Satoshi's solution created a new way to use money in a digital form that is counterfeit-proof and can be sent directly from one person to another (“peer-to-peer”) without having to go through a financial institution.. Nakamoto was not the first to hit on the concept of cryptocurrency but was the one to solve a fundamental problem that prevented its adoption: Unlike paper currency, cryptocurrency could be duplicated . This was known as "double-spending," and Nakamoto solved it by creating the blockchain system of verification.
Topic: What problem does Bitcoin solve? (Read 1197 times)
about this, everyone has different responses, in my opinion bitcoin is not too focused on being used as a means of payment, but for me bitcoin is a valuable asset, and of course an investment in it.
and in my country bitcoin cannot be used as legal tender, but the government supports its people to invest in bitcoin. so by allowing bitcoin by the government, the community is very helpful in terms of the economy...
and in my country bitcoin cannot be used as legal tender, but the government supports its people to invest in bitcoin. so by allowing bitcoin by the government, the community is very helpful in terms of the economy...
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Bitcoin has several reasons why it exists and it mostly depends on its user! But AFAIK I believe the founders of this digital currency built this coin with an objective of transparency and financial freedom to the people, as you all know that fiat systems aren't efficient enough and lack the transparency that people need. And with the infinite supply of cash that can be printed, the fiat system has no accountability whatsoever which makes bitcoin the perfect substitute for people that are concerned with such matters.
If we compare bitcoin to fiat or gold to see what problems bitcoin can solve, we can see that bitcoin solves almost all of the issues that fiat money and gold have such as privacy, anti-inflation, low-cost means of cross-border payments, secure asset storage, convenience or transparency as you mention...But all of that is not the reason people are interested in bitcoin, what makes people interested in bitcoin is its volatility, its profitability. If one day, bitcoin becomes stable, I wonder if people will continue to support bitcoin or not.
The advantage of Bitcoin's decentralization is that it is not subject to third-party intervention and basically frees itself from government control. Let people actually manage their assets.
At the same time, Bitcoin, as a store of value, also increases investors' income, and many people have truly realized the freedom of wealth through Bitcoin.
The most important thing is that Bitcoin has no discrimination and integrates all countries in the world.
At the same time, Bitcoin, as a store of value, also increases investors' income, and many people have truly realized the freedom of wealth through Bitcoin.
The most important thing is that Bitcoin has no discrimination and integrates all countries in the world.
I loved what you said that Bitcoin doesn't discriminate and integrates all nations across the globe, in short it is a global currency which is not controlled by any central bank and its price is determined by the market. Though it is very volatile currency but that is its beauty because it provides opportunity to make profit by using trading skills. Volatility is a gift if you have the expertise to manage the risk.
Although bitcoin can be used as a cross-border money transfer method without third-party intervention. But given its volatility, I still consider it an asset rather than a currency because currencies don't move much, in my opinion.
There is one thing I agree with you on, bitcoin's volatility is one of its beauties. I believe we are all here for the volatility of bitcoin, if bitcoin is not volatile, it cannot be profitable for everyone, and people will not look to bitcoin anymore. So I hope bitcoin will never be stable.
Bitcoin has several reasons why it exists and it mostly depends on its user! But AFAIK I believe the founders of this digital currency built this coin with an objective of transparency and financial freedom to the people, as you all know that fiat systems aren't efficient enough and lack the transparency that people need. And with the infinite supply of cash that can be printed, the fiat system has no accountability whatsoever which makes bitcoin the perfect substitute for people that are concerned with such matters.
Hello ops you have not really mentioned the primary problem bitcoin solve which is the elimination of a third-party financial system, this is one of the role of Bitcoin as a decentralized currency.
And also Bitcoin serves as an alternative to the fact centralized currency and as a cross border currency, bitcoin is not entirely a get-rich-quick scheme and also not a means to become rich but a tool that can solve the financial problem such as financial restrictions from the government.
And also Bitcoin serves as an alternative to the fact centralized currency and as a cross border currency, bitcoin is not entirely a get-rich-quick scheme and also not a means to become rich but a tool that can solve the financial problem such as financial restrictions from the government.
The advantage of Bitcoin's decentralization is that it is not subject to third-party intervention and basically frees itself from government control. Let people actually manage their assets.
At the same time, Bitcoin, as a store of value, also increases investors' income, and many people have truly realized the freedom of wealth through Bitcoin.
The most important thing is that Bitcoin has no discrimination and integrates all countries in the world.
At the same time, Bitcoin, as a store of value, also increases investors' income, and many people have truly realized the freedom of wealth through Bitcoin.
The most important thing is that Bitcoin has no discrimination and integrates all countries in the world.
I loved what you said that Bitcoin doesn't discriminate and integrates all nations across the globe, in short it is a global currency which is not controlled by any central bank and its price is determined by the market. The best advantage of bitcoin is transaction across border without any delay & involvement of third party. Though it is very volatile currency but that is its beauty because it provides opportunity to make profit by using trading skills. Volatility is a gift if you have the expertise to manage the risk.
Bitcoin has solved multiple problem from the users, it will continue to help countries, governments, city, town and villages to solve their problems if they are willing to embrace it like the way it solved the problems of other countries, governments, city, villages that embraced it. I have heard and seen how Bitcoin has helped people to became rich by building estates all over the country, establishing businesses all over the country, driving good cars in the community, sending their children to the most expensive school in the country with the help of Bitcoin.
HERE ARE SOME PROBLEMS BITCOIN SOLVE FOR THE USERS:
1) Problem of divisibility: you can divide Bitcoin up to 8 decimal point like 0.00000001 bitcoin
2) The government cannot reach up it's bum and pull because is a decentralized currency.
3) Bitcoin as a decentralized currency solve the problem of the need for a corruptible third party from the central bank.
Let us continue to spread the good news about Bitcoin until the whole world make it legal.
HERE ARE SOME PROBLEMS BITCOIN SOLVE FOR THE USERS:
1) Problem of divisibility: you can divide Bitcoin up to 8 decimal point like 0.00000001 bitcoin
2) The government cannot reach up it's bum and pull because is a decentralized currency.
3) Bitcoin as a decentralized currency solve the problem of the need for a corruptible third party from the central bank.
Let us continue to spread the good news about Bitcoin until the whole world make it legal.
OP I don't think that the problems solved by Bitcoin are expensive cars or houses but what it has solved and can solve in the future are many other aspects. In particular, we have seen how it solved the problem of double spending or how it excluded the trustee or your bank from a financial system and above all it can solve your privacy which is certainly the main point for which it was created. Bitcoin will not create rich people but richly free people.
To the best of my knowledge, Bitcoin has created a niche for itself. The use case of Bitcoin are so numerous to mention. No wonder it is called digital gold and it is therefore tagged store of value and as the first digital currency, it became the most popular and globally recognized digital asset even though most country are yet to recognize or see it so. As the topic implies, the problem solved by Bitcoin depends on individual approach and perspective. It can be used for purchase of property without any much stress and third party involvement to demanding for commission, it is faster and time saving, it has a recorded ledger where every transaction is recorded which can never be destroyed unlike the fiat where evidence can be distroyed without any trace. You can move with your Bitcoin assets from place to place without any disturbance and no one noticing your movement compared to the fiat where bullion vans are used to covey fiat from one place to another which attracts eyes and possibly attacks by armed robbers and lots more making it very risky. All these problems Bitcoin has solved but it takes an opened eye man not biased in thinking to see what we are seeing.
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Bitcoin shouldn't depend on exchanges so it's losing my trust..
Don't forget that Bitcoin is not created for one person or a country, what you don't like from Bitcoin is what other people like about Bitcoin that even made them to have more trust on Bitcoin than centralized currency, because of some of the evidence they saw with bitcoiners. I don't think, Bitcoin is based on only exchange alone because many nations adopted Bitcoin because it has potential value to add to their users in the country.
The advantage of Bitcoin's decentralization is that it is not subject to third-party intervention and basically frees itself from government control. Let people actually manage their assets.
At the same time, Bitcoin, as a store of value, also increases investors' income, and many people have truly realized the freedom of wealth through Bitcoin.
The most important thing is that Bitcoin has no discrimination and integrates all countries in the world.
At the same time, Bitcoin, as a store of value, also increases investors' income, and many people have truly realized the freedom of wealth through Bitcoin.
The most important thing is that Bitcoin has no discrimination and integrates all countries in the world.
I have a question about when the price of bitcoin will stabilize. Currently if it is used for daily payments, calculating its price varies from day to day, which is troublesome. I'm a rookie and have never been able to figure this out.
The price of Bitcoin can't be stable because it's traded against the dollars, even other currency aren't stable when they are traded against each other. They're only stable when they're been used in their own form and not been traded against other currencies. 1 Bitcoin is always 1 Bitcoin just as 1 dollars is always 1 dollars but the moment you try trading your dollars to other currency or your Bitcoin to other currency then the new valuation comes in. Bitcoin solves so many problem which one of them is decentralization.
Bitcoin also solved the need for a fast and reliable payment currency that merchants can be certain they won't be cheated on through refunds after they have sold their items to the buyer. PayPal is guilt of this habit as they offer refund when they haven't fully verify the story been told of criminal attempt of been true.
Bitcoin shouldn't depend on exchanges so it's losing my trust..
Bitcoin is an alternative form of money that does not depend on anyone's whims, financial decision makers, the blockchain system itself is full-fledged! To some extent, this is data that is transmitted and that has its own price! I think Bitcoin is very interesting because no one fully understands how it really works and functions!!! I think bitcoin has changed the internet project industry a lot, and there is definitely merit in this!!!
The greatest advantages of Bitcoin is that it is decentralized and that it is a peer-to-peer payment method without the need for a third party, this has made many people around the world get their financial freedom by working in Bitcoin, but unfortunately governments are trying to control Bitcoin through third-party services such as exchanges for example Forced by the government to enforce KYC verification, and anti-money laundering laws, these actions made bitcoin lose its features and led to the breach of users' privacy, but fortunately there are still some decentralized exchanges that don't require KYC as well as bitcoin mixers that maintain great privacy. .
Btc is supposed to be direct but in some p2p sites, there are still middle man who are involved to ensure that we are transacting with a legit person that wouldn't scam us. Another amazing thing about btc is that it can also work as an asset other than a currency and its advantage as an asset is that it is highly volatile.Volatility is responsible for the ups and downs of the price, making it easier for the people to buy/sell btc and make a profit. Other than the regulations that you describe there, some governments in a country can also declare a ban, making the btc totally non usable. This kills the idea of btc to give people a financial freedom.
The greatest advantages of Bitcoin is that it is decentralized and that it is a peer-to-peer payment method without the need for a third party, this has made many people around the world get their financial freedom by working in Bitcoin, but unfortunately governments are trying to control Bitcoin through third-party services such as exchanges for example Forced by the government to enforce KYC verification, and anti-money laundering laws, these actions made bitcoin lose its features and led to the breach of users' privacy, but fortunately there are still some decentralized exchanges that don't require KYC as well as bitcoin mixers that maintain great privacy. .
None of those problems (not even sure those are what Bitcoin specifically solved) are what appeals to actual people, though.
Kakmakr gives a good example of actual problems that have happened to people in the last decade. I add Greece to his Cyprus example, a bigger economy that did bigger thefts of its own citizens' funds (and shortly before Bitcoin was born), I went there and confirmed this with many people.
But right here on this forum people like me, freelancers, reliant in the past on scores of payment processors. S Korea wanted us to use Kakao, Chinese clients want Wepay, rest of the world tries to do PayPal. I used PP for the majority of txs, invoicing and waiting for payment in local currency. High fees, long delays, not as big a problem as constant freezes, arbitrary account locks, no matter I verified repeatedly and did everything above board.
Bitcoin is now my major tx method. No delay, fees I set myself, not a single freeze/lock/wrong amount etc. in 6 years.
Kakmakr gives a good example of actual problems that have happened to people in the last decade. I add Greece to his Cyprus example, a bigger economy that did bigger thefts of its own citizens' funds (and shortly before Bitcoin was born), I went there and confirmed this with many people.
But right here on this forum people like me, freelancers, reliant in the past on scores of payment processors. S Korea wanted us to use Kakao, Chinese clients want Wepay, rest of the world tries to do PayPal. I used PP for the majority of txs, invoicing and waiting for payment in local currency. High fees, long delays, not as big a problem as constant freezes, arbitrary account locks, no matter I verified repeatedly and did everything above board.
Bitcoin is now my major tx method. No delay, fees I set myself, not a single freeze/lock/wrong amount etc. in 6 years.
When you ask this question... you should talk to the following people first :
~ People in Cyprus - Money from personal bank accounts were confiscated to pay for the country's bailout.
~ People from Zimbabwe - After years of hyperinflation, the country officially dropped the Zimbabwean dollar in 2015.
~ People that used "Backpage" - Visa will not process transactions from online classified portal Backpage.com.
~ Credit card donations to Wikileaks blocked for 3 years - US-linked banking blockade against WikiLeaks.
~ Banks in Greece closed their doors and limited withdrawals at ATMs. - All this to stop a Bank run, because they failed.
These are just some of the things that has happened in the past and Bitcoin were used as an alternative to solve some of those problems.
(Just Google it.... you will see how Bitcoin were used)
~ People in Cyprus - Money from personal bank accounts were confiscated to pay for the country's bailout.
~ People from Zimbabwe - After years of hyperinflation, the country officially dropped the Zimbabwean dollar in 2015.
~ People that used "Backpage" - Visa will not process transactions from online classified portal Backpage.com.
~ Credit card donations to Wikileaks blocked for 3 years - US-linked banking blockade against WikiLeaks.
~ Banks in Greece closed their doors and limited withdrawals at ATMs. - All this to stop a Bank run, because they failed.
These are just some of the things that has happened in the past and Bitcoin were used as an alternative to solve some of those problems.
(Just Google it.... you will see how Bitcoin were used) 
~snip~
If a wallet allows the use of fiat or bitcoin, how does that resolve the issue that bitcoin is, at least currently, far more volatile that fiat currently? At least where I am in the U.S.
And how does a wallet provide the use of fiat currency? What is the path/method by which I take some fiat currency somewhere and get control over it via my off-line wallet?
If a wallet allows the use of fiat or bitcoin, how does that resolve the issue that bitcoin is, at least currently, far more volatile that fiat currently? At least where I am in the U.S.
And how does a wallet provide the use of fiat currency? What is the path/method by which I take some fiat currency somewhere and get control over it via my off-line wallet?
What I meant is that in some wallets you can set the amount of the transfer in fiat, say $5, and the wallet will calculate immediately the amount of Bitcoin, based on the current exchange rate. Sometimes you'll pay a bit more btc other times a bit less btc for the same $5. This would be a bit similar as to using foreign currency.
Some wallets do offer some kind of exchange between fiat and bitcoin, such as Strike, or Chivo, etc. At the end of the day those are exchanges.
I have a question about when the price of bitcoin will stabilize. Currently if it is used for daily payments, calculating its price varies from day to day, which is troublesome. I'm a rookie and have never been able to figure this out.
Most wallets will allow you to use either fiat or bitcoin for making payments so it shouldn't be an issue.
If a wallet allows the use of fiat or bitcoin, how does that resolve the issue that bitcoin is, at least currently, far more volatile that fiat currently? At least where I am in the U.S.
And how does a wallet provide the use of fiat currency? What is the path/method by which I take some fiat currency somewhere and get control over it via my off-line wallet?
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