Here are some problems I think bitcoin is solving:
1) As online service or product sellers, it is a very good form of payment. I am saying because these payments cannot be reversed and the sellers will not see fraud from buyers. But in case of PayPal, a buyer can order something and then do chargeback even after getting the item. It can result in huge loss especially if the ticket size of the item sold is big.
2) Easier to transact and carry : Crypto transactions can be done easily without the involvement of banks or government. One can carry large amount of money in the form of crypto safely in their wallet or mobiles. This can prove to be very helpful in future in doing big transactions like buying home or land. Since, all these crypto transactions are automatically registered and stored online, there is also proof of them being made which will reduce chances of fraud.
Topic: What problem does Bitcoin solve? - page 2. (Read 1267 times)
...people think that it will solve every problem, including poverty, lol.
This is the most motivating reason that has prompted many persons to bitcoin especially in places like Africa where the poverty rate is very high. Unfortunately sometimes these persons later get to realise that that mindset of a get-rich-quick scheme that they have about bitcoin is false especially when they witness and are affected by a decline in price. Bitcoins can make you rich but it is not a get-rich-quick scheme, a lot of persons need to know the difference.
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.
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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.
Bitcoin price still remain unpredictable, one thing you need to understand in cryptocurrency is that bear market will not remain forever, and do everything possible within your power to use this bear season to buy and hold to watch what will happen before the end of this month of November. I don't think, Bitcoin price will ever stable the way people want than it will pump for people to sell to earn well and dump for people to use the opportunity to buy and hold for another bull. 
The interesting and potentially useful takeaway here is that, despite the volatility and controversy surrounding bitcoin, it is a growing trend with the potential to change the way we think and use money. Additionally, as bitcoin continues to evolve as a form of currency and an accepted method of payment, its fluctuations will stabilize, which will make it a more viable alternative.
Yes, Bitcoin is unique in many ways, despite all the positives and negatives, as long as there is still demand for this cryptocurrency, some people are still willing to invest in it.
Yes, Bitcoin is unique in many ways, despite all the positives and negatives, as long as there is still demand for this cryptocurrency, some people are still willing to invest in it.
Die_empty posted:
I don't understand this. Most places, grocery store, car dealers, don't accept bitcoin. The only place I can get U.S.D. for bit coin is an exchange such as Gemini, Coinbase, etc. To my knowledge, they use standard banks accounts. Is there some other way to translate bitcoin into USD?
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There are also restrictions or benchmarks on the maximum amount that can be withdrawn from physical banks. This has really affected so many individuals and businesses because they have to pay high bank charges to withdraw above their limits. Bitcoin serves as a veritable tool to bypass these restrictions without paying more charges or violating any financial law.
I don't understand this. Most places, grocery store, car dealers, don't accept bitcoin. The only place I can get U.S.D. for bit coin is an exchange such as Gemini, Coinbase, etc. To my knowledge, they use standard banks accounts. Is there some other way to translate bitcoin into USD?
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.
Currently, bitcoin is considered the most volatile asset and for investors no one wants it to be stable because once stable it will no longer be profitable for us, only people who use bitcoin as a means of payment expect bitcoin to become stable. But I think with the decentralization of bitcoin, it will be very difficult to stabilize because no one will be able to regulate or control it and the volatility will be determined by supply and demand.
I agree with you, it can be said that using bitcoin as a means of daily payment is quite annoying because the price fluctuates so quickly. I don't know about everyone, but for me, I don't like using bitcoin to pay my daily bills, I like it as an investment.
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.
not very practical to use it right now
For me financial freedom, letting us earn comfortable with whatever device we are using as long as it have an internet connection.
And I know some people who use crypto as their savings we trust it more than Banks and believe that it would be more profitable than letting our money sit on our Bank accounts.
Technically, you are probably right, bitcoin is excellent as an anonymous, fast means of payment that is not as affected by inflation as fiat currency. But in the bank, your savings don't change as fast as bitcoin. And therefore, someone is more comfortable keeping their money in bank accounts. And I know some people who use crypto as their savings we trust it more than Banks and believe that it would be more profitable than letting our money sit on our Bank accounts.
Can we not exaggerates things for the sake of Newbies and non experience people who are still trying hard to understand what Bitcoin is all about. Yes to the fact that Bitcoin can be a very helpful tool to government, Banks or company's that deals with payments, transfers or transactions, but Bitcoin may not completely save a country.
For example I know many people who has been into crypto-currency for long but still are not millionaires already, because honestly it wasn't meant to make you rich out of nowhere, you still face normal life challenges but it would make transactions or normal transfers easier than they used to be. You knowledge on how to keep your cash flowing or a country knowledge on how to develop themselves financially is still needed Bitcoin can only supplement in ways that it can.
For example I know many people who has been into crypto-currency for long but still are not millionaires already, because honestly it wasn't meant to make you rich out of nowhere, you still face normal life challenges but it would make transactions or normal transfers easier than they used to be. You knowledge on how to keep your cash flowing or a country knowledge on how to develop themselves financially is still needed Bitcoin can only supplement in ways that it can.
Bitcoin is valued because of its problem solving potentials. Bitcoin eliminates the need for an intermediary in transactions. This is the role of the bank. And in this case, the intermediary cannot be trusted because they would always want their own percentage of the transaction even when they promise us that they don't. Besides the bank as an intermediary are always in control of our money as long as it is with them.
I went through the thread and it seems everyone is talking about how bitcoin is helping governments and different institutions however the main question is, do we really see bitcoin solving the problem or blockchain?
Both blockchain technology and Bitcoin/cryptocurrency industry is helping the government and different institution. Bitcoin helps the government in terms of opportunities of investments that provide jobs to its citizen. With company taking advantage of the Bitcoin industry and providing jobs to its citizen, a country is assure of tax revenue.
It's not about Bitcoin at all. It's all about the technology behind it, the blockchain! Yes off course that is helping governments a lot by having their data integration solid via blockchain. Various private companies are also making use case out of it.
It isn't about the technology only but the Bitcoin market. With Bitcoin startups and Bitcoin oriented projects it helps the government with income through taxes.
Bitcoin is just serving its purpose in terms of transacting pseudonymously and with full proof of work available publicly.
Sadly Bitcoin isn't just for transacting pseudonymously, behind Bitcoin is the industry and market that creates opportunities to individual.
Government actually don't like Bitcoin at all.
Well not all government hates Bitcoin, El Salvador is the living proof of it.
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.
4) Bitcoin is also a good tool used by law enforcement to fight crimes. Blockchain makes it more easy to trace money. 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.
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It’s a more secure way of dealing with P2P transactions. There is no middleman. No country or bank has any authority over it.
Yes, it pump at any time for bitcoiners to experience bull market in the community, and also dump at any time for bitcoiners to experience bear market, because is not control by bank or country, which is among the problem it has helped people to solved in the environment. It has made many users to have full confident in their transaction because it's well secure and safe for both senders and receivers, which is part of the problem it has solved for people and it will continue to solve many problems for those that made it legal in their state or country. 
I went through the thread and it seems everyone is talking about how bitcoin is helping governments and different institutions however the main question is, do we really see bitcoin solving the problem or blockchain?
It's not about Bitcoin at all. It's all about the technology behind it, the blockchain! Yes off course that is helping governments a lot by having their data integration solid via blockchain. Various private companies are also making use case out of it.
Bitcoin is just serving its purpose in terms of transacting pseudonymously and with full proof of work available publicly.
Government actually don't like Bitcoin at all.
It's not about Bitcoin at all. It's all about the technology behind it, the blockchain! Yes off course that is helping governments a lot by having their data integration solid via blockchain. Various private companies are also making use case out of it.
Bitcoin is just serving its purpose in terms of transacting pseudonymously and with full proof of work available publicly.
Government actually don't like Bitcoin at all.
It’s a more secure way of dealing with P2P transactions. There is no middleman. No country or bank has any authority over it.
What problem does Bitcoin solve?
It is experienced differently in each individual
some feel that financial transaction problems are easier because they can make transactions anywhere as long as they are connected to the internet.
some feel that their financial problems are getting better because they invest at a lower price and have already made a profit.
In my experience this is the right choice for saving
It is experienced differently in each individual
some feel that financial transaction problems are easier because they can make transactions anywhere as long as they are connected to the internet.
some feel that their financial problems are getting better because they invest at a lower price and have already made a profit.
In my experience this is the right choice for saving
This is one of the most valuable observations about decentralized currencies in general: previously money was derived from either the state or private industry. Now we have decentralized consensus.
On the contrary, money has always been decentralized in its nature because people would choose the scarcest and most saleable good as a means to save their wealth and transact with other individuals, which in most cases was a commodity given by nature itself, not the State. Money, therefore, has always been separated from the State in the technical sense since no government body could print up more money at will. Money had to be extracted from Earth's crust or picked up from its surface to become part of the supply of money in the economy. Bitcoin fully satisfies the principles of these "natural" money or commodities because in order to make more of bitcoin, to increase its supply, you have to spend energy trying to "mine" it. Bitcoin puts constraints on the government's ability to print money and regulate the economy, but, as we all know, the State cannot sustain its own existence if it has no permanent access to money printing. 
For me financial freedom, letting us earn comfortable with whatever device we are using as long as it have an internet connection.
It looks like we are forgetting what financial freedom means... As explained, financial freedom is all about having enough residual income to cover our living expenses.[1] I think financial freedom as the meaning conveyed has nothing to do with Bitcoin's immutability or the freedom of transaction we gain from using Bitcoin. Though I am open to correction in my belief in this.
The biggest problem is solves in my opinion is banking the unbanked, so many people can't trust their countries or banks in their countries, and this solves that in a big way.
I greatly agree with this, aside from people having no trust in banks or countries, Bitcoin also solves the problem of people who are not trusted by banks in opening a bank account. Due to this instance, these people (unbanked) are restricted in online transactions, and this problem is easily solved by Bitcoin. With third-party services or p2p, people can easily buy Bitcoin otc and enable these people(unbanked) to enjoy online transactions.
The freedom of transferring money directly regardless of location is also solved by Bitcoin.
[1] https://www.etmoney.com/blog/what-is-financial-freedom-and-ways-to-achieve-it/
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