Bitcoin Solves This - Money and Banking

[alastantiger]

The most significant lesson I learned from my initial experience with holding Bitcoin is that hardly anyone ponders money and banking. Despite dedicating our entire lives to working for money and revolving our lives around it, the average person, if asked, typically lacks a clue about its intricate details or history. However as I began to read news on the internet about the problems in the monetary and banking system. I would mutter to myself, 'Bitcoin solves this".

Here's my observation from personal experience of holding bitcoin:

• Bitcoin, prompted me to explore concepts like blockchain technology, decentralization, and the flaws in traditional financial systems.
• Holding Bitcoin made me to start learning about the technology, economic principles, and the fundamentals of currency and transactions.
• Holding bitcoin lead me to research and explore the underlying principles of money, thereby increasing my level of financial knowledge.
• Holding and understanding bitcoin have enabled me to be able to delve into discussions about the flaws and inefficiencies of conventional banking systems and the potential solutions proffered by it.

 

[EL MOHA]

There are many advantages of holding bitcoin aside the usual store of value, it been an hedge against in inflation and also a great ROI.

I would say holding bitcoin had taught me lots about security because the fundamental principle in holding and holding for long is on a secure storage. While seeking this knowledge I get to understand that the best form of saving money is you yourself been your own bank and not trusting custodian wallets or exchanges. Also the best form of storage is offline because once it gets online you never might know what will happen to it.

[Stalker22]

I did not really get what the big deal was with Bitcoin at first.  Seemed like some nerdy complicated thing.  But when I realized that it is a way to send money without dealing with banks and fees, that got my attention. Makes you rethink what money is and who gets to control it.  Crazy stuff.

I totally get what you are saying.  It is pretty crazy when you think about how so many people spend all their time going after money and stuff, but they dont really give it much thought beyond its basic use.  But then you start looking into it more, especially with the internet today and you come across all this news and info about problems with how money and banks work.  Its like a lightbulb moment when it hits you that cryptocurrencies like Bitcoin could maybe completely change how we look at and use money. 

[gunhell16]

The main thing that Bitcoin actually solves for people is the financial problem that all people around the world have been having problems with for a long time. Second, Bitcoin teaches us how to properly manage our own savings in the future. I used to just want to know what Bitcoin is, but while I was learning and studying it, I didn't notice that I was discovering a lot and knowing that I didn't know that I was doing it.

Everything that Bitcoin can do is the opposite of banks because here our money is put at risk where anytime they can freeze it and hold it, unlike with Bitcoin, which is not like that, but instead we ourselves are really in control. The best thing about this is that even if it is hidden in our wallet, the chances are high that it will also give us good savings in the future.

[SatoPrincess]

Bitcoin taught me what money really is, the power of money and it also opened my mind to certain questions I’ve never asked before like the power dynamic of goverment control and decentralization.

There’s a popular bitcoin phrase be your own bank, this four words have a deeper meaning than meets the eye. It means you get to be in control of your money but that’s not all. It also means that you’re now an institution(bank) and what do banks do with money? They trade it, multiply it and make profit. Now it’s your responsibility to do all this. That’s the power of bitcoin.

[hatshepsut93]

However as I began to read news on the internet about the problems in the monetary and banking system. I would mutter to myself, 'Bitcoin solves this".

Bitcoin itself has serious problems - lack of scalability, huge price volatility, complexity of "being your own bank". Banks have problems, but most people are satisfied with them, because those problems arise rarely and often just get solved. This explains why people aren't abandoning banks for Bitcoin like bitcoiners had hoped since the early days;

[lombok]

This would apply to someone who knows, studies and accepts Bitcoin. But remember, most people don't know and understand Bitcoin, not everyone will accept Bitcoin and not everyone will accept the system that Bitcoin brings. And most importantly, users and keepers of the old system will also continue to maintain their old system.

This is also influenced by a country. In the past, gold and silver coins were legal means of exchange (currency), since the existence of a fiat currency system, all countries have started to shift from gold and silver coins. This indicates that the fiat system is very strong and it will not be easy for Bitcoin to make everyone aware of it.

Banking has become a fungus and at the same time a cancer for the world and society. The main driver of the fiat system.

The great influence of Bitcoin and its main advantages is that it is the best investment safe haven asset today.

[bayu7adi]

This is also influenced by a country. In the past, gold and silver coins were legal means of exchange (currency), since the existence of a fiat currency system, all countries have started to shift from gold and silver coins. This indicates that the fiat system is very strong and it will not be easy for Bitcoin to make everyone aware of it.

Banking has become a fungus and at the same time a cancer for the world and society. The main driver of the fiat system.

Certainly, the potency of the banking sector becomes exceptionally robust when it collaborates with the government to generate profits. The parties that can now challenge the banks are, in fact, the public as a whole. However, when a seed of rebellion sprouts among the masses, aimed at initiating a revolution in the world of banking, the government suppresses it.

It's truly a meticulously structured financial monopoly, and the government provides evidence that the system it has crafted can sustain a nation. I still cannot envision whether the mass adoption of Bitcoin or blockchain technology will genuinely propel a nation to new heights or potentially lead to adverse outcomes.

We regard Bitcoin as something beneficial and even highly suitable to replace traditional FIAT currencies. Nevertheless, we've never experimented with making it a national currency, which leaves me pondering about its potential repercussions.

[dzungmobile]

• Bitcoin, prompted me to explore concepts like blockchain technology, decentralization, and the flaws in traditional financial systems.
• Holding Bitcoin made me to start learning about the technology, economic principles, and the fundamentals of currency and transactions.
• Holding bitcoin lead me to research and explore the underlying principles of money, thereby increasing my level of financial knowledge.
• Holding and understanding bitcoin have enabled me to be able to delve into discussions about the flaws and inefficiencies of conventional banking systems and the potential solutions proffered by it.

I know to be a bitcoiner, an Bitcoin investor, you have to take care of your investment capital, what is risk, what is benefit. So sure as consequences of such, you have to do more research about economy, finance systems. It is true, undeniable.

But it is very general concern of anyone who spends money for investment. As an investor, you can not only care about what you are investing in but also other things in a wide picture from national to global scale.

So with other types of investment, you have to care about the aspect you are invest money in, and other aspects that interact together in a complex society. Regarding to this point, I agree with you.

[blue Snow]

• Holding bitcoin lead me to research and explore the underlying principles of money, thereby increasing my level of financial knowledge.

True, bitcoin have the underlying principles that could be strong than fiat money. Gold is one of the money that have that pricipal also, but bitcoin I think it could be strong than gold when talk about the underlying principles. Let's calculate, When mining gold we need a lot of energy to move the environment, such as humans, Machine, and vehicle. But, bitcoin, we don't need alot of resource, we just need about 1- or 2 person just to monitoring the PC. bitcoin mining don't need much the environment which mean we can get a low cost to operate it.

[Fiatless]

The most significant lesson I learned from my initial experience with holding Bitcoin is that hardly anyone ponders money and banking. Despite dedicating our entire lives to working for money and revolving our lives around it, the average person, if asked, typically lacks a clue about its intricate details or history. However as I began to read news on the internet about the problems in the monetary and banking system. I would mutter to myself, 'Bitcoin solves this".

We saw nothing wrong with the traditional banking system because there was no alternative. Everyone was comfortable with the fiat system until Bitcoin was created. Bitcoin has now exposed to the lapses of the current banking systems and the benefits of decentralization.

Here's my observation from personal experience of holding bitcoin:

• Bitcoin, prompted me to explore concepts like blockchain technology, decentralization, and the flaws in traditional financial systems.
• Holding Bitcoin made me to start learning about the technology, economic principles, and the fundamentals of currency and transactions.
• Holding bitcoin lead me to research and explore the underlying principles of money, thereby increasing my level of financial knowledge.
• Holding and understanding bitcoin have enabled me to be able to delve into discussions about the flaws and inefficiencies of conventional banking systems and the potential solutions proffered by them.

The Bitcoin system is a little bit complicated. You have to read about wallets, transactions, exchanges, blockchain, security, etc. And you have to be also familiar with government policies, institutional investors, and other trends in the industry. Before now the responsibility of understanding the financial system was delegated to banks but If you have to be your bank then you need to perform the functions of banks. Before now most of us only knew about depositing our money in banks and withdrawing it with no understanding of our privacy or how the bank benefits from our deposits. But this has changed because of Bitcoin.

[yhiaali3]

This also happened to me. When I first learned about Bitcoin, I did not know much about the economic concepts and the disadvantages of the centralized and banking system, but after that I began to deeply understand these concepts and the difference between them and the decentralized system that Bitcoin offers.

In fact, people are accustomed to the existing financial system and think that this is the best, but they are ignorant of these great differences that Bitcoin offers, and governments are impressed by people’s ignorance of basic economic concepts and are trying to establish the concept of centralization and banks are the best in people’s minds.

[Jawhead999]

I don't see Bitcoin is solving anything in your explanation.

You can say Bitcoin is a solution when you or someone had a problem with banks, but not many people had a problem with banks, even they had, they choose to move their money to other banks instead of find the best solution.

Don't forget people are still skeptic against digital currency and they don't understand to become your own bank.

[adaseb]

The reason why Bitcoin was created was due to all the mess that the governments and fed caused during the global financial crisis, hence it was the headline in the genesis block.

We need a currency that is fixed and not inflationary, if cash was fixed then we wouldn’t deal with all this inflation every few decades. Currencies going into hyperinflation and a nation failing. Happens all the time even when large countries.

Bitcoin solves all those problems.

[UchihaSarada]

I don't see Bitcoin is solving anything in your explanation.

Don't forget people are still skeptic against digital currency and they don't understand to become your own bank.

Bitcoin is another choice for us, another option for us and that's it. It's just another choice and option that if we accept and use it properly, we can have more convenience and comfort for our life.

Having bitcoin, using non custodial wallet, owning our private key, we will have our own bank and no longer depends on central banks for money transfer.

The reason why Bitcoin was created was due to all the mess that the governments and fed caused during the global financial crisis, hence it was the headline in the genesis block.

We need a currency that is fixed and not inflationary, if cash was fixed then we wouldn’t deal with all this inflation every few decades. Currencies going into hyperinflation and a nation failing. Happens all the time even when large countries.

Bitcoin solves all those problems.

I disagree. Bitcoin does not solve all problems from governments and central banks. It can make some effects but can not be big enough to change the society and financial problems. Even governments and central banks with a lot of power they have, to regulate society, finance, economy, can not make everything they want. Because the society has many components and only one or two changes can not fix everything and all problems.

[michellee]

Holding Bitcoin gives someone an advantage in the future, especially if they have known and held Bitcoin from the start. People out there who also hold Bitcoin won't explore Bitcoin further because they might think it's too complicated.

Most people still use the methods they have used before and have not considered using Bitcoin. Only people who are willing to open themselves up to new things can accept the presence of Bitcoin and start learning about it. But perhaps only a few people are willing to take the time to learn much about Bitcoin because for ordinary people, they only know enough about how to use Bitcoin properly.

But it is true that by using Bitcoin, we learn to control and manage our money. We are the bank and protect the assets and must know how to use them. But for ordinary people, this seems confusing because they do not search for education about this unless they look for it themselves.

[DapanasFruit]

We must not forget that Bitcoin came into existence at the time when USA experienced one of its sharpest economic malady in 2008 which led to the collapse of many big and established financial institutions and the subsequent rescue by the government by printing more money for the said purpose. Bitcoin is supposed to be the opposite of what traditional finance can offer...empowering people along the way as powerful intermediaries are eliminated in the picture and not even the government can even censor it. Money and banking, we must always remember, formed a very pivotal bedrock in the society and without it I don't think developments can come in and be experienced by the people. With Bitcoin, we are provided more decision making prowess than before and we are not anymore at the mercy of different business interest.

[cryptomaniac_xxx]

For the majority of us, yes, bitcoin really taught us a lot. For me, it's more on the saving portion or the accumulation phase. Yeah, I could have invested on stocks and others, but bitcoin is very different, you learn more of the concept of money and fiat system and how it became a failure for some at certain point. And we learn as well why the rich become richer and how like the majority of us here, average joe player in the market, can really be rich and take advantage of bitcoin's lifecycle (bull and bear run), and take advantage of it.

I'm not into the blockchain technology though, I mean of course it's good to learn how and what it is, but individually, it doesn't matter though. What matters is how we should protect our assets, our wallets so that we won't get hack, and BYOB (Be Own Your Bank).

So now we are looking forward again to another bull run and hopefully everyone is already ready with their accumulation.

[Blitzboy]

Its incredibly strange that most people dont know much about the past and essence of money in a time when financial stability and goals are important. Its unbelievable and frankly wrong. As you correctly pointed out, Bitcoin has opened many people's eyes to the truth about how bad our money systems are.

Blockchain and decentralisation arent just trendy words; they're a big change in how we think about deals and value. Its time for people to stop living in the dark and start learning. Bitcoin isnt just a trend; it shows how bad our old banking systems are at what they do. We'll be better prepared for the future if we understand its importance and what it tells us about current processes as soon as possible.

[Marvell1]

• Bitcoin, prompted me to explore concepts like blockchain technology, decentralization, and the flaws in traditional financial systems.

This is the purpose for which bitcoin was created, anyone who invests in bitcoin will have to learn these things and they decide to choose bitcoin.

• Holding Bitcoin made me to start learning about the technology, economic principles, and the fundamentals of currency and transactions.
• Holding bitcoin lead me to research and explore the underlying principles of money, thereby increasing my level of financial knowledge.

Essentially, bitcoin is both a currency and an investment, and when entering the financial markets, you need to learn and understand all of this. Even if you participate in the stock market or foreign exchange, you still need to know the basics of transactions, currency, finance, not just bitcoin investing.

• Holding and understanding bitcoin have enabled me to be able to delve into discussions about the flaws and inefficiencies of conventional banking systems and the potential solutions proffered by it.

Bitcoin was born after the 2008 economic crisis, the monetary and banking system became too weak, and bitcoin was born to overcome those things.