Fiat currency (centralized system)

[Darker45]

I'm not sure if Satoshi ever mentioned about governments' control over how much a person could withdraw from his/her very own money, but this is definitely one of the setbacks of having a currency that you do not truly own. I'm pretty sure we have heard or read the news of a man in Beirut who robbed a bank of his very own money. This is one of the shortcomings of the fiat system.

With Bitcoin, you can truly own your money. What's yours is truly yours. You can withdraw it, move it anytime of the day to whoever and wherever you want. That's simply not possible with fiat.

Unfortunately, however, with how centralized platforms are spreading, people are now beginning to complain about locked accounts, frozen funds, and so on. It's ironic and sad that a financial innovation that provides full ownership and control of one's money is being exploited by custodians and centralized platforms. But the saddest thing of all is that people allow it.

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[Outhue]

This made think,  all this and more maybe was the reason why bitcoin was created to liberate we all from such Fiat control financial system.

What Nigeria government is doing is not about bitcoin but about what they want for their country to reduce physical money in circulation because they thinking it is the reason they are having devaluation. Bitcoin is far from the regulation in Nigeria, it is separate . They trying that people started to have cashless system and to use the CBDC if that can help the fiat and economy.

See? That's the problem, they think reducing physical money in circulation will make naira more valuable? I don't think this will work on the long run, this is not what creates value for Fiat money, the bad actors of the country are still running things behind the scene mate, bad actors need to be dealt with or else a new way will arise and the Naira will keep losing it's value.

[Moeda]

Although am a newbie in the forum but i having a lot since i got here and i think cryptocurrency needs to be adopted by many of the so called government and their egos of controlling citizens funds through fiat system.

Few weeks back my country government decided to pass a bill that set everyone withdrawals limit to 20 thousand naira daily and weekly withdrawal at 100k. This news caused serious agitation through out the country as the limit set for the withdrawal is really inconvenient with citizens. This made think,  all this and more maybe was the reason why bitcoin was created to liberate we all from such Fiat control financial system.

In particular, this cryptocurrency is very relevant to be used as a transaction tool. Besides being able to make fast transactions, it is also transparent. We cannot say someone has not paid if the proof of transaction will be recorded and visible to the public. However, it is different from the fiat transactions used by the banking system through the RTGS network. Apart from the non-transparent transaction, one can still tell that the transaction has not been completed. Perhaps this is the most basic difference between crypto and fiat transactions.

But a tool that will be useful if used together. For example, if we have a high-tech smartphone, while our friends don't have a smartphone, then the sophisticated smartphone that we use is useless because we can't communicate with our friends. Bitcoin is very good in all aspects, but this is useless if only we use it while the government doesn't approve, in the end the policy makers will issue burdensome rules for those of us who use Bitcoin.

What is our task is how to convince all parties that Bitcoin is feasible to be used as a transaction tool in everyday life, not just as an investment.

[Obari]

Although am a newbie in the forum but i having a lot since i got here and i think cryptocurrency needs to be adopted by many of the so called government and their egos of controlling citizens funds through fiat system.

Few weeks back my country government decided to pass a bill that set everyone withdrawals limit to 20 thousand naira daily and weekly withdrawal at 100k. This news caused serious agitation through out the country as the limit set for the withdrawal is really inconvenient with citizens. This made think,  all this and more maybe was the reason why bitcoin was created to liberate we all from such Fiat control financial system.

This is really bad  and that is why Bitcoin is the hope of the common man.
I once wrote a reply on a topic talking about the possibility of government joining Bitcoin since they couldn't fight Bitcoin. I also came across this news and I was also told that, the government had to impose such law into your country so as to force it's citizens to use the country's electronic money( E NAIRA) and this is also a sign that the government of your country despite it's barn on crypto and Bitcoin, they are also diving into tye industry and have also launched it's first electronic and digital currency.
Bitcoin is the way out and I will crave everyone never to give up on crypto.

[yudi09]

What is our task is how to convince all parties that Bitcoin is feasible to be used as a transaction tool in everyday life, not just as an investment.

To convince people that Bitcoin is not only the best investment but also a viable transaction tool for daily use is not an easy task because not all regions and not all sectors accept Bitcoin as a means of payment.
If in an area where we have a business and accept Bitcoin as payment, then it will be an unusual thing for those who see it.

In my opinion, it is not convincing, but socializing to them what Bitcoin is and how it functions if applied in our business.

[Swordsoffreedom]

What is our task is how to convince all parties that Bitcoin is feasible to be used as a transaction tool in everyday life, not just as an investment.

To convince people that Bitcoin is not only the best investment but also a viable transaction tool for daily use is not an easy task because not all regions and not all sectors accept Bitcoin as a means of payment.
If in an area where we have a business and accept Bitcoin as payment, then it will be an unusual thing for those who see it.

In my opinion, it is not convincing, but socializing to them what Bitcoin is and how it functions if applied in our business.

Fact that it's not that popular yet, I think bitcoin's barrier is its volatility. It will be difficult to accept a highly volatile asset as a means of payment, no one wants their asset value to drop suddenly. Even though we, longtime bitcoin investors are also not willing to use our bitcoins as a payment method, so it is not easy to convince others. It is honest to say that I would prefer to hold more bitcoins rather than spend even the tiniest amount of them.

[Leviathan.007]

So you're come from Nigeria, well there's someone create a new thread about this before [1] and there's a recent news about a hope for your country, since they're consider to unban Bitcoin [2]. As a citizens, no one can do anything to convince the government, but since your fiat currency is start to suffer due to high inflation. I believe they will know they can't use their fiat currency to store a value.

[1] https://bitcointalk.org/index.php?topic=5426093.0
[2] https://bitcointalk.org/index.php?topic=5430921.0

I'm not sure about Nigeria or if it's just a rule for some countries but even in my own country, there is a limit from the government's side and all the banks should obey the rules and they cannot withdraw huge amounts of money even in a weekly period of the time, so I guess even if he is from Nigeria where there is a high inflation rate that's totally normal to see the government make some limitations like this one to try to control the infraction rate, however, they are wrong and by doing this, people will show even more interest to hold other assets instead of the fiat currency.

[serjent05]

This made think,  all this and more maybe was the reason why bitcoin was created to liberate we all from such Fiat control financial system.

What Nigeria government is doing is not about bitcoin but about what they want for their country to reduce physical money in circulation because they thinking it is the reason they are having devaluation. Bitcoin is far from the regulation in Nigeria, it is separate . They trying that people started to have cashless system and to use the CBDC if that can help the fiat and economy.

See? That's the problem, they think reducing physical money in circulation will make naira more valuable? I don't think this will work on the long run, this is not what creates value for Fiat money, the bad actors of the country are still running things behind the scene mate, bad actors need to be dealt with or else a new way will arise and the Naira will keep losing it's value.

Well, the "genius" of that nation studies it.  and they are willing to do sacrifices in order to limit the amount of cash circulating the market.  It is true that limiting the supply can somehow put more demand on an item, but they have forgotten that what they are limiting is not the production of that money but the movement of that money.  they are not doing the country a favor but rather destroying the country's economy.  We just need to wait a little and see how people will take action on the injustice their central bank had implemented.  I will not be surprised if the economy of Nigeria falls negatively.

Instead of implementing development, they implement not so wise stuff. 

[yudi09]

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To convince people that Bitcoin is not only the best investment but also a viable transaction tool for daily use is not an easy task because not all regions and not all sectors accept Bitcoin as a means of payment.
If in an area where we have a business and accept Bitcoin as payment, then it will be an unusual thing for those who see it.

In my opinion, it is not convincing, but socializing to them what Bitcoin is and how it functions if applied in our business.

Fact that it's not that popular yet, I think bitcoin's barrier is its volatility. It will be difficult to accept a highly volatile asset as a means of payment, no one wants their asset value to drop suddenly. Even though we, longtime bitcoin investors are also not willing to use our bitcoins as a payment method, so it is not easy to convince others. It is honest to say that I would prefer to hold more bitcoins rather than spend even the tiniest amount of them.

That should be what we need to do now, not to convince everyone because if they experience something unexpected then we who convinced them will be blamed.
There are exceptions, namely if a country has implemented official rules regarding the estimation of Bitcoin as legal tender. Likewise with businesses that accept Bitcoin as a means of payment only for long-term savings as a substitute for fiat deposits in banks.