Topic: People don't understand the problem with monetary system. (Read 596 times)

This is never going to happen, more than ever the economy is dependent on consumers spending all their money and more with the use of loans in order for the economy to keep growing, if there was a sudden awakening and people changed their behavior overnight and became more frugal then a recession will happen immediately, governments cannot allow this and as such they keep people ignorant about the workings of the economy, still things are getting more and more difficult to the point many will be forced into frugality if the economic conditions were to worsen even a little bit.

I think many people don't understand about the financial system, inflation, deflation and so on, in my country a lot of people don't care about inflation, they are just busy with the work that can be done, but difficult economic conditions make it even more difficult for them, I once explained to my friend about inflation is the decrease in the value of money, so the money we hold today has decreased in value compared to a few years ago.

I agree, i am just bit tired of explaining to people in my area that we have inflation so no matter how they will strive to earn and meet their needs they can't beat it because it is the result of pandemic and other things like war. Inflation and Recession are hard to explain to people, I just hope that in school in my country they will teach young adults how to spend money and how to budget it wisely and teach basic economics.

In a way this is similar to what happens in social media as well as economic thought is nothing more but an echo chamber, and anyone that dares to disagree with the current agreed theories is thought to be insane, however time and time again we have seen those theories fail and yet no attempt is made to revise them, and this is because those at the top benefit from the fiat system and they do not want to change it, and if anything they would prefer that gold never makes a comeback, which is funny in a way as their irresponsible actions are what is going to bring gold eventually back.

Yes achievement is easy but if a person shows interest for it because interest enhances the hardwork so he utilizes his energy in the development of skills and get the recent education about it.

There are lots of individuals who face regular difficulties but they did not loss hope and now these are a successful personality these days and lives a very satisfied life with greater income.

Everything become easy but one should remember that nothing is impossible if we try for it and one failure does not decide our future therefore ignore about past and just learn from it to not make these mistakes again.

I agree with you on this. It is heavily noticeable how various economic textbooks are either just being revised or copied over the years. The ideas are all the same despite the obvious changes and innovations that took and are taking place. It is the way economists are all stuck with their ideas and are too comfortable with what they already know that hinders changes. I mean think of it this way, many individuals' knowledge about the economy is from textbooks and articles that are produced and written by these said economists hence these individuals are also just being stuck with the same ideas and beliefs.

Even those who work in the economic field do not all understand the monetary system. If they can understand it well, of course they can make the right policies in making decisions in dealing with the monetary system. A stable and healthy monetary system can support sustainable economic growth, while an inappropriate monetary policy can lead to economic instability. I agree with you that in dealing with the monetary system it is better for us to seek additional income so that we can meet our own needs.

The information that you can find at schools related to the economy is terribly biased, many economists and those in power do not even learn about the role that gold played for thousands of years, as if fiat currencies have always been the dominant currencies and not an experiment that has been around since the seventies, it is because of this that economists do not understand bitcoin either and why they want to change it to resemble fiat currencies as that is the only system they know.

It got a lot more attention and that is why they all started to take a look at it. It is not really a big shocker considering that we are talking about something that would be quite understandable, it is not really unlikely that something like this would ever happen. We know that it will be a normal situation and we need to realize that life is not that simple like we would just keep it to ourselves, it is going to keep happening all the time.

I know that people are not entirely sure about what happens, but basically when something gets too popular, governments start to take a look at it from bottom level and grow to highest level possible if it gets too big. That has happened, since 2017 governments checked it out until now.

Monetary problems, of course not everyone knows, those who have received economics lessons at school or college will understand monetary, the monetary crisis that has occurred in my country and even occurred throughout the world is a complicated problem that is not easy to solve, we as people who actively working, of course, you must always be vigilant with monetary matters, and of course, continue to look for sources of income so you can survive.

People respond or react on something depends on their ability to understand what the things emphasising on is all about, not everyone will like bitcoin and while they not like bitcoin is because someone have not breakdown the important of bitcoin and the reason while bitcoin is been created, from my perspective towards bitcoin its just a currency of its own in which nobody have control over it, so therefore I believe that bitcoin is all about independent currency and also a decentralized currency, if someone have not find the important in the momentary aspect of it, that doesn't mean that  other people have not acknowledged the importance before enrolling the investment into cryptocurrency especially bitcoin. When someone should asked me of problems bitcoin can solve, at least bitcoin helps for international transactions and it process very easy than fiat transactions or transfer across other nations or countries. So if I should be listing the positive impact of bitcoin it will more than comprehensive.

Inflation affect every body that is making use of fiat and not just married people. So  both single and married have to plan on how to take care of it. One possible way to take care of it is by investing. Some people think that saving is the way to sort themselves from inflation but that is not real because you still would use the savings one day and of course the price of goods won't be the same from what it was before the savings. So it is better to diversify by investing what you have now for the purpose of future, it seems the future keeps growing in inflation.

From the article you mention, I highlight a concern that I have always mentioned here in the forum and in my life "the lack of financial education and understanding of monetary systems among the general population" This leads to people not being aware of the problems that Bitcoin and other cryptocurrencies seek to solve, such as inflation, centralized financial control, and lack of privacy in transactions… This is why many people lack a deep understanding of the problems inherent in fiat money and how this system can affect privacy and the financial freedom of individuals.

In recent months I have given myself the task of teaching my relatives a little more about Bitcoin, so that they adopt Bitcoin with a solid understanding of the problems of the current monetary system and thus encourage them to seek more transparent and decentralized alternatives, in order to of financial freedom and protection of your privacy.

So true. It seems that it still takes quite a lot of time to make more people understand about Bitcoin and how this amazing Decentralized system can help them understand more about how this system can help them a little. People nowadays tend to prefer things that are simple and practical. They don't like trying to understand things they really need to understand like the fiat system they use every day. But I'm pretty sure that for the next generation, the knowledge about the world of finance will be more evenly distributed. Because now the government has actually started to move in providing good financial literacy to its people. Even the government in my country is also quite enthusiastic about sharing insights regarding the progress of digitalization including crypto and Bitcoin in it.

Most people do not understand that economic problems are very complicated so they do not have good preparation, if we are married then it is time to always be aware of economic phenomena in the future, inflation will often occur so we have to do everything to be able to survive monetary problems.

Leaders' obvious disregard of our monetary system's problems is reprehensible. They should lead and educate, but they're leading the public down a dangerous path

Let's discuss solutions. Enter Bitcoin. The Bitcoin revolution is a paradigm shift from centralized to decentralized, not only digital transactions. It's the hope in a world of broken economic policies and manipulated currency prices

People everywhere, especially in financial education-poor areas, must comprehend Bitcoin. Decentralized finance can help us avoid the problems of the traditional monetary system

Before society can understand the problems with the monetary system, politicians need to understand it. Unfortunately almost all of the politicians who rule us do not know what the problems of the fiat money system are. Politicians need to know the problems of the system but this is something they don't want. It opposes enlightenment. Because if the politicians are willing to explain these issues to the public, the general public will have information and this will be against the politicians. The sad thing is that people can't think of leaving the traditional monetary system because they spend most of their lives with enough money to last for the month and because their lives are over while they spend time on the mundane things they want to have. This is exactly what i say in places where the people are left uneducated.

No one tries to go beyond the unconventional and lives in economic difficulties. We should talk about Bitcoin and crypto money systems everywhere. If we put aside the pleasant conversations we have in a narrow environment, we can teach them to struggle with the problems of the monetary system, especially if we explain the effect and philosophy of Bitcoin to people in rural areas and low educated communities.

Thank you for asking @crwth, I do appreciate your concern and observation.
If you check through the post you can see I made it clear that the quoted statements ain't originally mine, but from an article I read. If you check through my previous posts you will agree I don't hesitate attaching source links to my post because as an academia I am informed with the implications not just only in the forum.

But just that the article I read I just couldn't get a link to it, that's the more reason I quoted the statements pointing at the original author giving credit for easy understanding by any reader that am not the original author, and am sure you understand

In fact, I see the exact opposite of what you are saying. Most of those who use Bitcoin are for investment purposes in order to make profits, whether from trading or long-term storage, which is consistent with the financial mentality imposed by the global financial system that is controlled by major financial institutions with the help of governments.
The problem is that although Bitcoin represents a solution for people to enjoy financial freedom, it is still far from achieving this entirely because of its association with the global market, which is centralized and lacks privacy.
There is still a long way to go for people to realize the reality of the crises of the global system and to start using bitcoin as a solution, not just as an investment tool.

An average citizen wants to get a job and be paid hourly, weekly or monthly. An average citizen wants to start a business and earn daily. What they want is to earn and save in banks, use it to return market to buy more goods, buy properties with it, pay hospital bills and other bills and most importantly live a comfortable life. Not everyone and not many people wants to know the economics of fiat, whether or not it is losing value. They don't even care if there is a problem with the fiat system.


Nearly all the people that adopted bitcoin did so because of its volatility. For the price to be able to rise and give profits, that's all. Except the few early adopters, almost everyone one that adopted bitcoin did so for the ROI. It is when some invested that they discovered that there are other things bitcoin offer.

Where did you quote this OP? I don't think there's a link or something. There's no source. Is it a book or something?

Maybe people will realize once it has shown the problem, and they could feel it. People tend to be short-sighted and deny these types of things.

Haters are the ones who are going to join first when they see the opportunity to make a profit. This has happened multiple times in the past and will continue to happen again and again until everyone accepts it. There will be no other choice but to accept the reality. Those countries that banned Bitcoin were the first ones to accept it when they saw its potential. The same goes for people. And yes it's a long process but it will happen eventually.

Most of the people involved with Bitcoin are interested in its profit-making capability. But it's a good thing too. This way or that way, it is doing a good job for Bitcoin itself. Many have turned from profit to Bitcoin's use case. The first thing that is needed is accessibility to Bitcoin. Then by using it, people will understand its value.

Having interest in bitcoin is far beyond it's volatility, people have already wanted to see a change in the financial system and ever since they heard about the introduction of cryptocurrency, they discovered that bitcoin got all the possible solutions they would have wanted with a financial system, government politics and policies is what people kicked against and need to have back their freedom in handling their financial economy lives.

Bitcoin also has problems - an inconsistent and cumbersome blockchain, relatively slow speed, and periodically expensive transactions. If you need to send a dollar and you have to pay 10 dollars for it, you will not be interested in such an opportunity. So fiat and bitcoin have problems everywhere. By the way, if you send money to the wrong wallet through the bank, you have the opportunity to cancel the transaction, but if it's bitcoin, you can't cancel the transaction.

Bitcoin would never gain this much popularity or get adopted so widely in such a short time if it wasn't for its volatile nature, people got interested in Bitcoin and started buying when they saw it growing up and not stopping at all. At first, most people didn't believe in it, they said it's useless, it's a criminal currency, it's a bubble that will burst very soon, but as the price started going up further, those who said such things also started buying Bitcoin because they saw they can get profit as well.

So the main reason behind Bitcoin's adoption reaching this level is basically the price it has. Imagine Bitcoin having a not-so-volatile price and staying somewhere below $1,000, it would never have this many people running behind it ever, it could get popular based on its usefulness but that would take so much time.

As a result of the unsuccessful practices of unsuccessful administrations, the Central Banks could not fulfill their essential duties. Now their only job is to print money by order of the state. They've been doing this for years and now these people are responsible for what economies have become.

If you put a person in charge of a job they don't understand, the success rate of that job drops and that job becomes worthless. This is the case in many governments. Mistakes made by people who do not understand economics put people in a difficult situation. Many negativities in inflation and the economy did not happen in a year. These arose as a result of failed moves. After years of unsuccessful management, we have come to this point.


I don't think that could happen. It is something that should happen, but it does not seem possible in today's conditions.

The problem is pretty simple actually. The central banks became the bitches of the governments. They print money whenever the gov demands it. But money doesn’t grow on the trees. When you create money out of nothing, stuff with actual value go up in price. That’s the core of the problem. Printing money. Bitcoin solves this problem because nobody can print bitcoin. The supply has a hard cap and it is limited to 21 million units. The USD supply on the other hand has no limits or whatsoever. The central banks can print FIAT forever till they kill the currency completely and these FIAT currencies die eventually. None of them survive forever. Only the hard goods like bitcoin, gold, land and similar stuff do.

We need to get rid of the central banks and build a new economy which doesn’t depend on the FIAT currencies.

Indeed, many people find dissatisfaction and distrust in the current financial system with its problems of corruption and reliability.

However, understanding how currency works and how Bitcoin can change the way we interact with it really takes time and effort. There are many complex aspects of money and finance that we need to understand in order to make informed decisions.

But access to and understanding of Bitcoin is still a work in progress. Everyone has their own approach and understanding of it, and this can take time to understand and accept.

As unlikely as many will see it, this is true. It may not be as fruitful as the next person, but improving one's skills and pursuing education can lead to ultimate success. Sometimes with those two opportunities will be the ones to present themselves to you. Again, it doesn't always happen, but it is possible.

You have brought up important points regarding the challenges that people with limited income face when considering investments in assets like Bitcoin or Gold.  You are absolutely right in your observation, however there are ways to improve income through education and skill development. We all have witnessed many examples in our families and friends circles who successfully transformed their lives from unfavourable circumstances by actively pursuing education and improving their skill sets.

The present monetary system despite its weaknesses, doesn't pose obstacles for those who are resolute in their goal to make their lives better.

Then we should consider those people that are investing in bitcoin but that do so simply for the financial benefits they can obtain to be incredibly lucky, as out of the limitless universe of assets they could have chosen they decided to invest in one of the few that should do really well in the case of a systemic crisis on the economy, still the fact that they do not know what they are doing is worrying as this means they could sell their coins at any moment and lose that protection.

For many people, bitcoin is still something exotic. And, unfortunately, many people will choose to switch to CBDC rather than bitcoin because states will spend a lot of money to indoctrinate people that CBDC is convenient, easy and practical. That it's digital slavery is all many ordinary people are talking about.

Everyone says easily that inflation is easily overcome by investment in Bitcoin but its very hard for poor people to buy bitcoin, manage the risks and then forget about the loss. We all says that bitcoin can enhance the money but poor people have only one source of income and if they put it in bitcoin they they will never be able to put money into other source or even they will not be able to operates the system of home well.

Gold is better option but for bride poor people hardly buy gold, it's means that they only worked hard to make the life of their children happy but they don't work for themselves. Everything become possible but time and patience is needed and I saw many people who are not wealthy by birth but they worked hard and now they can easily achieve what they wants to get.

Everyone wants to be wealthy and everyone knows the fact and the ways through which they can become wealthy but they are not able at start and surely they will do all these strategy one day as poverty does not persist always.

The traditional monetary system is familiar and understandable to people, while bitcoin is completely different and doesn't fit into their understanding. They should not be reproached for ignorance and unwillingness to change their established habits. I understand your bewilderment and indignation, because you saw and realized the possibilities offered by bitcoin and it seems to you that those who have not comprehended this knowledge are fools. This is absolutely not true. Just to accept something new, you must first try it and find the benefits for yourself in it. But it turns out that most people are comfortable within the traditional monetary system and they simply do not need to experiment with btc. Without the necessary need, they will be too lazy to switch from the usual and familiar fiat to something completely different. Most don't need an understanding of the current monetary system (applies not only to this, but also to most other areas of life) and they live so well without stuffing their heads with such nonsense. Up to a certain point.

While I agree that many fiat users don't understand the problems of the traditional system, I don't believe that all or even most Bitcoin users are mainly motivated by their distrust to the system in their usage of Bitcoin. To support my claim a bit by evidence, according to FED research, only 5% of US citizens who use cryptos for financial transactions do it mainly because of not trusting the banks. People often use Bitcoin as an investment or as a supplement to the traditional system, so not understanding what's wrong with it can be combined with actual Bitcoin usage.

Understanding bitcoins and crypto currencies is one thing, but now many people actually understand the monetary system they live in? I would say that most elderly people and most younger people don't really understand the current system, but even worse they don't even want to understand it. Here on the forum its a very special group of people that ask the right questions and want to learn. Unfortunately the majority of people in my country are not the same. When talking to strangers I realise that many people are happy in their current lifes, as long as they get enough money each month to buy snacks, drinks and alcohol everything is okay. It's hard to reach such people and try to teach them what is actually wrong in the current monetary system and how we could fix it. The best approach in my opinion is to show people the benefits of investing in crypto currencies, if they can make long term profits with it then it might convince more people to learn about the ideas behind cryptos.

It was agreed that with today's technological sophistication, everyone will be more critical and question the resilience of fiat values.

But let me speak as a layman who every day thinks only of surviving on fiat and depending on it. It doesn't matter how economic cycles develop and the financial revolution advances. Because it means encouraging everyone to be more critical and not wait for government instructions, because ordinary people always think practical as long as they are lucky. The presence of Bitcoin provides a choice or a way to manage our finances on the basis of full control. Expansion is needed like education because it will be the main thing as well as the basis for making choices.

Certainly, the understanding of people regarding problems with monetary system depends on various factors such as, level of education, awareness and perspective. However, there are common concerns and criticism that people often raise such as, inflation, inequality in income and debt based system.

Indeed, Bitcoin with its inherent features of decentralization and noninflationary design holds the promise of mitigating these concerns. It is also important to mention here that due to complex technology and lack of awareness among majority of the world population,  Bitcoin's wide-spread adoption may take long time to materialize.

No. Not all Bitcoin user uses bitcoins because they have a comprehension of the monetary system and merely apprehend FIAT as troublesome.

People do not understand Bitcoin, and that is okay, People do not understand the monetary system, and that is okay. People do not understand the FIAT system, and that is also okay. Bitcoin is complex, no one should expect many people easily comprehend it before they are able to adopt it. Moreover, complexities are also within the monetary system. You might call them ignorance but people have their own different priorities and interest. Bitcoin does not specifically serve all people's interests, so there isn't any requirement or direct causal link just because people using that means they understand a problem or issues.

Many are truly illiterate in terms of money related things, thus, there goes those that have been in deep debt and whatnot.

It's understandable that people are just there to work and earn and eat, and that's basically their daily lives. They don't mind other things using or not bitcoin as payment as long as it has got monetary value, they'll spend it to anything they can.

There's no rocket science why many don't seem to be interested in these things because as long as they're able to fill their needs and desires, that's what matter to them.

Indeed. One reason why a lot of people don't care about Bitcoin is that they don't actually understand much the problems involving fiat. Once they will see how rotten the fiat system actually is and they come to know Bitcoin, they will probably realize that Bitcoin is indeed a better alternative.

However, fiat's problems are not really that intricate. We only have to look at the continuously rising prices of basic goods and services to realize that fiat's purchasing power is always getting weaker over time. We only have to realize how opening a bank account is not that easy.

We don't have to learn the latest monetary and financial policies of the government for us to see the bad side of fiat. We only have to understand that sending money overseas through remittance centers costs so much, or that accepting card payments to your business means payments take time to be deposited to your account.

It's all because of the bias of familiarity. It's the reason why there are people who are indignant about choosing fiat over bitcoin, it's also the very reason why there are bitcoin maximalists in the first place. People will almost always lean towards those that they are most familiar with cause at the end of the day, they gauged the risks and the dangers of it and know the ins and outs like the back of their hand. For most of us we've known about money since the time we learned how to count and buy stuff. It's no wonder why bitcoin adoption is taking this long. The very act itself of selling the benefits of bitcoin over fiat is hard enough to drive especially to people who really don't want anything to do with bitcoin. That's just how it is. This bias is engraved into our genetics.

The monetary system is quite complicated to understand. A lot of people can't understand how the centralized system is getting rich off of them, but I believe everybody should understand inflation. It doesn't take much to know that the value of $1000 at the start of last year is not the same today. Today, a thousand dollars can't do what it would have done last year.

If not for anything, the single fact that Bitcoin shields me a little bit from inflation is something to sing praises about. As we all know, we can't escape inflation because we all buy stuff, but at least my savings is not been eating into by inflation and that's all thanks to BTC.

And i am grateful that i came to know about BTC or crypto because if i were not then the whole of my generation will be in the influence of Banks and there fake systems. (i know my generation is still on the way hehe). And i can say for sure you must be enjoying and praising your decision too. Because, BTC and crypto do provide us financial freedom and as you were on the way to financial freedom then i hope or wish you must found it. If not then you will soon. Once we reach the required goal of accumulation of BTC.

The average person in developed countries do not understand their financial system or how it operates, that is why it is a career itself to study economics and finances.
In the case of developing countries it can be worse, people are limited to see money as a medium to get things they want and that's it; they do not manage terms like inflation, liquidity, deflation, collateral, ect.

So it is not as simple as explaining what Bitcoin is and what the advantage is in comparison to paper money. It implies a (basic) course on economy, finances, blockchain and cryptography, because there is no point in understanding if in the end people will continue to lose their private keys to a scammer to to a washing machine.  

But not many people realize it, even with the financial crisis and inflation going on, many people still don't care about how to hedge against inflation if it gets worse. Everyone wants to be rich but they just work harder to earn more fiat, they never thought to find an asset to replace fiat. Very few people realize that fiat currency is depreciating day by day and there will come a time when it won't be able to buy anything anymore. But that's what the government wants, they want the people not to become too smart to easily control the people.

Neither am I honestly, just looking for more opportunities to earn cross-border with my skills on my way to financial freedom. My thinking doesn't even have to go that far as if to be an economist, monetary awareness will come by itself as the frequency of using bitcoin increases and more interactions with people with various backgrounds and experiences that vary around the world.

They have the laws in their hands, which they will use in any way they can to maintain the state of affairs that allows them to maintain the existing system. I can't talk about all countries, but there are many cases when politicians do not even understand the system that is currently functioning, they understand the basics of the economy very poorly, but at the same time they try to manage it and create legal entities that act only in their interests.

The same applies to the population, they do not want to delve into what they think they are not able to influence. For most, it comes down to the fact that they need to feed their families, that's all they know, at best they will save something and they will know that inflation is eating into their savings, but no one knows what to do about it.

Understanding the monetary financial system is a long way to go for a lame man but this doesn't mean that if that person have the knowledge or is willing to try something new wouldn't be happy to adopt bitcoin. The fact remains that people believe in government and fiat system a lot and they know that fiat is depreciating and that the banks are extorting them but because they have been decieved that the banks is the only safe place to keep their funds that is why they find it difficult to do without the banks. It is only if they can understand that the government and banks are only after controlling their financial life and not helping them to save their funds,is when they can start thinking of an alternative method to keep their funds without the banks.

Those that are still ignorant about the monetary system Bitcoin is creating are doing that at there own lose. In everything we do as a human, we should always endeavours to get understanding. When we are not ready to learn and understand the system, we might keep complaining about the system since we are still not ready to take a bold stem.

Bitcoin has created a way for us to earn if we are ready to study the structure and abide by the system of buying and holding for as long as we wanted until we are ready to sell to make extra profits. The government need to understand the system so that they will know that Bitcoin has not effect on any financial economy system of any country.

There are a lot more things that people do not understand about the problems in the Fiat monetary system, namely :

~ The manipulation of the inflation basket
~ The deflationary and devaluation of all Fiat currencies
~ The risks involved with centralized control over people's wealth by Banks and governments
~ The false sense of security that a signature on a Bank note gives you as the holder of that money.
~ That most Fiat "money" are digital entries in centralized databases.

People do not acquire the knowledge about these things and they are oblivious to the threats and risks that it is posing to their wealth. They blindly trust their governments and their Banks..... and it will cost them, if they fail.  

I also encountered the same problem as that found by the OP regarding the number of residents who actually did not understand the centralized system that was used on the fiat that they used every day. Maybe they really do not intend to dig further about it.

In fact, many of them do not understand inflation and other terms related to the economic crisis. What makes them more vulnerable is not having the preparation to face the economic crisis that could occur in the future.

We cannot avoid using fiat and a centralized system. But at least we should have an understanding of the things we use in our lives. And about Bitcoin I think for now it's only good for long term investment. Meanwhile, to be widely used as a means of payment, it may not be the time yet, but on the internet, we are no strangers to paying with bitcoins. but in the real world we can't do it yet Except in a country that has adopted it like El salvador.

People are different, I doubt it most Bitcoin investors understand how revolutionary Bitcoin is and how much better than fiat it is. It's not a secret that many Bitcoin investors are only after a quick buck (get rich quick etc). 

Regarding using Bitcoin as an alternative to fiat, well, I don't think many Bitcoin users do it (is it even possible?). Most Bitcoiners are hodling or trading I guess. 

It's really strange that people are not aware what is the main cause of inflation. Bitcoin is a hedge against inflation and those who know this will move their wealth in bitcoins. The general public has no concern to know the flaws in the current monetary system. All they want is to get the wealth.

You're right that people these days invest in Bitcoin because they want to spend online, or they want to do trading but there are very few who are accumulating Bitcoin in order to perverse their wealth and keep them safe from the ever-increasing inflation.

The next financial crisis, similar to the one that happened in 2008, is very near and if we do not keep our wealth in Bitcoin or Gold, it will be very difficult for us to survive that crisis.

Yeah it is more on freedom on transaction since there is no need for third party financial institution when doing Bitcoin transfers. 


Even if people see a flaw on the monetary system, the can't do anything about but to accept that flaw,  they may get into Bitcoin but due to the limited use case of Bitcoin, people are still forced to use the monetary system because it is the universally accepted payment system.

Almost nobody is using any money or refrains from using any money because they understand a monetary system. The vast majority of people have no idea how the fiat system works and I will be honest, there is always a next level if you want to fully understand it. There are even discussions between economists when it comes to certain aspects of the fiat money system.

I don't think there are many people who for their daily purposes replaced their fiat money with Bitcoin. People tend to follow monetary incentives. Some of these incentives can be quite specific and some are less specific. If you take friction as one aspect, it can be very different for different people around the world. If someone holds a VISA card, friction comes into play when the day comes that the VISA card for some unknown reason is frozen or doesn't work. That will not happen with Bitcoin. But how many merchants accept Bitcoin? What are the tax implications for every single transaction? How long do you have to wait for transactions to be confirmed?

It is a question preference and economic incentive / choice (if you can afford to choose).

All of this could change quickly when technology like the Lightning Network finally starts to spread all around the world and using it (or setting it up first) is like an app install and a start button. We are not there yet, but I think we'll get there.

I agree with you on this statement. Those who truly know the potential of Bitcoin are the ones who are using it on a daily basis. Maybe saying daily basis is a bit too much, but you got the point right. But not everyone that is involved with Bitcoin is here for the same purpose. Most of them are here for the money. This sounds a bit odd but this is the truth. Those who are also here for the things that Bitcoin gives are running for the profits too. I mean why not. If you can make money from something then why not take that opportunity? The majority are not here for the main reason behind the creation of Bitcoin. But even if they are here for the money, they are doing a great job in order to spread Bitcoin to the people.

If they use it once and feel the power that comes with Bitcoin, I think they will get interested in Bitcoin in no time. You never know until you try it. So the main thing would be to get people to use it first. After that, they will understand the problem and get interested in Bitcoin to solve the problem with the monetary system.

well if your speculation leads there, this is not to be confused with what you want to convey, if indeed you direct it into this scope, but not necessarily all because of bitcoin, because basically everyone has to understand what inflation is and the value of a currency , until he realized what the world of finance was like, which made him care even more about the money he owned, whether he was storing it in bitcoins or other assets that had very strong resilience to maintain and add value to his money.

Because we are here, making bitcoin the main alternative to maintaining the value of the wealth we have.

You can call it ignorance, or perhaps a MSM propaganda campaign, if you want but it's really a problem with blind trust in the system. Over recent years, the trust is eroding, especially with recent inflationary spikes that are primarily government induced.

If there ever was an indictment on the fiat system, it would be every metric related to debt and inflation for every currency. At some point, the system will collapse. The current path is not sustainable and it's not as if it's some secret. The metrics are public information.

We're still saying same thing, for anyone to have adopted bitcoin to invest in it  in place of fiat as an alternative then such persons must have gotten an understanding of how the fiat monetary system in terms of value rate is been affected by inflation and adopts BTC as way of cushioning the inflationary effect from fiat monetary system system. They don't need to have expertise knowledge in that field, understanding the benefits of bitcoin to fiat and grabbing the opportunity is just somehow enough.

False. Who uses bitcoin as an alternative to fiat to begin with? Practically no one. It is hardly even used in El Salvador. Nor in this forum itself will reach 10% of regular users who use it as an alternative, paying their petrol, supermarket, etc. with current satoshis without previously converting to fiat.

As for understanding the financial system, I would say that the percentage is higher because people realise that fiat is devalued due to monetary policies, while bitcoin is limited but there are many people who buy bitcoin like they buy fashionable stocks and the shitcoin of the moment, and this does not stem from a deep understanding of how the monetary system works.

I would say that maybe you even yourself do not have a deep understanding of how the monetary system works. Can you tell me what M3 is without looking it up on the internet? More than 90% of people on this forum wouldn't know, and we here are supposed to know more than the average citizen.

People who have no idea about Bitcoin will never invest in Bitcoin no matter how much we convince them. There are some people who will try to understand and there are some people who will not try to understand. How to understand those who will not try to understand. As people understand the value of money now but when they understand the value of bitcoin they will run right after bitcoin. Until a certain number of people understand the importance of Bitcoin, they will not have the slightest interest in Bitcoin. The popularity of Bitcoin and the amount of investment in Bitcoin is increasing every year at a certain rate, which means that people who had no idea about Bitcoin before are gradually gaining an idea about Bitcoin and then investing in Bitcoin. If new members did not invest in Bitcoin, the number of people investing in Bitcoin would not increase every year.

I don't agree that people who use bitcoin are those who understand the monetary system, among the many people I pay attention to and question them why they use bitcoin is because they find it easy and can make bitcoin a long-term investment asset, compared to Fiat which experiences every year the reduction in exchange rates as a result of inflation, the monetary system has a broad scope, not only fixated on prices and values, various types of work policies, flows and mechanisms of supply and demand also include payment systems and others.

Maybe there are some people who use bitcoin because they know how bad FIAT is, but there are still many who don't understand what the monetary system is, but they invest in bitcoin.

In ideal societies, the individual works 8 hours a day, 5 days a week, and at the end of the months he gets a salary sufficient to buy products. These products have fixed prices or change once or twice during the year so that this individual does not notice these changes. By the end of the year, he finds this worker who has Money enough for him to invest or start a side project, then he will not think about the monetary system, inflation, the government’s policy of printing money and others. I am almost certain that most of us’ knowledge of the economy was due to inflation, when you find prices rising on a weekly basis and your salary is not sufficient for these prices.

Therefore, we cannot blame the previous generation, especially since from 1990 to 2020 economic shocks occurred every 5-6 years and not every two years or several times during one year. Bitcoin adoption will increase as more people learn more about the economy.

This is so true, most of the people who adopt bitcoin were only drawn to it because of the financial benefits. only a few adopt bitcoin for its sole purpose, and it’s probably because they don’t have proper understanding of bitcoin and also the monetary system.

Almost everyone were drawn to adopt bitcoin for financial gains and I wouldn’t lie i am one of those people, i was drawn to bitcoin because of the stories i hear of people making money from it but as i was learning about it i discovered there are lots of other benefits around it and how it can solve lots of problems we encounter with fiat currencies.

I did a certain translation of Gazetabitcoin’s post Governs' Oppression of bitcoiners may turn against them and I learned so much about bitcoin and it’s principles and it led me to research on the problems bitcoin was meant to solve and how governments have always been in control over our money. That's how I discovered that bitcoin offered more than simply the financial benefits we are all entitled to.

Although it's quite unfortunate that in some parts of the world, some people are not yet educated about Bitcoin, if they receive education about it, they might really have an interest in investing in it. Come on, who runs away from a safe heaven? Of course, when more people realise how cool it is to acquire some Bitcoin, they will even prefer it to fiat. Another problem that some people are facing is the ban on Bitcoin in their country. Some people also live in countries where the government has made Bitcoin look like something that can just liquidate their funds because of its volatility. Mate, there's this saying that "if you are not informed, then you are misinformed." Some people in some countries have really had the wrong information about Bitcoin, and they are still living with those misconceptions, and that's what keeps them from not Investing in Bitcoin.
I happen to ask a friend around me; she's a female. I asked her, How about if I give her 1 Bitcoin or 1 million in my local currency? She said she would choose 1 million in my local currency. I asked her why, and she said because that's the one she is sure of and that's the one she knows very well for now. Her answer to me explains it all; she doesn't even have an idea of what Bitcoin is, and there are many people like her. Common, who rejects 1 Bitcoin over $1000. Lack of knowledge is just what's limiting some people, but I believe that gradually, it will get to a point where many people will still embrace Bitcoin more than the population that has already embraced it today.

Information can be used more easily if it is easily accessible. Although we are in the age of technology, information still cannot reach people at the desired level. The use of technology by the elderly only in line with their needs also leads to this situation. They are mostly old people, but there is also a small generation of younger people who live this way. We can't force knowledge into those people's heads. Radio and television are still the most effective means for this. These tools should be used actively.

If everyone educates a person who is with him, much wider masses will have information.

The monetary challenges begin with us when we don't see it as something wrong with how the government is controlling the individual financial economy, what we don't know we can't fight for it, this could also means when we don't know our right, we will lack the means to fight for it, for those that have already identified this with them, they go for a decentralized digital currency such as bitcoin, this grant them everything they wanted to see happen with their financial economy, this is how you discover the massive increase in adoption of bitcoin today because of the solution it provides than what fiat does.

It does not surprise me at all as this is my experience as well, as long as something works as intended or close to it then people have no interest on knowing how it works at all, so if a person is already earning a good salary and they can buy what they want with it then they are not really that interested on learning how everything related to the economy works, it is only once they notice that things are not as good as they used to be that they begin to ask questions, but even then most of those people will stop at that level and not take any action, and only when things are desperate they will finally decide to do something about it but at that time it is already too late to do anything.

Including a source for the quoted post would have helped the readers see the remaining content that was snipped out. I hope you also know that more than 50% of people that are in crypto are here to make more money and double their investment;D Many of them don't understand what bitcoin is about and that is why they go off when speculating about bitcoin. I see many of them refer themselves to as bitcoin maximalists and don't know who is a bitcoin maxima talk more about understanding how the monetary policy system works in reality.

I haven't had the opportunity to sit one on one to talk about bitcoin with anyone who works in any of the traditional finances but with the way they speak about bitcoin, you will understand that they research bitcoin and will later use the demerits to defend their failed system, they are afraid of the truth because they don't want their livelihood destroyed because of bitcoin, they would rather take the lies and continue to enrich their self and lives in denial for the rest of their lives.

The useful informations that would have  created an open mindset meant to make the people to have the faculty to start asking important and necessary questions of awareness are been regulated, doctored and filtered by the government through restrictions on the media houses now acting as stooges perpetrating only the interest of the government by feed the citizens blank contents.

But like you have really rightly said, It is now left for those that are enlightened about the monetary system to extend that education to those within their circle and larger community exposing them to the secrets they are denied of.

In addition to this, I do not see that it is necessary for everyone to be well aware of the crises of the financial system in order to use Bitcoin. This is not possible even if those issues are taught in academic universities.
It is true that the global financial system suffers from chronic crises, and that countries have become involved in this system in a way that they can no longer take individual measures due to the interdependence of the systems with each other. At the same time, there are countries whose financial system does not suffer from anything, and it can be said that they do not need to search for alternatives, given that most people do not care about the principle of privacy.

How are they supposed to understand this system and all the information that you find in the means of communication available to them does not provide good information, television, magazines, and even some social communication applications are echoing the ideas prevailing in society and you rarely find entertaining scientific content that enables the individual to learn useful information.

Start by educating the small community around you, and the larger the circle, the greater the awareness.

That's correct. Some people may realize how bad, unreliable and corrupt are the banks handling their money. But far too few understand how bad is the monetary system at its core. It requires reading/information and understanding/digesting that.

Few understand Bitcoin fully. We are still at the stage we use a cannon for shooting a sparrow. Let's be honest, the most attractive selling point for Bitcoin remains its increasing price (i.e. investment/speculation).

A lot of people don’t even understand investing, basic finance, and money in general. Why should we expect them to understand the monetary system?

Unfortunately that’s how it’s going to likely play out — people will only buy bitcoin when they already absolutely need it; not with them thinking in advance.

To be honest i was the one which have no problem with monetary system before i setp into Crypto. Because in crypto i understand the real problem with Monetary system and i made a topic on this too -->To Understand the Potential of BTC, What we Must Know? The thing is, some people get to know about monetary problems in the learning phase of crypto but some get to know about it before getting into crypto. And in both cases it is good. Because, the more early one being get to know about risks, and problems in Fiat system the more early they will adopt an alternative which is BTC.

Your topic has the same meaning and feeling too because one will get to know the potential of BTC once they will learn about its uses cases then they will compare the use cases of BTC with Fiat one and there processors (minds) will tell them which one is best. But still, half of that numbers of people who know the alternative is BTC will still not to chose it because of the reputation. which has been built in there mind from a long ago. But, that reputation is now keep getting better as more and more companies, and governments started to adopt it.

I would like to contradict the point "Bitcoin will give us financial freedom", concept of Bitcoin offering financial freedom means individuals can have direct control over their funds without relying on intermediaries.

With Bitcoin, you can transact and store value without requiring permission from centralized authorities. This means the person who controls the money has the authority over how their financial status is going to be which can be a better version or the complete opposite of it so it is important to remove the view that Bitcoin will make people rich and is good for the future of bitcoin itself.

But there is no decline to the fact most people don't understand the monetary system at all so if they don't then they will not understand Bitcoin either that is why educating about the system is important but not sure the governments wants in the same way.

The complexities of the monetary system can be challenging to get full knowledge on, and not everyone has delved into its complexity. Bitcoin aims to address issues like centralized control, inflation, and financial freedom. However, understanding these problems and potential solutions may require a deeper exploration of technology.

Spent time reading this particular article on bitcoin magazine and my attention was directed to the ignorance of people in the adoption of bitcoin , and as usual they all revolved within the circle of a lack of knowledge and understanding of fiat money problem. As a lot of people are deficient with any preliminary idea that there's some sort of problems with how the fiat money is been operated under the centralized financial system. Hence, they blindly lean on the system with contentment under ignorance.

As quoted above from the article as stated by the author, we can draw a conclusion that given a critical attention we will agree that nearly all the people that have adopted bitcoin, using it as alternative of fiat money are people who have an understanding of  monetary system  wholly and how bedeviling it (fiat) has been to citizens financial freedom and privacy due to intricacies of government regulatory policies surrounding it.
The other camp don't have an understanding of the problems they are facing under fiat which bitcoin is here to solve.


This is just my point of view as drawn and I would like to get yours following the qoute above.