Topic: Does cryptocurrency actually solve any problems? - page 2. (Read 810 times)

They lost money because they bought bitcoin but not invest in bitcoin. They bought it and used it for trading, gambling but not for investment. They wanted to invest but they FOMO buy and panic sell, loss is unavoidable by using capital like that.

They can lose money if they store their bitcoin in online acounts, exchange accounts and if they unfortunately have coins on scam exchanges.

They can lose money if they go self custody but did not backup wallet or use weak password and wallet is hacked.

Money is the main problem for all of us including you, not anyone's problem. It sounds easy, but when it comes to practice, it's not as easy as you say. If making money from bitcoin is so easy, why do so many people struggle and lose money investing in bitcoin? Especially with day trading, it is true that buying low and selling high will make a profit, but how do you know when it is time to buy and when to sell?

My friend, bitcoin is just an investment like any other, it gives you opportunity and whether you can turn it into money or not is up to you. You can get rich from bitcoin but you can also lose everything if you don't invest in the right way.

For me it solves the borderless transaction issues. Initially I had to go through “Foreign Remittance” form that used to ask me bunch of questions and form filling procedures. All the time I had to put I am providing for the health or education so that the transfer could be processed faster. It was very hectic process to be honest and Bitcoin just speeded up things for me in no time. Now that I can have Bitcoin purchasing on any exchanger or with the p2p methods and even better by earning it online, I could just make transaction to any family members across the border. The best feeling ever you can have. No begging to the banks, no paper trail. Just simple gesture of sending money to loved one.

I'll be honest, if money is the main issue of your life because you don't have enough, Bitcoin will solve that easily.

If you're going to do cryptocurrency full time, you'll realized that it's better to be your own boss and not work 8 hours a day in a toxic workplace. Bitcoin can give you a lot of money if you know what you should do, a simple buy and sell at the right moment is good enough to make profits but trading is the best if you want more, though you'll need a lot of money and experience in order to make more profits.

Bitcoin makes us our own bank without depending on 3rd party, that's also one of the things that I like about bitcoin. Bitcoin can be used globally as long as there is internet we can use it, but I don't think its use in countries that consider it illegal is worth mentioning. You cannot carry bitcoin with you and use it while traveling in a country where bitcoin is banned. Not only will that get you into trouble with payments, but it could also land you in legal trouble. That's really not a problem bitcoin solves.

You can solve many of your problems with Bitcoin. You can also use Bitcoin for ease of transactions. Suppose you live in a country where there is no way to transfer money to another country, you can easily transfer that money through BTC without any third party intervention. Or if you want to keep your money private  you don't want some amount of money to be linked to your total money, you can convert that money to Bitcoin. When you convert the extra money to Bitcoin, that money will remain your secret. Beyond these issues, there are many other issues that can be solved with Bitcoin.

I actually surprised myself by meeting very few people like myself -- who found a solution in Bitcoin to cross-border money issues, then only later realised it's because of my passport.

I think the people who usually ask don't live the realities of being someone from the South. We generally take OayPal, Visa, etc for granted but you might be surprised to learn how difficult it can be to access these basic payment services if you don't belong to the typical online user.

No such concern for Bitcoin.

Perfectly said 👏
Cryptocurrency at large solves a whole lot of problems in the the current society and one of the major problem it solves is decentralization and making the holder a sole controller of his funds.
Bitcoin is trusted and one of the first cryptocurrency and as such has gained ot of trust from people.
One of the major benefits of bitcoin  is that it can be used globally  even in countries where it isn't legalized and in case of travel,  one wouldn't be worried about changing their naira to the country's but rather, they  can simply just do a peer to peer trade and get the currency they want.

Bitcoin is great for sending funds internationally because of its boundless nature but in the local transaction, I am somehow hesitant if can outperform the local banking online system because these sytem can enable instant transfers with little to no fee especially when the transfer is done within the same bank.


I also think the same, I believe Bitcoin can be used as a tool to lessen the poverty in a country.  With the feature of Bitcoin enabling financial inclusion of the unbanked, they are enabled to participate in the global economy.  Now it is up to individual how they will take advantage of the opportunities that Bitcoin gives.

I can see that Bitcoin is a perfect thing to use when it comes to sending money to other people or countries as we can save time and cost. But if we talk about using it in the form of currency, fiat money was still the best option which is why people are converting their crypto.

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I can say that Bitcoin serves as an option but can't totally solve the problem. If we can say that it helps financially, yes, it was indeed helping a lot of people but it never is the solution to poverty. It could be an opportunity, not a problem solver.

Bitcoin is simply the best kind of money and the government themselves know this fact that is it the truth, that's why they are trying to figure out how to stop the wonderful trend because if Bitcoin is actually adopted, many of these men will have lots to loss as many people will be exposed on the truth that follows this trend and also the fuel issues in the country.

exactly. The market is also controlled by supply and demand, and sometimes there are more people buying, which can make the price shoot up. At this point, a whale cannot have much influence in the market, and even if it does, it will only take some days or weeks for the market to recover again, and even after it recovers, would it not still be a disadvantage to those whales to buy at a high price? Well, those whales are also usually very calculative about when to take advantage of the market. they don't get so insensitive as to just play with their Bitcoin because they feel they have quite a lot of it.

Bitcoin is the safest currency right now. To keep our money safe we consider bank as the safest but in this time of inflation where bank is not safe then surely Bitcoin can be trusted. Even if the value of money decreases due to inflation, inflation usually has no effect on Bitcoin, which is why it is safer to convert your money to Bitcoin than to keep money in the bank during inflation. In some cases, you can protect your privacy with Bitcoin. Suppose you want to pay on a site but you don't want to use your bank card or any other payment system on that site, you can use Bitcoin as the means of payment, it will protect your privacy.

Right, bitcoin is like other tools and products that man has ever created, each tool has its own mission. But whether it becomes a good tool for solving problems or a means for bad ends depends on human behavior. No product is created without functions and tasks, but the most important thing is what we use them for. Like when we use bitcoin for profit or turn it into our own bank...while criminals use it for their evil deeds. So, there will always be mixed opinions about bitcoin because it depends on how each person uses it.

right, that's one of the advantages of transferring using bitcoin, where effectiveness and efficiency are one of the advantages because of its decentralized nature. on the other hand we can also manage our own savings without administrative costs, it's only possible that the value fluctuates due to fluctuations that occur. but unfortunately this cannot be done massively to help with daily needs, because there is no legalization in my country yet, so it's practical with bitcoin just to make money

Agreeing completely here .


1. Privacy - Though it is not completely anonymous yet we can at least same some privacy for our transactions.

2. State Surveillance - it can , but it cannot depend on which who will conduct the surveillance .

3. Borderless Payment - This is I will 100% agreed because no matter where we are as long as there is availability of crypto and internet , we can transact .

4. Banking - this will end the Banking corruption for sure.

about the empowerment ? yes this is what we have here .

Of course BTC solves problems… while it may not address all of the world's economic problems, it certainly has value and advantages. Decentralization in finance is one example. Some communities in some nations have restrictions to use traditional banking services. Take Venezuela as an example, where people frequently face withdrawal restrictions due to a lack of cash in banks as a result of the country's economic devaluation, which has forced residents to seek other, more stable currencies (Colombian peso or US dollar). ). In this context, cryptocurrencies can give people financial access by allowing them to engage in transactions and services without relying on conventional intermediaries and without restrictions, and that would be another point. In addition, BITCOIN and cryptocurrencies can help people carry out such transactions not only locally or nationally, but also quickly internationally. This can be especially useful in cases of money transfers where people send money to their relatives in abroad. As if that were not enough, security is another advantage, since this technology guarantees the security of transactions and movements simultaneously. that safeguards the privacy of users. In a world where privacy is a growing concern in the digital sphere, proving useful and again solving a problem.

As many other users already pointed out, inflation is one problem that cryptocurrencies can solve but for me there is another aspect even more important: you can send money to whoever you want, whenever you want, without the need to get the permission from any bank or other agency. Let's not forget that many people in the world have no bank account therefore it's difficult for them to receive/send money. With cryptos you just need a smartphone.

Yes, I mean financial stability and it requires better use of the opportunity cryptocurrency presented before anyone can be financially stable.
Having said that, it doesn't require investors to dive into trading after a successful investment in cryptocurrency because crypto trading is not meant for all investors and it's not a must to join the crypto trading market before being financially stable.

I highly agree, money laundering had been in existence even before Bitcoin is created.  But, to think about it, Bitcoin transactions being transparent and open to public, I do not think that Bitcoin is the best way to launder money. Though I don't know about privacy coins since I read some articles that some of these privacy coins are actually not private and can be traced.


True that, one instance is when there is a huge hype and a whale decided to dump his Bitcoin, as long as the demand outweighs the selling pressure, Bitcoin price will not plummet, and if the whale isn't aggressively selling his Bitcoin and just put it as sell wall, demand will slowly nibble it until it is eaten out completely.