Topic: What problem does Bitcoin solve? - page 5. (Read 1267 times)
It is designed to do peer-to-peer transactions. Bitcoins are safe and encrypted. So, you don’t have to trust another party.
The problem of divisibility isn't an actual problem. Who cares about BTC being divided into tiny satoshis that cost 0.0001916 USD?
Having extreme divisibility doesn't bring any utility and I don't think that divisibility is a unique feature. Some developers could possibly create a shitcoin, that can be divided into a billion small pieces. Does this make the particular shitcoin more useful than Bitcoin? Nope.
The second and third problems can be solved only if the people are using and storing their BTC in cold wallets.
Storing BTC in centralized crypto exchanges platforms is like storing fiat money in a bank. No difference.
Having extreme divisibility doesn't bring any utility and I don't think that divisibility is a unique feature. Some developers could possibly create a shitcoin, that can be divided into a billion small pieces. Does this make the particular shitcoin more useful than Bitcoin? Nope.
The second and third problems can be solved only if the people are using and storing their BTC in cold wallets.
Storing BTC in centralized crypto exchanges platforms is like storing fiat money in a bank. No difference.
You are ignoring the most important solution which is Decentralized payment solutions. We are making a borderless transaction without any third-party involvement. Bitcoin makes our life easier to receive and send payments worldwide within seconds. Of course, there is a lot of solution but this is the major. It doesn't matter many become millionaires, because this isn't any investment scheme with ROI. We just take advantage of the volatility.
There are so many uses for bitcoin that it's a shame if we miss it and don't have it, although there are still many who are against the existence of this bitcoin. But that's not a problem because I believe that bitcoin will soon be accepted in all circles although it takes time. and it's proven that now a lot of big investors are starting to look at the potential of bitcoin.
Assets like this are what we need today, that don't burden the user in every way. This is the advantage of bitcoin that we can't doubt anymore.
Of course it's true, bitcoin has many uses but bitcoin tends to be used more for trading and investing assets than its use case as a currency in my opinion. I don't want to talk about other countries, but Indonesia (my country) every bitcoin user is not allowed to use it as a legal tender. This does not rule out the possibility of getting sanctions if violated, and that is what makes bitcoin only used as an investment and trading asset.Assets like this are what we need today, that don't burden the user in every way. This is the advantage of bitcoin that we can't doubt anymore.
Regulation is still the most discussed issue as to why bitcoin has not been adopted as legal tender on a wider scale. I don't think this regulation will change quickly especially if most countries are desperate to own their own crypto through CBDC.
HERE ARE SOME PROBLEMS BITCOIN SOLVE FOR THE USERS:
2) The government cannot reach up it's bum and pull because is a decentralized currency.
The government doesn't really care about BTC. In fact, they absolutely hate decentralized currencies and I tend to agree with this statement that governments will eventually crack down on Bitcoin in the future because of the simple law of supply and demand. I am looking forward to the possibilities of innovative new payment systems such as Bitcoin and other cryptocurrencies.
If you look at the Bitcoin market, for now, it is very volatile with assuming the Bitcoin price goes up and down too often and too fast. But, although Bitcoin's decline in value worries me, I'm sure it will bounce back.
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Yes the freedom that bitcoin offers is one that got me interested in bitcoin. I can access it whenever and wherever I want. This is not like the central bank which often makes it difficult for users, especially if they need a large amount. It's completely different here without even the slightest pressure. Something that can't be found in the central bank, we can feel here. Freedom is one of the needs that everyone wants, and we can get it here. Another important thing is that bitcoin is transparent which makes me even more convinced of the existence of bitcoin.
Yes the freedom that bitcoin offers is one that got me interested in bitcoin. I can access it whenever and wherever I want. This is not like the central bank which often makes it difficult for users, especially if they need a large amount. It's completely different here without even the slightest pressure. Something that can't be found in the central bank, we can feel here. Freedom is one of the needs that everyone wants, and we can get it here. Another important thing is that bitcoin is transparent which makes me even more convinced of the existence of bitcoin.
Yes.
And it's also an asset. Just like a real estate for example.
The great thing about Bitcoin though is that you can buy a fraction of it, which you cannot do with real estate.
Also you can easily move around with it, even leave the country, which of course you can't do with real estate.
You can even pay for goods and services with it. It's great.
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.
It's not correct to say Bitcoin solving poverty problem because Bitcoin isn't a free money which anyone can get and trade for high amount money, if Bitcoin is free money, Bitcoin price would either worthless or zero. The early adopter who have Bitcoin when it's still cheap, that's a gift for holding Bitcoin.Quote
3) Bitcoin as a decentralized currency solve the problem of the need for a corruptible third party from the central bank.
Now are you really not touch fiat at all? are you only use Bitcoin to spend your daily expenses and you didn't use fiat anymore?Bitcoin isn't created to replace fiat, it's just an alternative currency for people that prefer to use Bitcoin than fiat (if the country make Bitcoin as legal tender).
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.
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.
1) Problem of divisibility: you can divide Bitcoin up to 8 decimal point like 0.00000001 bitcoin
How many times in your life did you regret not being able to pay someone $0.0000001?
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.
3) Bitcoin as a decentralized currency solve the problem of the need for a corruptible third party from the central bank.
Bitcoin doesn't actually solve those problems. Bitcoin is a radically different system with its own pros and cons. Saying that Bitcoin solves problems of fiat is like saying that an airplane solved the problems of a car.
It's very common in Bitcoin community to compare certain aspects of Bitcoin with fiat and ignore the full picture.
OP, there are 12 basic points [Innovation] you need to know when you want to learn about some of the things bitcoin can solve as a currency versus fiat. I don't want to go into details, but you can invest a little time learning it yourself, here it is: Innovation in Payment Systems
You will probably know that bitcoin is a different payment system from fiat, so some of the problems that bitcoin solves through its innovations have become something of an advantage over bitcoin that users prefer.
- Control against fraud
- Global accessibility
- Cost efficiency
- Tips and donations
- Crowdfunding
- Micro payments
- Dispute mediation
- Multi-signature accounts
- Trust and integrity
- Resilience and decentralization
- Flexible transparency
- Automated solutions
You will probably know that bitcoin is a different payment system from fiat, so some of the problems that bitcoin solves through its innovations have become something of an advantage over bitcoin that users prefer.
There are so much problem the bitcoin has solved and keeps solving. The government spend huge amount of money printing paper money and same government will have to mop up cash when they start decaying and not too fit for public health, they burn it up thereby incurring huge financial losses. Bitcoin doesn't transmit diseases unlike the fiat that was a means of transferring Covid-19 and other dangerous disease, with bitcoin, traditional banks need not fleece me of transaction fees within and across borders regardless of the amount am transacting.
These are issues present for decades. Keep in mind that online payments are still having problems at the present because of connectivity issues. Also, not all people are 'tech savvy', perhaps how about older people? teaching this technology would still be a problem right now. Bitcoin and other cryptos, indeed, has many advantages but allow things to continue developing. It should be supported by now to counteies around the globe if there would be no potential problems. This technology has a high tendency to be on 'that' phase so for now, be patient. 
Also Bitcoin, if setup properly, cannot be confiscated.
Bitcoin basically frees a person from being controlled by a particular country's monetary policy.
Bitcoin basically frees a person from being controlled by a particular country's monetary policy.
The problem is that a lot of those who bought Bitcoin for one reason or another still have a completely wrong understanding of how it is safe to store it where they bought it. Not only are they at risk of being hacked through phishing, clipboard malware or exchange hacking, but at any moment their funds can be frozen for any reason.
Even if you set things up the right way (non-custodial wallet), you can still depend heavily on the central system if you can't buy anything directly for Bitcoin, or if you are a client of a bank that is not crypto-friendly. In an ideal world where Bitcoin would be accepted everywhere, we could say that we are free in the financial sense - until then, someone can find himself in a situation where he has a certain amount of Bitcoin, and literally be hungry because there is no way to exchange Bitcoin for anything.
There are so much problem the bitcoin has solved and keeps solving. The government spend huge amount of money printing paper money and same government will have to mop up cash when they start decaying and not too fit for public health, they burn it up thereby incurring huge financial losses. Bitcoin doesn't transmit diseases unlike the fiat that was a means of transferring Covid-19 and other dangerous disease, with bitcoin, traditional banks need not fleece me of transaction fees within and across borders regardless of the amount am transacting.
As for me, Bitcoin is our protection from the possible encroachment of those in power - most especially in the government - so they can not just confiscate anything we own just like what they can do with fiat money. With Bitcoin, we are all empowered to bypass the power of the state especially at times when they feel that they can abuse us and just do anything they wanted to do. While I don't have much problem with the fiat money actually on the personal level, we can never predict the kind of behavior those in power may exhibit once there will be global financial crisis...and I think there are now many factors pointing us into that direction.
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2) The government cannot reach up it's bum and pull because is a decentralized currency.
This thing must keep in the mind of most people because there are some people that can easily hooked up with some FUD especially when it comes to government restrictions or regulations and especially if it's not true.2) The government cannot reach up it's bum and pull because is a decentralized currency.
Since government can't really control Bitcoin, then they for sure become strict how some businesses or individual use Bitcoin.
Any problem you think that fiat currency can solve it is same thing bitcoin as a usual self can solve
That is not a good way to put things, fiat doesn't solve the problem of over centralization, fiat isn't deflationary, fiat isn't limited in supply, fiat isn't resistant to censoring, it is BTC that does all of the aformentioned things and in addition is safe, fast and doesn't require a central body to validate or issue new forms of it. I will put it that BTC can do what fiat does (which is for payment,) with many other additional things inclusive that fiat can't do.There are shillers, influencers, programers who are earning big from the crypto market.
All of these have nothing to do with bitcoin in itself, or what it can solve.So I think BTC don't need us but we need BTC as Satoshi knows everything he might be a genius in Economics.
Satoshi is no more a part of the network. You are not correct, the BTC community are too important, since the tech doesn't have a central organization, it has to be run by the community: Miners, nodes, users, investors. These are the people involved in the growth and protection (through mining) of BTC. If people didn't trust Satoshi's creation and supported it BTC may not be where it is today, if people like Gavin Andresen didn't give out free BTC in 2010, and the other devs who supported in one way or another, who knows if the network would have come this far. TL;DR: BTC needs BTC users to grow. 
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.
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 the some.
You are right but on the other hand, you can not blame people for being excited over what Bitcoin has metamorphosed into even if this weren't its original intention. I believe the best is its decentralized nature and the investment side, ROI. Investors in Bitcoin over the years have noticed this is unarguably one of the best investments you can take considering your ROI after a few years which is more than other sectors. 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 the some.
1) Problem of divisibility: you can divide Bitcoin up to 8 decimal point like 0.00000001 bitcoin
Comparing it with assets like gold, yes it is an advantage. But if comparing it with fiat, fiat is also having the characteristics of divisibility, but it is a depreciative asset. I will agree because bitcoin have the characteristics. It is well designed.How about cross border payments that are cheap with bitcoin. And making remittance easy and cheap to people in countries it is accepted like El Salvador.
Bitcoin is also an appreciative asset, but it requires speculations before anyone should think of investing.
It's better to look at those attributes as something that makes bitcoin unique by having those as its features. But the best thing that can be said about bitcoin is that it's our own money that we hold.
No need for the banks to hold our own bitcoin because we will do it for ourselves. Don't forget that there are many incidents about the banks that are not allowing their depositors to get their own saved money.
No need for the banks to hold our own bitcoin because we will do it for ourselves. Don't forget that there are many incidents about the banks that are not allowing their depositors to get their own saved money.
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