What problem does Bitcoin solve? - page 4.

nullama

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Quote from: KingsDen on October 22, 2022, 07:54:44 AM

~snip~
Honestly, I feel that satoshi underrated bitcoin, or he did not expect much from bitcoin being his creation.
Or will I say that bitcoin deviated very much from what the owner wanted it to be.
I would be very happy if Satoshi could release a statement even if an anonymous statement stating how he has seen bitcoin presently and what he initially intended bitcoin to be.

At first I am sure he wasn't aware that bitcoin will have this kind of adoption it recognition gotten within 15years.
Also he will be surprised to understand that what he created as a currency is now being hodled for profit making.
Then people are being praised for holding the currency and not using it for daily purchases lol.
Maybe it's just a set up because Satoshi himself has the highest amount of btc on HODL mood. Grin

This quote from Satoshi might clear things up a bit:

Quote from: satoshi on February 14, 2010, 10:52:23 AM

I'm sure that in 20 years there will either be very large transaction volume or no volume.

It was clear that the system was designed to either be successful in the long term or not successful at all.

We've seen that Bitcoin actually survived the early days, when it was really fragile. Now there's no stopping it.

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Quote from: Yaunfitda on October 17, 2022, 03:49:11 PM

I don't know if Satoshi has this in his mind when he created bitcoin. His initial design was for bitcoin to be a payment scheme, P2P.

Nevertheless it evolved so much since the beginning, to the point that people thinks that it will solve every problem, including poverty, lol. And so we don't need to complicate things here, just use it for it's intended purpose and then some.

Honestly, I feel that satoshi underrated bitcoin, or he did not expect much from bitcoin being his creation.
Or will I say that bitcoin deviated very much from what the owner wanted it to be.
I would be very happy if Satoshi could release a statement even if an anonymous statement stating how he has seen bitcoin presently and what he initially intended bitcoin to be.

At first I am sure he wasn't aware that bitcoin will have this kind of adoption it recognition gotten within 15years.
Also he will be surprised to understand that what he created as a currency is now being hodled for profit making.
Then people are being praised for holding the currency and not using it for daily purchases lol.
Maybe it's just a set up because Satoshi himself has the highest amount of btc on HODL mood. Grin

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Quote from: 8rch7 on October 21, 2022, 01:57:08 AM

The very big problem that bitcoin solves is the problem of intermediaries and third party problems, we are free to make transactions wherever we want, and we are free to keep our assets for as long as we want, because bitcoin is not controlled by anyone, only we ourselves are in control of the bitcoins that we have, the difference between bitcoin and government currency is that the supply is limited, bitcoin only has a supply of 21 million, while the state currency continues to be issued by the government without any limits.

Bitcoin have served as an alternate to the traditional payment gateway. The usage of blockchain technology have effectively eliminated the intermediaries. As mentioned the system works against the inflation as it have limited supply of bitcoin whereas the supply of traditional fiat is unlimited. The decentralised network and the usage of non custodial wallets will help bitcoin solve the privacy issues. Beyond this there were more prediction of bitcoin to solve poverty and different economic issues. For now this is possible in paper, to experience the reality it takes time.

Dunamisx

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Quote from: EarnOnVictor on October 21, 2022, 01:54:46 AM

I like to read the benefits attached to Bitcoin as you have elaborately stated them, it often reminds me of the old times when nothing could be transacted financial without governments and other third parties' involvement (banks, employees and others)

We all have been through this in one way or the other under the centralized system and lot of property, wealth and asset have been diverted by those in power against the wish of the masses and all these were done in the name of AML and other centralized protocols that warrant ceisure of property or asset, p2p alone had won the battle against such menace except if an individual now choose to remain with them.

Quote from: EarnOnVictor on October 21, 2022, 01:54:46 AM

Frequently, I painstakingly parted ways with between $25-39 for a single transaction that would be received between 2-5 days.

It annoys me whenever i heard some people yet saying that bitcoin transaction fee is costly, considering this example you made and the transaction fee on bitcoin transactions which one is better, yet this transaction got confirmed within the shortest time, thanks to the development of lightning network, another boosters to lesser fee, fast and bulky transactions.

Quote from: EarnOnVictor on October 21, 2022, 01:54:46 AM

But now, Bitcoin has put a stop to that, such transactions could now be completed in a few minutes with just $0.15. Awesome!

Nothing can stop bitcoin from existing, because the benefits we've tasted in it is beyond leaving or doing without it in the nearest future and we wouldn't want to go back to where we are coming from.

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The very big problem that bitcoin solves is the problem of intermediaries and third party problems, we are free to make transactions wherever we want, and we are free to keep our assets for as long as we want, because bitcoin is not controlled by anyone, only we ourselves are in control of the bitcoins that we have, the difference between bitcoin and government currency is that the supply is limited, bitcoin only has a supply of 21 million, while the state currency continues to be issued by the government without any limits.

EarnOnVictor

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Quote from: Dunamisx on October 17, 2022, 02:52:33 PM

There are many solutions bitcoin has come to offer a d the world is benefiting from it right from time, what the government or central authorities cannot give is freedom in handling our finances, this is the major reason Satoshi Nakamoto remain ever commited to the research on his work on bitcoin until he finally got it launched in 2009, and ever since then, alot of benefits have emancipated from the introduction and bitcoin had ever remain the most valuable digital currency, asset, store of value and investment to go for, alot of opportunities have also come forth through this such ad employment, ease of cross boarder fees, centralized system, delay in transaction, abuse on privacy, low security, inflation, challenge of bulkiness, KYC challenges just to mention few using p2p on the decentralized network of blockchain.

I like to read the benefits attached to Bitcoin as you have elaborately stated them, it often reminds me of the old times when nothing could be transacted financial without governments and other third parties' involvement (banks, employees and others). That said, the most frustrating part is that in those years, I solely depended on bank wire transfers for my international transactions because debit cards were not working in my country then. Frequently, I painstakingly parted ways with between $25-39 for a single transaction that would be received between 2-5 days. But now, Bitcoin has put a stop to that, such transactions could now be completed in a few minutes with just $0.15. Awesome!

worle1bm

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The main problem it solved is giving you control over your funds with its decentralisation nature and no restrictions on spending your funds unlike government banks asking for lot of documents and hindering your payments if they are not satisfied with it.You can transact million of dollars with few dollar fees only and your funds in your custody but if you can keep them safe depends on you as it comes with responsibility also.

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You forgot that there are just as many people who lost their invested money and went bankrupt. If you only talk about the positives without warning people to be careful about using bitcoin, you will have many opponents who, having experienced the loss of their deposits, will take the opposite side

I don't forget to include the negative things people can experience from Bitcoin if they use it wrongly in the community, I just focused with some of the positive things Bitcoin has helped people to solved, which I have seen with my two eyes in this platform , and in my environment that made me to spread the good news to bitcoiners.

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OP, by what age do you expect to become rich and live without problems?

By 20 or 21 age I will become rich to be able to control my resources in a way problems will be far from me and my generation, and I will live without problems in the community. There are some huge amount of money you will achieve from your investments, and you will never experience problems in your life, which that is my desire, and I believe with time it will surely happen to me to live without Problem.

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Quote from: Rockstarguy on October 20, 2022, 01:12:24 PM

Quote from: gabbie2010 on October 20, 2022, 12:16:54 PM

Bitcoin as a store of value apart from it's P2P payment system is another feature which I admired very well, I prefers hodling my Bitcoin in my wallet rather than exchanging it to fiat and saving it a bank were the officials will have access to my account balance and other personal confidencial information relating to the account via KYC, hodling my coins in a wallet will guaranteed my anonymous management of my own account without any third party interference due to it decentralized feature, I can as well use it as a means of payment directly to the seller of a goods and services that accept bitcoin.

Several times I tried to make transactions on my bank and I was debited but the transaction didn't get to the beneficiary , bank never reverse since it was a failed transaction. Saving money in the bank is terrible and stressful. Hodling Bitcoin is the best savings one can think of. Saving money in the bank is loss of value for money because it is common for money to depreciate, hodling Bitcoin is an advantage to financial growth. Bitcoin is a good form of money.

I think depositing money in the bank is not so bad as you say and holding bitcoins will not be the best as you say. In simple words, in the present case we are in a bear market and if you are saving all your money in bitcoin and you need the money urgently to use, bitcoin is losing more than 70% value against ATH, are you brave enough to sell your bitcoins to spend. Fiat depreciates over time but it is not as volatile as bitcoin nor does it lose more than 50% of its value in a short time like bitcoin. As a smart investor, you will always have a reasonable allocation, both bitcoin for long-term investment, and necessary bank savings for life.

Dubaian

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BTC users believe that all types of currencies are easily transacted from the Satoshi platform. If there is a problem with Bitcoin, it is solved in a very short time.

gunhell16

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Quote from: Zanab247 on October 17, 2022, 02:26:59 PM

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.

Sometimes, I wonder what is the main factor reason why Satoshi Nakamoto created Bitcoin. Because if you look at the design of Bitcoin it can be used for good and bad. And it can only be used through the internet because if you don't have a data connection the transaction that will be done for it is also useless.

As long as the major factor in bitcoin is that it is an additional opportunity for us to have a financial profit, and Bitcoin has nothing to do with whether it is used by good or bad people.

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Quote from: lixer on October 20, 2022, 01:46:59 PM

Quote from: Hamza2424 on October 18, 2022, 07:09:34 AM

Which problem you are facing right now, BTC is able to fix it ... That's obvious there is no known asset more devisable then BTC if there is then I am not aware of it. In my view BTC is nothing more then financial freedom and that what matter as if my funds are in my control then what is better then that. So I think BTC don't need us but we need BTC as Satoshi knows everything he might be a genius in Economics.

Let say I have a problem with my wife, can btc be able to fix it? No. What problem btc can solve are only limited or mostly money related since it was a currency. Btc is better than fiat money because they are not tied in the banks or governments therefore we can attain a financial freedom this way but keep in mind that there are now regulations that are popping out in cryptos.

Usually they can be found on the platforms that we are using like centralized exchanges. I think this interferes the true purpose of btc but there is always a way to avoid them. Btc needs us so that btc can become strong and we also need btc to help us solve our issues in terms of finances.

We will all have different opinion about the problem Bitcoin solve because our definition of the problem Bitcoin solved will be based on personal experience and understanding but the problem Bitcoin solves does not have to do with money-related issue.
Yes, you hear me right and if you look carefully you'll see that Bitcoin actually solves the ethnicity problem. The government was trying to break us through their political naiveness but BTC brought people of different languages, races, families, and educational backgrounds together.

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Quote from: gabbie2010 on October 20, 2022, 12:16:54 PM

Bitcoin as a store of value apart from it's P2P payment system is another feature which I admired very well, I prefers hodling my Bitcoin in my wallet rather than exchanging it to fiat and saving it a bank were the officials will have access to my account balance and other personal confidencial information relating to the account via KYC, hodling my coins in a wallet will guaranteed my anonymous management of my own account without any third party interference due to it decentralized feature, I can as well use it as a means of payment directly to the seller of a goods and services that accept bitcoin.

And this is really important now, for years some governments have tried to go against the savings people have in bank accounts as it drives them crazy that all of that money is there doing nothing and they want some of it, but they have been unable to get that money due to the natural opposition of people, but once the crisis is big enough they will be able to do something like that and only those which have their wealth outside of the banking system will save themselves from moves like those.

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Quote from: Hamza2424 on October 18, 2022, 07:09:34 AM

Which problem you are facing right now, BTC is able to fix it ... That's obvious there is no known asset more devisable then BTC if there is then I am not aware of it. In my view BTC is nothing more then financial freedom and that what matter as if my funds are in my control then what is better then that. So I think BTC don't need us but we need BTC as Satoshi knows everything he might be a genius in Economics.

Let say I have a problem with my wife, can btc be able to fix it? No. What problem btc can solve are only limited or mostly money related since it was a currency. Btc is better than fiat money because they are not tied in the banks or governments therefore we can attain a financial freedom this way but keep in mind that there are now regulations that are popping out in cryptos.

Usually they can be found on the platforms that we are using like centralized exchanges. I think this interferes the true purpose of btc but there is always a way to avoid them. Btc needs us so that btc can become strong and we also need btc to help us solve our issues in terms of finances.

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Quote from: gabbie2010 on October 20, 2022, 12:16:54 PM

Bitcoin as a store of value apart from it's P2P payment system is another feature which I admired very well, I prefers hodling my Bitcoin in my wallet rather than exchanging it to fiat and saving it a bank were the officials will have access to my account balance and other personal confidencial information relating to the account via KYC, hodling my coins in a wallet will guaranteed my anonymous management of my own account without any third party interference due to it decentralized feature, I can as well use it as a means of payment directly to the seller of a goods and services that accept bitcoin.

Several times I tried to make transactions on my bank and I was debited but the transaction didn't get to the beneficiary , bank never reverse since it was a failed transaction. Saving money in the bank is terrible and stressful. Hodling Bitcoin is the best savings one can think of. Saving money in the bank is loss of value for money because it is common for money to depreciate, hodling Bitcoin is an advantage to financial growth. Bitcoin is a good form of money.

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Bitcoin as a store of value apart from it's P2P payment system is another feature which I admired very well, I prefers hodling my Bitcoin in my wallet rather than exchanging it to fiat and saving it a bank were the officials will have access to my account balance and other personal confidencial information relating to the account via KYC, hodling my coins in a wallet will guaranteed my anonymous management of my own account without any third party interference due to it decentralized feature, I can as well use it as a means of payment directly to the seller of a goods and services that accept bitcoin.

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Quote from: Zanab247 on October 17, 2022, 02:26:59 PM

1) Problem of divisibility: you can divide Bitcoin up to 8 decimal point like 0.00000001 bitcoin

Divisibility issue is not something relevant now in today’s world. Division can be done equally and sent since money can still be sent digitally without having issues with the decimals too.

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2) The government cannot reach up it's bum and pull because is a decentralized currency.

Yes it solves this problem. As government can not regulate it or make some kind of silly rules and regulations about its operations. This is amongst reasons why its mass adoption globally is yet to be effected by many countries, especially the corrupt ones.

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3) Bitcoin as a decentralized currency solve the problem of the need for a corruptible third party from the central bank.

These still lies in the hands of the government as the former. Embezzlement will be reduced drastically in such a way that the workers won’t have a means of stealing and also covering up for the government’s illegal activities in the central bank.

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This goes back to policy, indeed, when things like this are still illegal, there is no need to force the will to spend bitcoin because as long as it can still be traded or become an investment asset, why should it be anything else.
It's a different story if the country you live in has made a policy on bitcoin, it can be a legal payment instrument.

But as time progresses and more and more about the adoption of bitcoin, it is possible for something like this to happen in your country, the most important thing is to wait.

Of course there is a chance to expect that adoption to happen in the future, but I don't think it will happen anytime soon.
For a time, it was hard for me to expect the government to legalize bitcoin or any other cryptocurrency as a means of payment. In fact I very much doubt they will change the rules in the next 10-15 years even though there are many countries that are starting to soften the rules.

Ultimately regulation is a problem that makes bitcoin unusable as a legal tender and even the government is eager to centralize bitcoin users with its new rules. In the last few months I started paying taxes for every buying and selling transaction on the local exchange, it benefit the government even though they have managed to prevent use cases as a means of payment.

Findingnemo

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Bitcoin = Financial freedom

It makes the cross border transactions more convenient than before, we don't have to wait for the bank approval, no paper works or anything to keep our money since we are keeping it on our own.

And I don't expect it to solve the problem of world or fight with corruption since its just money and don't expect something to happen when people are not taking any efforts, to evacuate the corruption the society should fight together.

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It's true that there's no need for a bank with Bitcoin, but some other things that are worth mentioning is that Bitcoin's price can't be regulated by any authorities and that the currency itself is resistant to inflation in a way that fiat never is. As for what people buy and can afford, that depends both on what they used to have and some luck with investing and being patient to wait for profits. I am sure that Bitcoin also brought many people lots of pain, such as forgetting or accidentally throwing away the passphrase and being forever locked out of the wallet, crypto exchange exit scams, selling at a big loss. I wouldn't say that Bitcoin solves financial problems because it can also bring them. But it allows a person to truly be an owner of one's own money, to send this money online directly to another person, to use a currency that isn't affiliated with any state. Oh, and Bitcoin can't be faked like fiat money can be.

Topic: What problem does Bitcoin solve? - page 4. (Read 1255 times)