Topic: Does cryptocurrency actually solve any problems? - page 6. (Read 782 times)

For starters, it gave many people opportunity to earn something by utilizing their computers, I think it's the biggest problem that bitcoin has solved so far, giving people other means of making money and financial freedom. Another one that I can think of is that cryptocurrency helped in making people aware that the current financial system is broken which leads to more people losing faith in the current banking system which in turn forces the banking institutions to adapt to new technology or fight them to maintain status quo which seems to be the lucrative choice for these banking mfs.

Cryptocurrency is just a tool, the person that uses those tools are the ones that get to decide whether we will solve the problems using these tools.

Not cryptocurrency in general, some of them add more to my problem than they solving it, for example Defi projects, I just lost some money because of hack that took place hours ago on Curve Network and it affected may projects under Curve, some utilities are not helping in this space at all, instead they are adding more problem than they solve, Bitcoin seem to be the better place to be, I always hate banks and Bitcoin just came like a striking storm to get the problem fixed and it did.

It's like I have been dying of a decentralization way of getting away from the government and their rules over someone like me, Bitcoin has given me hope that I can survive without the government in control of my life, Bitcoin is doing more than just giving me more money, I am now a 90% Bitcoin man and a 10% Bank user.

Most crypto projects want to be like Bitcoin and as time goes on they will start distancing themselves from the path, because they want to catch some FOMO and HYPE in the space, they can be decentralized today and turn centralized tomorrow,  do not be shocked, there is nothing like Bitcoin

Let me use a practical example to explain this cause words like centralization and irreversible does not mean much to the average user in relation to their finances.
90% of the time you send money to a local bank account with no issues, it reflects at the receiver's bank almost instantly eve though in reality there has been no real transfer of funds, there is a master control room and they give you a balance which you see on your bank statement and credit card information.
With Bitcoin no one controls anything, when you make a transaction which has been confirmed on the blockchain there has been an actual transfer of value from one address to the other.

Another point that shows how decentralization is important is when making transactions across borders. You are dealing with different agencies connected by SWIFT system of banking. Here there are huge fees to pay and an equally huge delay in transfer and conversion to the different currencies.
Bitcoin being decentralized does not have such bottlenecks, it does not matter if you are trading with your next door neighbor or someone thousands of miles away. No one controls or regulates the system and no one has access to your funds to freeze, limit your spending or reverse a transaction you have made.

- Jay -

Not all crypto provides us decentralization, anything apart from Bitcoin which is the real centralized digital currency is not reliable, I only trust Bitcoin, I am into crypto since 2016/2017 and many projects have gone scam after claiming to be a decentralized crypto project especially those PoW coins that miners are busy mining at the time, 99% of them just died some months after.

Promise and fail is now norm in crypto space, it's left for adopter to pick the right one and still Bitcoin is the best one so far, the decentralization is what I enjoy most about Bitcoin follow by its price action.

Bitcoin doesn't provide anonymity straight up, if you want full anonymity you should start using mixer services to make transactions, the true anonymity in crypto belongs to privacy coins like Monero.

Due to its dominance over other cryptocurrencies and the security it provides, bitcoin cannot be compared to them side by side because of how closely their prices are influenced by bitcoin. Therefore, instead of inquiring about cryptocurrencies in general, you should inquire about the issues that bitcoin resolves, as many altcoins are unable to do so.

Having financial freedom and decentralisation, where your money is not under the authority of anybody or any financial institution other than yourself is the most significant issue that bitcoin has helped to tackle. You can spend your money anyway you choose without anyone interfering in anyway. Because these financial organisations dislike not having authority over individual bitcoin owners, many countries have long fought against bitcoin ownership.

Yes. The Money Revolution Has Happened When humans began to need a more adequate system from time to time, especially when the exchange of goods and value and Bitcoin is crypto money with the largest market cap, even beating the market cap of the world's largest banks. This big reason was born because the Blockchain System is difficult to manipulate on the existing network. Thank you Satoshi Nakamoto for making peer to peer digital transactions programmed automatically and are still there and present in our midst. BTC is revolutionary.

Isn't it a problem for you that government and financial institutes track you when you spend your fiat? Yes, that's a problem.
Isn't it a problem that banks can lock your account and freeze your fiat anytime they wish? Yes, that's a problem.
Aren't high transaction fees problem for people? Yes, they are.

These are just simple and plain problems that we have and cryptocurrencies solve. By using cryptocurrencies, you are able to:

• Protect your privacy, but you have to know how, because for example, Bitcoin's blockchain is like a public book where every transaction is saved but you have to learn more about mixing and coinjoin if you want to maximize your anonimity or use another altcoin like Monero
• Be your own bank, where no one will ever be to freeze your account and finances but for that you have to use software or hardware wallet, not an exchange
• You can send your coins all around the world with very low fees. While it's true that sometimes Bitcoin fees are very high, we must also say that sometimes they are super low and for really very cheap transactions, one can use altcoins.

In theory, cryptocurrency or bitcoin should solve many of the problems that exist in the current traditional financial system. But so far, it's still in its infancy so it's hard to say how impactful the cryptocurrency will be. Quite frankly, what I'm seeing in this crypto industry is that it's just a financial market where speculation, manipulation, and profit take place. Other than that, I don't see any more significant impact. We need more time for bitcoin and crypto to mature for a more accurate assessment.

Yes it does solve lots of problems. First of all, you can sell and buy (mostly) digital products with crypto. You don't need to use credit cards... That's important because maybe you are going to buy a pronhub subscription and you don't want the banksters to know about your sex life. You can do this with crypto and still stay anonymous. This is probably the best feature of crypto, privacy. It is like cash, but digital and anonymous like cash too.

Cryptocurrencies do not solve any problem because there are so many cryptocurrencies and mentions of cryptocurrencies are very common including shitcoins.
Bitcoin can solve problems and solutions to problems that Bitcoin has proven are freedom and independence. Freedom and independence are very broad if interpreted but the presence of Bitcoin people can get out of a bad system.
It covers privacy, decentralization, no third parties, easy and fast.

If you know it was asked a couple of times, you can have answers from where you saw those questions. Why do you need to repeatedly ask it again?

Cryptocurrency does not solve all problems and it can not do it.

If any problem solves by Bitcoin or cryptocurrency, it is a sand in desert. Bitcoin and cryptocurrency use blockchain technology that give human a public ledger as a better tool for accounting, transparency and no censorship. A decentralized network is the best and Bitcoin network is decentralized while other cryptocurrency networks are centralized and they have more probability to be censored, halted by their blockchain developers or governments.

We generally separate Bitcoin from cryptocurrency.

So the thousands of cryptocurrencies ^$hitcoins which have been created to date are all
trying to solve various 'problems' but the common theme with them is that they are either
or both scams and centralised.

There is one exception to this I can think of and most people will agree on is Monero,
it offers anonymity.

So Bitcoin's problem solving has been covered already above.

One other I can add is those - it is Open Source, we can all get involved in the network
if we so wish by running a node and by doing so we strengthen the security of the network

Bitcoin, specifically, solves lots of problems. Other cryptocurrencies, much less. Though the idea of smart contracts and NFTs certainly can be real world solutions to things, but as of yet they've been mostly just used as money making schemes for the creators.



Specifically,

1. Hard currency - Bitcoin gives the world a hard currency. Haven't had one of those since nations stopped tying currencies directly to gold, which was well before the actual official dropping of the gold standard a half century ago. This means you can now save, store, and grow wealth in a currency rather than having to bet it on investment products like stocks.

2. Open global payment network - The world of digital payments is broken up into various walled gardens controlled by the banks. You can't send money anywhere you want, and usually if you want to send money to other countries you have to pay big fees. With bitcoin you can send money to anyone in the world with no restrictions.

3. 24/7 & fast transactions - Now this advantage of bitcoin is starting to be lost, for example the US just started initial deployment of their FedNow payments system which starts moving USD transactions off the old 40 hours a week and takes 4/5 days to make transactions to essentially from what I understand 24/7 and near-instant transactions. But at least over the old system Bitcoin works 24/7 and you get payments in like 30-60minutes which was orders of magnitude more efficient than how digital fiat transactions work, but again, the fiat banking system is now catching up.

4. Sovereign digital money - Digital fiat only exists in banks. Effectively, the bank owns any money you have in the bank, and you are completely under their control. And by extension your money is completely under the control of your government. There is no way to own your digital fiat yourself, and it is unlikely there ever will be. With Bitcoin, you are sovereign over your own money, only you control it. It's like burying gold in your backyard, but digital and you can transact with it whenever you want.



And then of course there are all sorts of use cases for humanity that spring out of these big problem solving features.
Stuff like banking the unbanked, storing wealth long term, better way to save money, transact globally far more easily, bring your money with you when you travel, not worry about exchange rates between various currencies when you travel, saving people in fiscally irresponsible nations from runaway inflation, allowing migrants and refugees to take their money with them, providing financial access to economically repressed populations, providing a financial escape hatch for people under very controlling governments, transacting digital money without bank/govt oversight and control, greater financial privacy, more seamlessly interact in an digital/internet-driven financial world, etc.

Plus there's various big benefits specific to bitcoin mining as well, like strengthening the energy infrastructure of the world, promoting the spread of renewables during this century of energy transition, solving societal or local heating issues in various places, etc.



So, yeah, Bitcoin solves a lot of huge problems with money. There's a reason people call Bitcoin a revolution...because it is revolutionary.

You should honestly laugh when people say Bitcoin doesn't solve anything or isn't useful. It's sorta like asking if electricity solves any problems back when the use of electricity was first invented but barely anybody was using it yet. Yes, it is extremely useful, but the infrastructure of that usage needs to be build out so it takes a while. With electricity you needed power plants and power lines to homes and lights and electrical appliances to be built out before the great invention of electricity for society was extremely useful. With Bitcoin we need L2 payment solutions to be improved and adopted and general Bitcoin adoption to increase and merchant adoption to explode and sensible taxation rules around spending Bitcoin before the great invention of Bitcoin becomes extremely useful.

Whenever you hear someone say Bitcoin isn't useful, or isn't needed (like Gary Gensler saying we already have digital currencies we don't need cryptocurrencies and cryptocurrencies shouldn't exist) that person is either entirely ignorant about Bitcoin or has an agenda which is causing them to lie to you. Most people are still simply ignorant, though there are plenty of people who will intentionally lie to you in order to attack Bitcoin. Knowing these basics about Bitcoin's immense and revolutionary uses and solutions to problems in the world will help you instantly see through the people who are don't know what they are talking about, and allow you to explain to them the facts if you so choose.

Someone named Satoshi Nakamoto said:
and that's basically it.

Without t/his solution to that problem none of what we all love about "cryptocurrencies" would be possible.

You might not have been around when Bitcoin were used to make payments to WikiLeaks, when all other payment systems blocked donations to WikiLeaks. Bitcoin are censorship resistant and payments and donations are not controlled by any centralized organization or government.

Bitcoin is also a Safe haven for currencies that are suffering from hyper inflation. Several examples are countries like Zimbabwe / Cyprus / Greece etc...

Bitcoin has also opened up much cheaper and faster cross border transfers for people that want to transfer their wealth to other countries, without the huge fees that services like MoneyGram or Western Union are charging.  

I will be very honest with you and my experience with "Crypto" payments. I wanted to buy a domain anonymously and the only possible way of doing that was using Crypto. Tell me if you have any other payment method in the world which doesn't share your Name and Bank details with the product's company. None right? There you go. You got your answer. Cryptocurrency provides anonymity and that's what I love the most.

If you at least slightly understand Bitcoin, you'll immediately know the answer to this question. The non-economic characteristic advantages of Bitcoin applies also to other cryptocurrencies (pseudonymity, self-custody, etc).


* If you like reading articles: https://coindesk.com/learn
* If you like reading books: https://theinternetofmoney.info/
* If you like watching videos: https://www.youtube.com/playlist?list=PLPQwGV1aLnTuN6kdNWlElfr2tzigB9Nnj

Security related:
* https://chainsec.io
* https://www.lopp.net/bitcoin-information/security.html

If you want to get more technical
* https://github.com/bitcoinbook/bitcoinbook#chapters
* https://github.com/ethereumbook/ethereumbook#chapters

You asking about cryptocurrency aka altcoins aka shitcoins, my answer is cryptocurrency isn't solve any problem to the current traditional financial system.

But if you ask about Bitcoin, my answer Bitcoin is really solve many problems on the current traditional financial system.

Fiat's value is always decrease due to inflation, while Bitcoin isn't.
Bank isn't secure and prone to bankrupt, while well set up cold storage e.g. where you use to hold your Bitcoin, is almost perfectly secure.
Government able to view your wealth, where the money you spend, what's your interest etc, while using Bitcoin with privacy concern make you stay private.
And many more...

Won't go into details but here are a few issues that is solved by cryptocurrency.

1. Privacy
2. State surveillance
3. Borderless payments
4. Banking

Cryptocurrency actually empowers you to have complete control of your finances without the intervention of any 3rd parties.

I will ask you kindly not to mix up every cryptocurrency with Bitcoin. Every cryptocurrency does not have the standard to solve problems like Bitcoin can. The most important Bitcoin offers you are privacy, security, and financial freedom. No one is asking what you are doing with your money. People are unlikely to follow your Bitcoin wallet to keep track of you.

Bitcoin is supposed to be your own bank and wallet where you can manage your money without any restrictions. No one asks why and where you spend your money like the banks do. Financial freedom is the most important thing that Bitcoin offers.