Can Bitcoin save us - page 2. | Bitcointalksearch.org

Abiky

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Quote from: moonie on August 05, 2024, 06:36:58 AM

With global markets headed towards an economic downturn once again, I'm reminded of why Bitcoin was created in the first place... centralized financial institutions cannot be trusted.
But as the fiat currencies like the dollar continue to deteriorate in value, it's becoming increasingly clear we need a real alternative.

It seems Bitcoin Core has embraced the digital gold narrative, which fails to achieve the original goal of P2P electronic cash. Do these developers really know better?

With "Wall Street" in the game, I doubt Bitcoin will be able to save the world. Besides, we're still stuck in the Fiat standard. Governments are yet to build their own BTC reserves. Gold is the clear winner here. Unless this changes in the future, don't expect Bitcoin to go anywhere soon.

I believe BTC is marketed as "digital gold" because of its scarcity and unmatched security/reliability. The high fees prevent people from using it as digital cash, anyways. I'm fine with Bitcoin being an alternative to Fiat as long as it remains decentralized and censorship-resistant. Replacing Fiat would be nothing more than a dream. Although, I could be wrong...

Smartvirus

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Quote from: TsenTsen on August 27, 2024, 01:53:26 PM

Unless the problem of Bitcoin's high volatility is solved, it will never could replace dollars or FIAT.

I doubt the context of OP referred to Bitcoin as a replacement to fiat or the dollar.
Something we need to understand is that, the fiat is not just a currency, it’s an identity, a mode of doing businesses within a locality and across borders. You ain’t going to through all that in the wind because of a highly volatile or unstable Bitcoin.
What is a government without control, fiat brings the government that control and it is accessible to all unlike Bitcoin that is accessible only to the internet and gadget enabled population.

While Bitcoin might help by some means, it’s not the savior of our economic crisis. The world seems to be growing faster than it’s producing and we need to reverse that.

Hamza2424

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Quote from: moonie on August 05, 2024, 06:36:58 AM

With global markets headed towards an economic downturn once again, I'm reminded of why Bitcoin was created in the first place... centralized financial institutions cannot be trusted.
But as the fiat currencies like the dollar continue to deteriorate in value, it's becoming increasingly clear we need a real alternative.

It seems Bitcoin Core has embraced the digital gold narrative, which fails to achieve the original goal of P2P electronic cash. Do these developers really know better?

Hmm, I won't say centralized financial institutes can't be trusted yup I would rather say centralized financial institutions are incompetent and inconvenient these days they are all outdated concerning their services, at the same time I won't say Bitcoin is the digital gold narrative influenced project, and for sure from day one till now Bitcoin is Bitcoin, still the same network and protocols, yup I do acknowledge these days 80% investors treat Bitcoin as their safe investment class assets, and I do support such people as well as they are bringing more reliability of the network.

Bitcoin is still the P2P payment mode yup, with the progression of time, the cost of using this network is increasing and for sure it will increase continuously this is how it is designed bro, you are getting a top-class secure network and reliability.

tabas

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Quote from: retreat on August 27, 2024, 11:42:46 PM

Even when we don't like fiat, we can't ignore the fact that we are still tied to it, because from the beginning Bitcoin was not developed to replace fiat but as an alternative to increase privacy and security in transactions. Even in the process of trading Bitcoin, we are still tied to fiat, either P2P or via exchange, and many other things. But maybe in terms of inflation, we can rely on Bitcoin as a long-term reserve asset, and historically it is true and proven that the value of Bitcoin increases.

You're right, we cannot depart from the usage of fiat even if we want to go full Bitcoin. The thoughts that are in the process are to just hold Bitcoin because the value will grow bigger in the long run. The reason why Bitcoin was made is true, it's an alternative and not solely going to kick out the usage of fiat. Although when I was a newbie, I thought it that it was going to utterly kick out fiat usage because it's the future. While I believe that it is the future, not all people are going to adopt and use it wholly. Some will stick to the typical financial instruments that we've used to have.

HajiBagi

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Quote from: Floxynice on August 05, 2024, 07:18:54 AM

Bitcoin save us from economic downturn?
Bitcoin will only complement the economic activities in a particular country or region where it can serve as a means of payment, an investment and a source of income to many, but bitcoin alone cannot do the magic. The government still needs to set up policies to make things favourable for its people.

Bitcoin can not save us, the reason why I said that is that Bitcoin is not our leaders or the government that can take the responsibilities of every citizen in the country, I don't know if you are getting me, but those who Bitcoin can help is those who have the money to buy bitcoin, bitcoin can never save people, bitcoin can favor those who depend on it and buy it, not everyone that can afford bitcoin, some people today find it difficult to eat so I don't see anything that bitcoin can do for everyone.

Many people don't know anything about Bitcoin or cryptocurrency because they don't have time to spend and know much about technology and all that online stuff, bitcoin can never save us and it is very clear, that no matter how it is it can never save people because those who bitcoin can help is those who invest in bitcoin and believe that it will help them.

fuguebtc

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Quote from: TsenTsen on August 27, 2024, 01:53:26 PM

Unless the problem of Bitcoin's high volatility is solved, it will never could replace dollars or FIAT.

Therefor, it could only be used to save us personally in future's economy only if we invest in it and hoping for its return in few years later if it is go smooth.

Even if it becomes stable, it will never replace the USD or fiat. It was not created for that purpose and has no potential to do so. If satoshi created bitcoin with the intention of replacing fiat, I bet it would have disappeared long ago and we wouldn't be able to use it as commonly as we do today. The government will find every way to destroy it immediately if it challenges their power, don't be naive to think that because it is decentralized the government can't destroy it.

People like to hype about how bitcoin can help us avoid inflation, alleviate poverty...but honestly, I don't see how it can help us. Bitcoin is a highly volatile asset that is only really beneficial to those who know how to leverage and profit from it. Meanwhile, if we want to reduce inflation and end poverty, we need price stability, we need more jobs...and bitcoin cannot do these things. So it cannot be said that bitcoin can save us.

retreat

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Even when we don't like fiat, we can't ignore the fact that we are still tied to it, because from the beginning Bitcoin was not developed to replace fiat but as an alternative to increase privacy and security in transactions. Even in the process of trading Bitcoin, we are still tied to fiat, either P2P or via exchange, and many other things. But maybe in terms of inflation, we can rely on Bitcoin as a long-term reserve asset, and historically it is true and proven that the value of Bitcoin increases.

Gladitorcomeback

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Quote from: CriptoBytes on August 22, 2024, 07:08:29 AM

Bitcoin has definitely proven itself as a decentralized alternative to traditional finance, especially in uncertain economic times. While it's true that the 'digital gold' narrative has taken hold, that doesn't mean Bitcoin can't still function as P2P electronic cash. Sure, there are challenges in scaling it for everyday use, but with developments like the Lightning Network, we’re seeing progress. The beauty of Bitcoin is that it can be both—a store of value and a way to make transactions. It's all about how we choose to use and develop it.

Undoubtedly, the most common use of Bitcoin or every cryptocurrency in the market is a store of value or a source to earn money. Most people wouldn't even know when and why Bitcoin was created but would know that it's something profitable and if they invest money in it, they will get more money later.

To be honest, I don't blame people when they consider Bitcoin and other cryptocurrencies sources of income because they have been volatile since the beginning, and when we see an opportunity to earn some money, we wouldn't want to miss it, of course.

It started with a small group of people using Bitcoin for gains, and now the majority of Bitcoin holders have the same mindset. They aren't happy because they have access to Bitcoin or they hold some, they are happy because they are going to earn some money from it.

wahyuagung26

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Quote from: 348Judah on August 21, 2024, 03:42:34 PM

Bitcoin has it own role to play provide that the people and government allows it, but either of the ways, it will still remain what it used to be and will never be centralized and be under the control of the governments, anyone who adopts bitcoin will see the benefits for doing same, because 0they will have every of their reasons for considering bitcoin achieved, we can as well take a look into a country like El-Salvador where bitcoin was made a legal tender, things have always been changing from one transformation to another ever since the adoption and their economy have never remain the same.

Bitcoin moves by itself and no one can control it without exception by the government. we agree that everyone who has adopted Bitcoin must have understood very well the systems, speculations and also the fluctuations that occur in the movement of Bitcoin. a very interesting program that has been carried out by the State of El Salvador by allowing users to make payment transactions and purchases with Bitcoin.

serjent05

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Quote from: TsenTsen on August 27, 2024, 01:53:26 PM

Unless the problem of Bitcoin's high volatility is solved, it will never could replace dollars or FIAT.

Therefor, it could only be used to save us personally in future's economy only if we invest in it and hoping for its return in few years later if it is go smooth.

Bitcoin whitepaper does not directly tell that its purpose is to replace dollars or fiat currency. It aims to remove the third party from the transactions where a person can send his money directly to other people removing extra fees. It also aims to have financial sovereignty wherein the holder will have full control of his fund. So its purpose is privacy, decentralization, borderless transfer, and removal of the third-party intermediary institution to reduce the cost of transfers but never to be a replacement for fiat. It can be a good alternative if the network congestion is not an issue.

As for whether Bitcoin can save us, I don't think it can directly, since whether Bitcoin will be a positive thing for the holder is dependent on how the holder uses his Bitcoin.

Alana Arden

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Bitcoin is a decentralized currency, not a centralized currency that will do any favors to change the negative economic situation in our world. Rather, it can be an alternative means of earning. Primarily, Bitcoin is a p2p electronic money system that helps people directly without third parties. And it provides a decentralized alternative to traditional financial institutions and banks.

TsenTsen

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Unless the problem of Bitcoin's high volatility is solved, it will never could replace dollars or FIAT.

Therefor, it could only be used to save us personally in future's economy only if we invest in it and hoping for its return in few years later if it is go smooth.

Baki202

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Quote from: CriptoBytes on August 22, 2024, 07:08:29 AM

Bitcoin has definitely proven itself as a decentralized alternative to traditional finance, especially in uncertain economic times. While it's true that the 'digital gold' narrative has taken hold, that doesn't mean Bitcoin can't still function as P2P electronic cash. Sure, there are challenges in scaling it for everyday use, but with developments like the Lightning Network, we’re seeing progress. The beauty of Bitcoin is that it can be both—a store of value and a way to make transactions. It's all about how we choose to use and develop it.

The decentralization is what have made people have interest because you can easily be able to detect who is control a particular amount of bitcoin and for reason i think people are already finding interesting to want to keep their asset unknow for a lot of reason and also avoiding been investigated several times by the government people have learnt to take security very serious, and been an alternative for cash and you can store and have interest in return and bank issues can be avoided with their over charging. digital gold is also not a bad option to consider all are assets but patience matters a lot for those that want to hold because if you are not holding then you are trading which ever you decide just have it in mind that their is no way you are going to lose when you are doing bitcoin. be patient and be committed you don't need much just have knowledge and capital then you don't have any other thing to worry about, than how you are going to be making your profit, storing as a value will continue to be the sweetest thing.

reagansimms

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This is the reason Satoshi created Bitcoin because centralized financial institutions controlled by governments are simply untrustworthy. Bitcoin can be relied upon as a hedge against inflation, you will not feel disadvantaged if you hold it in the long term.

Quote from: moonie on August 05, 2024, 06:36:58 AM

It seems Bitcoin Core has embraced the digital gold narrative, which fails to achieve the original goal of P2P electronic cash. Do these developers really know better?

In what way do you consider it a failure, isn't Bitcoin starting to be actively used as a p2p payment method, it seems you need to dig deeper to fully understand this.

Smack That Ace

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Quote from: hd49728 on August 22, 2024, 06:59:11 AM

Quote from: uneng on August 21, 2024, 06:37:23 PM

There isn't a single or right concept of how you should use your coins. If Bitcoin fits the function of investment for your life, then use it as investment, but if it suits better as currency for daily transactions, use Bitcoin as currency. It's not the developers who know better, but each individual who decide how they should use Bitcoin taking into consideration their needs on the present time.

Satoshi Nakamoto created it, listened to community to make more development before Satoshi Nakamoto decided to leave the community and give Bitcoin to the community for further development. The departure makes Bitcoin truly decentralized, without a centralized person to impact its development and future.

Bitcoin has many use cases and the article writes about 10 most common Bitcoin use cases. I am sure a single person will touch not all of 10 use cases listed in the article. We have freedom with our money, free ways to manage our personal finance and Bitcoin gives us many options to do with it and our finance.

Quote

Some of the ways Bitcoin can be used include:

Peer-to-peer payments
Investment
Speculation
Crowdfunding
Online gambling
Purchasing goods and services
Donations
Remittances
Micropayments
Store of value

Agreed, bitcoin is an asset, a versatile tool and people can use it in many different cases to serve their needs. That's something no other asset or currency can do except bitcoin, and that's something to be proud of.

But one thing I see is that people are using bitcoin as an investment more than any other use case, and there is nothing wrong with it as people are just using it for their needs but some people are complaining about this. Is this true? They say we should focus on using bitcoin as a peer-to-peer currency like how Satoshi created it, rather than just using it as an investment. What do you think?

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Quote from: Floxynice on August 05, 2024, 07:18:54 AM

Bitcoin save us from economic downturn?
Bitcoin will only complement the economic activities in a particular country or region where it can serve as a means of payment, an investment and a source of income to many, but bitcoin alone cannot do the magic. The government still needs to set up policies to make things favourable for its people.

I completely agreed to your point that bitcoin alone not save us from economic recession it can be another source of earning. Bitcoin is decentralised currency and government approves or make policies that are directly under their department so if countries start legalizing it then bitcoin will be centralised under that countrie’s government and they will make revenues by implementing taxes on bitcoin’s earning.

CriptoBytes

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Bitcoin has definitely proven itself as a decentralized alternative to traditional finance, especially in uncertain economic times. While it's true that the 'digital gold' narrative has taken hold, that doesn't mean Bitcoin can't still function as P2P electronic cash. Sure, there are challenges in scaling it for everyday use, but with developments like the Lightning Network, we’re seeing progress. The beauty of Bitcoin is that it can be both—a store of value and a way to make transactions. It's all about how we choose to use and develop it.

hd49728

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Quote from: uneng on August 21, 2024, 06:37:23 PM

There isn't a single or right concept of how you should use your coins. If Bitcoin fits the function of investment for your life, then use it as investment, but if it suits better as currency for daily transactions, use Bitcoin as currency. It's not the developers who know better, but each individual who decide how they should use Bitcoin taking into consideration their needs on the present time.

Satoshi Nakamoto created it, listened to community to make more development before Satoshi Nakamoto decided to leave the community and give Bitcoin to the community for further development. The departure makes Bitcoin truly decentralized, without a centralized person to impact its development and future.

Bitcoin has many use cases and the article writes about 10 most common Bitcoin use cases. I am sure a single person will touch not all of 10 use cases listed in the article. We have freedom with our money, free ways to manage our personal finance and Bitcoin gives us many options to do with it and our finance.

Quote

Some of the ways Bitcoin can be used include:

Peer-to-peer payments
Investment
Speculation
Crowdfunding
Online gambling
Purchasing goods and services
Donations
Remittances
Micropayments
Store of value

glendall

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Quote from: Dunamisx on August 05, 2024, 11:29:59 AM

Quote from: moonie on August 05, 2024, 06:36:58 AM

It seems Bitcoin Core has embraced the digital gold narrative, which fails to achieve the original goal of P2P electronic cash.

Don't get it twisted, bitcoin is not what has changed overtime, its has been on the same narrative in which it developer Satoshi made and all its protocols as well have been the same as well till now, we should stop confusing ourselves with electronic cash of a thing with bitcoin, we should know bitcoin for what it is and stop making early developers intentions on creating an electronic cash as with the same on the bitcoin decentralized network.

That's right, I can't understand why people always equate BTC and electronic money even though it's clear the concepts are different

livingfree

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Quote from: uneng on August 21, 2024, 06:37:23 PM

The point is that Bitcoin has to be benefical for you along the years. After all, it exists to serve us, and not the opposite. Bitcoin is the tool so you can reach your objectives. Bitcoin is the middle, not the end.

I hope that many will understand what you've said but that's it. Bitcoin is the tool for us to do whichever goals we want to reach with our lives. Are you able to save a lot when it was cheap? use it for your financial freedom or anything as you wish to do.

Are you still saving while many considers it as an expensive asset? Don't listen to them and keep on doing your thing.

The world is uncertain and we don't know what global factors will trigger soon that will affect all of the markets including Bitcoin and altcoins.

Topic: Can Bitcoin save us - page 2. (Read 920 times)