinion. I don't want to talk about other countries, but Indonesia (my country) every bitcoin user is not allowed to use it as a legal tender. This does not rule out the possibility of getting sanctions if violated, and that is what makes bitcoin only used as an investment and trading asset.

Regulation is still the most discussed issue as to why bitcoin has not been adopted as legal tender on a wider scale. I don't think this regulation will change quickly especially if most countries are desperate to own their own crypto through CBDC.

[The Cryptovator]

You are ignoring the most important solution which is Decentralized payment solutions. We are making a borderless transaction without any third-party involvement. Bitcoin makes our life easier to receive and send payments worldwide within seconds. Of course, there is a lot of solution but this is the major. It doesn't matter many become millionaires, because this isn't any investment scheme with ROI. We just take advantage of the volatility.

[davis196]

The problem of divisibility isn't an actual problem. Who cares about BTC being divided into tiny satoshis that cost 0.0001916 USD?
Having extreme divisibility doesn't bring any utility and I don't think that divisibility is a unique feature. Some developers could possibly create a shitcoin, that can be divided into a billion small pieces. Does this make the particular shitcoin more useful than Bitcoin? Nope.
The second and third problems can be solved only if the people are using and storing their BTC in cold wallets.
Storing BTC in centralized crypto exchanges platforms is like storing fiat money in a bank. No difference.

[BinarySumo]

It is designed to do peer-to-peer transactions. Bitcoins are safe and encrypted. So, you don’t have to trust another party.

[kryptqnick]

It's true that there's no need for a bank with Bitcoin, but some other things that are worth mentioning is that Bitcoin's price can't be regulated by any authorities and that the currency itself is resistant to inflation in a way that fiat never is. As for what people buy and can afford, that depends both on what they used to have and some luck with investing and being patient to wait for profits. I am sure that Bitcoin also brought many people lots of pain, such as forgetting or accidentally throwing away the passphrase and being forever locked out of the wallet, crypto exchange exit scams, selling at a big loss. I wouldn't say that Bitcoin solves financial problems because it can also bring them. But it allows a person to truly be an owner of one's own money, to send this money online directly to another person, to use a currency that isn't affiliated with any state. Oh, and Bitcoin can't be faked like fiat money can be.

[Findingnemo]

It makes the cross border transactions more convenient than before, we don't have to wait for the bank approval, no paper works or anything to keep our money since we are keeping it on our own.

And I don't expect it to solve the problem of world or fight with corruption since its just money and don't expect something to happen when people are not taking any efforts, to evacuate the corruption the society should fight together.

[Falconer]

This goes back to policy, indeed, when things like this are still illegal, there is no need to force the will to spend bitcoin because as long as it can still be traded or become an investment asset, why should it be anything else.
It's a different story if the country you live in has made a policy on bitcoin, it can be a legal payment instrument.

But as time progresses and more and more about the adoption of bitcoin, it is possible for something like this to happen in your country, the most important thing is to wait.

Of course there is a chance to expect that adoption to happen in the future, but I don't think it will happen anytime soon.
For a time, it was hard for me to expect the government to legalize bitcoin or any other cryptocurrency as a means of payment. In fact I very much doubt they will change the rules in the next 10-15 years even though there are many countries that are starting to soften the rules.

Ultimately regulation is a problem that makes bitcoin unusable as a legal tender and even the government is eager to centralize bitcoin users with its new rules. In the last few months I started paying taxes for every buying and selling transaction on the local exchange, it benefit the government even though they have managed to prevent use cases as a means of payment.

[Asiska02]

1) Problem of divisibility: you can divide Bitcoin up to 8 decimal point like 0.00000001 bitcoin

Divisibility issue is not something relevant now in today’s world. Division can be done equally and sent since money can still be sent digitally without having issues with the decimals too.

2) The government cannot reach up it's bum and pull because is a decentralized currency.

Yes it solves this problem. As government can not regulate it or make some kind of silly rules and regulations about its operations. This is amongst reasons why its mass adoption globally is yet to be effected by many countries, especially the corrupt ones.

3) Bitcoin as a decentralized currency solve the problem of the need for a corruptible third party from the central bank.

These still lies in the hands of the government as the former. Embezzlement will be reduced drastically in such a way that the workers won’t have a means of stealing and also covering up for the government’s illegal activities in the central bank.

[gabbie2010]

Bitcoin as a store of value apart from it's P2P payment system is another feature which I admired very well, I prefers hodling my Bitcoin in my wallet rather than exchanging it to fiat and saving it a bank were the officials will have access to my account balance and other personal confidencial information relating to the account via KYC, hodling my coins in a wallet will guaranteed my anonymous management of my own account without any third party interference due to it decentralized feature, I can as well use it as a means of payment directly to the seller of a goods and services that accept bitcoin.

[Rockstarguy]

Bitcoin as a store of value apart from it's P2P payment system is another feature which I admired very well, I prefers hodling my Bitcoin in my wallet rather than exchanging it to fiat and saving it a bank were the officials will have access to my account balance and other personal confidencial information relating to the account via KYC, hodling my coins in a wallet will guaranteed my anonymous management of my own account without any third party interference due to it decentralized feature, I can as well use it as a means of payment directly to the seller of a goods and services that accept bitcoin.

Several times I tried to make transactions on my bank and I was debited but the transaction didn't get to the beneficiary , bank never reverse since it was a failed transaction.  Saving money in the bank is terrible and stressful. Hodling Bitcoin is the best savings one can think of. Saving money in the bank is loss of value for money because it is common for money to depreciate, hodling Bitcoin is an advantage to financial growth. Bitcoin is a good form of money.

[lixer]

Which problem you are facing right now, BTC is able to fix it ... That's obvious there is no known asset more devisable then BTC if there is then I am not aware of it.  In my view BTC is nothing more then financial freedom and that what matter as if my funds are in my control then what is better then that. So I think BTC don't need us but we need BTC as Satoshi knows everything he might be a genius in Economics.

Let say I have a problem with my wife, can btc be able to fix it? No. What problem btc can solve are only limited or mostly money related since it was a currency. Btc is better than fiat money because they are not tied in the banks or governments therefore we can attain a financial freedom this way but keep in mind that there are now regulations that are popping out in cryptos.

Usually they can be found on the platforms that we are using like centralized exchanges. I think this interferes the true purpose of btc but there is always a way to avoid them. Btc needs us so that btc can become strong and we also need btc to help us solve our issues in terms of finances.

[South Park]

Bitcoin as a store of value apart from it's P2P payment system is another feature which I admired very well, I prefers hodling my Bitcoin in my wallet rather than exchanging it to fiat and saving it a bank were the officials will have access to my account balance and other personal confidencial information relating to the account via KYC, hodling my coins in a wallet will guaranteed my anonymous management of my own account without any third party interference due to it decentralized feature, I can as well use it as a means of payment directly to the seller of a goods and services that accept bitcoin.

And this is really important now, for years some governments have tried to go against the savings people have in bank accounts as it drives them crazy that all of that money is there doing nothing and they want some of it, but they have been unable to get that money due to the natural opposition of people, but once the crisis is big enough they will be able to do something like that and only those which have their wealth outside of the banking system will save themselves from moves like those.

[suzanne5223]

Which problem you are facing right now, BTC is able to fix it ... That's obvious there is no known asset more devisable then BTC if there is then I am not aware of it.  In my view BTC is nothing more then financial freedom and that what matter as if my funds are in my control then what is better then that. So I think BTC don't need us but we need BTC as Satoshi knows everything he might be a genius in Economics.

Let say I have a problem with my wife, can btc be able to fix it? No. What problem btc can solve are only limited or mostly money related since it was a currency. Btc is better than fiat money because they are not tied in the banks or governments therefore we can attain a financial freedom this way but keep in mind that there are now regulations that are popping out in cryptos.

Usually they can be found on the platforms that we are using like centralized exchanges. I think this interferes the true purpose of btc but there is always a way to avoid them. Btc needs us so that btc can become strong and we also need btc to help us solve our issues in terms of finances.

We will all have different opinion about the problem Bitcoin solve because our definition of the problem Bitcoin solved will be based on personal experience and understanding but the problem Bitcoin solves does not have to do with money-related issue.
Yes, you hear me right and if you look carefully you'll see that Bitcoin actually solves the ethnicity problem. The government was trying to break us through their political naiveness but BTC brought people of different languages, races, families, and educational backgrounds together.

[gunhell16]

Bitcoin has solved multiple problem from the users, it will continue to help countries, governments, city, town and villages to solve their problems if they are willing to embrace it like the way it solved the problems of other countries, governments, city, villages that embraced it. I have heard and seen how Bitcoin has helped people to became rich by building estates all over the country, establishing businesses all over the country, driving good cars in the community, sending their children to the most expensive school in the country with the help of Bitcoin.

HERE ARE SOME PROBLEMS BITCOIN SOLVE FOR THE USERS:

1) Problem of divisibility: you can divide Bitcoin up to 8 decimal point like 0.00000001 bitcoin

2) The government cannot reach up it's bum and pull because is a decentralized currency.

3) Bitcoin as a decentralized currency solve the problem of the need for a corruptible third party from the central bank.

Let us continue to spread the good news about Bitcoin until the whole world make it legal.

Sometimes, I wonder what is the main factor reason why Satoshi Nakamoto created Bitcoin. Because if you look at the design of Bitcoin it can be used for good and bad. And it can only be used through the internet because if you don't have a data connection the transaction that will be done for it is also useless.

As long as the major factor in bitcoin is that it is an additional opportunity for us to have a financial profit, and Bitcoin has nothing to do with whether it is used by good or bad people.

[CryptoBuds]

Bitcoin as a store of value apart from it's P2P payment system is another feature which I admired very well, I prefers hodling my Bitcoin in my wallet rather than exchanging it to fiat and saving it a bank were the officials will have access to my account balance and other personal confidencial information relating to the account via KYC, hodling my coins in a wallet will guaranteed my anonymous management of my own account without any third party interference due to it decentralized feature, I can as well use it as a means of payment directly to the seller of a goods and services that accept bitcoin.

Several times I tried to make transactions on my bank and I was debited but the transaction didn't get to the beneficiary , bank never reverse since it was a failed transaction.  Saving money in the bank is terrible and stressful. Hodling Bitcoin is the best savings one can think of. Saving money in the bank is loss of value for money because it is common for money to depreciate, hodling Bitcoin is an advantage to financial growth. Bitcoin is a good form of money.

I think depositing money in the bank is not so bad as you say and holding bitcoins will not be the best as you say. In simple words, in the present case we are in a bear market and if you are saving all your money in bitcoin and you need the money urgently to use, bitcoin is losing more than 70% value against ATH, are you brave enough to sell your bitcoins to spend. Fiat depreciates over time but it is not as volatile as bitcoin nor does it lose more than 50% of its value in a short time like bitcoin. As a smart investor, you will always have a reasonable allocation, both bitcoin for long-term investment, and necessary bank savings for life.

[Zanab247]

You forgot that there are just as many people who lost their invested money and went bankrupt. If you only talk about the positives without warning people to be careful about using bitcoin, you will have many opponents who, having experienced the loss of their deposits, will take the opposite side

I don't forget to include the negative things people can experience from Bitcoin if they use it wrongly in the community, I just focused with some of the positive things Bitcoin has helped people to solved, which I have seen with my two eyes in this platform , and in my environment that made me to spread the good news to bitcoiners.

OP, by what age do you expect to become rich and live without problems?

By 20 or 21 age I will become rich to be able to control my resources in a way problems will be far from me and my generation, and I will live without problems in the community. There are some huge amount of money you will achieve from your investments, and you will never experience problems in your life, which that is my desire, and I believe with time it will surely happen to me to live without Problem.

[worle1bm]

The main problem it solved is giving you control over your funds with its decentralisation nature and no restrictions on spending your funds unlike government banks asking for lot of documents and hindering your payments if they are not satisfied with it.You can transact million of dollars with few dollar fees only and your funds in your custody but if you can keep them safe depends on you as it comes with responsibility also.

[EarnOnVictor]

There are many solutions bitcoin has come to offer a d the world is benefiting from it right from time, what the government or central authorities cannot give is freedom in handling our finances, this is the major reason Satoshi Nakamoto remain ever commited to the research on his work on bitcoin until he finally got it launched in 2009, and ever since then, alot of benefits have emancipated from the introduction and bitcoin had ever remain the most valuable digital currency, asset, store of value and investment to go for, alot of opportunities have also come forth through this such ad employment, ease of cross boarder fees, centralized system, delay in transaction, abuse on privacy, low security, inflation, challenge of bulkiness, KYC challenges just to mention few using p2p on the decentralized network of blockchain.

I like to read the benefits attached to Bitcoin as you have elaborately stated them, it often reminds me of the old times when nothing could be transacted financial without governments and other third parties' involvement (banks, employees and others). That said, the most frustrating part is that in those years, I solely depended on bank wire transfers for my international transactions because debit cards were not working in my country then. Frequently, I painstakingly parted ways with between $25-39 for a single transaction that would be received between 2-5 days. But now, Bitcoin has put a stop to that, such transactions could now be completed in a few minutes with just $0.15. Awesome!

[8rch7]

The very big problem that bitcoin solves is the problem of intermediaries and third party problems, we are free to make transactions wherever we want, and we are free to keep our assets for as long as we want, because bitcoin is not controlled by anyone, only we ourselves are in control of the bitcoins that we have, the difference between bitcoin and government currency is that the supply is limited, bitcoin only has a supply of 21 million, while the state currency continues to be issued by the government without any limits.

[Dunamisx]

I like to read the benefits attached to Bitcoin as you have elaborately stated them, it often reminds me of the old times when nothing could be transacted financial without governments and other third parties' involvement (banks, employees and others)

We all have been through this in one way or the other under the centralized system and lot of property, wealth and asset have been diverted by those in power against the wish of the masses and all these were done in the name of AML and other centralized protocols that warrant ceisure of property or asset, p2p alone had won the battle against such menace except if an individual now choose to remain with them.

Frequently, I painstakingly parted ways with between $25-39 for a single transaction that would be received between 2-5 days.

It annoys me whenever i heard some people yet saying that bitcoin transaction fee is costly, considering this example you made and the transaction fee on bitcoin transactions which one is better, yet this transaction got confirmed within the shortest time, thanks to the development of lightning network, another boosters to lesser fee, fast and bulky transactions.

But now, Bitcoin has put a stop to that, such transactions could now be completed in a few minutes with just $0.15. Awesome!

Nothing can stop bitcoin from existing, because the benefits we've tasted in it is beyond leaving or doing without it in the nearest future and we wouldn't want to go back to where we are coming from.

[romero121]

The very big problem that bitcoin solves is the problem of intermediaries and third party problems, we are free to make transactions wherever we want, and we are free to keep our assets for as long as we want, because bitcoin is not controlled by anyone, only we ourselves are in control of the bitcoins that we have, the difference between bitcoin and government currency is that the supply is limited, bitcoin only has a supply of 21 million, while the state currency continues to be issued by the government without any limits.

Bitcoin have served as an alternate to the traditional payment gateway. The usage of blockchain technology have effectively eliminated the intermediaries. As mentioned the system works against the inflation as it have limited supply of bitcoin whereas the supply of traditional fiat is unlimited. The decentralised network and the usage of non custodial wallets will help bitcoin solve the privacy issues. Beyond this there were more prediction of bitcoin to solve poverty and different economic issues. For now this is possible in paper, to experience the reality it takes time.

[KingsDen]

I don't know if Satoshi has this in his mind when he created bitcoin. His initial design was for bitcoin to be a payment scheme, P2P.

Nevertheless it evolved so much since the beginning, to the point that people thinks that it will solve every problem, including poverty, lol. And so we don't need to complicate things here, just use it for it's intended purpose and then some.

Honestly, I feel that satoshi underrated bitcoin, or he did not expect much from bitcoin being his creation.
Or will I say that bitcoin deviated very much from what the owner wanted it to be.
I would be very happy if Satoshi could release a statement even if an anonymous statement stating how he has seen bitcoin presently and what he initially intended bitcoin to be.

At first I am sure he wasn't aware that bitcoin will have this kind of adoption it recognition gotten within 15years.
Also he will be surprised to understand that what he created as a currency is now being hodled for profit making.
Then people are being praised for holding the currency and not using it for daily purchases lol.
Maybe it's just a set up because Satoshi himself has the highest amount of btc on HODL mood.

[nullama]

~snip~
Honestly, I feel that satoshi underrated bitcoin, or he did not expect much from bitcoin being his creation.
Or will I say that bitcoin deviated very much from what the owner wanted it to be.
I would be very happy if Satoshi could release a statement even if an anonymous statement stating how he has seen bitcoin presently and what he initially intended bitcoin to be.

At first I am sure he wasn't aware that bitcoin will have this kind of adoption it recognition gotten within 15years.
Also he will be surprised to understand that what he created as a currency is now being hodled for profit making.
Then people are being praised for holding the currency and not using it for daily purchases lol.
Maybe it's just a set up because Satoshi himself has the highest amount of btc on HODL mood.

This quote from Satoshi might clear things up a bit:

I'm sure that in 20 years there will either be very large transaction volume or no volume.

It was clear that the system was designed to either be successful in the long term or not successful at all.

We've seen that Bitcoin actually survived the early days, when it was really fragile. Now there's no stopping it.

[Techkoy407]

3) Bitcoin as a decentralized currency solve the problem of the need for a corruptible third party from the central bank.

I agree, and maybe bitcoin can be a solution to the problem of corruption,
because nowadays corruption is rampant,
especially in government, almost every time there is aid funds, surely it will not reach all,
and it hurts people who are in dire need.

maybe it's time to change the financial system little by little,
get better with bitcoin.

[harapan]

Some areas I see people get it all wrong is that, they expect to be world billionaires and thstbis a wrong impression about the main reason bitcoin was created. In order to save people from the thefts of the government and private bank's, Satoshi created bitcoin clearly to make p2p transaction, off which we know that those transfer are free with taken any from your transferred bitcoin.
Some issues bitcoin solves are, helping you send money across the world, bitcoin saves you time, even if there is a delay as a result of low transaction fee, all you have to do is to back it up with lighting network to speed up the transmission effectively. During inflation like this banks and governments also earn a lot from loans given out.

[Wexnident]

I have heard and seen how Bitcoin has helped people to became rich by building estates all over the country, establishing businesses all over the country, driving good cars in the community, sending their children to the most expensive school in the country with the help of Bitcoin.

And any other good investment can do the same, maybe longer but can still do it all the same. Bitcoin didn't actually do anything, people just saw its value and they judged themselves that it could grow into something bigger. Bitcoin didn't solve their problems or establish their businesses, it was those people themselves that did it mmkay? Let's not put Bitcoin as some sort of salvation since as much as many people won, there are also a lot of people who lost. A LOT.

Let us continue to spread the good news about Bitcoin until the whole world make it legal.

Kinda funny how you pointed out points two and three and yet you want the world to make it "legal".

[justdimin]

The very big problem that bitcoin solves is the problem of intermediaries and third party problems, we are free to make transactions wherever we want, and we are free to keep our assets for as long as we want, because bitcoin is not controlled by anyone, only we ourselves are in control of the bitcoins that we have, the difference between bitcoin and government currency is that the supply is limited, bitcoin only has a supply of 21 million, while the state currency continues to be issued by the government without any limits.

The other difference is that even though bitcoin could be tracked, you could maybe never know which person an address belongs to. Some addresses could be found, but there are still so many wallet address' that we do not know who it belongs to, which means that it would not be possible for anyone to know what we are spending our money on. That type of privacy is also a big thing, in regular life fiat is tracked very carefully, hell even the money we own have numbers on it, so it can be tracked however we want to.

This is why bitcoin is far better, it is truly decentralized and that gives us a good power and that means it is going to work out in the end for bitcoin and beat fiat clearly.

[Daltonik]

Bitcoin has solved multiple problem from the users, [...]

The main task that bitcoin solves is trust, where intermediaries are not needed, especially financial institutions, to transfer funds from one person to another, besides this is a provable trust from which all parties benefit.

[dlightag]

Bitcoin has helped many people including me, in one way the other, Bitcoin is the number one of cryptocurrency market and other Alt-coin are idealogy of Bitcoin to help the community spreading across the globe in the name of trading, investing, mining and gaming to earn Bitcoin and other Alt-coin as a digital assets.

[GeorgeJohn]

Bitcoins is a decentralized currency which is up to thirteen years, and since the existence it has so many influence because of it's values in the society. From my perspective or observation, bitcoin has solved a worldwide problem in the sense that it has reduced accumulation of money transfer challenges, it's an easy access of transferring funds from one continent to another without passing much process or much stress. That's one of the advantages of Bitcoin and the problem it's introduction has solved worldwide.

[btc78]

For me financial freedom, letting us earn comfortable with whatever device we are using as long as it have an internet connection.

wait, that is what Financial freedom means to you? having device and internet?  what about those who has no gadget meaning they are not having freedom?

And I know some people who use crypto as their savings we trust it more than Banks and believe that it would be more profitable than letting our money sit on our Bank accounts.

it is not saving it is investing ,  and that is what Crypto has more advantage than  banking , because we cannot gather much more than what crypto can bring us.

[Casdinyard]

I think the last two pointers you made are redundant, and I'm not even sure if the first one could be considered as a problem considering that no one actively looks for 0.0000001 dollars these days. Then again I would agree that bitcoin does solve a pain-point that many of us had experienced at least once in our lives, and that is connectivity, which is just practically non-existent in fiat currencies. Add to this practicality coz jumping between borders would also require you to use their native currency otherwise you'd die of starvation (well, except for countries who accepts dollars as their native currency like Zimbabwe and Venezuela).

[Zanab247]

Which problem you are facing right now, BTC is able to fix it ... That's obvious there is no known asset more devisable then BTC if there is then I am not aware of it.  In my view BTC is nothing more then financial freedom and that what matter as if my funds are in my control then what is better then that. So I think BTC don't need us but we need BTC as Satoshi knows everything he might be a genius in Economics.

It has solved the problem of long distance transaction that made many people to prefer decentralized currency than centralized currency in the world because Bitcoin transaction is fast and safe without having any fear of scam or delay in transaction in the country. You have full access to your bitcoins anytime, any day you want to use your bitcoins in the society, because it has solved the problem of third party, That is why I said Bitcoin has solved many problems in the life of the users and it will continue to solve the problem of those that believe in Bitcoin in the land.

[ringgo96]

Since the existence of the crypto world especially bitcoin many people have felt helped by their economy, although not directly but by investing in bitcoin our income is increasing and we can see the development of bitcoin continues to occur until the current value is very high even though it has experienced ups and downs but this is not a reason to continue to be in the crypto world, Currently, there are very many people who can develop their business from the results of investing in bitcoin, and we hope that later the whole world will legalize bitcoin and become legal tender.

[Agbe]

I don't know how bitcoin solves problem for people, I see bitcoin as a normal Currency as the Fiat currency, I have not seen bitcoin does extraordinary things for people or otherwise. The only different that I know for the Fiat currency and bitcoin Currency is the method of payment system and the method of usage. Bitcoin payment is only for internet (online) while fiat is for both online and physical, bitcoin is decentralized while fiat is centralized. Bitcoin is unstable but fiat is stable.
So the way you use fiat is the same way bitcoin is also used, I don't know why people are miss conceptualizing bitcoin.

To make it loud and clear, Bitcoin is a digital currency which is used to buy goods and services online. The way you used bitcoin for Investment the same way you can use fiat for Investment. Another thing that makes bitcoin to be more popular is the high value of it.
Remember when you come to Africa, dollar is known every country because it's value is very high in the continent. And bitcoin value is higher than dollar so everyone is using it. Even in Nigeria people use dollar More than the Fiat currency (Naira).
What you said bitcoin solves fiat also solves.

[CryptSafe]

For Satoshi Nakamoto to have sat down to create Bitcoin, he must have pundered over happenings in the world. How to solve economic crises, how to create wealth, how to save the stress of joining the cue and waiting for your turn to make payment, high and outrageous  charges from Third parties, fast scalability, easy access to your savings, portable movement with your assets, unnecessary taxation by government and other agencies, to stop the monetoring of ones assets, all these put together I strongly believe made Satoshi to come up with the Bitcoin innovation which led to blockchain Genesis with Bitcoin as the first digital currency to be developed.

Bitcoin has solved a whole lots of problem. It had made many millionaires upon it's inception, early adopters are very fortunate to have had early access to Bitcoin then and it alleviated most of them from poverty and making them millionaires. Not only that, in terms of payment for goods and services, it helps saves stress of going to the bank to get the fiat while with your digital assets in your phone, you could make payment very fast and easy without stress. Never the less, exhorbitant charges by third parties is drastically reduced when making payments from your own wallet directly and it's scalability is faster compared to the traditional way of payment
With these few points if mine I believe you can get more clues on problems Bitcoin solves.

[nullama]

For Satoshi Nakamoto to have sat down to create Bitcoin, he must have pundered over happenings in the world. How to solve economic crises, how to create wealth, how to save the stress of joining the cue and waiting for your turn to make payment, high and outrageous  charges from Third parties, fast scalability, easy access to your savings, portable movement with your assets, unnecessary taxation by government and other agencies, to stop the monetoring of ones assets, all these put together I strongly believe made Satoshi to come up with the Bitcoin innovation which led to blockchain Genesis with Bitcoin as the first digital currency to be developed.

Bitcoin has solved a whole lots of problem. It had made many millionaires upon it's inception, early adopters are very fortunate to have had early access to Bitcoin then and it alleviated most of them from poverty and making them millionaires. Not only that, in terms of payment for goods and services, it helps saves stress of going to the bank to get the fiat while with your digital assets in your phone, you could make payment very fast and easy without stress. Never the less, exhorbitant charges by third parties is drastically reduced when making payments from your own wallet directly and it's scalability is faster compared to the traditional way of payment
With these few points if mine I believe you can get more clues on problems Bitcoin solves.

Here are some economic ideas explained by Satoshi Nakamoto himself: https://satoshi.nakamotoinstitute.org/quotes/economics/

The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.

[jakdanyel]

It would be wrong to say that Bitcoin only solves a certain event. It has been a positive support to our lives in every sense. It is a great solution, especially for large amounts of money transfers. You can do this at any moment. And you don't have to explain to anyone.
You just need to be very careful when storing it. If you don't want Bitcoins to disappear at once, you should be very careful about this. Fraudsters can empty your safe at any time 

[ChiBitCTy]

I like the title of this thread, because this is the exact number one question to ask yourself when you're looking at any type of cryptocurrency, what problem does it currently solve.  If the answer is it doesn't, then you know right away it's a worthless coin (which goes for 99.9% of them). 

The biggest problem is solves in my opinion is banking the unbanked, so many people can't trust their countries or banks in their countries, and this solves that in a big way.

[GreatArkansas]

Bitcoin has solved multiple problem from the users, [...]

The main task that bitcoin solves is trust, where intermediaries are not needed, especially financial institutions, to transfer funds from one person to another, besides this is a provable trust from which all parties benefit.

Yes, this is a major advantage of bitcoin over any financial system. With trusted computing, anyone can transfer any amount of value anywhere in the world without having to entrust funds to a third party, such as banks, which can seize or block the funds or charge huge fees. With bitcoin, everything looks transparent and you are the master of the situation.

How about this recent issue with our economy? The inflation rate and cost of living starting also increase. For me, this is also another problem that Bitcoin is solving. Because if you take a look Bitcoin got limited supply only while our fiat currency doesn't have and that makes fiat currency losing their value.
So Bitcoin really solving this also.

[sukmo]

Whatever the intent of the creator of bitcoin we often hear is that sathosi nakamoto could be designed for an easier payment system without a second and third party intermediary.

And it is also possible to make bitcoin a P2P (person to person) service, which means borrowing money in the currency of a country directly between creditors / lenders (lenders) and borrowers (loan recipients) based on information technology.

[cottenio]

Bitcoin separates money from state.

This is one of the most valuable observations about decentralized currencies in general: previously money was derived from either the state or private industry. Now we have decentralized consensus.

[Fara Chan]

It's better to look at those attributes as something that makes bitcoin unique by having those as its features. But the best thing that can be said about bitcoin is that it's our own money that we hold.

No need for the banks to hold our own bitcoin because we will do it for ourselves. Don't forget that there are many incidents about the banks that are not allowing their depositors to get their own saved money.

If someone can take advantage and know how it works, but what needs to be understood is that investing has a level of risk, even though bitcoin can maintain value. The problem is that people do not fully know how to start investing in bitcoin, so when there is a correction people will say bitcoin is not able to maintain value.
Therefore, it is important to know how to invest in bitcoin, although we understand that bitcoin is the best move for anyone to take part.
And it is certain that bitcoin does not need to be run by a third party, decentralization is the basic concept of its journey.

[serjent05]

For me financial freedom, letting us earn comfortable with whatever device we are using as long as it have an internet connection.

It looks like we are forgetting what financial freedom means...  As explained, financial freedom is all about having enough residual income to cover our living expenses.[1]  I think financial freedom as the meaning conveyed has nothing to do with Bitcoin's immutability or the freedom of transaction we gain from using Bitcoin.  Though I am open to correction in my belief in this.

The biggest problem is solves in my opinion is banking the unbanked, so many people can't trust their countries or banks in their countries, and this solves that in a big way.

I greatly agree with this, aside from people having no trust in banks or countries, Bitcoin also solves the problem of people who are not trusted by banks in opening a bank account. Due to this instance, these people (unbanked) are restricted in online transactions, and this problem is easily solved by Bitcoin.  With third-party services or p2p, people can easily buy Bitcoin otc and enable these people(unbanked) to enjoy online transactions.

The freedom of transferring money directly regardless of location is also solved by Bitcoin.


[1] https://www.etmoney.com/blog/what-is-financial-freedom-and-ways-to-achieve-it/

[witcher_sense]

This is one of the most valuable observations about decentralized currencies in general: previously money was derived from either the state or private industry. Now we have decentralized consensus.

On the contrary, money has always been decentralized in its nature because people would choose the scarcest and most saleable good as a means to save their wealth and transact with other individuals, which in most cases was a commodity given by nature itself, not the State. Money, therefore, has always been separated from the State in the technical sense since no government body could print up more money at will. Money had to be extracted from Earth's crust or picked up from its surface to become part of the supply of money in the economy. Bitcoin fully satisfies the principles of these "natural" money or commodities because in order to make more of bitcoin, to increase its supply, you have to spend energy trying to "mine" it. Bitcoin puts constraints on the government's ability to print money and regulate the economy, but, as we all know, the State cannot sustain its own existence if it has no permanent access to money printing.

[Note3]

What problem does Bitcoin solve?

It is experienced differently in each individual
some feel that financial transaction problems are easier because they can make transactions anywhere as long as they are connected to the internet.
some feel that their financial problems are getting better because they invest at a lower price and have already made a profit.
In my experience this is the right choice for saving

[YellowWitty1]

It’s a more secure way of dealing with P2P transactions. There is no middleman. No country or bank has any authority over it.

[Flexystar]

I went through the thread and it seems everyone is talking about how bitcoin is helping governments and different institutions however the main question is, do we really see bitcoin solving the problem or blockchain?

It's not about Bitcoin at all. It's all about the technology behind it, the blockchain! Yes off course that is helping governments a lot by having their data integration solid via blockchain. Various private companies are also making use case out of it.

Bitcoin is just serving its purpose in terms of transacting pseudonymously and with full proof of work available publicly.

Government actually don't like Bitcoin at all.

[Zanab247]

It’s a more secure way of dealing with P2P transactions. There is no middleman. No country or bank has any authority over it.

Yes, it pump at any time for bitcoiners to experience bull market in the community, and also dump at any time for bitcoiners to experience bear market, because is not control by bank or country, which is among the problem it has helped people to solved in the environment. It has made many users to have full confident in their transaction because it's well secure and safe for both senders and receivers, which is part of the problem it has solved for people and it will continue to solve many problems for those that made it legal in their state or country.

[bitcasino]

Bitcoin has solved multiple problem from the users, it will continue to help countries, governments, city, town and villages to solve their problems if they are willing to embrace it like the way it solved the problems of other countries, governments, city, villages that embraced it. I have heard and seen how Bitcoin has helped people to became rich by building estates all over the country, establishing businesses all over the country, driving good cars in the community, sending their children to the most expensive school in the country with the help of Bitcoin.

HERE ARE SOME PROBLEMS BITCOIN SOLVE FOR THE USERS:

1) Problem of divisibility: you can divide Bitcoin up to 8 decimal point like 0.00000001 bitcoin

2) The government cannot reach up it's bum and pull because is a decentralized currency.

3) Bitcoin as a decentralized currency solve the problem of the need for a corruptible third party from the central bank.

Let us continue to spread the good news about Bitcoin until the whole world make it legal.

4) Bitcoin is also a good tool used by law enforcement to fight crimes. Blockchain makes it more easy to trace money.

[BitcoinPanther]

I went through the thread and it seems everyone is talking about how bitcoin is helping governments and different institutions however the main question is, do we really see bitcoin solving the problem or blockchain?

Both blockchain technology and Bitcoin/cryptocurrency industry is helping the government and different institution.  Bitcoin helps the government in terms of opportunities of investments that provide jobs to its citizen.  With company taking advantage of the Bitcoin industry and providing jobs to its citizen, a country is assure of tax revenue.

It's not about Bitcoin at all. It's all about the technology behind it, the blockchain! Yes off course that is helping governments a lot by having their data integration solid via blockchain. Various private companies are also making use case out of it.

It isn't about the technology only but the Bitcoin market.  With Bitcoin startups and Bitcoin oriented projects it helps the government with income through taxes.

Bitcoin is just serving its purpose in terms of transacting pseudonymously and with full proof of work available publicly.

Sadly Bitcoin isn't just for transacting pseudonymously, behind Bitcoin is the industry and market that creates opportunities to individual.

Government actually don't like Bitcoin at all.

Well not all government hates Bitcoin, El Salvador is the living proof of it.

[Davidvictorson]

Bitcoin is valued because of its problem solving potentials. Bitcoin eliminates the need for an intermediary in transactions. This is the role of the bank. And in this case, the intermediary cannot be trusted because they would always want their own percentage of the transaction even when they promise us that they don't. Besides the bank as an intermediary are always in control of our money as long as it is with them.

[BIT-BENDER]

Can we not exaggerates things for the sake of Newbies and non experience people who are still trying hard to understand what Bitcoin is all about. Yes to the fact that Bitcoin can be a very helpful tool to government, Banks or  company's that deals with payments, transfers or transactions, but Bitcoin may not completely save a country.

For example I know many people who has been into crypto-currency for long but still are not millionaires already, because honestly it wasn't meant to make you rich out of nowhere, you still face normal life challenges but it would make transactions or normal transfers easier than they used to be. You knowledge on how to keep your cash flowing or a country knowledge on how to develop themselves financially is still needed Bitcoin can only supplement in ways that it can.

[Artem Sereda]

For me financial freedom, letting us earn comfortable with whatever device we are using as long as it have an internet connection.
And I know some people who use crypto as their savings we trust it more than Banks and believe that it would be more profitable than letting our money sit on our Bank accounts.

Technically, you are probably right, bitcoin is excellent as an anonymous, fast means of payment that is not as affected by inflation as fiat currency. But in the bank, your savings don't change as fast as bitcoin. And therefore, someone is more comfortable keeping their money in bank accounts.

[The Great Kardoko]

not very practical to use it right now

[Celin Kai]

I have a question about when the price of bitcoin will stabilize. Currently if it is used for daily payments, calculating its price varies from day to day, which is troublesome. I'm a rookie and have never been able to figure this out.

[Minor Miner]

I have a question about when the price of bitcoin will stabilize. Currently if it is used for daily payments, calculating its price varies from day to day, which is troublesome. I'm a rookie and have never been able to figure this out.

Currently, bitcoin is considered the most volatile asset and for investors no one wants it to be stable because once stable it will no longer be profitable for us, only people who use bitcoin as a means of payment expect bitcoin to become stable. But I think with the decentralization of bitcoin, it will be very difficult to stabilize because no one will be able to regulate or control it and the volatility will be determined by supply and demand.

I agree with you, it can be said that using bitcoin as a means of daily payment is quite annoying because the price fluctuates so quickly. I don't know about everyone, but for me, I don't like using bitcoin to pay my daily bills, I like it as an investment.

[bkelly13]

Die_empty posted:

There are also restrictions or benchmarks on the maximum amount that can be withdrawn from physical banks. This has really affected so many individuals and businesses because they have to pay high bank charges to withdraw above their limits. Bitcoin serves as a veritable tool to bypass these restrictions without paying more charges or violating any financial law.

I don't understand this.  Most places, grocery store, car dealers, don't accept bitcoin.  The only place I can get U.S.D. for bit coin is an exchange such as Gemini, Coinbase, etc.  To my knowledge, they use standard banks accounts.  Is there some other way to translate bitcoin into USD?

[YUriy1991]

The interesting and potentially useful takeaway here is that, despite the volatility and controversy surrounding bitcoin, it is a growing trend with the potential to change the way we think and use money. Additionally, as bitcoin continues to evolve as a form of currency and an accepted method of payment, its fluctuations will stabilize, which will make it a more viable alternative.

Yes, Bitcoin is unique in many ways, despite all the positives and negatives, as long as there is still demand for this cryptocurrency, some people are still willing to invest in it.

[Zanab247]

I have a question about when the price of bitcoin will stabilize. Currently if it is used for daily payments, calculating its price varies from day to day, which is troublesome. I'm a rookie and have never been able to figure this out.

Bitcoin price still remain unpredictable, one thing you need to understand in cryptocurrency is that bear market will not remain forever, and do everything possible within your power to use this bear season to buy and hold to watch what will happen before the end of this month of November. I don't think, Bitcoin price will ever stable the way people want than it will pump for people to sell to earn well and dump for people to use the opportunity to buy and hold for another bull.

[nullama]

I have a question about when the price of bitcoin will stabilize. Currently if it is used for daily payments, calculating its price varies from day to day, which is troublesome. I'm a rookie and have never been able to figure this out.

Most wallets will allow you to use either fiat or bitcoin for making payments so it shouldn't be an issue.

[Rockstarguy]

...people think that it will solve every problem, including poverty, lol.

This is the most motivating reason that has prompted many persons to bitcoin especially in places like Africa where the poverty rate is very high. Unfortunately sometimes these persons later get to realise that that mindset of a get-rich-quick scheme that they have about bitcoin is false especially when they witness and are affected by a decline in price. Bitcoins can make you rich but it is not a get-rich-quick scheme, a lot of persons need to know the difference.

Every average beginners always have this mindset of getting rich in investing in bitcoin.  The first time I got to know about bitcoin i had same mindset but as time goes on I understand that bitcoin don't make people rich as quick as I thought thought.  Recently someone was telling me he wants to start up buying some bitcoin and I quickly ask why does he choosed to buy bitcoin,  and he gave me a reply that he wants money. Most beginners thinks bitcoin is a source of income.

[krishnaverma]

Here are some problems I think bitcoin is solving:

1) As online service or product sellers, it is a very good form of payment. I am saying because these payments cannot be reversed and the sellers will not see fraud from buyers. But in case of PayPal, a buyer can order something and then do chargeback even after getting the item. It can result in huge loss especially if the ticket size of the item sold is big.

2) Easier to transact and carry : Crypto transactions can be done easily without the involvement of banks or government. One can carry large amount of money in the form of crypto safely in their wallet or mobiles. This can prove to be very helpful in future in doing big transactions like buying home or land. Since, all these crypto transactions are automatically registered and stored online, there is also proof of them being made which will reduce chances of fraud.

[bkelly13]

I have a question about when the price of bitcoin will stabilize. Currently if it is used for daily payments, calculating its price varies from day to day, which is troublesome. I'm a rookie and have never been able to figure this out.

Most wallets will allow you to use either fiat or bitcoin for making payments so it shouldn't be an issue.

If a wallet allows the use of fiat or bitcoin, how does that resolve the issue that bitcoin is, at least currently, far more volatile that fiat currently?  At least where I am in the U.S.

And how does a wallet provide the use of fiat currency?  What is the path/method by which I take some fiat currency somewhere and get control over it via my off-line wallet?

[nullama]

~snip~
If a wallet allows the use of fiat or bitcoin, how does that resolve the issue that bitcoin is, at least currently, far more volatile that fiat currently?  At least where I am in the U.S.

And how does a wallet provide the use of fiat currency?  What is the path/method by which I take some fiat currency somewhere and get control over it via my off-line wallet?

What I meant is that in some wallets you can set the amount of the transfer in fiat, say $5, and the wallet will calculate immediately the amount of Bitcoin, based on the current exchange rate. Sometimes you'll pay a bit more btc other times a bit less btc for the same $5. This would be a bit similar as to using foreign currency.

Some wallets do offer some kind of exchange between fiat and bitcoin, such as Strike, or Chivo, etc. At the end of the day those are exchanges.

[Kakmakr]

When you ask this question... you should talk to the following people first :

~ People in Cyprus - Money from personal bank accounts were confiscated to pay for the country's bailout.
~ People from Zimbabwe -  After years of hyperinflation, the country officially dropped the Zimbabwean dollar in 2015.
~ People that used "Backpage" - Visa will not process transactions from online classified portal Backpage.com.
~ Credit card donations to Wikileaks blocked for 3 years -  US-linked banking blockade against WikiLeaks.
~ Banks in Greece closed their doors and limited withdrawals at ATMs. - All this to stop a Bank run, because they failed.

These are just some of the things that has happened in the past and Bitcoin were used as an alternative to solve some of those problems.    (Just Google it.... you will see how Bitcoin were used)  

[buwaytress]

None of those problems (not even sure those are what Bitcoin specifically solved) are what appeals to actual people, though.

Kakmakr gives a good example of actual problems that have happened to people in the last decade. I add Greece to his Cyprus example, a bigger economy that did bigger thefts of its own citizens' funds (and shortly before Bitcoin was born), I went there and confirmed this with many people.

But right here on this forum people like me, freelancers, reliant in the past on scores of payment processors. S Korea wanted us to use Kakao, Chinese clients want Wepay, rest of the world tries to do PayPal. I used PP for the majority of txs, invoicing and waiting for payment in local currency. High fees, long delays, not as big a problem as constant freezes, arbitrary account locks, no matter I verified repeatedly and did everything above board.

Bitcoin is now my major tx method. No delay, fees I set myself, not a single freeze/lock/wrong amount etc. in 6 years.

[yhiaali3]

The greatest advantages of Bitcoin is that it is decentralized and that it is a peer-to-peer payment method without the need for a third party, this has made many people around the world get their financial freedom by working in Bitcoin, but unfortunately governments are trying to control Bitcoin through third-party services such as exchanges for example Forced by the government to enforce KYC verification, and anti-money laundering laws, these actions made bitcoin lose its features and led to the breach of users' privacy, but fortunately there are still some decentralized exchanges that don't require KYC as well as bitcoin mixers that maintain great privacy. .

[TheGreatPython]

The greatest advantages of Bitcoin is that it is decentralized and that it is a peer-to-peer payment method without the need for a third party, this has made many people around the world get their financial freedom by working in Bitcoin, but unfortunately governments are trying to control Bitcoin through third-party services such as exchanges for example Forced by the government to enforce KYC verification, and anti-money laundering laws, these actions made bitcoin lose its features and led to the breach of users' privacy, but fortunately there are still some decentralized exchanges that don't require KYC as well as bitcoin mixers that maintain great privacy. .

Btc is supposed to be direct but in some p2p sites, there are still middle man who are involved to ensure that we are transacting with a legit person that wouldn't scam us. Another amazing thing about btc is that it can also work as an asset other than a currency and its advantage as an asset is that it is highly volatile.

Volatility is responsible for the ups and downs of the price, making it easier for the people to buy/sell btc and make a profit. Other than the regulations that you describe there, some governments in a country can also declare a ban, making the btc totally non usable. This kills the idea of btc to give people a financial freedom.

[alexandr1115]

Bitcoin is an alternative form of money that does not depend on anyone's whims, financial decision makers, the blockchain system itself is full-fledged! To some extent, this is data that is transmitted and that has its own price! I think Bitcoin is very interesting because no one fully understands how it really works and functions!!! I think bitcoin has changed the internet project industry a lot, and there is definitely merit in this!!!

[Scotland]

Bitcoin shouldn't depend on exchanges so it's losing my trust..

[irhact]

I have a question about when the price of bitcoin will stabilize. Currently if it is used for daily payments, calculating its price varies from day to day, which is troublesome. I'm a rookie and have never been able to figure this out.

The price of Bitcoin can't be stable because it's traded against the dollars, even other currency aren't stable when they are traded against each other. They're only stable when they're been used in their own form and not been traded against other currencies. 1 Bitcoin is always 1 Bitcoin just as 1 dollars is always 1 dollars but the moment you try trading your dollars to other currency or your Bitcoin to other currency then the new valuation comes in. Bitcoin solves so many problem which one of them is decentralization.

Bitcoin also solved the need for a fast and reliable payment currency that merchants can be certain they won't be cheated on through refunds after they have sold their items to the buyer. PayPal is guilt of this habit as they offer refund when they haven't fully verify the story been told of criminal attempt of been true.

[valeneu]

The advantage of Bitcoin's decentralization is that it is not subject to third-party intervention and basically frees itself from government control. Let people actually manage their assets.

At the same time, Bitcoin, as a store of value, also increases investors' income, and many people have truly realized the freedom of wealth through Bitcoin.

The most important thing is that Bitcoin has no discrimination and integrates all countries in the world.

[Zanab247]

Bitcoin shouldn't depend on exchanges so it's losing my trust..

Don't forget that Bitcoin is not created for one person or a country, what you don't like from Bitcoin is what other people like about Bitcoin that even made them to have more trust on Bitcoin than centralized currency, because of some of the evidence they saw with bitcoiners. I don't think, Bitcoin is based on only exchange alone because many nations adopted Bitcoin because it has potential value to add to their users in the country.

[CryptSafe]

To the best of my knowledge, Bitcoin has created a niche for itself. The use case of Bitcoin are so numerous to mention. No wonder it is called digital gold and it is therefore tagged store of value and as the first digital currency, it became the most popular and globally recognized digital asset even though most country are yet to recognize or see it so. As the topic implies, the problem solved by Bitcoin depends on individual approach and perspective. It can be used for purchase of property without any much stress and third party involvement to demanding for commission, it is faster and time saving, it has a recorded ledger where every transaction is recorded which can never be destroyed unlike the fiat where evidence can be distroyed without any trace. You can move with your Bitcoin assets from place to place without any disturbance and no one noticing your movement compared to the fiat where bullion vans are used to covey fiat from one place to another which attracts eyes and possibly attacks by armed robbers and lots more making it very risky. All these problems Bitcoin has solved but it takes an opened eye man not biased in thinking to see what we are seeing.

[mendace]

Bitcoin has solved multiple problem from the users, it will continue to help countries, governments, city, town and villages to solve their problems if they are willing to embrace it like the way it solved the problems of other countries, governments, city, villages that embraced it. I have heard and seen how Bitcoin has helped people to became rich by building estates all over the country, establishing businesses all over the country, driving good cars in the community, sending their children to the most expensive school in the country with the help of Bitcoin.

HERE ARE SOME PROBLEMS BITCOIN SOLVE FOR THE USERS:

1) Problem of divisibility: you can divide Bitcoin up to 8 decimal point like 0.00000001 bitcoin

2) The government cannot reach up it's bum and pull because is a decentralized currency.

3) Bitcoin as a decentralized currency solve the problem of the need for a corruptible third party from the central bank.

Let us continue to spread the good news about Bitcoin until the whole world make it legal.

OP I don't think that the problems solved by Bitcoin are expensive cars or houses but what it has solved and can solve in the future are many other aspects.  In particular, we have seen how it solved the problem of double spending or how it excluded the trustee or your bank from a financial system and above all it can solve your privacy which is certainly the main point for which it was created.  Bitcoin will not create rich people but richly free people.

[Sayeds56]

The advantage of Bitcoin's decentralization is that it is not subject to third-party intervention and basically frees itself from government control. Let people actually manage their assets.

At the same time, Bitcoin, as a store of value, also increases investors' income, and many people have truly realized the freedom of wealth through Bitcoin.

The most important thing is that Bitcoin has no discrimination and integrates all countries in the world.

I loved what you said that Bitcoin doesn't discriminate and integrates all nations across the globe, in short it is a global currency which is not controlled by any central bank and its price is determined by the market. The best advantage of bitcoin is transaction across border without any delay & involvement of third party. Though it is very volatile currency but that is its beauty because it provides opportunity to make profit by using trading skills. Volatility is a gift if you have the expertise to manage the risk.

[Piesel]

Hello ops you have not really mentioned the primary problem bitcoin solve which is the elimination of a third-party financial system, this is one of the role of Bitcoin as a decentralized currency.

And also Bitcoin serves as an alternative to the fact centralized currency and as a cross border currency, bitcoin is not entirely a get-rich-quick scheme and also not a means to become rich but a tool that can solve the financial problem such as financial restrictions from the government.

[Woodie]

Bitcoin has several reasons why it exists and it mostly depends on its user! But AFAIK I believe the founders of this digital currency built this coin with an objective of transparency and financial freedom to the people, as you all know that fiat systems aren't efficient enough and lack the transparency that people need. And with the infinite supply of cash that can be printed, the fiat system has no accountability whatsoever which makes bitcoin the perfect substitute for people that are concerned with such matters.

[posi]

The advantage of Bitcoin's decentralization is that it is not subject to third-party intervention and basically frees itself from government control. Let people actually manage their assets.

At the same time, Bitcoin, as a store of value, also increases investors' income, and many people have truly realized the freedom of wealth through Bitcoin.

The most important thing is that Bitcoin has no discrimination and integrates all countries in the world.

I loved what you said that Bitcoin doesn't discriminate and integrates all nations across the globe, in short it is a global currency which is not controlled by any central bank and its price is determined by the market. Though it is very volatile currency but that is its beauty because it provides opportunity to make profit by using trading skills. Volatility is a gift if you have the expertise to manage the risk.

Although bitcoin can be used as a cross-border money transfer method without third-party intervention. But given its volatility, I still consider it an asset rather than a currency because currencies don't move much, in my opinion.

There is one thing I agree with you on, bitcoin's volatility is one of its beauties. I believe we are all here for the volatility of bitcoin, if bitcoin is not volatile, it cannot be profitable for everyone, and people will not look to bitcoin anymore. So I hope bitcoin will never be stable.

[LittleBitFunny]

Bitcoin has several reasons why it exists and it mostly depends on its user! But AFAIK I believe the founders of this digital currency built this coin with an objective of transparency and financial freedom to the people, as you all know that fiat systems aren't efficient enough and lack the transparency that people need. And with the infinite supply of cash that can be printed, the fiat system has no accountability whatsoever which makes bitcoin the perfect substitute for people that are concerned with such matters.

If we compare bitcoin to fiat or gold to see what problems bitcoin can solve, we can see that bitcoin solves almost all of the issues that fiat money and gold have such as privacy, anti-inflation, low-cost means of cross-border payments, secure asset storage, convenience or transparency as you mention...But all of that is not the reason people are interested in bitcoin, what makes people interested in bitcoin is its volatility, its profitability. If one day, bitcoin becomes stable, I wonder if people will continue to support bitcoin or not.

[Zorigi]

about this, everyone has different responses, in my opinion bitcoin is not too focused on being used as a means of payment, but for me bitcoin is a valuable asset, and of course an investment in it.
and in my country bitcoin cannot be used as legal tender, but the government supports its people to invest in bitcoin. so by allowing bitcoin by the government, the community is very helpful in terms of the economy...