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

I totally agreed on this , Fiat nowadays(Specially to us who knows how crypto moves on) is being abused by the government and the Banking system.

maybe you are talking about 2021 mate instead of 2022? because massive adoption happens that year and not this year.

In 2022 Bitcoin has seen lots of massive adoption and the Ukraine invasion is just one of the numerous breakthroughs bitcoin has had in past decades folllowing the bitcoin donations from exchanges. Bitcoin has left the shackles of been refrained to just a store of value to it's original purpose of creation been for transaction on a peer to peer network. At the moment we still suffer a price fluctuaution but hopes are we might have a more stable bull run in future

Its  true. Bitcoin is definitely the future of finance. Its been a decade and bitcoin has been generally profitable to numerous investors around the world. Even at the point when the bitcoin price went incredibly low, still got to make benefit through bitcoin trading. It really helps a lot, especially to those people who are in crisis.

It would be good if what you said regards bitcoin adoption was really happening in large scale. Unfortunatelly I think it's only few people from both sides who are making use of bitcoin, otherwise btc's price would be rising right now, while what we see in fact is a drop to 37,000$'s range.

Anyway, it' understandable, because during a war, the last thing people will worry about is money.

I think that you are writing a bunch of speculations here.
Thinking that the majority of the Russians will buy Bitcoin to protect their wealth is just a speculation.
Bitcoin isn't guaranteed to provide protection against inflation and Bitcoin isn't a safe heaven asset.
I don't know what exactly do you mean by "restoring people's authority over money"?
For centuries,the money supply was a monopoly of the state.The people had nothing to do with this.
I think that the people never had any authority over the money supply.The governments and the elites had power to control the money supply.Perhaps Bitcoin will change this,but do you think that the ordinary BTC user has any power and authority over Bitcoin?Only the big miners and crypto whales have true power over Bitcoin.

Well, go and ask the 1000s of people who had successful businesses on Backpage.com or all the people who made use of Pornhub.com and find out how Bitcoin restored their lives, after credit card companies "blocked" payments on these services.

The Ukranian people's lives are in chaos now, but some of them have the reassurance that their wealth is safe, if they converted their Fiat to Bitcoin. (The Banking system might not function, but the payments are still being done via Bitcoin) 

That's the reason why Satoshi Nakamoto wants us to have it, not just an option but he really wants to make it our permanent money which no one can control it and it won't be affected by sanctions from other countries but instead, it will increase its price. Just like how China banned all the miners in their country and the other countries adopted them and let them freely mined bitcoins in their countries. Looks like right now we are still in progress where we are heading towards that goal where everyone is using bitcoins to securely keep their money and they have all the authority to keep it until whenever they like.

Not just authority over money but more importantly trust over money. The fiat currency is full of trust abuse. But what choice do the people have? Nothing because the fiat currency is the currency that is enforced upon them by the government. The people can do nothing but trust the system. The result is that their trust is being breached all the time. Thus Satoshi created a currency that is trustless. Bitcoin was born because of this.

The large population are still relying on the traditional banking system for so many reasons. And even the crypto users here in the forum are also one way or another, relying from the services of their local banks. I believe, just be grateful that we have another option to store our assets. Not only to our local fiat, or tangible assets, and now, we have digital assets in the form of cryptocurrencies. Remember, it took more than a decade of existence of bitcoin before other people are convinced that this new market is worth to look at. We are not in a hurry but if you are already in this market, just take advantage of this opportunity.

Not a possibility for now, we're still using fiat for our daily spending for our necessities and the masses aren't that smart to be able to make sure that they become united so I don't think that it's possible for now to do this, and even if the former is possible, the greatest hurdle that we're facing is the people that have varying opinions to be united.

To be fair, Bitcoin is helping Ukraine too. I'm not remaining super up to date at the moment. I'd love too see govts actually doing what is in the greatest advantage of its people. The recent hype and it's contribution demonstrated how a country reliable on crypto.

However, Bitcoin and crypto things necessities to quit holding tight the US, SEC and states every words. However, US realm actually has an excessive amount of worldwide impact, yet not altogether impact it.

true, literally no one can shutdown bitcoin since there's no government involved in it unlike traditional banks, and surely if they will choose bitcoin they can fell so relaxed as well because it can be frozen anymore.

As the matter of fact most of the donations in Ukraine nowadays are through crypto currency. So i wouldn't be surprised if Ukrainians realized how reliable crypto when it comes such situation and what are the advantages of it compare to traditional banks.

Bitcoin is the future of finance, it’s as simple as that. Simply by being a deflationary asset with a fixed supply it is better than any fiat currency or monetary asset. Fiat banks run by governments & central banks are inflationary pieces of shit. You are being lied to & stolen from EVERY YEAR through the stealth tax that is inflation.
Leave your wealth in fiat savings accounts at your own peril, anybody with half a brain can see what this leads to.

Bitcoin continues to grow in adoption as time goes on. We have come a long way since the first block was mined. Governments will have no choice but to take the orange pill & adopt bitcoin.
Be on the right side of history & buy as much bitcoin as you can.

Tick, Tock, Next Block.

PayPal is gone, Visa and MasterCard as well. Yes, crypto is all that's left for Russian people.

I do not agree that it is proven. In fact, I believe we cannot say that it is ally for Ukraine against Russia, though logically, it would help Ukraine against their currency's monetary stability because of the war. But it could also help Russians as how it can help Ukrainians. Generally, bitcoin helps those people that wanted to be safe from potential risk of a currency becoming less valuable, specially now on Russia's case since they will face economical sanctions because of Putin's doings recently.

True bitcoin was developed as a means to restore people's authority over their own money. But unfortunately, not every one realizes that. Most of the people are investing in bitcoin to make profit. They don't want to use it as a regular currency. They want to hold it, sit back, wait for the bull run and then go back to their centralized fiat (where they don't have their control of their money) currency to enjoy all their profit. So people are using it as a store of value instead of a regular currency. Wouldn't blame them though. If everyone starts using it as a regular currency, we might see the network getting congested and then the absurd fee might push away people again.

Honestly, this will be the biggest test Bitcoin will face. If it panes out well for Russia, that will be "Uhuru" for Bitcoin as many more countries will adopt it and then have the audacity to dare the US on economic sanctions. I want to see how this works out, sincerely. What it could simply mean from the prism I'm looking at it is that the US would become a common foe to other nations and Bitcoin number one hater. Days to come will unveil what's in stock with Bitcoin and true financial independence.

China Bitcoin mining hash rate fell from more than 60% in May and close to zero in August, this shows that mining activities in China have stopped completely and the mining ban by the Chinese government has succeeded in making many miners move to Kazakhstan, even Kazakhstan reportedly is now the second largest country for crypto miners in the world, in my opinion a ban from china of course will not be able to kill the development of bitcoin,  because if one country prohibits mining of course miners will continue to move to other countries, and even in my opinion right now bitcoin mining starts to grow rapidly in various countries like mushrooms that grow in the rainy season.

It comes very handy when moving from one country to another where you cant bring huge amount of USD. BTC solves it.
The value however goes up and down which could be a loss. Anyone can still use exchanges though. Even the Russians are still able to use exchanges which by using stablecoin, they still manages their daily spending.

What is to worry if there will be bear market in crypto. It be a loss for someone in Ukraine or Russia to hold BTC, Everybody's got to learn to trade already.

government cannot actually ban bitcoin in it entirety but can place an embargo which could be frustrating on the commonly used exchanges and there's nothing one can do about it as they will definitely reveal your identity, ban your account, infringe tax, and the likes just to suit their desire on regulating it.


Russia is already experiencing difficulty by bitcoin users account as the cryptocurrency exchanges and service providers were ordered to start blocking Russians cryptocurrency wallets addresses and denial of access to their coins and this is really affecting the innocent citizens that doesn't even support the war.


This is true base on the fact that bitcoin is a decentralized digital currency and it pseudo-anonymity

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?