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.