Does cryptocurrency actually solve any problems? - page 5.

flyingcarpet

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Quote from: Owagee on July 30, 2023, 10:59:11 PM

Been asked a couple of times, what problems does cryptocurrency solve, and what’s its unique value proposition compared to other cryptocurrencies or traditional financial systems. Would love any other users take on this ..

It allows you to be free with your own money. It allows you to act independently of restrictions. It allows you to get rid of the absurd limits of banks in global transactions. You will get rid of nonsense such as transfers made during working hours are free, transfers made outside working hours are paid.

In summary, you have the opportunity to use your own money as you wish.

letteredhub

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The solutions are enormous, it all depends on what you're looking out for from bitcoin as a digital currency.
You can preserve the value of your money in a long term through fiat but with bitcoin you don't only preserve value but adds value to your money. For a long term value bitcoin is your sure banker.

No control of your money by any centralized body because of its decentralized system which enable trust I'm the system something that can't be found under the fiat currency system. Etc.

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Quote from: Owagee on July 30, 2023, 10:59:11 PM

Been asked a couple of times, what problems does cryptocurrency solve, and what’s its unique value proposition compared to other cryptocurrencies or traditional financial systems. Would love any other users take on this ..

The code is the law in Crypto (not all, at least for Bitcoin) - This means, you can get access to the most advanced financial system on the planet to make transactions without needing to trust the part on the other side of the trade. I have experienced first-hand the damage that trusts in centralized financial service providers like banks have on its customers. Bitcoin and Blockchain bring a unique approach to this. You don't need to trust the part on the opposite end of the transaction in order to make it. Full control, never seen before.

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Quote from: Owagee on July 30, 2023, 10:59:11 PM

Been asked a couple of times, what problems does cryptocurrency solve, and what’s its unique value proposition compared to other cryptocurrencies or traditional financial systems. Would love any other users take on this ..

Because this board is about bitcoins, I will speak specifically on the benefits and some problems that bitcoin has solved.

Bitcoin has solved the issue of monitoring from the government, you can keep bitcoins in big amounts and the government will not be able to know the exact amount you have. Bitcoins has also eliminated how compulsory the banks are for long distance transactions.

What bitcoins has not solved and will not be able to solve is the problem of poverty.

The Cryptovator

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Cryptocurrency, like Bitcoin, plays a crucial role in resolving various issues. It enables borderless transactions without third-party involvement, making payments more efficient and secure. Additionally, cryptocurrencies offer a global payment system for merchants, overcoming the challenges of traditional fiat systems. Many people worldwide are earning through cryptocurrency, and I, too, have found success with this payment system.

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Quote from: Owagee on July 30, 2023, 10:59:11 PM

Been asked a couple of times, what problems does cryptocurrency solve, and what’s its unique value proposition compared to other cryptocurrencies or traditional financial systems. Would love any other users take on this ..

It would really solve a lot of problems, like people could easily send money to each other, especially when we are talking about worldwide transactions. I know that people in some specifics countries may encounter difficulties when sending money to someone in countries(talking about fiat here) . Using crypto like Bitcoin has been very beneficial for me as I can instantly exchange my Bitcoin or use them in different countries though.

There are many more benefits, such as low fees for transactions and the anonymity of the transactions as well which is pretty good and I do really like that.

Blitzboy

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I love cryptocurrencies, especially Bitcoin, for its decentralization and empowerment. Bitcoin relies on a network of computers, making it immune to centralization. Consider typical financial system corruption and power abuse. How often have these collapsed economies? Bitcoin takes that authority from abusers. Instead, it trusts the network.

Cryptocurrency also helps unbanked people. Traditional banking is unavailable to billions. Bitcoin, however, may be accessed and traded online. Want a distinct value proposition? It is. Democracy, security, accessibility, and transparency. Each cryptocurrency has unique qualities and uses. I think Bitcoin is the biggest revolution

Z-tight

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Quote from: Rockstarguy on July 31, 2023, 10:10:02 AM

Bitcoin sovle every problem of the traditional currency, it also solve the problem in the banking system of savings. In the banking system saving money for a longtime doesn't have value to money instead the value of money depreciates, these is one of the problems bitcoin can solve, it gives value to money by investing in it for sometime.

Saving and investment is different, if you leave your money in your savings account, it is because you only want to keep it safe and use it when you need it later. But when you invest, there is risk, and so when you invest in BTC and keep it in your address, the risk of losing it is high if you don't know what you are doing, people hardly buy BTC because they want to save their money in the network, but because they want to invest, bear the risk and hopefully get revenue when they sell, but the bank is for saving, except for a little amount in interest that you can get annually.

Quote from: Rockstarguy on July 31, 2023, 10:10:02 AM

Bitcoin as money helps in financial privacy, you can have some amount of Bitcoin no one can track and get you physical Identity to know who you are. The banking system have every details of you, their is no privacy about you and your money and this is a problem solved by bitcoin.

There is privacy in BTC for the people who want it, but many people don't care about it and they use Binance and other centralized exchanges, which means they have lost their privacy. It is better for the bank to have your details than a centralized exchange, that's because it is easier and happens more often that a crypto exchange hack will lead to customers data being exposed, than with a bank.

Cryptomultiplier

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Quote from: Owagee on July 30, 2023, 10:59:11 PM

Been asked a couple of times, what problems does cryptocurrency solve, and what’s its unique value proposition compared to other cryptocurrencies or traditional financial systems. Would love any other users take on this ..

Well, I had to not read any other comments on this post, because I want to just say from my heart what I think. Am going to speak in a general sense because to focus on a single crypto, would be limiting your scope.

Clearly and firstly, it isn't obvious that you have not earned or won a reward in cryptocurrency before, because if you have, more than once, and have spent the funds upon swapping to your local currency, then you will understand why it solves the problem of finance by acting as a cushion to all our wallet in the times when the local banks try to frustrate with charges and requirements for plans or promos that is ambiguous.

Also, cryptocurrency has solved the problem of doing business with clients overseas. With the advancement and upgrades that stands to make exchange services like Binance, or new comer Bitget better, we see NFTs, Digital services and graphic skills and other related tech-know-how, intellectual property, even social media ads/campaign being paid for across border with the P2P initiative that is proven successful overtime.

So yea, cryptocurrency solves alot of financial problems, anonymity problems for big brokers, trans-border trade problems, huge charges and fees problems, employment problem too among others.

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Quote from: Owagee on July 30, 2023, 10:59:11 PM

Been asked a couple of times, what problems does Bitcoin cryptocurrency solve, and what’s its unique value proposition compared to other cryptocurrencies or traditional financial systems. Would love any other users take on this ..

The underlined part of your post doesn't make much sense unless Bitcoin is added before "cryptocurrency".

Now to the question, "what problem does Bitcoin cryptocurrency solve?".. first of all, fiat currencies or traditional financial systems have lots of problems, ranging from Centralization(centrally controlled), Can be easily Censored (the central power can stop users from using it at its own discretion), Lacks Transparency, Easy to counterfeit, Easy to Inflate (alot can be printed effortlessly & even secretly), Prone to Inflation which devalues people savings, requires Trusting In imperfect System/People, etc. These and other problems are what true Cryptocurrency like Bitcoin actually solves through Decentralization (controlled by users), Censorship Resistant (cannot be easily seized or stopped), Transparency (activities on Bitcoin Network are transparent), Hard to counterfeit, Printing requires hardwork (bitcoins are printed via hardwork & transparently), It's Deflationary (this helps increase the value of users savings), It's Trustless (requires trusting in coded truth, etc.

Which would you rather choose? Recommend it to those who need the truth

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Quote from: Owagee on July 30, 2023, 10:59:11 PM

Been asked a couple of times, what problems does cryptocurrency solve, and what’s its unique value proposition compared to other cryptocurrencies or traditional financial systems. Would love any other users take on this ..

Bitcoin sovle every problem of the traditional currency, it also solve the problem in the banking system of savings. In the banking system saving money for a longtime doesn't have value to money instead the value of money depreciates, these is one of the problems bitcoin can solve, it gives value to money by investing in it for sometime. Bitcoin as money helps in financial privacy, you can have some amount of Bitcoin no one can track and get you physical Identity to know who you are. The banking system have every details of you, their is no privacy about you and your money and this is a problem solved by bitcoin.

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Quote from: Owagee on July 30, 2023, 10:59:11 PM

Been asked a couple of times, what problems does cryptocurrency solve, and what’s its unique value proposition compared to other cryptocurrencies or traditional financial systems. Would love any other users take on this ..

What kind of problem are you talking about? I mean the individual level or the macro level as a country, the world economy. If talking about personal impact, bitcoin is bringing a lot of benefits such as profit, privacy, financial freedom...bitcoin has changed a lot of people's lives. As for its impact on a country or the world, bitcoin has not had any impact, that's my feeling. Bitcoin is only used for investment and has not been applied much in practice, so whoever says it affects the world economy is entirely wrong.

Z-tight

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Quote from: Owagee on July 30, 2023, 10:59:11 PM

Been asked a couple of times, what problems does cryptocurrency solve, and what’s its unique value proposition compared to other cryptocurrencies or traditional financial systems. Would love any other users take on this ..

There are too many cryptocurrencies that are in the crypto market, so your question has to be specific if you want a suitable answer. There are crypto's that are created for no purpose but to scam people, there are others that have useless use cases that nobody needs, so to try and answer your question, only good cryptocurrencies solve a problem, the rest of them are not useful or are a scam.

Let's take BTC as an example, it is censorship resistant and permissionless, people who want to use crypto for this purposes will buy BTC, it is also a hedge against paper money inflation, a volatile currency that can produce returns and a currency that the owner can control, these are some of the problems BTC solves and why people use it.

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Quote from: Owagee on July 30, 2023, 10:59:11 PM

Been asked a couple of times, what problems does cryptocurrency solve, and what’s its unique value proposition compared to other cryptocurrencies or traditional financial systems. Would love any other users take on this ..

CryptoCurrency have solved a lot of problems. Most especially making transactions decentralised and not delayed. As you are talking about cryptocurrency, many are also using it as source of income in a very legit way. Thats another problem solved.

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Quote from: Owagee on July 30, 2023, 10:59:11 PM

Been asked a couple of times, what problems does cryptocurrency solve

Cryptocurrency is for everyone to use but bitcoin is the solution giver every economy and people needs to have their financial freedom from centralized institutions and government for our corperate and individuals privacy, there are many cryptopreneurs that only make use of bitcoin for their business transaction and also, so many people have have chosen to maintain their investment with bitcoin alone.

Quote from: Owagee on July 30, 2023, 10:59:11 PM

and what’s its unique value proposition compared to other cryptocurrencies or traditional financial systems.

With other cryptocurrencies, bitcoin can rise and fall and still maintain it value while others cryptocurrencies can fail at anytime when the investors decided to withdraw their funding or when the project failed went bankrupt or hacked and if the developers also choose to scam investors, as with the fiat currency, there are many advantages of using bitcoin over fiat and privacy and decentralization are the major key factors, others are profitabilities and volatility, to mention few that bitcoin has over fiat.

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Quote from: adaseb on July 30, 2023, 11:13:27 PM

Solves many issues which are created by the traditional financial system. You like working to make $100 and instead of spending that $100 you decide to save it, then a year later you can only buy $90 worth of stuff with it. Your money was basically devalued without your control. Fiat money printing hurt many people who were savers.

There are also other problems it solves like it’s decentralized, it’s trustless, it helps those unbanked. Sure it’s possible the price of BTC might decrease or increase due to its volatility but so does many other assets such as price of stocks or real estate.

Similar to stablecoins which will not avoid inflationary values.
Coins bought at 150 now fetching 35 makes you lose money. Or Bitcoin bought at 64 000 and now 30 000 makes you lose.

What Crypto did is to give people access to a mechanism where storing value is relatively easy.
Crypto is not similar to a banking system but similar to a few facets. Trade for once. Banks are the system support. No industry can live withouth them.

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Quote from: Owagee on July 30, 2023, 10:59:11 PM

Been asked a couple of times, what problems does cryptocurrency solve, and what’s its unique value proposition compared to other cryptocurrencies or traditional financial systems. Would love any other users take on this ..

Before starting, I would like you to understand how important the difference between cryptocurrency and protocol is. In fact, I don't consider Bitcoin a cryptocurrency but the perfect protocol, i.e. a series of precise rules that have continued to do the same job since it all began.

Bitcoin is a distributed peer to peer payment system that serves to exchange transactions between users without an intermediary this means that it satisfies the request of the unbanked or that part of the world's population that cannot access a bank account for various reasons among all the most important the oppression of a state.

There are many other benefits that Bitcoin brings, so I invite you to read the forum

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Quote from: Owagee on July 30, 2023, 10:59:11 PM

Been asked a couple of times, what problems does cryptocurrency solve, and what’s its unique value proposition compared to other cryptocurrencies or traditional financial systems. Would love any other users take on this ..

The difference between Bitcoin and other cryptocurrencies or traditional financial systems is its decentralisation.

Talking about the problem it has solved, I believe if you have knowledge about Bitcoin, you will be able to understand that Bitcoin gives us financial freedom and makes us stop giving our money to banks; moreover, investing in Bitcoin gives profit.

It also provides an alternative to the physical investment of precious assets like gold and others. Bitcoin is decentralized; with Bitcoin, you will be your own bank, as no one will be in control of your wealth.

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Quote from: Owagee on July 30, 2023, 10:59:11 PM

Been asked a couple of times, what problems does cryptocurrency solve, and what’s its unique value proposition compared to other cryptocurrencies or traditional financial systems. Would love any other users take on this ..

cryptocurrency has solved a lot of problems in my life for example, and if you look deep the up coming generation at large are getting engaged to actually know what cryptocurrency is all about thats because they have been hearing of the good deed crypto has done in the past. but one problem am having in crypto is that its not regulated, like other financial markets.

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Quote from: Owagee on July 30, 2023, 10:59:11 PM

Been asked a couple of times, what problems does cryptocurrency solve, and what’s its unique value proposition compared to other cryptocurrencies or traditional financial systems. Would love any other users take on this ..

Well, it depends on the kind of problem your looking at, cryptocurrency avails you with the opportunity to save your money and grow it as well.
It can be seen as an asset, so if for any reason you have a certain amount of BTC, give it a little while it will grow to a significant amount. on like your traditional fiat currency that is deposited in the Bank and it will suffer all kinds of charges. So at one angle, cryptocurrency like BTC can give you some leverage on your financial stance upon investing.

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