3x inflation in my life time (Im 30) does bitcoin fix this?

[Onset]

I wouldn't say that. Yes, it devalues due to inflation but it's not worthless when you still need to buy your stuff.

It’s worthless if you keep it, I wanted to say. You can’t hold on to USD because it’ll just devalue due to inflation. You lose purchasing power. It sucks.

Well said, a real asset that can be hedge against inflation.

Can be, sometimes. If your financial situation sucks and you get to buy Bitcoin in 2021 with all your life savings as a hedge against inflation, you’re screwed. It so far resembled a very very good investment over long term. But reality shows that while its price increased many many times, when economy goes bad Bitcoin gets pretty shaken and destabilized.

[1715301301]

1715301301

[Luzin]

We should instead focus on what causes the value of Bitcoin to rise and reach all-time highs. Variables such as the technology underlying Bitcoin and the community's trust in its existence also play a significant role in driving the price of Bitcoin. Up until now, no one can guarantee Bitcoin's future, whether it will continue to surge by thousands of percentage points in the next ten years or become a mere jest. We simply do not know, unless you possess the power of time travel.

Historically, in several periods, it has proven that Bitcoin has become extraordinary. It seems that that period makes them believe that the farther the journey will be better. Although there is no definite guarantee for that. The mass adherence factor of large companies also provides additional stimulants for investors to get into Bitcoin. So I think if bitcoin has more and more users, the possibility of reaching the best price is still very possible. Bitcoin and Crypto thrive on trust, if it's gone it's a bad sign.

[kryptqnick]

The situation's different in my country in terms of the wage in the USD (unless you're talking about daily wage), but the inflation I've seen within my life (and I'm of a similar age with the op) is around 5x. There were ups and downs, it wasn't all at once, and now people are sort of used to it, but it's still pretty bad, especially since the salaries never fully caught up and people are now significantly poorer than 10 years ago, although there are good objective reasons for it, which are largely related to a very aggressive neighbour country and somewhat to corruption.
Bitcoin gains rather than loses value over time (or at least it seems to be this way if we look at the price chart so far, but there's no guarantee it will always be this way), but that comes with its own economic challenges (for instance, since it's growing in value, people are less keen on spending it). Bitcoin can supplement fiat and perhaps help people with their savings if they want to suffer less from inflation, but I don't think it's ready to fully replace fiat and make things better this way.

[BlackHatCoiner]

but just looking at the minimum wage it was 300 euros in 2010 now it's ~700, so if you look at both the increases it's not really that bad anymore.

This "protection" is only provided to those who're being paid the minimum wage. People who have been earning 1000 euros per month for the past 5 years, and who didn't get any raises, experience more intense inflation.

That's why probably nobody here is actually that desperate about the current inflation, 10%, 20% 30% is nothing compared to the 90s.

I don't know where you live, but in my country, going from a 2% to a 10% within 3 years is bad. The middle class suffers.

[crypticj]

No, it's not.

You can say that bitcoin can't inflate because you can't print it, but because everyone is using it as an asset, it's price fluctuates like crazy and for some people, it could be even worse than inflation because when USD inflation is 7% a year and bitcoin is dropping 4% a day, people obviously will go with USD.

But bitcoin is good for other things, it's the best tool to gain financial freedom because no one except you can control your BTC. There are no bank or government that can freeze your BTC. That's why it's so great.

[stompix]

but just looking at the minimum wage it was 300 euros in 2010 now it's ~700, so if you look at both the increases it's not really that bad anymore.

This "protection" is only provided to those who're being paid the minimum wage. People who have been earning 1000 euros per month for the past 5 years, and who didn't get any raises, experience more intense inflation.

Agree, but wages have grown even if we go by the median, at least in EE, the region I'm really familiar with since I've lived in 3 countries for more than 4 years each this century.
https://data.worldbank.org/indicator/NY.ADJ.NNTY.PC.CD?end=2021&locations=SK-CZ-HU-RO-PL-SI-HR&start=2015
You can see that most have experienced +50% growth this period.

I won't say the situation is wow, everything is fine, of course, it sucks, but it's not like we're 3x times poorer, I think we can agree it's in the low double digits.Of course, I exclude countries like Turkey, Argentina or Iran from those, with their inflation god knows what's happening there.

That's why probably nobody here is actually that desperate about the current inflation, 10%, 20% 30% is nothing compared to the 90s.

I don't know where you live, but in my country, going from a 2% to a 10% within 3 years is bad. The middle class suffers.

EE, as I said, I was born in one country and moved to another for a few years then living in another but still <200 km from my birthplace. Tour of the Visegrad! Lol! But, the thing is that when finally we got rid of communism inflation was rampant around here, we were dirt poor compared to the rest of the world, we had basically nothing, no jobs, no healthcare, no nothing, and inflation reached 200% in almost every country. and not for just a year and not just 200%. That graph is missing a lot of data, btw. So, now that we're way better compared to those times, 10% is nothing for the ones that experienced that period, it's like meh!, we had that each day for a week back then.

[franky1]

10% inflation. is a meaningless number.. unless you can work out how that 10% is represented

if its +1% of house prices and 30% of food prices.. to average out as 10%
then it hurts the poor more and doesnt benefit house sellers

if its +12% of house prices and 2% of food prices
then it hurts house buyers more. but benefits the house sellers

if its 50% of car fuel/electric, 50% food and -1% house prices
hurts the working class
then it hurts the house sellers
benefits house buyers

..
bitcoin does not fix fiat inflation.. bitcoin offers another choice of where to store your savings/value to hedge against fiat inflation

[Obari]

The bitcoin price was negligible in 2009 when the first block was mined so let’s use May 2011 as an example. The price was $8.81 at May monthly close. If you had $5,000 invested in bitcoin back then, you would have had  567.53BTC. Some simple math tells you that your $5,000 worth of bitcoin would now be worth over $15,000,000.
I think it’s safe to say that regarding inflation, long term bitcoin HODLING fixes this. Returns are naturally getting smaller as bitcoin gets more mainstream but it still beats inflation by far when HODLING long term.

God bless your soul and you really took your time.to break everything down for op and it seems op was getting the concept of bitcoin pizza day wrong and for for the sake of correction, the bitcoin pizza day was in some sort of commensuration to the first official purchase using bitcoin  as a mode of payment and it wasn't in any form expected to regulate the prices of pizza.

And just as @DeathAngel has already mentioned,  and analyzed to you, bitcoin  will help fight inflation if you are a long term holder because if younste to hodl bitcoin  let say about $100 at a price of 20k and along the line, the price rises to over 60k which Invariably means that you're making 3× of your initial  deposit  and no matter the price of commodities by them, you wouldn't be directly affected.

[avikz]

A pizza now cost a full days wages when I first started working.  We need to hang the politicians and central bankers.

Min wage was $5.50 when I started it is $16.50 now.

In 15 years we have inflated 3x.

In another 15 years a pizza will cost $100.

how does bitcoin fix this?

inb4 some idiot mentions the bitcoin pizza and does not realize the price of that pizza still went up as well.

Bitcoin can't fix inflation because bitcoin is not built to do so. Bitcoin is built to become an internet based currency system, not to fix inflation or economy related issues.

Economy usually resets itself when it goes beyond control. A great reset is incoming and buy as much gold and bitcoin as you can to save yourself.

[Artemis3]

I experienced inflation of... The fiat here lost 14 zeroes in the span of a decade, still ongoing, it slowed down somewhat after the economy was flattened at the bottom. I should have gone to bitcoin when things were only starting, its too late after that. There is no time to react when it happens, do it now while you can.

Inflation always starts slow, and progresses logarithmically.

3 times is what, 300%? peanuts.

Its simple, don't keep fiat. Exchange it for bitcoin or anything you can sell later, even bricks are worth more than fiat. No money in banks either, you will lose all of it or its purchasing power. No exchanges, you never know when those fail or the State seizes it. Not Your Keys, Not Your Coins...

The State is there to squeeze the wealth out of you, one way or another. You can only liberate yourselves with Bitcoin. Inflation is the worst tax, it affects the poor most because they don't usually keep wealth invested in things like properties or luxury items they could sell later if things get bad...

And it doesn't matter if bitcoin price goes up or not, don't do it like a "get rich" scheme. Here the important thing is that fiat is designed to lose value, so bitcoin doesn't have to go up when everything else around it is going down. It does goes up from time to time from the people who perceive it as it is: a way to liberate themselves from the State. Speculating traders may push the price up and down a bit in the market, but long term the tendency is clear: the opposite of fiat.

[uneng]

Bitcoin fix this in the sense the more money you save (in BTC currency), more pizzas you will be able to acquire on long term, while when saving fiat currency, the less pizzas you are going to be able to buy futurely

This is only applicable if Bitcoin continuously move in an uptrend path.  But once Bitcoin meet its APEX and prize stabilized, it can be affected by inflation in one way or another.

Taking Bitcoin's history in consideration so far, the uptrend path is the most likely scenario on long term. Moreover, since fiat's inflation is unstoppable and it never stops being printed by central banks, why would Bitcoin stabilize at some point? Compared to fiat's price, Bitcoin will move upside continuously , as it maintains its supply fixed and consequently its value preserved, while fiat gets constantly devalued within time.

[kaseygriffin]

Bitcoin, as a decentralized cryptocurrency, has no inherent ability to fix a country's inflation or set a minimum wage. Bitcoin operates independently of any government or central authority, and its main function is to provide a decentralized payment system and store of value. The cost of living in a country is affected by many factors, including economic policy, currency devaluation, supply and demand dynamics, and overall economic stability. While Bitcoin can provide people with a way to store value and potentially hedge against inflation, it is not a comprehensive solution to the macroeconomic problems facing countries. face. Remember that the government plays an important role in managing economic policies, including setting minimum wages, controlling inflation, and promoting economic growth. These responsibilities go beyond the scope of Bitcoin or any other cryptocurrency.

[Ucy]

A pizza now cost a full days wages when I first started working.     .   .   .   .

Min wage was $5.50 when I started it is $16.50 now.

In 15 years we have inflated 3x.

In another 15 years a pizza will cost $100.

how does bitcoin fix this?

inb4 some **** mentions the bitcoin pizza and does not realize the price of that pizza still went up as well.

The problem is with fiat currency and its system. With the system, they can secretly/privately print whatever amount they want and the money is overspent or spent unnecessarily on things that don't deserve the amount of money they are given.

With Bitcoin, money is printed transparently and given to people who deserve or work hard for them and the money is valued and not usually overspent or spent unnecessarily, and this also contribute to Bitcoin increasing in both price and value encouraging people to hold more & making the price to increase more & more.

[m2017]

A pizza now cost a full days wages when I first started working.  We need to hang the politicians and central bankers.

Min wage was $5.50 when I started it is $16.50 now.

In 15 years we have inflated 3x.

In another 15 years a pizza will cost $100.

how does bitcoin fix this?

inb4 some idiot mentions the bitcoin pizza and does not realize the price of that pizza still went up as well.

For 15 years, inflation has grown 3 times, and how many times has bitcoin grown over these years? Even if we neglect the initial years, when it cost almost 0$ (then the growth will be just crazy) and consider even the last 10 years, 5 years, then bitcoin has risen in price more than 3 times. Consequently, those who kept their wealth in btc not only compensated for inflation, but even increased their capital. You kept in money - and what did you get? Loss of value and purchasing power of saved money.

What more explanation do you need? If you are not ready to understand and accept this, then you will continue to ask how bitcoin fix this.

[BlackHatCoiner]

Agree, but wages have grown even if we go by the median

Maybe in the private sector, but not in the public of my country. Relatives of mine are teachers and have only got a raise of 20% in the last 10 years. They do private lessons to make a living. This isn't limited to teachers, many wages of the public sector have stayed still. Since we entered the third memorandum in Greece, things don't go well. We're continuously in a crisis since 2008. And now with this inflation? Fuck.

But, the thing is that when finally we got rid of communism inflation was rampant around here, we were dirt poor compared to the rest of the world, we had basically nothing, no jobs, no healthcare, no nothing

You've probably experienced worse times than I have, but it doesn't change the fact that 10% inflation, among all other problems, is a significant economic decline.

[darkangel11]

A pizza now cost a full days wages when I first started working.  We need to hang the politicians and central bankers.

Min wage was $5.50 when I started it is $16.50 now.

So your minimum wage went up 3x and so did the cost of a pizza and you're asking how bitcoin fixes it...
If you bought bitcoin in the last bear market and held until today, you'd have made 6.5x (4k lows to 26k now). I feel like bitcoin fixes it pretty well. In the same period of time holding fiat money would mean a loss of at least 5% a year, so 20% in the last 4 years while bitcoin holders were making money.

[Cookdata]

A pizza now cost a full days wages when I first started working.  We need to hang the politicians and central bankers.

Min wage was $5.50 when I started it is $16.50 now.

In 15 years we have inflated 3x.

In another 15 years a pizza will cost $100.

how does bitcoin fix this?

inb4 some idiot mentions the bitcoin pizza and does not realize the price of that pizza still went up as well.

I know right! Poor humans that are controlled by hooligan's democratic system of government policy, the poor, and inflation are inseparable because there is never in history that inflation has ever taken a rest, it always goes up every day, and yet the government keeps printing the same paper every day without thinking of another solution that will eliminate inflation, the only thing they want to understand is cash without any alternatives; why create a value when it doesn't have anything that backs it. 

It is not an assurance but in 3 years to come, Bitcoin will triple after halving if we are to predict how the cycle has always been after the halving and that is why it is always the best to put your money in Bitcoin, it may not be all to mitigate the risk of fall but always have some of your assets in Bitcoin, it is the best assets out there that has beaten inflation over the years.

[kro55]

Bitcoin cannot solve or fix the inflation of the national or world economy, as long as the government continues to print money unchecked, inflation will continue to soar in the future. But bitcoin as an asset is resistant to inflation due to its limited supply and value increasing over time.
So you can use bitcoin to fight inflation your way. Instead of saving in fiat, allocate some to bitcoin, and if bitcoin continues to grow in the future, at least your money won't be eaten away by inflation.

My view may be the same where Bitcoin can become one of the instruments that individuals use to protect the value of their wealth from the effects of inflation. For example, rather than keeping all of the money in fiat currency, one might consider allocating some to Bitcoin. If Bitcoin continues to grow in the future, at least the value of the money won't be eroded by inflation and this needs to be underlined Bitcoin can provide protection against inflation on an individual scale, improvement of inflation as a whole requires broader action, including economic policies implemented by governments and financial institutions at the national and international levels.

Honestly, with population growth and so many problems going on with our society and government, there is no optimal solution other than to print money every time something happens, the collapse of our economy is only a matter of time. Instead of trying to solve the inflation of our country or the world, we should focus on finding ways to protect ourselves and our families from the inflation of the economy. Nowadays, jobs and fiat are no longer a guarantee for us, we should find other solutions, and indeed, bitcoin is a possible solution to personal inflation. I hope people will understand and see the potential of bitcoin.

[Mauser]

In another 15 years a pizza will cost $100.

how does bitcoin fix this?

inb4 some idiot mentions the bitcoin pizza and does not realize the price of that pizza still went up as well.

That is very like   with the high inflation rates we have right now, there is not really an end in sight for the price increases. Even if the inflation slows down to only 6-7%, its still going to be devastating effects for the average person a few years down the road.  It's important for us to invest our money and not leave it in savings an account at the bank. The bank is never going to pay enough money to fully compensate us for the inflation. One way to try and beat inflation is crypto currencies. With bitcoins the main idea is that the supply is limited, we have halvings every 4 years that reduces the new amount of bitcoins being mined in the next 4 years. That means that the long term price trend of bitcoin is upwards, as the miners will require higher prices in the future for their hardware and electricity costs. 

[jossiel]

I wouldn't say that. Yes, it devalues due to inflation but it's not worthless when you still need to buy your stuff.

It’s worthless if you keep it, I wanted to say. You can’t hold on to USD because it’ll just devalue due to inflation. You lose purchasing power. It sucks.

It's true and that's what really happens but it's not really worthless at all, we convert btc to usd and to other fiat and that's why there's the process and use of it.

Well said, a real asset that can be hedge against inflation.

Can be, sometimes. If your financial situation sucks and you get to buy Bitcoin in 2021 with all your life savings as a hedge against inflation, you’re screwed. It so far resembled a very very good investment over long term. But reality shows that while its price increased many many times, when economy goes bad Bitcoin gets pretty shaken and destabilized.

That's true and another mistake that has been done by many, I saw people done it on 2017 and then 2018 has came and that was a long bear market.

But those that understands that bitcoin is truly a good asset that can defeat inflation, you know what you are in.