Why Bitcoin solves the problem of endless money printing from government.

[Olotu20]

Bitcoin addresses the problem of endless money printing in very different way from traditional money systems. In the traditional system Central banks can print money at will,Governments print more money to fund deficits, wars, bailouts, or subsidies this leads to inflation, and in extreme cases currency devaluation just as we have seen play out especially during the time of former president Buhari. this shows up as Naira losing purchasing power, Rising food prices , fuel, and rent prices. As the Nigerian naira was devalued during term of Buhari.

How dose Bitcoin solve this problem.

Fixed supply. With Bitcoin there's no endless printing of money but there's a total amount of Bitcoin that exists.
Programmed issuance.
Inflation rate keeps going down.
Decentralization.
Transparency and auditability .

Why this matters for everyday people using Nigerians as a case study, Bitcoin acts as a Protections against inflation in different ways such as,

Bitcoin acts like digital gold.

Scarce Nature of Bitcoin which keeps the price growing always.

Hard to manipulate.

Durable and portable.

Many Nigerians use Bitcoin to Preserve value.

Hedge against naira depreciation.

Move money across borders without capital controls.

Long term savings advantage because from experience Fiat money was principally designed to lose value slowly.As Bitcoin was designed to be scarce and deflationary over time making it a good hedge against endless money printing problem which is part of every government and country. It should be noted that, when it comes to Bitcoin there's no single authority that can act unitarilly, as there's no central authority which can wake up and print more Bitcoin on the BlockChain this is as a results of the way that, bitcoin is structured as thousands of nodes worldwide are connected together  which enforce the rules so any attempt to change supply rules is rejected by the network.This protects users from policy abuse and corruption.

[iBaba]

When governments can print money freely without having to seek for the vote of the public for approval first, ordinary people are the ones who will always pay the price through inflation and this was what was happening during the Buhari's era though not his time alone even later and now and when these printing of money continues without any form of involvement of the public or regulations that reflects the true voice of the people knowing fully well that the adverse effects it causes affects the people directly such as  naira will keep losing its value, there would be increase in price of commodities, fuel, rents and other basic things which actually went up significantly during that time and the annoying part is that the salaries of people never saw any significant improvement.

And the truth is if you were to switch from the printing of fiats to bitcoin, such problems will be tackled at the root level by removing the power to print money from any government agency, parastals or central authority. But let me throw this honest question at you and any other respondents here, do you guys ever think a day will ever come where the government of a country will move the main source of its economy which is printing of money from its central authority to a decentralized system like bitcoin, especially in a country like ours?

[Olotu20]

. But let me throw this honest question at you and any other respondents here, do you guys ever think a day will ever come where the government of a country will move the main source of its economy which is printing of money from its central authority to a decentralized system like bitcoin, especially in a country like ours?

You're right I don't think that government will leave their source of income by printing by money and relying on Bitcoin. Government knows this and that is why they will not go the way of Bitcoin.This is because governments knows that they are going to lose more on the process.

[Btcalysis]

The way I see Bitcoin is different from the angle you explained it from, it is a precious asset, like the precious metal that was created in a digital form. This makes it accessible and distributeable. It has nothing in comparison with the government flows, troubles and activities, which includes inflation, war and many reasons for money printing. Bitcoin can't be exchanged for monetary functions, the reason for that are many. The point calls for the treatment as it is and not as the money that nations rely on.

[Kelward]

If you de suggest say Nigerian government or any other government go just erase dem traditional currency to replace am with Bitcoin I no think say e fit happen, even if dem recognize Bitcoin as legal tender dem no go abandon dem local currency. Also you need to understand say Satoshi no create Bitcoin to replace fiat, Bitcoin creation na as an alternative to fiat, for those wey want currency wey go give dem privacy and freedom. If you no want your currency wey government fit to print endlessly you fit to make a personal choice to hold Bitcoin wey be hedge against inflation.

Government no need to abandon dem local currency to Bitcoin before dem go tackle di issues of inflation, if dem focus more on productivity rather dan printing more money, dem currency go get value. Remember say Bitcoin de volatile and dat one no mean say e no de very convenient for day to day use, imagine say you want to buy something with Bitcoin and when you want to make payment di value don dip, you no go de too happy. Dis na di reason why most people de hold dem Bitcoin as an investment asset for di long term.

[fredericktaylor]

The government can print fiat whenever it wants in the interest of the country or the government's needs, as a result of which the fiat currency is being devalued, due to which inflation is gradually increasing in the country, as a result of which the prices of goods are increasing, thus the suffering of the common people is increasing. As inflation increases day by day in a country, the instability of the country's economic situation increase day by day.

The supply of Bitcoin is limited and cannot be increased whenever desired, the maximum supply of Bitcoin (21 million) which will never increase ends here. Since the supply of Bitcoin is limited, no one can control it alone, the price cannot be increased or decreased at will, its value gradually increases, as a result, while fiat currency gradually decreases, the value of Bitcoin increases, as a result, Bitcoin works against inflation. Bitcoin is decentralized, so the government cannot control it even if it wants to, it works outside its borders, so it works against inflation.

[Franctoshi]

Bitcoin serves as a hedge against inflation and a store of value but cannot be fiat, the government may likely not totally do away with the fiat currency, there's is still going to be non stop of fiat currency money money printing in as much as fiat continues to exist, But where Bitcoin will have totally solve this problem is if government adopt Bitcoin and do away with fiat currency monetary system of printing.

[CryptoHeadlineNews]

No doubt, Bitcoin have always proven to be a safe heaven for all investors who wishes to have value for their money after a long term period, whereby both government and economic challenges would have zero influence over it's price value. And as such, it's fixed maximum supply in circulation is also another big advantage Bitcoin has over fiat currencies that could be printed anything the need arises by the Central Bank of Nigeria. So apart from currency devaluation and inflation of our Naira note which was evident and clear during the last administration of Buhari as the value of dollar got stronger and skyrocketed from #500 to #1800,  many people chose Bitcoin simply because they knew it was a perfect investment opportunity that time till now, because no matter how it's value keeps fluctuating in it's volatile nature, it's future is bright with a greater profit potentials.

[Moreno233]

One of the major reason governments never accepted Bitcoin at the beginning was this attribute because Bitcoin take away their power to control the money. This is one beautiful thing about Bitcoin and why we must consider storing our money in Bitcoin to protect us from inflation. The fixed supply of Bitcoin is like the game changer and what is lacking in fiat and this makes Bitcoin to ever be on the increase because of increasing demand as a result of awareness and increasing human population.

[Odogwu-Blockchain]

Bitcoin serves as a hedge against inflation and a store of value but cannot be fiat, the government may likely not totally do away with the fiat currency, there's is still going to be non stop of fiat currency money money printing in as much as fiat continues to exist, But where Bitcoin will have totally solve this problem is if government adopt Bitcoin and do away with fiat currency monetary system of printing.

Don't think about it, no government of any nation will adopt Bitcoin to replace this Fiat system, it's very unethical. Infact, that's not the purpose of Bitcoin. Cryptocurrency is preaching that, the power of Fiat still remain intact, and that Fiat is the bedrock of crypto as well, you can do crypto without Fiat but you can do Fiat without crypto.

You just to respect the game of the old currency.