Post
Topic
Board Bitcoin Discussion
Re: Does cryptocurrency actually solve any problems?
by
TheGhostMan
on 03/08/2023, 00:36:13 UTC
Been asked a couple of times, what problems does cryptocurrency solve, and what’s its unique value proposition compared to other cryptocurrencies or traditional financial systems.  Would love any other users take on this ..

Of course BTC solves problems… while it may not address all of the world's economic problems, it certainly has value and advantages. Decentralization in finance is one example. Some communities in some nations have restrictions to use traditional banking services. Take Venezuela as an example, where people frequently face withdrawal restrictions due to a lack of cash in banks as a result of the country's economic devaluation, which has forced residents to seek other, more stable currencies (Colombian peso or US dollar). ). In this context, cryptocurrencies can give people financial access by allowing them to engage in transactions and services without relying on conventional intermediaries and without restrictions, and that would be another point. In addition, BITCOIN and cryptocurrencies can help people carry out such transactions not only locally or nationally, but also quickly internationally. This can be especially useful in cases of money transfers where people send money to their relatives in abroad. As if that were not enough, security is another advantage, since this technology guarantees the security of transactions and movements simultaneously. that safeguards the privacy of users. In a world where privacy is a growing concern in the digital sphere, proving useful and again solving a problem.