What problem does Bitcoin solve?

[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.

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[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There are also restrictions or benchmarks on the maximum amount that can be withdrawn from physical banks.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.