Topic: What problem does Bitcoin solve? - page 3. (Read 1255 times)

If someone can take advantage and know how it works, but what needs to be understood is that investing has a level of risk, even though bitcoin can maintain value. The problem is that people do not fully know how to start investing in bitcoin, so when there is a correction people will say bitcoin is not able to maintain value.
Therefore, it is important to know how to invest in bitcoin, although we understand that bitcoin is the best move for anyone to take part.
And it is certain that bitcoin does not need to be run by a third party, decentralization is the basic concept of its journey.

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.

Whatever the intent of the creator of bitcoin we often hear is that sathosi nakamoto could be designed for an easier payment system without a second and third party intermediary.

And it is also possible to make bitcoin a P2P (person to person) service, which means borrowing money in the currency of a country directly between creditors / lenders (lenders) and borrowers (loan recipients) based on information technology.

How about this recent issue with our economy? The inflation rate and cost of living starting also increase. For me, this is also another problem that Bitcoin is solving. Because if you take a look Bitcoin got limited supply only while our fiat currency doesn't have and that makes fiat currency losing their value.
So Bitcoin really solving this also.

I like the title of this thread, because this is the exact number one question to ask yourself when you're looking at any type of cryptocurrency, what problem does it currently solve.  If the answer is it doesn't, then you know right away it's a worthless coin (which goes for 99.9% of them). 

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.

It would be wrong to say that Bitcoin only solves a certain event. It has been a positive support to our lives in every sense. It is a great solution, especially for large amounts of money transfers. You can do this at any moment. And you don't have to explain to anyone.
You just need to be very careful when storing it. If you don't want Bitcoins to disappear at once, you should be very careful about this. Fraudsters can empty your safe at any time 

Here are some economic ideas explained by Satoshi Nakamoto himself: https://satoshi.nakamotoinstitute.org/quotes/economics/

For Satoshi Nakamoto to have sat down to create Bitcoin, he must have pundered over happenings in the world. How to solve economic crises, how to create wealth, how to save the stress of joining the cue and waiting for your turn to make payment, high and outrageous  charges from Third parties, fast scalability, easy access to your savings, portable movement with your assets, unnecessary taxation by government and other agencies, to stop the monetoring of ones assets, all these put together I strongly believe made Satoshi to come up with the Bitcoin innovation which led to blockchain Genesis with Bitcoin as the first digital currency to be developed.

Bitcoin has solved a whole lots of problem. It had made many millionaires upon it's inception, early adopters are very fortunate to have had early access to Bitcoin then and it alleviated most of them from poverty and making them millionaires. Not only that, in terms of payment for goods and services, it helps saves stress of going to the bank to get the fiat while with your digital assets in your phone, you could make payment very fast and easy without stress. Never the less, exhorbitant charges by third parties is drastically reduced when making payments from your own wallet directly and it's scalability is faster compared to the traditional way of payment
With these few points if mine I believe you can get more clues on problems Bitcoin solves.

I don't know how bitcoin solves problem for people, I see bitcoin as a normal Currency as the Fiat currency, I have not seen bitcoin does extraordinary things for people or otherwise. The only different that I know for the Fiat currency and bitcoin Currency is the method of payment system and the method of usage. Bitcoin payment is only for internet (online) while fiat is for both online and physical, bitcoin is decentralized while fiat is centralized. Bitcoin is unstable but fiat is stable.
So the way you use fiat is the same way bitcoin is also used, I don't know why people are miss conceptualizing bitcoin.

To make it loud and clear, Bitcoin is a digital currency which is used to buy goods and services online. The way you used bitcoin for Investment the same way you can use fiat for Investment. Another thing that makes bitcoin to be more popular is the high value of it.
Remember when you come to Africa, dollar is known every country because it's value is very high in the continent. And bitcoin value is higher than dollar so everyone is using it. Even in Nigeria people use dollar More than the Fiat currency (Naira).
What you said bitcoin solves fiat also solves.

Since the existence of the crypto world especially bitcoin many people have felt helped by their economy, although not directly but by investing in bitcoin our income is increasing and we can see the development of bitcoin continues to occur until the current value is very high even though it has experienced ups and downs but this is not a reason to continue to be in the crypto world, Currently, there are very many people who can develop their business from the results of investing in bitcoin, and we hope that later the whole world will legalize bitcoin and become legal tender.

It has solved the problem of long distance transaction that made many people to prefer decentralized currency than centralized currency in the world because Bitcoin transaction is fast and safe without having any fear of scam or delay in transaction in the country. You have full access to your bitcoins anytime, any day you want to use your bitcoins in the society, because it has solved the problem of third party, That is why I said Bitcoin has solved many problems in the life of the users and it will continue to solve the problem of those that believe in Bitcoin in the land.

I think the last two pointers you made are redundant, and I'm not even sure if the first one could be considered as a problem considering that no one actively looks for 0.0000001 dollars these days. Then again I would agree that bitcoin does solve a pain-point that many of us had experienced at least once in our lives, and that is connectivity, which is just practically non-existent in fiat currencies. Add to this practicality coz jumping between borders would also require you to use their native currency otherwise you'd die of starvation (well, except for countries who accepts dollars as their native currency like Zimbabwe and Venezuela).

wait, that is what Financial freedom means to you? having device and internet?  what about those who has no gadget meaning they are not having freedom?


it is not saving it is investing ,  and that is what Crypto has more advantage than  banking , because we cannot gather much more than what crypto can bring us.

Bitcoins is a decentralized currency which is up to thirteen years, and since the existence it has so many influence because of it's values in the society. From my perspective or observation, bitcoin has solved a worldwide problem in the sense that it has reduced accumulation of money transfer challenges, it's an easy access of transferring funds from one continent to another without passing much process or much stress. That's one of the advantages of Bitcoin and the problem it's introduction has solved worldwide.

Bitcoin has helped many people including me, in one way the other, Bitcoin is the number one of cryptocurrency market and other Alt-coin are idealogy of Bitcoin to help the community spreading across the globe in the name of trading, investing, mining and gaming to earn Bitcoin and other Alt-coin as a digital assets.

The main task that bitcoin solves is trust, where intermediaries are not needed, especially financial institutions, to transfer funds from one person to another, besides this is a provable trust from which all parties benefit.

The other difference is that even though bitcoin could be tracked, you could maybe never know which person an address belongs to. Some addresses could be found, but there are still so many wallet address' that we do not know who it belongs to, which means that it would not be possible for anyone to know what we are spending our money on. That type of privacy is also a big thing, in regular life fiat is tracked very carefully, hell even the money we own have numbers on it, so it can be tracked however we want to.

This is why bitcoin is far better, it is truly decentralized and that gives us a good power and that means it is going to work out in the end for bitcoin and beat fiat clearly.

And any other good investment can do the same, maybe longer but can still do it all the same. Bitcoin didn't actually do anything, people just saw its value and they judged themselves that it could grow into something bigger. Bitcoin didn't solve their problems or establish their businesses, it was those people themselves that did it mmkay? Let's not put Bitcoin as some sort of salvation since as much as many people won, there are also a lot of people who lost. A LOT.
Kinda funny how you pointed out points two and three and yet you want the world to make it "legal".

Some areas I see people get it all wrong is that, they expect to be world billionaires and thstbis a wrong impression about the main reason bitcoin was created. In order to save people from the thefts of the government and private bank's, Satoshi created bitcoin clearly to make p2p transaction, off which we know that those transfer are free with taken any from your transferred bitcoin.
Some issues bitcoin solves are, helping you send money across the world, bitcoin saves you time, even if there is a delay as a result of low transaction fee, all you have to do is to back it up with lighting network to speed up the transmission effectively. During inflation like this banks and governments also earn a lot from loans given out.

I agree, and maybe bitcoin can be a solution to the problem of corruption,
because nowadays corruption is rampant,
especially in government, almost every time there is aid funds, surely it will not reach all,
and it hurts people who are in dire need.

maybe it's time to change the financial system little by little,
get better with bitcoin.