Topic: Bitcoin as a means to restore people's authority over money - page 2. (Read 304 times)

According to my understanding, Bitcoin is really returning the power of the people back to their own hands on matters of money, banking and finance. However, this is not easily done because in the real world it can be so hard to implement the ideal settings. For example, ideally we should be using Bitcoin to buy on things and services online but not all merchants are accepting Bitcoin. And the way we are doing it is that we still rely on third-party infrastructure instead of directly doing from one to another transferring Bitcoin though in some cases this is really the case. In other words, Bitcoin remains to be a young option and the road for it remains to be long and winding one.

I am sure that some people are mining in secrecy even if it has been banned, but the majority of Chinese miners have migrated to other countries. Many went to the United States, others moved to Kazakhstan, Russia, and other locations closer to China. When the ban was announced, the BTC hash rate dropped by 40-50% because Chinese mining companies were closing up shop.

What you've said is right. Since bitcoin is decentralized and there are a lot of people keeping the nodes, mining it in other places where war is far. That's why the network is keeping itself operational. Both citizens of those countries are taking the usage of bitcoin while both of them suffer from the fiat sanctions that they'll get because of the war. I think, about protecting their wealth. It's better be used in the form of it and they can go anywhere even the banks will be closed for sometime.

You define Bitcoin on your own of understanding and another person will as well give his own theory of bitcoin base on the way he or her theory of understanding Bitcoin, from my theory also Bitcoin is a supportive measure or means of elevating fiat currency for purpose and also make some intercontinental transactions to be easier and faster, so Bitcoin come liberate us from difficult exchanges of transactions.

This is dependent on the timing when one bought the BTC, but 2020 was a good year for any Bitcoiner who bought in the first quarter of the year and held it to at least the end of the year.

This is a new one for me. So we have no single Bitcoin mining activity in China?

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This would only work for Russians if they had crypto exchanges exclusively originating from Russia or even good decentralized exchanges. But as we know, most Worldwide centralized exchanges with huge volumes can bend towards US sanction regulations and block their services in Russia.

I think I already saw someone complaining that Bittrex had blocked their account on grounds that he's Russian, which means the financial sanctions are cutting accross.

Even as of recent regarding Russia invassion on Ukraine, it jas caused alot of impediment on the citizens and bitcoin users being hold on ransom by placing their account an embargo from their respective exchanges through governments and the sanction given them will definitely affect their economy and devalue their current base on shift ban placed

Well yes! Bitcoin has been specifically designed to cut off the middleman from a transaction. So here we all can leverage this power and say goodbye to banking system! Isn't it?

Well not so easy! Because it's extremely hard to use bitcoin for your daily purchases. You can definitely use it as an investment quite easily, but when it comes to use bitcoin as a currency, there's hardly any merchants available with some exceptions.

So until and unless bitcoin is treated as a currency by the merchants, you have rely on fiat.

As of now bitcoin is being used as a way to overcome the ongoing financial block out of the war between Ukraine and Russia. Mass adoption of bitcoin is not that effective all around, so it can't solve macro level issues in a short. Cryptocurrency is being used to receive donations and how perfect this has been getting used isn't revealed. Good number of donations have been received. Nowhere Russia mentioned usage of cryptocurrencies.

Even if they find cryptocurrency as a way to escape the collapse of ruble, they can't move funds and convert fiat to crypto. So, this is not an effective measure.

You are greatly exaggerating the role that bitcoin plays. It definitely has the potential but it is not like bitcoin is doing any of that on a big scale yet simply because bitcoin hasn't reached mass adoption yet. For example I doubt that more than a million Russians (out of 146 million) even know about bitcoin let alone be willing to buy it.
Or take Ukraine for example, over the past couple of days I've seen more scammers accepting donation in the name of Ukraine than seeing any evidence of anyone actually helping using the donations.

If you consider the whole year, then yes. But short-term, there was a 50% price crash when the pandemic reached Europe and Bitcoin fell from $9/10k to under $5k.   

It can't be entirely banned, but a government could make your life harder if you are involved in Bitcoin. China has successfully banned BTC mining. Banks can be instructed to reject all transactions that originate from crypto exchanges and businesses that deal with cryptocurrencies. But they can't ban you and me meeting for a coffee where I give you fiat and you give me bitcoin. 

Bitcoin was developed to restore people's authority over money. The benefits that Bitcoin provides go far beyond what most people can fathom.

Bitcoin has shown to be a fantastic value store in 2020. It has enabled millions to avoid the monetary hyperinflation caused by central bankers' irresponsible judgments.

Since the start of 2022, Bitcoin has shown to be much more than value storage. Those who claim Bitcoin is simply a value store should accept that it is the only worldwide P2P payment system whose transactions cannot be banned.

Bitcoin is proven to be a vital ally for Ukraine in the face of Russian aggression. The financial system is shut down, yet Bitcoin keeps working, allowing Ukrainians to live and progress.

Bitcoin will also help the Russian people to best shield themselves from the economic and financial sanctions that would bring Russia down, proving that it is a weapon of peace, not war. These sanctions are meant to force Putin to bend, but the people will bear the brunt. As usual, I'd say.

The Russians will discover in Bitcoin a weapon to protect themselves from the collapse of the native currency and the bank limits on withdrawals in particular.

Bitcoin was established to assist individuals to deal with the present system's problems, whether economic or political. And in these gloomy times, Bitcoin is shown to be a vital requirement for the future globe.

As more individuals become aware of this truth, the acceptance of Bitcoin will accelerate in the next months and years. Bitcoin's future is bright.

What are your thoughts?