Bitcoin Solves This - Money and Banking

[Iranus]

In the creation of Bitcoin, and its emergence and popularity, Bitcoin solves the problem of the unbanked.  That is the major thing that I observed.  Previously unbanked are unable to participate in global economic activity since most of international money transfers needed banks or centralized financial services to process, the unbanked had been outcasted on these activities but with Bitcoin, they are then given the opportunity to participate in global trades and other international economic activities.

But I want to ask you one thing, if you don't have a bank account then how can you buy bitcoin? That is the crux of the matter and is equally important. Besides using bitcoin for investment, what can we use bitcoin for to help us participate in global economic activities? Or you use bitcoin to transfer money across borders but then if you don't have a bank account, how can you convert bitcoin into fiat so you can spend it? As long as bitcoin is not recognized as a currency, it is difficult to completely replace the role of banks and fiat currencies.

[Ayers]

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.

To be honest, at this time I only see Bitcoin as a good investment rather than as a currency because its value changes too quickly, which is enough to make its owners feel at a loss to use it as a financial transaction tool, so in the end conventional banking is still the first choice for anyone who wants to make transactions, and the limited use of Bitcoin as a payment option in offline and online stores means that in the end the use of Bitcoin does not completely use Bitcoin but must first exchange it for fiat and then transact so that conventional banks are used again, so I don't see Bitcoin as a solution for the current banking system for now.

It is a fact that people often compare bitcoin to banks and fiat, but they almost never use bitcoin to replace the role of fiat in everyday life. They make a lot of comparisons but at the end of the day, they use bitcoin as an investment to make profits and continue to depend on fiat currency for daily life.

I'm like you, I just consider bitcoin the best investment I've ever seen, I never intended to use it to replace fiat currency because of its volatility and popularity. It's difficult to find a store willing to accept bitcoin payments in my area. Not to mention, with its volatility, I'm not willing to spend bitcoin if I buy it at a higher price.

I think we can say that this happens because we've not gotten to that point where it is easy to use Bitcoin for almost all our daily transactions. If we will get there, it'll actually take a while. Currently, even if you wish to use BTC for daily purchases, you may not find the corresponding vendor that accepts BTC. Hence, the reason why people convert their funds back to fiat before they can use it. And for some others, the volatility can also be a bit discouraging if you want to purchase something but then the price changes and then you now have to pay more to cover for that price change.

We may not be at the stage of using bitcoin as a means of payment yet, but we also don't know if that will happen. The path for bitcoin to become a payment method is not as easy as it being accepted by governments as an asset.

Another thing I have my doubts about is how many people are willing to use bitcoin as a means of payment as its value continues to be volatile and increase over time. That's also one of the reasons why people don't want to use bitcoin for payments these days, not just because the government hasn't accepted them yet.

[Essential10]

Cryptocurrency can bring about a technological mechanical change and change our view of money. It can create entirely new financial models and add new elements to business propositions. Bitcoin cannot solve any problem by itself, but it can help change the economic situation and create new investment opportunities. In particular, this technology provides more diversification to investments, which can help increase profitability. Controlling money through various means can be a problem, but some people can handle it and incorporate appropriate solutions through it. Bitcoin can be a generous solution, which can help change the lives of many people in the society.

[Blitzboy]

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.

To be honest, at this time I only see Bitcoin as a good investment rather than as a currency because its value changes too quickly, which is enough to make its owners feel at a loss to use it as a financial transaction tool, so in the end conventional banking is still the first choice for anyone who wants to make transactions, and the limited use of Bitcoin as a payment option in offline and online stores means that in the end the use of Bitcoin does not completely use Bitcoin but must first exchange it for fiat and then transact so that conventional banks are used again, so I don't see Bitcoin as a solution for the current banking system for now.

It is a fact that people often compare bitcoin to banks and fiat, but they almost never use bitcoin to replace the role of fiat in everyday life. They make a lot of comparisons but at the end of the day, they use bitcoin as an investment to make profits and continue to depend on fiat currency for daily life.

I'm like you, I just consider bitcoin the best investment I've ever seen, I never intended to use it to replace fiat currency because of its volatility and popularity. It's difficult to find a store willing to accept bitcoin payments in my area. Not to mention, with its volatility, I'm not willing to spend bitcoin if I buy it at a higher price.

Even though we promote it as a revolutionary form of money, many people are only willing to use it as an investment since they are hesitant to replace fiat. Its time to find a solution and move towards the decentralisation that is the foundation of Bitcoin.

Although Bitcoin's volatility is a indeed a trouble, it also signals that the asset is growing. Bitcoin is frequently less volatile than native money in nations where the foundation of the economy is fragile. Despite local retailer acceptance issues, cryptocurrency advocacy and user education are the solutions.

Many others share your personal issue with spending Bitcoin that you bought at an expensive price. But this is the point at which we must spread the idea: Bitcoin is a tool for financial independence. To make its investment and utility parts more aligned, it might help to promote its use in everyday transactions.

[Assface16678]

In the creation of Bitcoin, and its emergence and popularity, Bitcoin solves the problem of the unbanked.  That is the major thing that I observed.  Previously unbanked are unable to participate in global economic activity since most of international money transfers needed banks or centralized financial services to process, the unbanked had been outcasted on these activities but with Bitcoin, they are then given the opportunity to participate in global trades and other international economic activities.

But I want to ask you one thing, if you don't have a bank account then how can you buy bitcoin? That is the crux of the matter and is equally important. Besides using bitcoin for investment, what can we use bitcoin for to help us participate in global economic activities? Or you use bitcoin to transfer money across borders but then if you don't have a bank account, how can you convert bitcoin into fiat so you can spend it? As long as bitcoin is not recognized as a currency, it is difficult to completely replace the role of banks and fiat currencies.

Yes, I agree with you. Even though bitcoin is a powerful currency and has a lot of advantages and opportunities, it still can't demolish the banking system in the world or the fiat system. I'm not against bitcoin; in fact, I'm into it as it gives me a lot of opportunities, and I know how big the potential of bitcoin is. But you are right, as long as bitcoin is not being released into the main stream or isn't publicly recognised by many people, we can't replace banking and fiat, as banking and fiat play a huge role in the economies of the world and a certain country. And also, crypto or bitcoin cannot be controlled by anyone, so it's more likely hard to implement it as we will need to make a lot of adjustments, and of course, with this complex technology, bitcoin still has a long way to go, but I look forward to that.

[Woodie]

As much as we want to paint a perfect picture about Bitcoin, unfortunately it's far from it!

Bitcoin might be better than fiat/banks in certain areas but it has its flaws which could be the reason why big financial institutions aren't jumping on board yet.
Yes we might talk of financial freedom, cutting off middle men and the like but that volatility character  BTC has doesn't give investors financial protection of their assets as value of the coin can easily evaporate in thin air without any explanation.

And as much as we want BTC to be part of the future, we need Big money to be pumped in and this can only happen with the help of regulation which is topic that has received mixed feelings...

Otherwise both fiat/Banks and BTC have their strengths and weakness and should be used as compliments to each other to get the best from both worlds.

[Don Pedro Dinero]

As much as we want to paint a perfect picture about Bitcoin, unfortunately it's far from it!

Bitcoin might be better than fiat/banks in certain areas but it has its flaws which could be the reason why big financial institutions aren't jumping on board yet.
Yes we might talk of financial freedom, cutting off middle men and the like but that volatility character  BTC has doesn't give investors financial protection of their assets as value of the coin can easily evaporate in thin air without any explanation.

And as much as we want BTC to be part of the future, we need Big money to be pumped in and this can only happen with the help of regulation which is topic that has received mixed feelings...

<...>

In the end, today it is more of an investment than a currency, and as an investment and unless things change a lot, the dream that it will be an alternative to the fiat system of the central banks is not going to come true. With all the regulations and all the buying and selling that is done through centralised entities, P2P is going to be a minority, as it already is.

But to a certain extent I think the OP is right in that those who approach bitcoin with curiosity, not just thinking about profit, will end up learning things about the financial and monetary system that will be of use to them.

[danadc]

Money will always be something that we all look for no matter what, whether through self-effort with a business or working, so when people talk about the bicon and about not being banked, I would like to do it, but given that not all payments in bitcoin are everywhere and not all of them offer privacy and anonymity because that does not suit me, also because I live in a country that is not mine, and the rules here must be fully complied with, for that reason Reason, I must do many things to protect myself, but if they gave the option of being anonymous and not requiring identification, that would be ideal, that is the safest thing for me.

[m2017]

The most significant lesson I learned from my initial experience with holding Bitcoin is that hardly anyone ponders money and banking.

You are absolutely right in your statement. Most of the people around me literally understand nothing at all about money, banking and finance in general. I began to notice this especially clearly after I delved a little deeper into my knowledge of the bitcoin, which in turn increased my level of interest and knowledge in the field of finance. In general, I also didn’t delve much into economic subtleties before, but after bitcoin a change occurred in me. For this alone I am grateful to the bitcoin.

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.

Of course they don't know. The entire life of the average person revolves around “earn and spend” and there can be no talk of accumulation. And in general, this is almost impossible if we talk about money, which is completely unsuitable as a savings tool.

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".

Unfortunately, bitcoin can't solve all the problems of the traditional financial system. There are no perfect tools. Bitcoin provides a lot of useful information for its users, but not “everything”.

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.

Absolutely agree with every point.

[Alpha Marine]

Otherwise both fiat/Banks and BTC have their strengths and weakness and should be used as compliments to each other to get the best from both worlds.

We all have to understand that Bitcoin was not created to eradicate the banking system or fiat. Bitcoin is not here to overthrow fiat contrary to what a few people believe. Bitcoin is only an alternative. An alternative that is better in a lot of ways but not in all ways.
As much as we would like to, we can't survive on Bitcoin alone, we're going to use fiat one way or the other. So there should be no rivalry.
I agree that they all should complement each other but the government disagrees though.

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.

One thing that has hindered the adoption of Bitcoin is that a whole lot of people don't understand what it is. A lot of people still think Bitcoin is a "nerdy complicated thing" and this is a problem. A lot of them see Bitcoin as this thing that they can't do and this is only because they don't understand what it is.

[The Cryptovator]

The most common reasons to love Bitcoin are decentralisation and financial freedom. We can call ourselves our own bank when we are holding Bitcoin in our non-custodial wallet. Because we can spend our assets wherever we want, no one will ask any questions about our spending. When we want to withdraw a large amount or receive large amounts from our bank, they ask many questions, even though it's our own money. I know banks have a few obligations from the government, but that's always what I hate. Here is what Bitcoin stands for: we can receive any amount worldwide without any third party and without question. For that, we must be financially established. Otherwise, high volatility will hurt Bitcoin holders.

[Dr.Bitcoin_Strange]

If you speak of improving your knowledge on blockchain technology, then it's what bitcoin built on, and bitcoin has been the best outstanding cryptocurrency compared to all the altcoins in the space. Bitcoin is decentralized, not like the traditional financial system which is centralized; bitcoin is not operated by any organization, and that's also one reason why I like bitcoin. In the past months, I did have some bank issues, which resulted in me visiting the bank to seek resolution of the issue because it was an uncalled-for situation. I know if it were a bitcoin transaction, there would have really been none of such issues but bank issues, which will still require them to take orders from the superior before they can resolve an issue.

[harapan]

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.

It's not as if bitcoin is trying to overshadow the banking systems,but bitcoin has helped banks to operate where they could not in terms of theft,fraud and improper intrusion and interference from governmental authorities.Bitcoin's ability to exist,resolve and rejuvenate the financial crisis that occurs frequently has made it more popular and adaptable for users like us.Since 2008,there have been an economical depreciation that has insignificantly dealt with the living conditions of all of us.
 Bitcoin is increasingly seen as an antidote against upcoming mishap and vulnerability;it puts you in charge invariably making you take responsibility for your own finances.Bitcoin is not fighting the banks in any way,it's just filling in the gap of the banks disorderliness to be precise.