Topic: This is why Bitcoin is the only way (Read 240 times)

I have reservations when it comes to bitcoin and i stand firmly that Bitcoin is not the only way; instead bitcoin is an alternative while i find stable coins a credible alternative. I find bitcoin not credible because it does not have a stable price, if you keep xxx$ in your bank, you get your xxx$ at any time (bar bad occurence). If you buy xxx$ worth of btc, it can either be yyy$ (addition) or zzz$ (depleted value) when you need to use your funds (not a credible store of value, instead an investment chain).

Why are stable coins credible alternatives? Simply because you retain your monetary assets xxx$ = xxx$ (and can be more when you convert to local currencies), so i implore you if you want to keep or store your funds, get busd or usdc and store in your private paper wallet, want to invest your money? Buy and Hodl BTC Longterm

I don't like the idea of generalizing crypto with bitcoin, bitcoin is the only coin that is decentralized without any resistance from any organization, government or dictatorship but the cryptos we have today are 99% centralized in my opinion. Any coin that has a centralized protocol that will prevent you from spending your coins even with your private keys is just a space away from banks. Let's look at an example:

Solana halt their blockchain more than twice now just to reduce the impact of sellers on the market, is that different from what the banks of china are currently doing? This is why Bitcoin is just unique and hence we shouldn't generalise bitcoin and cryptos(altcoins).

Isnt that kind of event too harsh for Chinese community? Yes China isnt a democratic country but a communist, but those banks are presumably a private entity to operate, which doesnt mean they act like a government saying they wouldnt return money cause its an investment item? What the fuck is this scam.

If all countries will be like that then only a matter of time before everyone appreciate the decentralized space of bitcoin.

It is present in all countries. It is easy to find such examples of the injustice of government bodies, so those who are given power, I would check several times with all kinds of psychological tests. "Quod licet Iovi, non licet bovi" is a rather old expression that is still relevant today.
As for learning about bitcoin to avoid the influence of the authorities on our finances, this is also far from an understandable thing for some people. Learning, understanding, and start using don't always work in that order. A person hears about the benefits, invests, and later, without understanding and not fully understanding many points, begins to call bitcoin a fraud. And the reason for this is his haste, greed, and carelessness.
People are lazy.

That's the irony and it's the major reason it irks those who are reasonably conscientious. Throughout the globe, laws are often partial in execution; a part for the poor and a part for the rich. In Africa, it's worse as people avoid speaking truth to power in order to save their miserable lives and that has led politicians to believing they can do anything and get away with it. What happened in the case of #endsars in Nigeria wasn't even a riot. It was a peaceful demonstration that lasted days and that shocked the Nigerian government who never believed the youth would last a couple of hours on the streets. It was a show of force from the government that made the peaceful demonstration degenerate into something else.

The policy to close someone's savings because they have only been involved in a few riots does look very serious, but that will not happen to high-ranking officials who are indeed caught doing corruption, corruption officials are really still free and still enjoying their wealth because they have important positions. Unlike us who are just ordinary people who when we have a small mistake will get a big punishment. that's why centralized systems are some of them unfair and arbitrary.
 
Several other cases, such as the mysterious disappearance of a bank customer's money, also often occur. In my country a few months ago there was a loss of customer money of 1.6 billion Rupiah or around $ 106,000 which according to the bank was withdrawn by the account owner himself, but the account owner did not make a withdrawal, when the account owner asked for cctv recordings the bank did not provide it.
IDR 1.6 billion in Lost Account, Customer in Medan Suspected It was withdrawn by Teller, Bank Clarification

The only way is to own your keys of your asset. Anything that can give you that ownership is your way to really own your asset.

In order to really avoid government control, that one must be decentralized and have anonymous creator/ founder. In cryptocurrency, it is Bitcoin. I don't know in future we will get a anonymous founder like Satoshi Nakamoto. Now it is Bitcoin, only Bitcoin.

I don't know why all governments of the world do that. It doesn't really matter whether they're from civilized clans or not. You can imagine Canada that's rated high as a sane society. One would think something of that barbaric nature is shamelessly the exclusive right of the African continent because of the bad and corrupt leadership in Africa. In Nigeria, we also had the Canadian experience during the infamous #endsars protest in October 2020. The aftermath remains what crypto lovers in Nigeria are still battling with till date as regards the ban on cryptos in the country. Many accounts were frozen during that protest and after it as the government felt protesters got funded through cryptos. It's a shame.

We can't blame them though. Bitcoin is still very volatile which means it is not yet suitable for a complete migration from the traditional centralized fiat system to decentralized bitcoin. So people still have to trust the corrupt banking system and continue using their services despite all the reminders.

In fact the reason why the FUD works for most people is this volatility. When they tell people "bitcoin is dying" and they see price has been dropping hard, most people believe it easily.

You're right, there's nothing like being private and remain so, things have gone wrong along time ago not until the arrival of bitcoin that brings the challenge for independency in financial economy, bitcoin is the solution we all waited for long time ago even without our knowledge about bitcoin, now that we ate exposed already about what bitcoin is and how it can rescue us from the delapitating world system of centralization then it's a thing of concern if we can take bold steps in helping others into the illumination in which bitcoin has brought for us as light by not being carword.

What? This is how every government operates. If you get caught of breaking the law / not paying taxes / etc, they will take what's theirs. Storing your wealth in CEX doesn't help you nor being your own bank wouldn't help you either. Because they will search all your stuff and eventually they either find your private key or if you want to cash out they will take their cut.

And you can forgot owning a house or anything if you owe them money.

+1
To summarize it, Bitcoin without responsibility is basically fruitless and counter-productive, i honestly do not think this point can ever be overemphasized, people who use Bitcoin must understand the responsibility that comes with it, you can't choose to be your own bank and not take responsibily to protect your funds and be in complete control. Bitcoin without responsibility isn't freedom at all, if you do not control your funds, then you are not using Bitcoin in the right way, neither are you free from censorship, and we use Bitcoin mainly to evade censorship from government/centralized services. To enjoy Bitcoin perfectly is to take responsibility of your funds.

The surpsring truth to this is, despite these revelations, despite these dangers that have presented themselves in the open, a lot of the worlds citizen still sees fiats, banks and government parastatals to be relatively safe compared to bitcoin.

Like, how do they come to these conclusions! They become so consumed by the FUD that the government passes around that they don't see the dangers of centralized systems.
Confiscation of citizens asset for an investment they never agreed upon and still, you'll find them not owning even a satoshi after this! That's how drained most people are!!!

And we know that most people are not able or do not want to think too much about such complicated things as the possibility of being their own bank. When I think about how many people have problems with their bank cards, whether they constantly lose them or forget their PIN, imagine what would happen if they tried to use Bitcoin.

Because of this, many have accepted the wrong storage method, so they use CEX as storage, which is no different from storing fiat in an ordinary bank. In some countries of the world, certain savings deposits are insured by the state up to a certain amount, so that even if the bank fails, you have a chance to get your money. It's not that some CEXs don't have insurance in case of hacking, but in the event that QuadrigaCX or something similar happens, everything can only become a story for a movie, and clients can hope for some crumbs after years of lawsuits.

Bitcoin may be the only way, but it doesn't stop with Bitcoin. That's something that should be reminded to all of us every now and then.

It's actually about being our own banks. It's actually about self-custody. It's all about full control. Bitcoin as a way would prove pointless if we forget that it is about freedom and independence. Bitcoin in Binance is no Bitcoin at all. Bitcoin staked in centralized platforms is no Bitcoin at all.

This Henan banking province scam worth 49 billion yuan has clearly shown what the banking system can do to take control of your funds and people are protesting just to get their funds back but this is why China has always put complete restrictions to bitcoin as they want people under their hands and can scam them anytime.

I recently opened up a thread about the same : China banka scams shows importance of financial freedom with bitcoin...

The central chain of authorities will never want to loose the freedom chains and want full financial authority over the people and bitcoin is the key to open it and that's why they always put up some restrictions and try to create negativity for it among people or fearing them with punishment if they involve in these matters.Bitcoin has provided them with control of your funds in your hands if you can take security responsibility.

This case of banking scam is perfect example why we need bitcoin and banking system are not secure way of keeping your funds anymore because they are also like your funds are theirs not yours.

They completely put restrictions on bank account to block the fund flow of Truckers in the protest but there was huge donation in bitcoin and other cryptos after that they try to send notice and block crypto transactions also but you see it was not helpful to some extent and you can't take funds from people wallets if you are not using their services.

But how do you think world can be free from these oppressive regimes ? The same government and their policies and they are not turning upside down within few years and bitcoin is really good option for people to advance their growth if we see it from different aspects like ;

1)Your fiat is subjected to inflation and your dollar bills would be worth nothing in coming years because the government are printing money out of thin air making the existing value down each day.

2) Is your funds safe in bank? We have already seen its not

So there are many other reasons and from personal approach the adoption will increase day by day and prices will surge and if you can just be part of it.

You do have a point. In extreme cases like China, Bitcoin cannot offer a solution, cause it would not be allowed to thrive and citizens would not want to risk their safety using an illegal currency, which many of them cannot purchase due to regulatory bans.

But, in a general scope, Bitcoin is an avenue to bypass strich regulations. We saw that in Nigeria, where during protests (2020, in relation to police brutality) donations where sent in through bitcoins after the government clamped down on bank accounts of those involved in the peaceful protest. This has also been replicated in other countries as well.

We would never have a utopian society, but having an alternative like Bitcoin is a lifeline.

Could be attempts to cover the situation up to the public eye. I've seen a lot of oppressive governments to know that this is not beyond them.

A prove that you can never trust the government with your finances. But china ban on Bitcoin and other cryptocurrency has not been revoked meaning even exchanges cannot be trusted as well. "Not your coin, Not your keys"says the Bitcoin prophet. Decentralization is the only way to keep the government away from having control of your funds and the way forward for the Chinese community

If it was a military drill as the said debunk claims why were the protesters scared away from the bank premises and why did the tanks chose to display their military exercise where this citizens carried out their right to protest for their funds. They government should understand that their citizens are not dummies

I'm sorry but I do not totally agree with the OP's statement that Bitcoin is the only way. The world needs good governance and freedom from oppressive regimes. Bitcoin can't thrive in countries where the aforementioned variables are lacking. Besides, not everyone will adopt bitcoin.


Several reports have debunked the viral video of the tanks saying that the video was actually filmed in Rizhao City in Shandong province and that  they believe the activity was a military exercise ¹.

1. https://observers.france24.com/en/asia-pacific/20220721-did-the-chinese-government-really-deploy-military-tanks-to-suppress-protesters-in-hunan-province

The world is constantly reminded that authoritarian regimes will always invade your privacy and have their hands in your pocket. Bitcoin is truly the alternative for those who want to exit the corrupt systems, even if they only make a partial exit (use bitcoin alongside banking system).

For example a couple of months ago we saw how the Canadian regime shut down bank accounts of all protesters and anybody who even slightly supported them through social media. Meanwhile bitcoin was not affected and the truckers received donations through bitcoin to help their cause.

Crypto or the full name cryptocurrency refers to a much wider group that includes altcoins, tokens, CBDCs, etc. It is not the same as saying bitcoin.

The recent conflicts between Chinese police and depositors in Henan province of China for the past weeks gives a conspicuous importance and credence to the encouragement of people to better make use of Bitcoin either for trading, investment or as a store of value/wealth, as it saves you from government unscrupulous policies, due to the decentralization Bitcoin enjoys.

Imagine a situation where you are barred from having access to your hand earned money because it is in the control of a centralized systems.
 A situation that could be worst!

According to a source statement:
The tanks were reportedly deployed on the streets to protect the banks and keep the protestors from attacking them. The incident follows a statement made by the Bank of China's Henan office that deposits made by customers are "investment items" therefore, they cannot be withdrawn.
https://saharareporters.com/2022/07/21/china-deploys-battle-tanks-prevent-people-withdrawing-money-banks-crisis

This is why crypto (Bitcoin) is the only way. And we that have seen it and, how it's working for us must spread it's usefulness far and near.