Topic: What problem does Bitcoin solve? - page 6. (Read 1203 times)
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. The post is very pompous. I can not say that bitcoin solves all problems. It all depends on the person. You should not turn bitcoin into an idol of wealth. A poor person can become richer if he can invest in bitcoin correctly, and it is not a small amount that the poor usually do not have that matters, and it also takes time. How many years of life have you measured for yourself? OP, by what age do you expect to become rich and live without problems?
The population of the unbanked in my country is very high. Most locations, especially in rural areas don't have any access to banks. Bitcoin serves as the bank of so many people. They don't need to come to urban areas to carry out business transactions because Bitcoin can serve as a very potent means of exchange.
There are also restrictions or benchmarks on the maximum amount that can be withdrawn from physical banks.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.
There are also restrictions or benchmarks on the maximum amount that can be withdrawn from physical banks.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.
Bitcoin separates money from state.
This is a big thing because most countries can decide to generate more of their own money, making the currency less valuable. That's inflation.
Also Bitcoin, if setup properly, cannot be confiscated.
Bitcoin basically frees a person from being controlled by a particular country's monetary policy.
This is a big thing because most countries can decide to generate more of their own money, making the currency less valuable. That's inflation.
Also Bitcoin, if setup properly, cannot be confiscated.
Bitcoin basically frees a person from being controlled by a particular country's monetary policy.
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.
What he had in mind is pretty clear in the Bitcoin white paper 
Satoshi's plan was perfectly successful even though people now prefer to store value but still, the purpose of Bitcoin and why it is created was still there.
The main problem that has been solved and the main purpose why Bitcoin was created is just because of the alternative payment system, a digital currency that can send across the border without third-party control.
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.
What he had in mind is pretty clear in the Bitcoin white paper 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.
Not just from Africa. Almost all greedy folks have the same kind of thinking. I think the fact that Bitcoin rose from just cents to tens of thousands of dollars afew years later made some people think they could actually get rich too overnight. Little did they know that the early adopters had balls of steel to believe in a project in its infant stages 
...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. 
It solves the problem for a safe, encrypted, store of value for wealth.
You can create a private key from memory using any seed, so no need for a bank or vault.
You can create a private key from memory using any seed, so no need for a bank or vault.
Bitcoin isn't intended to solve any problem for any government it is designed as a p2p payment system for the common man. The common man in the sense that no third party which also implies if the government must key into the system they too operate as common men where we all operate in decentralised network of an existing public ledger.
So it hasn't solved any problem for any government not even El Salvador the Bitcoin city who are currently on 60% loss of its total value can say Bitcoin has solved a single issue for them yet. Individuals, businesses and co-operations who invested earlier might have Bitcoin work for them but they own it independently
So it hasn't solved any problem for any government not even El Salvador the Bitcoin city who are currently on 60% loss of its total value can say Bitcoin has solved a single issue for them yet. Individuals, businesses and co-operations who invested earlier might have Bitcoin work for them but they own it independently
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.
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.
There are many solutions bitcoin has come to offer and 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.
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.
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