Topic: Bitcoin the solution to financial freedom (Read 264 times)

From my point of view when it comes to different businesses using bitcoin, it is a gamble like you need to have extra money.

Likely when you have your business you used your money so when you decided to use bitcoin as a payment method you need to have another extra money because the bitcoin you earn should not be move or exchange. Why? Because I see the negative side about this and possibly not just me that if bitcoin value went down its kind lost income you likely need to wait for bitcoin value or price get up.

Like every time I read about this please enlighten me more here?  why do business use bitcoin when you can exchange it to your own currency if the bitcoin value drop?

I agree with you.
Before I came across bitcoin I tried a lot of different ways to make some money online, mlm, revshare, adclicks etc. but nothing brought a concrete result and allowed me to become financially free.
Bitcoin has finally given me financial freedom, after many years of trying and wasting money and time on failed projects.
The most important thing here is that I do not depend on anyone but solely on myself and my decisions.
Those who came into the crypto world later may not yet have achieved financial freedom, but given current trends, with a little patience and with a smart strategy, they too will succeed in doing so.

Cryptocurrencies have entered many areas of life and have become an important part of the global economy, whether by investing these currencies or using them to buy products and services or conduct various financial transactions.

I am sure you will change the way you think about this after reading this thread. In addition to giving users financial freedom, bitcoin will also benefit the government through taxes. But in fact the government still wants to put bitcoin under its control even though they haven't really succeeded in doing so until now.

It true today bitcoin is the one that helps a lot of businesses or personally, to get some financial freedom. Never the less one must know how bitcoin or rather a cryptocurrency works. Especially when you or this business, one must know how trading works. why trading is another best option to get earn more money.

Yes, a lot saw bitcoin as a solution to financial freedom you cant just really buy bitcoin. Like having an object or a cellphone you make research on which is best and more and that is the same with bitcoin you must know or have a little background about bitcoin you can't just go or buy bitcoin without knowing bitcoin even if bitcoin had already made a mark on the work of business.

You may have thought of this because Ellon Musk and Tesla, did a move to bought bitcoin on the spot they made bases, research, and lastly how it works as a cryptocurrency.

Financially free if it's pertaining to the investment and holdings that you own in bitcoin. Specially for the early investors, they're now living financially free and they can transact as much as they can and they can sale if they want to at any price because they've bought at a cheap price. But most of those that I've read and shared their stories, they have no plans of selling because they know and believes that the future of bitcoin is great and will make all of us achieve better status and become more financially free.

Maybe if you can buy a house and pay your daily needs with bitcoin then probably bitcoin might be the answer but considering that the adoption isn't that widespread, maybe we have to make do with fiat for some of our needs. I don't think that bitcoin is the only one solution to financial freedom unless you are a whale then probably bitcoin is a solution for you but considering that there isn't a lot of people who has that, I think that we should consider bitcoin as part of the solution to financial freedom.

People have to know the rule of demand and supply. For transactions and fee this rule can be applied. The capacity of block is fixed and can not be changed. When Bitcoin has considerable falls or rises, more demands of transactions especially quick ones.

Therefore, people will join fee trace in those times. If they store Bitcoin in non custodial wallets and need to move it, they have to join fee race and pay high transaction fee.

With non custodial wallets, they can choose best fee to move their Bitcoin as fastest as they need.

With exchange wallets, if they want to move their bitcoins, they have to accept high withdrawal fee from exchanges.

Many people are finding financial freedom these days because governments are always benefiting our money.

That's the reason why many people invests on bitcoin due to the fact that it is decentralized.

Governments have nothing to do with that because it is our money, bitcoin is only for us not for the government.

People need to understand that times are changing and that it is no longer possible to pay $0.10 and get confirmation in the next block because the number of users is increasing, and now we still have a specific situation in China where some miners dropped out of the game (temporarily), and mempool is additionally congested. Of course for microtransactions at this time paying on chain does not make sense - the alternative is Lightning Network, or some altcoins that have very low fees, or they do not even exist.


Yet if we look back we can see that there have been similar situations - so in one short period it took almost $50 to confirm in the next block, and now that amount is around $30.

Atm on mempool

As an image showed above, it is now hard to consider Bitcoin as a medium of a transaction as the fees are something that really is a pain in the ass.  I really find the transaction fee expensive and converting it t fiat really hurts and also, remittances are actually way quicker than transactions in Bitcoin.
So I think small businesses that use microtransactions would benefit from Bitcoin.  I would prefer to have digital wallets like PayPal instead if this is the case.

You may only consider Bitcoin for transactions if you have a big transaction bracket and it would only tell that your business might be big during that time or treat this as storing of dollar value while holding your investment.

So far I also don't see that fiat has a daily transfer limit, but it all depends on the business scalability and what payment platform you are using.
In fact, people like convenience even though it is limited. Let's say you have to use a crypto payment platform that has certain sending limits because not all of your customers have technical knowledge of bitcoin. On small business scalability, you are forced to limit your own daily bitcoin transactions when transfer fees are high to only small amounts of bitcoins.
In conclusion, nothing can truly provide financial freedom. Fiat and bitcoin have their own flexibility where you have to be smart about choosing them at the right time.

How do you mean by bitcoin has no limit of transfer. All currencies has a limit to which you can transact a day. So why should bitcoin be different or is it running a different scheme?

I still need to understand how this system work I really need to understand how this bitcoin of a thing work so I can actively participate in this interesting discussions because most of the times I feel so left out considering how people react to topics and how the reply comfortably without much stress

From my personal experience, I can say that for the vast majority of people Bitcoin it is still complicated, especially in terms of transactions, private keys, public addresses and setting fees. People are just used to someone else doing complicated things for them (a bank clerk), or taking their card and using it at an ATM or POS device in a store - all you need is a 4-digit PIN - quite simply - or it could be even simpler with the face recognition technology associated with a bank account.


In fact, there is no need for governments to make any drastic moves (at least not globally), because as we have already concluded, people are still not ready for what Bitcoin was created for, and for the most it is too complicated. That is why the best estimates range from 1% -2% of the world's population who are in some way involved in crypto. This is too little to pose a threat to the current financial system.


This is already a done deal, most central banks are working on creating what they call CBDC (central bank digital currency), and China has already conducted very serious tests among the general population with its version of the coin. Libra (no longer called that - rebranded as Diem) is not a coin of the central bank, but of a private company - and it is nothing but stablecoin which did not go well in the first attempt, because of course the FB user base has 2.4 billion users who would directly get the opportunity to use it. Nobody liked that, especially the US and the EU, which were strongly against it.

To me bitcoin is more of a store value. There are so many limitations  to what OP is suggesting. Bitcoin is easy to use but you still need basic level of education to know how to use it.
Even though crypto is the future of money, Bitcoin cannot replace traditional currencies. For Bitcoin to complete such feat, it has to be accepted not just locally but worldwide. To be honest, its goinf to take a long time for bitcoin to replace fiat. Governments are doing their best to make sure that never happens. In the past they called bitcoin a scam and declared it illegal. They fear the power bitcoin gives to the people. Although I don't think bitcoin has used to protest yet or boycott a movement. Best case scenario, the government will  create their own cryptocurrency so that they still have control. Correct me if I'm wrong but libra coin is an example of such cryptocurrency.

Have you thought of the gas fee involved in each transaction done using bitcoin as means of exchange? If bit coin gains global acceptance as means payment for commodities how many would afford to transact using this decentralized currency?

Transacting with Bitcoin is reserved for top investments and not for menial investment with little ROI (reward on investment) ratio.

Does a fiat business transaction have a limit?

If you are to legally put up a business which accepts Bitcoin payments, it means it will be placed under financial regulations. If your business is not registered, you may have your own way but it will just be a matter of time before the law will catch you. So, the best way is to go through the legal process, which means submitting yourself and your business to regulations.

Have you heard of the "Entity list" ?
Let's take Iran for example

"Most US banks will not handle a transfer to Iran for you, and popular money transfer providers like Western Union and MoneyGram don’t offer their services to Iran. Even if you can find a money transfer willing to help you send money to Iran you will then need to be very careful about the purpose of the transfer."

https://www.finder.com/international-money-transfers/send-money-to-iran

Paypal bans accounts with Iranian IPs. So yeah... transactions are regulated.
Not from there myself but don't see why a whole nation mush suffer because their leaders can't get along.

Also Venezuela

Government regulations in Venezuela have historically made it difficult to send money there, and in the past, no providers were able to do so. However, in June of 2018, MoneyGram began operating agent locations in Venezuela, and it’s possible to send money in person or online using other providers.
As of May 8th, 2020, MoneyGram is the only service currently offering transfers to Venezuela from the US.

https://www.finder.com/international-money-transfers/send-money-to-venezuela

And only local currency, bolivars.

And it's just the tip of the iceberg. You start to miss freedom only after you truly lost it...

Indeed, banks need to abide by each counties external policy decisions but this subject really gets me rallied up.

You still need to batch all that payment in one address either to move them to your cold wallet or directly to an exchange.
Imagine doing that for 100 inputs now when the lowest fee in the last block was 264sat/vbyte. 


There are a lot of flaws there but the one about no regulation is one I've seen replicated through a lot of posts around here, if bitcoin is not regulated in your country it doesn't mean your business can also run without any license, nor it does mean you can safely avoid taxes on profits or vat or anything without essentially breaking the law.

Just because you're getting paid in crypto doesn't mean you've found the perfect mechanism to elude everything.
Most shops that offer the option of paying in crypto are still charging you VAT, if not they would be breaking the law and again, if that would have helped them do so without any consequences you would have seen already thousands of them with millions of customers, especially since in some countries in the EU where only VAT can reach 24% on top of the usual price.

Bitcoin p2p transactions might not be controlled by anyone, but your business activity still is.

On the contrary, some retailers are using coinbase. If customer also have an account then it's convenient even for tiny amounts (internal transfers are instant, zero fee).

Bitcoin has too many drawbacks to replace fiat in business as of today. High fees and at least 10 minute waiting time means it's not suitable for small purchases and physical stores, until Lightning Network arrives. Price volatility means you have to instantly convert it to fiat, which means additional fees and reintroduction of trusted third parties. Most people have poor security practices, so they could easily get their coins stolen from their phone or computer if they get some malware.

Transactions are not directly regulated but you still need to pay taxes.

Be careful, most countries are making regulations. If you have a business and you want to receive btc as a payment method it should be just like a fiat currency. Same taxes. You are probably saving the credit card fee provider only...

Bitcoin helps to make business strive since it has no daily limit of transfer and its activities are not regulated nor controlled by any financial institutions, businesses grow fastest when buyer and saler decides to used bitcoin as a medium of transaction