What problem does Bitcoin solve?

[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.