Topic: Bitcoin Solves This - Money and Banking (Read 493 times)

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.

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.

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.

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.


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.

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.

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.

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”.

Absolutely agree with every point.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Yes, even without bitcoin, if OP is passionate about finance, he can still learn these things, financial knowledge has been around for a long time but OP did not pay attention to it. Books about money and economic recession...were also published by many authors many years ago before bitcoin was born.

But it cannot be denied that since bitcoin was born, many people have also begun to learn more about finance, including OP. You're right, bitcoin is a powerful catalyst to bring those issues to light.

An ironic aspect of bitcoin is that it is such a good currency that people do not want to use in that way as it is better to simply hold it and obtain profits with it, which is nothing more than the Gresham’s law in action, but make no mistake, the high value of bitcoin derives from its characteristics as a currency, and given the right conditions it could become widely used around the world, it is just that those conditions have not appeared yet.

Bitcoin has many benefit attached to it, some persons went into online transaction because of bitcoin, as an asset hodler so, there many research you need to do in other to protect you asset that's why individuals further their finding in the technology that guarantees the safety of their bitcoin, with my little knowledge bitcoin has solve many problem for people, ranging from convenient transactions, but let's be realistic, bitcoin can not eliminate the wholesome deficit in banking sector because of our government inability to allow it scale through, fiat will always be fiat no matter what's done, we will definitely exchange btc to fiat unless the people we are transacting with, accepts bitcoin, the problem of money and banking may be solved in the future through bitcoin, if only it's been allowed to be a legal tender worldwide but for now it is what it is.

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.

For the record, we could learn all about the flaws even without holding the Bitcoin but governments and people at power intentionally create systems like education, lending, and anything that stops us from paying attention to what it is and just chasing behind it forever.

Bitcoin acted as catalyst to bring this into spot light then only we are actually introduced to the concept of decentralization even today people are ignorant about bitcoin and significance of decentralization but sooner or later everyone will come on board.

Hodling doesn’t just starts like that, it takes a good research to get a better understanding to able to hodl bitcoin. That is why it is very difficult for some to make attempts to hodl because they do not have understanding how this thing is done. When their is no understanding it very hard to believe in hodling that it can yield more profit. People who hodl already have build up their mindset and they understand what it will profit them in the future.  Their is good benefit in making research it makes hodling easy for investors to exercise patience till good profits is achieved.

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.

No, we don't have to combine BTC with banks, and both parties won't agree on it. Because both are opposite to each other (not like positive or negative charges because they attract), instead they will repel each other because banks are centralized and BTC is decentralized. So we don't have to combine both BTC and banks, but yeah, we can use them separately.

I really like your last line. that we should learn about BTC, whether we invest in it or not. I would suggest it to anyone, but when most people get to know about BTC, they become greedy because they have seen the potential it has and want to make some money too by holding or trading, but they should first become avid about that and have to read and learn the basics of crypto.

Because the BTC and crypto industries have taught me the basics of finance, how banks work, and how both are so different from each other. Overall, in reality, both banks and BTC cannot be brought together on a single platform, if they are tried to be brought together, then one cannot use the full features of Bitcoin. Like anonymity, security, and decentralization.

if you are already here in this market. you are always free to explore your other options with other alts. even if others are saying btc is the only viable option, you can always study and do your homework on how to take advantage of this market.
there's no one dictating you to just check btc. you have your free will to do what's best for your funds.

Honestly speaking, while I see the beauty of Bitcoin over time, I also see that there is also a good opportunity besides Bitcoin, and I also see this in other cryptocurrencies, to be honest. I often read here that it is always said that it is better to invest in Bitcoin than other cryptocurrencies or altcoins. This thing is not really wrong.

There must be something missing in what others are saying, because there must be other altcoins that can help us, like Bitcoin can do for us in terms of financial problems. Sometimes it seems that it is wrong to always mention that only Bitcoin is the only solution for us to earn a lot or to get rich in this industry. At this point, I no longer agree based on my assessment.

Yes, you are right, because those traditional banking systems came into being thousands of years ago, and till now, many improvements and linkages between worldwide banks have been made. Many policies are there, so in short, the overall world is so dependent on money, without money, we can't do anything, and money requires banks, so banks cannot be eradicated, but BTC's presence is the first step to eradicating them. Well, its presence did decrease the volume of money in banks. That's why local currencies might lose value due to less demand.

These third-party finance apps are a big help, but those that are at the local level, as I mentioned above, have no official office in our country. If we lose funds, we can't go there, we just have to deal on the phone (well, this happens in rare cases, but most of the time stuck money can be withdrawn).

And BTC cannot be accepted fully because the BTC blockchain may not be able to process all the TXs made if it gets accepted at the global level.

This does not applies to your country alone, it's what is common with the use of the banks, they tend to steal from your savings for maintenance without your consent and yet loose the value of your money with time, they engage your personal money for their own usual businesses and yet returned nothing for you into your account as interest, they have control over our bank account.


Bitcoin is causing this to begin to happen because you don't need a maintenance fee to hold your money on the blockchain using any wallet, your money can be profitable in the same way, no transaction charges you will not be aware of and you have the total control of your account with bitcoin.

When people put their money in standard banks, the value of their assets will eventually go down. Even though banks usually have strong security, it's important not to forget that there are other types of risks besides hackers. Loan risk, cash flow risk, and market risk are some of the risks that banks face.

You made a good distinction between banks as places to save money and Bitcoin as a way to trade. Still, there is a point where their usefulness as stores of value overlaps. Banks offer safety, but Bitcoin has the ability to grow. This dichotomy needs to be negotiated. Could one possibly think about combining the two, which would increase safety and possible returns?

I agree with you that bank interest rates have not increased for many years while inflation continues to increase, causing the value of our assets to gradually lose over time if we deposit money in banks. But it is not true that banks are less secure, people who deposit money in banks will face the risk of devaluation due to inflation and will not have full control over their money. I have never heard of a case where a person depositing money in a bank was attacked by hackers and lost their money. Banks are a place to save money and bitcoin is an investment, so comparing them is not entirely accurate.

I don't think you really need to hold Bitcoin first before you can start learning about technology related to Bitcoin like the blockchain. With basic understanding and will to learn is already enough.
Because it's a must for me before you buy any amount of Bitcoin.
You have a point here about learning these such things but be careful of holding without basic understand because you could lose money.

I don't think most people go through life believing they have sufficient understanding of money. Indeed, they're just putting faith in the system because it is something guaranteed by the laws and the government. Again, nothing wrong about it if only the laws and the government are genuinely working for the welfare of the people.

But, yeah, they're not. I agree that devaluation of money is tantamount to theft. It is a desecration of people's hard work and labor. But I don't think this tragedy has nothing to do with money. It has become like this because the fiat system is prone and accommodating to such tendency. Fiat money, in the first place, is soft money. Anybody who is in power can abuse the system. It is a weak monetary system that is susceptible to the very nature of men.

In my country, even if you keep money in the bank for years, there is no increase in interest, instead, due to the low security of the bank, various customers are losing their savings. So the importance of keeping money in the bank is decreasing day by day in our country. In this situation the only solution cannot be anything other than Bitcoin. So while Bitcoin can be claimed as one's own wealth, putting money in a bank cannot claim that money as one's own.

This is because most people are not really curious about the world, so as long as something works they do not care how this comes to happen, an obvious example of this are cars, despite being so widespread and a common sight, at most people will know how to put gas in their car and that is it, they have no interest at all to know how it works, and the same is true about the monetary system, so as long as they get paid and they can buy what they want they care nothing about anything else.

Bitcoin has helped me to know how to invest and nurse my investment, and also to keep on increasing it. I have never had a good time to save money for a very long time because I see it as keeping money when there are important things to use the money for, but bitcoin made me to know how to manage my resources and cut down my expenses.

I have being holding and accumulating bitcoin now for more than a year, which I didn't touch any of it because I have plans to sell in the next bull run. I must say that bitcoin gave me the opportunity to have an investment and also learn how to be patient with your money that you have used to invest. I have learnt a lot from bitcoin, but the investment aspect is what I am more happy about, because it gives me hope for a better future.

I agree with you that if we save money in the bank we don't get much profit, but they can use our money for their needs and they take advantage of the money we save.

If we already have confidence in investing in Bitcoin, of course we will be able to hold it for a long period of time because we are aware that we can benefit from the investment we make. with inflation occurring in various places, it will certainly reduce the value of fiat currency, so it is better if we use the savings we have to invest in Bitcoin.

Bitcoin has been created to solve all the problem that Bank has been lack of, while every Bitcoin users are simply means a staff workers to execute transaction at any given time including weekend as the case been applied.

Only Bitcoin has these advantages, and I'm sure there are more, because the banking system can never teach you anything economic; they only encourage you to keep believing them and giving them your money for their own personal business, which includes bitcoin and cryptocurrency investments that will yield huge profits.

Holding bitcoin gives me more confidence in my financial life because I am disciplined to hold it because I know it has enormous potential in the future because people are adopting it globally, and it is decentralized and a store of value, unlike fiat currency in my country's currency, which is constantly losing value due to inflation.

  Bitcoin brings an end to that centralized system where governments keep control of everything and even tell what your worth. A lot of people find bitcoin as a freedom from the government couple with its high market value it’s brings to the table. I have always seen saving money in bank as a loss cause at the end of the day after the bank as deducted the usual tax you won’t get the same amount you kept from the bank. The introduction of the blockchain technology and crypto market has caused a major setback in the financial sector people no longer need banks to keep their money, personally I love to save my money in foreign currency and thank God for  credible exchangers like Binance, trust wallet and so on I can achieve this.
  It does not only bring freedom but other opportunities, I can choose to invest in other crypto asset gain some more dollars then save again, saving in dollar is one of the smartest move one need to take, for instance imagine you had $100 in your wallet 3month ago which was worth about #766/$1 that is about #76000 let just assume you didn’t touch the money from that time till now your $100 will be worth about #120,000  saving in the bank won’t give you this profit, you can choose to do some other things and still have your $100 intact still. Bitcoin has done more good than the banking sector and will continue to be better. This is why governments are fighting really hard to get rid of it because of their lack of control.  But they can’t cause Bitcoin is not under any body or organization.

Isnt that kind of tragic? Most of them go through life believing they have a sufficient understanding of money. They go about their daily lives, obligingly putting their faith in a system that they dont completely understand. Though its easy to write this off as a case of simple ignorance, it also serves as a sobering critique of the level of financial literacy and awareness in our culture.

The main problem is that money, which ought to be a tool for everyone's empowerment, frequently becomes a tool for the oppression of the masses. Its not just unjust, but an irony when hardworking people are forced to work more and take on more tasks in order to keep up with the depreciating value of their currency. A tragedy that has nothing to do with money itself but the unbridled greed of those who control it. In this situation, Bitcoin steps in by providing an alternative that guarantees power isnt centralised in the hands of a select few.

But in short, bitcoin will never completely replace or disrupt banks because banks are providing us with more services than just deposits and savings.  if you want to borrow money for business, bitcoin cannot help you do that, or insurance, bitcoin cannot provide that either...
When talking about banks, people only think about depositing money and saving, few people think about other services that banks provide to organizations and businesses.  so they claim that bitcoin is superior to banks, but in reality, bitcoin only solves some of the problems that banks and currencies face.  Bitcoin cannot provide all the features and services that banks and traditional currencies provide.

Nothing can be completely perfect, but one thing can be better than the other or offer things that the other doesn't even if it comes with its flaws. The same goes for Bitcoin and traditional financial systems. The percentage of people who have trust in banks and traditional financial institutions might be greater but the number of believers in Bitcoin is increasing over time, and I'm pretty sure that the people who hold their wealth in Bitcoin are way more satisfied than they could ever be with a bank.

The volatility of Bitcoin surely has its positives and negatives. On one side, it might become the reason for someone to lose value for their money if the price goes down, but on the other hand, they might see their money gaining value and possibly getting doubled or even tripled over a certain period of time.

Yea, the moment when you start to understand things like "Fractional reserve banking" and how Inflation are calculated and also manipulated and how much control governments have over the supply of fiat currencies, then the light goes on ...when you see how different this is with Bitcoin.

We live in a world where too many people live like sheep..... they do not question anything and they just accept the norm. This continue until something goes wrong... or until they see how it is supposed to be. 

Banks and fiat currencies are so much a part of our world and our lives, we wouldn't be able to survive without them. But thanks to bitcoin, we know the disadvantages of banks and fiat, and can limit them to avoid unnecessary losses such as loss of value or loss of privacy...we need to combine both bitcoin and banking to have a perfect life. We won't be able to completely eliminate banking from our lives even if it gets worse but we will reduce our dependence on it through bitcoin. Even if we don't invest in bitcoin, we should learn about currency, finance, economics...all of those things will be very useful for us.

Well, both me, you, and other people who have invested now or in the future, will also understand, be amazed why BTC is so popular and crazy about it.


I think this last point is very good because the main thing we need to understand is how we control our own money well. This is in line with the founder's wishes, who want the Bitcoin payment system to last a long time. Bitcoin is a payment system, plain and simple.

Yes. OP, There is always time and never too late to invest in Bitcoin and discover its potential.

Frankly speaking, you can't expect everybody to be aware let alone understand the intricacies of money. The great majority don't care about it for as long as what they consider money can buy them what they need. For me, that's completely understandable.

However, at the very least, money should function in favor of everybody. At some point, when money loses so much of its value, people will begin to wonder what happened. While they balance it with working harder, getting additional jobs, tightening the belt, and so on, that's completely unfair.

Worse, this isn't because money is naturally like that. This is simply because the ones who control it are abusive and greedy and insensitive and dumb. Indeed, Bitcoin solves this.

It was mostly because Bitcoin was a new idea, something that not much is known to your average joe. Banks were seen as the staple, something normal and something you'd inevitably experience and be a part of when you grow up, so the concepts and ideas were simplified to only things you'd ever really need, and as for the rest, you'd only ever need them until you actually need them. Not to mention a lot of businesses and partnerships are built on top of the idea that banks exist and can help with, for example, payroll for companies.

Even after I've read some stuff about financing, I still don't really understand a large majority of it, I doubt I ever will really. It did help me realize early on about the importance of understanding money though.

This could only mean one thing. No matter how we hate the traditional banking system, it will never going to be eradicated, it will continue to exist for a long time maybe forever. While these 3rd party money processing companies such as those mentioned above will also continue to co-exist due to the high demand of banking transactions in a daily basis.
Not everyone will engage in crypto or bitcoin though. We may be biased here, but the number of people who prefer to not use bitcoin will always way higher than who uses and adopt to it. Therefore, banks, 3rd party money processing apps, cryptocurrency, digital currencies, online banking system and everything along these line will continue to co-exist.

When I came across Bitcoin for the first time, and got hands on a few, I used it on gambling site called directbet. I loved how easy it was to bet with BTC there, you send the BTC, bet registered and you automatically receive your BTC (if you win).

I probably drifted there between gambling and btc here but this was my first experience using it and I loved how simple it was.

The main thing Bitcoin taught me was not to leave my money in the bank. The bank uses our money to make even more money and gives us a tiny percentage of it as interest. The percentage they give back in a year is worth nothing compared to what one could make by just hoarding Bitcoin. Not to mention how you can send money to anyone across the globe without the stress of filling out forms and signing numerous documents. Along with you being the only owner and access to your account. Yet there's even a lot other importance than you listed. Bitcoin rules!

I'm sure most of us have gone through this and these learning and observations can be considered common to everyone, OP your topic idea is decent and your topic is not prising anyone and providing a full-length topic discussing the pros & cons of the systems, etc.

your approach is more natural towards the newbies & OG's personally a big thanks to the forum, members, and Bitcoin as well because I knew nothing about Finance and planning was on that time like day-dreaming. The maturity level was also too near, to Bitcoin, and by discussing it here over and over with different perspectives and practicing it, I've almost got the maximum of the things about financial planning, Investment approaches, etc.

I always see that financial problems are what make people read about the economy and think about solutions. Inflation has made thousands think about investing and Bitcoin, and thus it has succeeded that Bitcoin and cryptocurrencies are thriving in Africa and some countries based on that.
It is true that Bitcoin will not solve all your economic problems, but it is the beginning of solving these problems, and diversifying your investments will enhance the possibility of doubling your profits.

BTC opened new gateways for every digital business. It is not only beneficial for organisations but for individuals too. A merchant or vendor can easily set up a BTC payment system for his shop without providing any documents like we have to provide to banks to increase the daily or monthly limits. There are no transaction limits, and the benefits of BTC exceed those of the fiat system..

I agree with you. While using banks, we don't give a second thought to how they work or how the financial system works, but when we get into BTC, we start to think about whether it is trustworthy or not. How can we protect ourselves from spam and scams? Questions like these are not aroused when we are dealing with banks because banks have companies all over the world that have built a huge level of trust among many people.

A new person will definitely choose banks over BTC because his elders were in banks and they made huge profits from banks too, so why would they risk their assets by converting them to BTC, where the risk of volatility is always there and the possibility of making a loss is always there? While they can make fixed profits if they go to banks, This explains the nature of why people adopt banks over BTC, but many adopt BTC over banks due to the knowledge they get from the questions in their minds. They get to know more about BTC and the financial world and how they manage money to make more profit and take risks with their money.

Your points are so valid, I also was not aware of the world's financial status (country by country) I did not know how banks work, how they manipulate money, and how they misuse their power (which is of having a big amount of money). Overall, I was not even a customer of the banking system but when I stepped into cryptocurrencies I had to use banks to withdraw tokens to my local currency. But the plus point here is, I got to know about blockchain, centralization, and decentralization-like topics before I got into banking. So when I started to use banks I found out the differences and the pros of using BTC and cons of using Banks.

But despite all the differences of pros and cons we still need banks and we cannot live independently of them. We might use some other local-level financing apps, like PayPal, Payoneer, (which are worldwide used) Easypaisa, and Jazzcash (which are locally used here in my country).

These apps can eliminate the need to use banks but at some point in your life, you have to use banks and cannot live without them. Well, besides all that, I also made a topic that is basically saying the same thing that your topic said

• To Understand the Potential of BTC, What we Must Know?

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.

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.



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

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.

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.

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.

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.

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.

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.

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 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.

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.

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.
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.

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.

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.

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.

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.

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;

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.

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.

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. 

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.

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.