Fiat currency (centralized system) - page 2.

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Quote from: maikrothaman on December 23, 2022, 08:55:58 AM

Quote from: Mr.suevie on December 22, 2022, 11:29:57 PM

Although am a newbie in the forum but i having a lot since i got here and i think cryptocurrency needs to be adopted by many of the so called government and their egos of controlling citizens funds through fiat system.

Few weeks back my country government decided to pass a bill that set everyone withdrawals limit to 20 thousand naira daily and weekly withdrawal at 100k. This news caused serious agitation through out the country as the limit set for the withdrawal is really inconvenient with citizens. This made think, all this and more maybe was the reason why bitcoin was created to liberate we all from such Fiat control financial system.

Fiat money is essentially a Ponzi scheme at a national/global level. People who received the money invested it in a variety of assets, including cash, real estate, investments, businesses, and savings accounts. The liquidity required by governments to support their currencies is never there. Bitcoin offers you only one thing. That offer is 1 bitcoin = 1 bitcoin.

Although fiat has a lot of problems, I don't think it's a Ponzi scheme, you don't have to smear it and exaggerate the divinity of bitcoin. If fiat is a Ponzi, then everything in the world is a scam because fiat has been used everywhere in the world for centuries. I assure you, you and your family are also using fiat and depend on it daily, without fiat you wouldn't be able to survive. Bitcoin is also priced in fiat, the story of 1 bitcoin = 1 bitcoin is just a belief to comfort people should believe in bitcoin. That is not a claim that bitcoin will replace fiat as the world currency.

maikrothaman

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Quote from: Mr.suevie on December 22, 2022, 11:29:57 PM

Although am a newbie in the forum but i having a lot since i got here and i think cryptocurrency needs to be adopted by many of the so called government and their egos of controlling citizens funds through fiat system.

Few weeks back my country government decided to pass a bill that set everyone withdrawals limit to 20 thousand naira daily and weekly withdrawal at 100k. This news caused serious agitation through out the country as the limit set for the withdrawal is really inconvenient with citizens. This made think, all this and more maybe was the reason why bitcoin was created to liberate we all from such Fiat control financial system.

Fiat money is essentially a Ponzi scheme at a national/global level. People who received the money invested it in a variety of assets, including cash, real estate, investments, businesses, and savings accounts. The liquidity required by governments to support their currencies is never there. Bitcoin offers you only one thing. That offer is 1 bitcoin = 1 bitcoin.

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Quote from: Outhue on December 23, 2022, 06:02:03 AM

Quote from: mk4 on December 23, 2022, 12:32:26 AM

Most governments(especially from bigger established countries) unfortunately likely wouldn't want to adopt it — obviously because they can control bitcoin/crypto only to a certain extent. Smaller countries on the other hand(e.g. Venezuela) have more incentive to adopt bitcoin/crypto as some sort of hail Mary bet that it would work well for them in the long-term.

The Government are people like us, even if they claim they won't be buying Bitcoin that's for their job sake but at the back we can never tell who is buying, to be honest Bitcoin is very tempting and for a government worker there is enough money to use for investment.

My point is they are pretending to hate Bitcoin because they can't control it but that doesn't stop them from investing behind the curtain.

In the same way, news about banks spreads bad news about bitcoin and advises people not to invest or use it. But I really don't believe what they say or what the media is spreading. I have the same thoughts as you, governments, banks, and people who are stigmatizing bitcoin every day are quietly accumulating more bitcoins than we can imagine. We need to remember one thing, business or investment has the ultimate goal of profit, as long as there is profit, those statements can change at any time.

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Quote from: mk4 on December 23, 2022, 12:32:26 AM

Most governments(especially from bigger established countries) unfortunately likely wouldn't want to adopt it — obviously because they can control bitcoin/crypto only to a certain extent. Smaller countries on the other hand(e.g. Venezuela) have more incentive to adopt bitcoin/crypto as some sort of hail Mary bet that it would work well for them in the long-term.

The Government are people like us, even if they claim they won't be buying Bitcoin that's for their job sake but at the back we can never tell who is buying, to be honest Bitcoin is very tempting and for a government worker there is enough money to use for investment.

My point is they are pretending to hate Bitcoin because they can't control it but that doesn't stop them from investing behind the curtain.

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Quote from: Mr.suevie on December 22, 2022, 11:29:57 PM

Although am a newbie in the forum but i having a lot since i got here and i think cryptocurrency needs to be adopted by many of the so called government and their egos of controlling citizens funds through fiat system.

Few weeks back my country government decided to pass a bill that set everyone withdrawals limit to 20 thousand naira daily and weekly withdrawal at 100k. This news caused serious agitation through out the country as the limit set for the withdrawal is really inconvenient with citizens. This made think, all this and more maybe was the reason why bitcoin was created to liberate we all from such Fiat control financial system.

The government has its own views in carrying out every decision that will and is being carried out with the same goal of progress. There are countries that don't want to adopt Bitcoin for one reason or another. There are countries that have and are implementing this such as El Salvador.
We are not able to convince countries that they are willing to adopt Bitcoin. One of the most possible things for us to do is to provide socialization to people about Bitcoin with a note not to be recommended.

Please follow the discussion of two topics related to this on the link that has been listed by solosanz so that it is aligned with what you want as you wrote in.this topic.

Quote from: Solosanz on December 23, 2022, 12:11:25 AM

[1] https://bitcointalksearch.org/topic/central-bank-of-nigeria-to-limit-cash-withdrawals-5426093
[2] https://bitcointalksearch.org/topic/hope-for-cryptocurrency-in-nigeria-5430921

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Quote from: Mr.suevie on December 22, 2022, 11:29:57 PM

Few weeks back my country government decided to pass a bill that set everyone withdrawals limit to 20 thousand naira daily and weekly withdrawal at 100k.

Firstly, the policy has been reviewed some few days back raising the limits for all channels of withdrawals as well as reducing the interest payable if one goes above the stipulated amount.
https://nairametrics.com/2022/12/21/cbn-revises-weekly-cash-withdrawal-limits-to-n500-000-n5-million-for-individuals-corporates/

Quote from: Mr.suevie on December 22, 2022, 11:29:57 PM

This news caused serious agitation through out the country as the limit set for the withdrawal is really inconvenient with citizens. This made think, all this and more maybe was the reason why bitcoin was created to liberate we all from such Fiat control financial system.

Well, yes. Bitcoin as an alternative is meant to serve as a way of avoiding the fiat trap. Although Bitcoin is still llikited in utility depending on what part of the world you're in.

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Most governments(especially from bigger established countries) unfortunately likely wouldn't want to adopt it — obviously because they can control bitcoin/crypto only to a certain extent. Smaller countries on the other hand(e.g. Venezuela) have more incentive to adopt bitcoin/crypto as some sort of hail Mary bet that it would work well for them in the long-term.

Solosanz

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So you're come from Nigeria, well there's someone create a new thread about this before [1] and there's a recent news about a hope for your country, since they're consider to unban Bitcoin [2]. As a citizens, no one can do anything to convince the government, but since your fiat currency is start to suffer due to high inflation. I believe they will know they can't use their fiat currency to store a value.

[1] https://bitcointalksearch.org/topic/central-bank-of-nigeria-to-limit-cash-withdrawals-5426093
[2] https://bitcointalksearch.org/topic/hope-for-cryptocurrency-in-nigeria-5430921

Mr.suevie

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Although am a newbie in the forum but i having a lot since i got here and i think cryptocurrency needs to be adopted by many of the so called government and their egos of controlling citizens funds through fiat system.

Few weeks back my country government decided to pass a bill that set everyone withdrawals limit to 20 thousand naira daily and weekly withdrawal at 100k. This news caused serious agitation through out the country as the limit set for the withdrawal is really inconvenient with citizens. This made think, all this and more maybe was the reason why bitcoin was created to liberate we all from such Fiat control financial system.

Topic: Fiat currency (centralized system) - page 2. (Read 396 times)