What problem does Bitcoin solve?

[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.

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[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.