Topic: Why we need bitcoin... - page 5. (Read 715 times)

I agree with this because at least when people still use fiat and if something bad happens, they can ask the government to help them fix the problem.
But when something bad happens to bitcoin, they can not ask anyone except themselves why they put their money in bitcoin.
Yes, not many local merchants accept bitcoin but fortunately, we can use bitcoin and convert it into fiat so we can still buy something using that fiat.
Those people will still use fiat because there is a guarantee from their government but if they can open their minds and know bitcoin, they should invest in bitcoin, just in case, bitcoin can help them when they need money in the future.

Yep we're need Bitcoin, but don't ignore the fact we still need fiat too because not all merchants will accept Bitcoin... even more if you live in countries where Bitcoin still in grey area, you won't see any merchants will accept Bitcoin.

Average Joe will think fiat is more safer than Bitcoin in terms physically and wouldn't loss since most bank offer insurance if the bank bankrupt, unlike Bitcoin it's non physical and will loss if the exchanges got hacked or compromised. This is why people should educate yourself to understand Bitcoin is and using exchanges only to trade, not to hold.

This goes to show that the control system of fiat is actually a double-edged sword. On the one hand, there may be some good in the fiat mechanism that allows it to be controlled by the government. The effect of an economic depression or any economic crisis brought about by natural and man-made disasters, such as what we're currently experiencing with COVID-19, could somehow be eased with certain government steps. On the other hand, however, a bad monetary and economic decision could easily make this control system the cause of a much larger economic problem in the future.

However, printing money is also essential for the growth of a country's economy and for its development. Otherwise, we would be living 50 years in the past.

But I agree that it must be done in a rational way. We often talk about the USA but in fact, there are many countries in the same position (and probably worse for some).
Sometimes I wonder what would happen to the world's geopolitics if we returned to the days when the dollar was based on gold



This.
Bitcoin is an asset so volatile that I wouldn't risk my capital in to anticipate a crisis. There are assets safer than BTC to do it. There is the capital you can afford to lose and there is the capital you really need to protect. That's what people often forget here in threads comparing BTC vs XAU


1) To eliminate unemployment: we're talking about what? let's say 50 000 jobs worldwide. That's not with the crypto industry that you will reduce the rate of employed people, It's a drop in the ocean

2) People aren't looking for a "mentor" to know how to spend their money. Whatever if it's fiat or Bitcoin. What is "to use positively" exactly? And so to use negatively?

3) To become rich: why is everyone thinking Bitcoin will make everyone rich? Bitcoin wasn't designed to make the population "rich" but to be used in a P2P environment without 3rd parties


The concerns of people for decentralization and an environment without regulations are a myth. People are not at this point interested in these things at all. And evidence, they are constantly demanding regulations, applaud when a country establishes a new one and have no problem using centralized solutions to buy BTC and shitcoins.

I'm talking about the mentality in general. It's far from the original idea of Bitcoin

Their are so many good reasons why we need bitcoin,  we need bitcoin to be financially stable while doing our jobs or business. Bitcoin is a good investment anyone who have vision for the future to need. One thing I love bitcoin when you are into it, bitcoin will make you think properly how to manage investment well.

Yes. We need to live by bitcoin and decentralized currencies as they will be the future seeing we are starting to live in this digital age. Maybe the government will be more open about bitcoin and the rest of crypto in the next years to follow as people who are now inclined into bitcoin and the cryptp world are now becoming inevitable. Even if the government will always fight for it, they will never succeed in a battle once the people are the most concerned.

The world is heading towards a more digital era and as such, some form of digital currency is needed to meet up with the advances in technology of the world. For a fact, digital fiat seems to step in but then, the quest for decentralisation and some form of currency without regulation from the government, privacy ensured and no bank interference is what necessitates bitcoin or cryptocurrencies. Its a new world order and we've got to live with it because, fighting it would be fighting one's self.

It is, or rather could be for Bitcoin users and people who actually understand the Bitcoin network, mind you that there are quite a lot of people that have been misinformed by the media about Bitcoin, thus notwithstanding the rate of Inflation, it becomes almost impossible to convince such people on what the advantages of using Bitcoin is, much of this erroneous info about Bitcoin is spread by the media which have for a long time now tried its possible best to dissuade people from using Bitcoin, and that's cause they (the media) are more or less controlled by the government that obviously doesn't want you to have control of your funds.

I second it that this inflation is prolly going to affect most currencies/economies, but some will definitely be hit harder than others, especially in developing countries that have been struggling with the said inflation and struggling economy even prior to the pandemic, citizens of such countries really need to embrace Bitcoin as a hedge to Fiat devaluation.

Here are some reasons we need bitcoin:
1) To eliminate unemployment: The reason why we need bitcoin in our country or community is to reduce unemployment in the country. It can create many jobs for the citizens to enjoy and their unborn children too to enjoy in the future.
2) Impact : Many people need bitcoin by the impact they have received from their mentor to know how to use it positively in the community.
3) To become rich: Many need bitcoin to become a millionaires in the country. Many fiat investors have quite their fiat business to join bitcoin investment just to become somebody in the future.

It has been talked about a million times so far, bitcoin has always been our hedge against the devaluation of fiat, and that is a great reason to hold bitcoin. However, for me it is not about the devaluation, I could live with that if that was the only wrong thing in fiat world, sure it is bad but I could survive that somehow, the real problem is that the unfairness of it gets bigger and bigger.

Right now the super rich people somehow get all the money, maybe they deserve it and I am not against them getting what they deserve, but that results with people who are under 35 years old to live the worst financial situation in the last 100 years. Even the people who worked in horrible factory conditions had a better standard of living and more possessions 100 years ago, and today with the advancing technology the super wealthy people like Jeff Bezos and Elon Musk could become as rich as they possibly could but that shouldn't come at the expense of the poor people. This is why I am in bitcoin, it is decentralized and there is no unfair situation.

Thank you.
That's educational and I wish more of us will be reached by this.

Questions like "Why do the world government is not talking about this or if they do, what movement is happening?" pops out of your mind whenever you see news like these. It's right there, in broad daylight.
And even with all those unlimited printing the value won't decrease in a higher scale and poor countries are still worshipping the USD. Then it became a game of put the blame on something else, like what they did with bitcoin. They never lose a reason to brought up and in the end be the cleanest of all.

You're right, and yet you're not, and here's the problem. If your Bitcoin is in a non-custodial wallet and only you have control over your private keys, then no one can forbid you anything, you can send transactions 24 hours a day, 365 days a year.

But what if someone’s Bitcoin is in a custodial wallet, whether it’s a crypto exchange or an online wallet? We all know that most major crypto exchanges are fully compliant with legal requirements, and we also know that at any time the authorities can freeze all funds on these crypto exchanges for any reason - say on suspicion that users are financing terrorism, or engaging in money laundering. So it's not about Bitcoin, it's about how people use it.

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Do they have any choice other than what they do? This is their modus operandi and if they give it up, everything will collapse like a tower of cards. Of course, all governments of the world are aware of what they are doing, but it would be foolish to expect them to say, "Bitcoin is the solution" when it is the complete opposite of the centralized financial system from which their power to govern the world stems.

I do not understand the situation here, it's illegal to throw the money like that, at the end of the day thats still official money and the government does have the responsibility to protect it so that they do not get scammed in the first place. I do think that they might have been faulty notes or might not be real, but getting it the point:
Over printing is not just a probelm with people who are living in a country like Venezuela, but also the biggest countries in the world like the US, at the end of the day you end up holding the dominant fiat, but the value dies down every day, which makes it eventually have weaknesses, but the government does not stop there now, even during covid when they do know what's happening, they have done nothing to help it. Plus if the biggest bodies collapsed so will be the small nations dependent on the already developed country. That's why we need some investment which is not backed by governmental organizations.

If you don't put your money in the bank, you can spend it without asking for permission or signing papers to withdraw your funds. However, we are only talking of cash here and it's not applicable if we love ot travel as we cannot carry a huge amount of cash, unlike with bitcoin that just have to carry the private key to access our bitcoin wallet and everything would work.

The difference between bitcoin and fiat is that bitcoin cannot be frozen, unlike your bank balance where the authorities could freeze if you are suspected to be a criminal or involve in any crime.

And, I might add, taxes are or will be going up under Biden's reign of senility.  The government has more hands than any alien creature you could imagine, and they're all in our pockets fishing for what little money we have--and on top of the money printing you mentioned, there's the undeclared tax of inflation which is a direct consequence of irresponsible fiscal policies (like handing out money in the form of stimulus/COVID relief as if it were Halloween candy).

Yeah, you better believe bitcoin is a sounder form of money than the USD is.  The dollar might not be hyperinflated and carted around in wheelbarrows yet, but we're getting there.  What's frustrating is that no one I know in real life seems to see this or care much about it if they do.  I don't know what everyone is staring at on their smartphones all the time, but I'm guessing it doesn't have anything to do with economics.

Inflation has not been a big problem during the past years. For example, from year to year, you will not find that many people have bought bitcoin because they see that the inflation of the dollar, but rather:

• Decentralization: where you can have complete control over your money.
• A store of wealth: real estate increases according to inflation and other factors, but Bitcoin will increase its price even if there is no inflation.
• Limited Supply: Limited supply and increased demand is an important factor in increasing the value of the commodity.
• New Technology: The revolutionary technology that represents digitization.

And other reasons why people invest.

This is proof that inflation is inevitable every year and even though they are very confident that they can pay their debts, there is no definite guarantee for this.
bitcoin being a suitable one? I think things like this are still very difficult to do because even though they are indeed one of the easiest and most promising options, many people still can't fully accept them.
As for the indicators themselves, I still believe in the natural resources that are used which can determine this clearly

It's more accurate to say we need better government. You know even with Bitcoin there are many ways of doing fractional reserve although it's not in the protocol. Pegged BTC coin like wBTC and other similar coins cannot be guaranteed 1:1. If the tx price continues to rise, this pegged coin will be in great demand IMO. I hope I'm wrong, but it will be the same if in the future we have wBTC, aBTC, bBTC, with different protocols.

The question is to ask ourselves if printing of more notes will help the situation in reducing inflation and the answer is no because it has not helped. A long time ago maybe some dacades ago that the fed and other financial institutions of other countries started printing of it, nothing has changed from bad to good but rather we still experience good to bad situation. The inflation in Nigeria is increasing by the day, banks have started reducing rates of withdrawal to discourage spending but yet things still getting unbearable.

To be honest, you wouldn't necessarily need Bitcoin for that, even though Bitcoin is perhaps the easiest option to manage. But in principle, gold, silver or other naturally limited resources would also be possible as an alternative. There is still too much speculation in Bitcoin, so for me gold is still the best indicator to show how much value the dollar and other fiat currencies have lost.