The problem bitcoin solves - page 2.

Kakmakr

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I think Satoshi's vision for this technology was to provide for a alternative payment option, when these oppressive governments force reserve currencies on it's citizens. No government can stop Bitcoin use, because it is a decentralized technology and every citizen of a country must have a choice to use other currencies, if their reserve currency fails them.

They can use guns to force people to use their reserve currencies, but people still use illegal Black markets to bypass these restrictions. Bitcoin is also border-less, so people would move their wealth in Bitcoin, if they are forced or exploited in their own country. Wink

Naida_BR

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Quote from: ?? on ??

Bitcoin is a big help to solves the financial problem from many people who are unemployed or no regular work, through bitcoin they can earn huge of profit and maybe bitcoin can change your lifestyle in the future and it can help to boost the economy in every country.

I wouldn't agree more.
And on top of that, it solves inequality patterns that exist among the people that live in poverty and those who don't.
It provides a gateway for people especially who live in the African continent and struggle to find ways of adding a small income to their pockets.

NathanJB

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Quote from: justdimin on July 08, 2019, 03:21:35 AM

We are at an age where you can send money to your friend in a second via digital banking right now and we are here talking about how it is awesome for bitcoin to send a 30 dollar to someone in another country in 6 hours with 5 bucks transaction fee. So that used to be the best thing about bitcoin because it was less than 30 minutes and cost only few cents, nowadays the investment part is getting more attention because just recently we have moved %200+ upwards in the past 3-4 months, that is why the problem bitcoin solves changes all the time.

In other words, the other players are catching up. Bitcoin came out ahead but then the banks have something up their sleeves as well. Well, what they don't have is the capacity to increase value. Fiat is always depreciating. Bitcoin is not. That is the best offer Bitcoin can give right now. And hopefully, the Lightning Network will solve problems about confirmation time and fees.

justdimin

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There is a big difference between using bitcoin as a payment globally and using bitcoin as investment. First of all the global payment thing is awesome but it is becoming worse and worse, the blocks are more heavy, the transactions cost more and the times are getting worse as well.

We are at an age where you can send money to your friend in a second via digital banking right now and we are here talking about how it is awesome for bitcoin to send a 30 dollar to someone in another country in 6 hours with 5 bucks transaction fee. So that used to be the best thing about bitcoin because it was less than 30 minutes and cost only few cents, nowadays the investment part is getting more attention because just recently we have moved %200+ upwards in the past 3-4 months, that is why the problem bitcoin solves changes all the time.

beerlover

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I think that feeling of "freedom" from all the banks is the most important one. Ever since I know myself I hated banks, I try to never work with them but it is very difficult to achieve. I once even got a bitcoin debit card but there was some problems so I never managed to use it, I still have the card but unfortunately I can't use it.

Anyway for people like me to have the freedom to do whatever they want with the money they have without banks getting in the way is the most important part, I know banks are doing legal stuff but they are doing it in a manner that they are basically showing off their power.

For example, let's say you are overdue 50 dollars, not a big amount but still that is a debt to bank and are they right about calling you and asking you to pay? Sure, that is their job and they have to do it, they have all the rights to do it, but when you call someone 6 times to pay 50 bucks to the banks and call his family for it then it becomes something very fishy and immoral even though they have all the right to do it.

gwdf1

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Quote from: MonsterV on July 05, 2019, 09:02:31 AM

The problem that is overcome by bitcoin is that transactions without intermediaries are usually called the p2p system. Long before Bitcoin was launched, everyone transacted and sent money to use bank intermediaries, etc. When bitcoin was launched, this became a new innovation because everyone can send and transact without intermediaries, transparency and privacy. Not even controlled by any party, I think Bitcoin has overcome our problem with Fiat.

With a limited amount, bitcoin can also be a new investment area besides gold. Even bitcoin is relatively more profitable in investment because of its high volatility and increasing years.

This is true. For me, Bitcoin is one of the best methods to transfer money and use it in other countries. It is very convenient when you travel somewhere: simply have your BTC in a wallet and stay safe.

deisik

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Quote from: Hydrogen on November 13, 2018, 05:53:25 AM

Many have talked about the importance of skepticism and peer review to maintain good standards in society. The question could be raised of whether Paul Krugman's stance: "fiat money retains value as it is backed by guns" is verifiable by history. Certainly many are aware of venezuela and other nations issues with inflation and overprinting of fiat currency. However most seem not to comprehend the negative consequences of these principles until they have first hand, real life, experience with them. That learning curve could blind many to the intrinsic value of crypto currencies. Its possible bitcoin is still undervalued

This is not an intrinsic value of cryptocurrencies (and Bitcoin specifically)

It is what can be loosely called their extrinsic value (based on analogy) attached to them via external factors. More specifically, it seems like you mean that those principles established by Paul Krugman may have devastating consequences (which I fully agree with). However, that doesn't make cryptocurrencies more valuable on their own. It may make them more valuable in general (which I also agree with), due to deficiencies of fiat currencies ("help yourself to guns and ammo") but that wouldn't be Bitcoin's intrinsic value, no way

davis196

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Paul Krugman is a lousy economist.He is no authority to me. Grin

However,he is kinda right about the fiat currency being backed by guns.Every fiat currency in the world is backed by it's government and weak governments(like in Venezuela) have weak currencies.
Bitcoin is a currency that doesn't need the support of any government,which makes it stronger in some cases and vulnerable in other.

BitHodler

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Quote from: bitbunnny on July 05, 2019, 09:08:23 AM

I think that Bitcoin helped a lot to stop the dominance of banks like only relevant source of financial services.

For some people maybe, but the majority is still valuing their fiat currencies in their bank account more than the paper value of the coins they think to own but are stored on an exchange for who knows how long.

The fact is still that spot exchanges depend on banks for fiat deposits and withdrawals, and abide by all the terms the banks comes up with in order to not lose them as banking partner.

Banks are still the main leaders in the game, and that by far. People here get excited the moment the price pumps, why? Because they can sell their coins to fiat to withdraw it to their bank account-- this for people is profit.

Wallflower28

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Quote from: MonsterV on July 05, 2019, 09:02:31 AM

The problem that is overcome by bitcoin is that transactions without intermediaries are usually called the p2p system. Long before Bitcoin was launched, everyone transacted and sent money to use bank intermediaries, etc. When bitcoin was launched, this became a new innovation because everyone can send and transact without intermediaries, transparency and privacy. Not even controlled by any party, I think Bitcoin has overcome our problem with Fiat.

With a limited amount, bitcoin can also be a new investment area besides gold. Even bitcoin is relatively more profitable in investment because of its high volatility and increasing years.

Bitcoin just not resolve dealing with transactions using peer-to-peer system. We are using bitcoin because it is the most efficient way to buy goods and send money along international borders. In addition, it is made also as a key to be profitable. Many investors are putting their capital in bitcoin because they know that holding it for long term will make a big result that might change to their lives. That is why I say that bitcoin is life changer.

bitbunnny

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I think that Bitcoin helped a lot to stop the dominance of banks like only relevant source of financial services. It also showed that there is decentralized alternative that could offer more simple possibilities.
For some Bitcoin helped to solve financial issues as an additional income or to make investment portfolio without necessary big starting capital. Also it improves transparent in transactions without third parties and opened the possibilities for new concept of businesses based on cryptocurrencies.

MonsterV

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The problem that is overcome by bitcoin is that transactions without intermediaries are usually called the p2p system. Long before Bitcoin was launched, everyone transacted and sent money to use bank intermediaries, etc. When bitcoin was launched, this became a new innovation because everyone can send and transact without intermediaries, transparency and privacy. Not even controlled by any party, I think Bitcoin has overcome our problem with Fiat.

With a limited amount, bitcoin can also be a new investment area besides gold. Even bitcoin is relatively more profitable in investment because of its high volatility and increasing years.

AjithBtc

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Bitcoin solves most of the financial and investment related issues get sought as it is perfectly decentralized and runs without any kind of manipulation relative to the needs. Also the transparency through it lets the network function without flaws. In specific it'll get you the financial freedom which is now under the hands of banks.

In my country when withdrawing beyond certain limit in hard cash it is supposed to pay 2% as tax. At times we cannot use our funds on our need, only when bank wishes we can use our funds. These issues weren't there with bitcoin.

RealMalatesta

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Quote from: OnceTwiceThird on July 04, 2019, 03:35:31 AM

Bitcoin become more profitable investment at the future and always could solve many problem with payment transaction, you can use bitcoin for sending payment around all of the country.

This bitcoin feature of being able to send payment across the world without any form of restriction and large fee is the major thing that makes me crazy about bitcoin, this has really help me, my family and my friends to run business smoothly.

This is even much more important to me than the investment part of it because with my ability to send payment anywhere, I have been able to expand my business around the world which has given me more than I think I can earn from bitcoin in a year, although this reward part of it is an additional benefits because this has also enable some of my income from my other investment doubled and sometimes, when making payment, I don’t end up using my capital to make payments for the products I do purchase, I mostly use the profit I get from the reward.

FanEagle

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I think the end clearly states what needs to be said about the comparison. Sometimes we fight among ourselves on what should be done for adoption and what should be done for lower fees and all that but we forget the fact that the enemy is fiat and compared to fiat even this bitcoin without any changes is much better.

The whole idea of bitcoin was to create a decentralized currency which is more than enough to be better than any national currency out there including euro/dollar/yuan because even with that type of strong backing they are still showing us how weak the currencies are and how vulnerable people can be when banks and governments work together to make sure rich gets richer while poor stays poor. With bitcoin if rich wants to be richer they need to make poor richer as well.

OnceTwiceThird

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Bitcoin become more profitable investment at the future and always could solve many problem with payment transaction, you can use bitcoin for sending payment around all of the country.

FanEagle

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I think the end clearly states what needs to be said about the comparison. Sometimes we fight among ourselves on what should be done for adoption and what should be done for lower fees and all that but we forget the fact that the enemy is fiat and compared to fiat even this bitcoin without any changes is much better.

The whole idea of bitcoin was to create a decentralized currency which is more than enough to be better than any national currency out there including euro/dollar/yuan because even with that type of strong backing they are still showing us how weak the currencies are and how vulnerable people can be when banks and governments work together to make sure rich gets richer while poor stays poor. With bitcoin if rich wants to be richer they need to make poor richer as well.

josephdd1

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Quote from: Linkkoin on April 02, 2019, 12:02:21 PM

While Bitcoin and other cryptocurrencies can help people living in struggling economies, for now, cryptos with their volatility are still not so useful as speaking of business. Imagine, that you are an owner of eg. shipyard (or any other business where you are basing your business activities on long term contracts, which usually are not amendable). You sign contracts for building ships for like 2-3 years in advance. And even regular fiat currency exchange rates can bring the company to the edge of bankruptcy. Until we get over the volatility, we cannot say the problem is fully solved.
But still, a partial solution is much better than having no alternative at all.

The irony is that for Bitcoin or any crypto to be stable, it needs the support from the government and the fiats of the world. The very thing 'bitcoin' was supposed to replace. Shame.
But soon with regulated inivestment products like etfs and contract futures, the volatility in the market would reduce down by a lot

elda34b

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Seems like some people just read the thread title and not the content and purpose of the thread.

Quote from: tetyulfania on June 21, 2019, 10:17:30 PM

When bitcoin raising up maybe all of problem will be solve, but when we are seeing bitcoin on lower price many investor is not happy because have invested money in bitcoin with higher price.

It does not matter how much a bitcoin is worth if it can't fix the problem of centralized/controlled money, which leads to hyperinflation and so on. That problem is complex, and while we can remove or limit the ability of the government to control the supply of the money with Bitcoin, it can't solve the corruption and greed that lies beneath all of those crappy decisions.

Centralized money could be okay as long as the government is a good person, but the problem is, nobody knows exactly about it. You can't see what's inside people hearts.

hatshepsut93

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Bitcoin doesn't solve the problem of inflation, because it's not used as much as fiat currency is used, and even with Lightning Network it doesn't have the technical capability to replace fiat. The real problem solved by Bitcoin is how to move money on the Internet without any intermediaries - this was not possible before Bitcoin, Bitcoin is the first decentralized digital currency. So, Bitcoin is not only an alternative to fiat money, but also to fiat payment systems, which is why it has value. In fact, even if Bitcoin was inflationary, it would still be valuable and keep growing, just not as much as it is now.

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