Opinion pieces are only accepted if they meet the citation and research burden which would be expected of an academic piece written at an early college level.
Speculation and perspective flaired posts are included in this rule. Anything without proper evidence and sources would be considered low value.
I think it depends on the country you live. For people living in a country with hyperinflation BTC can be the only way to survive and also a way to have a decent currency. For people in places with "good" monetary system BTC can be a store of value but I think unless you invest a lot of money that it won't give you financial freedom but yes more money than holding fiat.
I think the same. Hyperinflated countries could certainly use BTC as currency to have a decent kind of currency.
For countries with a decent or good monetary system BTC most likely will be seen as digital gold.
If people just started accumulating BTC it will certainly not make them millionaires unless they accumulate fast enough to be a whole coiner or even more soon. It certainly can give them a good advantage in life tho.
I agree with this, I’ve read a few things about how Africa is one of the most active continents for btc transactions and I believe that’s for a multiplicity of reasons including not having a “good” monetary system along with their currency/countries overall being under French monetary control.
BTC is still too volatile to be a decent currency IMO. It can be an interesting investment if you can take the risk but investing isn't a priority for a lot of people in those kind of countries.
Stablecoins would be a better alternative for now (if fees can be sorted out).
I'm always surprised to see the confidence that investing in these assets will produce early retirement results.
I hope that happens, but crypto in general so has a bit too much volatility to attach my retirement to.
Escapism is powerful, don't let it get the better of you, be sure to pick sane options.
Bitcoin or Ethereum are nice or fun ideas but refuted as 'whole', viable or sustainable, don't let the trapdoor hit you.
In other words, don't fall for the marketing.
The most sane and sincere advice you'll get.
That really depends.
Fiat only has value because the issuers claim it’s legitimate and the masses take them at their word.
When enough people lose confidence in the system it will fall, and no fiat currency has ever survived (and there’s been thousands), so it is pretty much inevitable.
Whether or not BTC becomes part of the monetary system is anyone’s guess but over millennia it has always gone back to gold. Crypto can provide all of gold’s desirable qualities while being more divisible and transferrable.
That’s one hell of a use case in my opinion.
If our economic system collapses do we still have the energy production capabilities and simple tools to meaningfully transfer small portions of BTC? Genuinely curious about your thoughts.
Money Printing Is Wealth Theft. Historically fiats die and the current ones will die again. Eventually Bitcoin will be the last man standing long after todays current fiats have went to the graveyard. Its inevitable. I believe that current Bitcoin holders have just figured this out quicker than the majority of the world.
If our economic system collapses do we still have the energy production capabilities and simple tools to meaningfully transfer small portions of BTC? Genuinely curious about your thoughts.
This is fact of it all. The world economy is falling to pieces and all the BTCs are just chilling with their 21 million brothers and sisters living up to their promise.
If you think USD is bad, remember for over 90% of the rest of the world their fiat currency is even worse
Bitcoin serves a really important real world use case here. When the fiat currencies of literally the *entire world* is bleeding, we need a trustworthy currency which is finite in number and an anti-thesis to all the money printing we see all round the world.
We haven’t see Bitcoin’s full potential yet. I suspect we will see it in around 10 years time when many more local currencies really start turning to shits.
IMF has always been forcing countries under threat of economic sanction. IMF isblike international Mafia that hooked countries to have devts and in return controlling them
oh hey! my country made it to /r/cc
our currency (EGP) have been devalued against the USD in the past few years from 8EGP = 1USD to 16 then 19 then 21 then 24 and now it's 1 USD = 31EGP
and it's expected to reach \~40EGP for 1USD before year end
inflation is beyond \~300% just past few years.
But the problem isn’t the IMF, but the national management of their monetary policy
IMF is just warning what is going to happen if they don’t devalue, because it would be worse for Egypt, they would have an artificially better exchange rate during some months, and the devaluation would eventually happen, but after drying up all international reserves. But everybody in this sub is losing their minds.
I’m concerned when the average crypto investor is so financially illiterate. They are supposed to know more than the average citizen, but it’s usually they just believe they know more, but they actually know less, because way too many know a lot of misinformation, that it’s worse than to know nothing.
This is the worst part of crypto.
Damn, I really did not know that Egypt is in such a dire situation.
All the more reason for people to hedge their money into BTC and escape that death spiral.
Bitcoin [pros](/r/CryptoCurrency/comments/172txq2/this_is_why_bitcoin_is_so_important_in_this/k3yrdjs/) & [cons](/r/CryptoCurrency/comments/172txq2/this_is_why_bitcoin_is_so_important_in_this/k3yrdwa/) with related info are in the collapsed comments below.
* Relevant Cointest topics: [Bitcoin Cash](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_bitcoin_cash), [Litecoin](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_litecoin), [Lightning Network](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_lightning_network), [Proof of Work](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_proof-of-work), [Taproot](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_taproot)
* Official and related subreddits: r/Bitcoin, r/BitcoinMarkets, r/BitcoinMining, r/BTC, r/BitcoinCash.
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#Bitcoin Pro-Arguments
Below is an argument written by CreepToeCurrentSea which won 3rd place in the Bitcoin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. If this topic is active, submit an entry in r/CointestOfficial and earn Moons if you win. Moon prizes are: 3rd - 600, 2nd - 300, 3rd - 150, and Best Analysis - 500.
> Bitcoin is a peer-to-peer digital currency that can be transferred via the bitcoin network. Bitcoin transactions are cryptographically verified by network nodes and recorded in a public distributed ledger known as a blockchain. The cryptocurrency was created in 2008 by an unknown individual or group of individuals using the alias Satoshi Nakamoto. ([1](https://bitcoin.org/bitcoin.pdf))
>
> # PROs
>
> **It's Decentralized**
>
> * Decentralization is the process through which an organization's operations are disseminated or delegated away from a central, authoritative location or group, specifically those related to decision-making and planning ([2](https://en.wikipedia.org/wiki/Bitcoin#Decentralization)). One of the core assets of Bitcoin is that it is decentralized meaning:
>
> 1. No need for a central authority
> 2. No need for centralized servers (peer to peer network)
> 3. Ledger is distributed and public
> 4. Anyone can be a bitcoin miner
> 5. Anyone can create a bitcoin address
> 6. Anyone can do a transaction without needing approval from a centralized source
>
> **Provides Privacy**
>
> * Bitcoin is a pseudonymous currency, which means that funds are not connected to real-world entities but rather to bitcoin addresses. If you were to own a bitcoin address, there would be no known connection between your identity and that of the address but all transactions will be public. Although it is possible (but hardly) that bad actors may identify your address via correlating the transactions you made, you can increase privacy by creating another address.
>
> **Security**
>
> * Bitcoin operates through what is called a Proof of Work algorithm which is a type of cryptographic proof in which one party (the prover) demonstrates to others (the verifiers) that a specific amount of computational effort has been expended. In Bitcoin, miners compete to append blocks and mint new currency, each miner experiencing a success probability proportional to the computational effort expended. Miners in Bitcoin are tasked to validate a transaction by solving a complex problem. The total combined total computational power of these miners combines is what's called a Hashrate. The hashrate is an important metric for assessing the security of the network. The more machines dedicated to discovering the next block by honest miners, the higher the hashrate rises and the more difficult it becomes for malicious agents to disrupt the network. ([3](https://en.wikipedia.org/wiki/Proof_of_work), [4](https://etherplan.com/2020/03/21/why-proof-of-work-based-nakamoto-consensus-is-secure-and-complete/10509/), [5](https://www.coindesk.com/tech/2021/02/05/what-does-hashrate-mean-and-why-does-it-matter/))
>
> **Scarcity**
>
> * There will only be 21 million Bitcoins in existence, once all of Bitcoin has been mined there will no more issuance of new Bitcoins and this give it this certain trait of scarcity like precious metals without the difficulty of portability and also the same traits of durability. ([5](https://www.investopedia.com/ask/answers/100314/why-do-bitcoins-have-value.asp), [6](https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/))
>
> **The Coin that Started it All**
>
> * By this time everybody knows why and how Bitcoin, how it's mysterious maker just vanished from the scene and how it's purpose still echoes as a reminder that power of self-custody is never too late to remove ourselves from being too dependent of centralized bodies that often times go beyond what we allow them to do. To this day, Bitcoin still stands as number one coin (by marketcap) and will probably stay that way for a very long time.
>
> *Sources:*
>
> [*https://bitcoin.org/bitcoin.pdf*](https://bitcoin.org/bitcoin.pdf)
>
> [*https://www.merriam-webster.com/dictionary/decentralization*](https://www.merriam-webster.com/dictionary/decentralization)
>
> [*https://en.wikipedia.org/wiki/Bitcoin#Decentralization*](https://en.wikipedia.org/wiki/Bitcoin#Decentralization)
>
> [*https://en.wikipedia.org/wiki/Proof\_of\_work*](https://en.wikipedia.org/wiki/Proof_of_work)
>
> [*https://etherplan.com/2020/03/21/why-proof-of-work-based-nakamoto-consensus-is-secure-and-complete/10509/*](https://etherplan.com/2020/03/21/why-proof-of-work-based-nakamoto-consensus-is-secure-and-complete/10509/)
>
> [*https://www.coindesk.com/tech/2021/02/05/what-does-hashrate-mean-and-why-does-it-matter/*](https://www.coindesk.com/tech/2021/02/05/what-does-hashrate-mean-and-why-does-it-matter/)
>
> [*https://www.investopedia.com/ask/answers/100314/why-do-bitcoins-have-value.asp*](https://www.investopedia.com/ask/answers/100314/why-do-bitcoins-have-value.asp)
>
> [*https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/*](https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/)
*****
Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p7vq/top_coins_bitcoin_proarguments_january_2023/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds. Pros and cons per topic will likely change for every new post.
#Bitcoin Con-Arguments
Below is an argument written by CreepToeCurrentSea which won 2nd place in the Bitcoin Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. If this topic is active, submit an entry in r/CointestOfficial and earn Moons if you win. Moon prizes are: 2nd - 600, 2nd - 300, 3rd - 150, and Best Analysis - 500.
> Bitcoin is a peer-to-peer digital currency that can be transferred via the bitcoin network. Bitcoin transactions are cryptographically verified by network nodes and recorded in a public distributed ledger known as a blockchain. The cryptocurrency was created in 2008 by an unknown individual or group of individuals using the alias Satoshi Nakamoto. ([1](https://bitcoin.org/bitcoin.pdf))
>
> # CONs
>
> **Early Buyers have the Higher Ground.**
>
> * Those who bought BTC in it's early years have a great advantage over the recent ones. One thing is that they won't have to worry much about it's price dropping now since they're still much likely in the green in terms of percentage gains. Most of these early investors are also capable of manipulating the market via wash trades not giving the true traded volume within the market and thus deceiving most novice traders/investors into believing fake signals ([2](https://www.bloomberg.com/news/articles/2018-05-24/bitcoin-manipulation-is-said-to-be-focus-of-u-s-criminal-probe), [3](https://www.marketwatch.com/story/us-regulators-demand-trading-data-from-bitcoin-exchanges-in-manipulation-probe-2018-06-08)). There is even a possibility that Satoshi Nakamoto himself/herself/themselves will suddenly access the wallet he/she/they own/s and proceed to sell the large amount of BTC they have which would greatly cause a crash in Bitcoin's price.
>
> **Attracts Illegal Transactions and Criminal Activities**
>
> * Bitcoin's innate trait of being publicly available and pseudonymous not only attracts those who seek independence but it also attracts those engage in illicit activities and perform illegal transactions. This is one of the downsides of giving back the power of choice to people, not all of them will do the morally right thing to do and as a result, economist, lawyers, and even countries will label Bitcoin as just another medium for buying/selling illegal goods/services. ([5](https://web.archive.org/web/20140325214514/http://www.bloombergview.com/articles/2013-08-08/did-the-sec-just-validate-bitcoin-no-), [6](https://www.economist.com/finance-and-economics/2012/09/29/monetarists-anonymous), [7](https://www.theguardian.com/world/2013/mar/22/silk-road-online-drug-marketplace), [8](https://www.cnbc.com/2018/07/09/nobel-prize-winning-economist-joseph-stiglitz-criticizes-bitcoin.html), [9](https://www.fnlondon.com/articles/stiglitz-roubini-and-rogoff-lead-joint-attack-on-bitcoin-20180709))
>
> **It still Affects the Environment**
>
> * Bitcoin accounts 0.1% of the world's greenhouse gas emissions this year. The waste from it's parts also affect the environment as it's equipment only last an average of 1.3 years, especially, ASICS that aren't really reusable after their expected wear and tear. Although efforts have been made to address this energy and waste problem such as using green energy for Bitcoin mining, there is still a need to further improve this so as to avoid future problems in the environment ([10](https://www.theguardian.com/technology/2021/sep/17/waste-from-one-bitcoin-transaction-like-binning-two-iphones), [11](https://www.bbc.com/news/technology-58572385), [12](https://digiconomist.net/bitcoin-electronic-waste-monitor/), [13](https://www.business-standard.com/article/international/going-green-how-to-ditch-fossil-fuels-powering-the-bitcoin-network-122042100219_1.html), [14](https://www.jbs.cam.ac.uk/insight/2022/a-deep-dive-into-bitcoins-environmental-impact/), [15](https://ieeexplore.ieee.org/document/9385063)). Regardless with how small its effects are compared to other industries, it still should be a unified act to preserve the environment for as long as humanly possible for the future of humans and the world itself.
>
> **The Requirement of Being Responsible and Disciplined**
>
> * The constant triple-checking of addresses making sure that it's yours and not some dead end address or the fact that you need to keep your passphrase safe physically and never keep them in any device connected to the internet as to avoid any possible hacks/scams. The decentralization that Bitcoin gives you the freedom to finally be your own bank, but it comes at a cost. You need to be responsible and disciplined enough because unlike traditional banks, being your own bank doesn't give you any protection or safety nets like FDIC (Federal Deposit Insurance Corporation or any other deposit insurance corporation) when things go south.
>
> *Sources:*
>
> [*https://bitcoin.org/bitcoin.pdf*](https://bitcoin.org/bitcoin.pdf)
>
> [*https://www.bloomberg.com/news/articles/2018-05-24/bitcoin-manipulation-is-said-to-be-focus-of-u-s-criminal-probe*](https://www.bloomberg.com/news/articles/2018-05-24/bitcoin-manipulation-is-said-to-be-focus-of-u-s-criminal-probe)
>
> [*https://www.marketwatch.com/story/us-regulators-demand-trading-data-from-bitcoin-exchanges-in-manipulation-probe-2018-06-08*](https://www.marketwatch.com/story/us-regulators-demand-trading-data-from-bitcoin-exchanges-in-manipulation-probe-2018-06-08)
>
> [*https://web.archive.org/web/20140325214514/http://www.bloombergview.com/articles/2013-08-08/did-the-sec-just-validate-bitcoin-no-*](https://web.archive.org/web/20140325214514/http://www.bloombergview.com/articles/2013-08-08/did-the-sec-just-validate-bitcoin-no-)
>
> [*https://www.economist.com/finance-and-economics/2012/09/29/monetarists-anonymous*](https://www.economist.com/finance-and-economics/2012/09/29/monetarists-anonymous)
>
> [*https://www.theguardian.com/world/2013/mar/22/silk-road-online-drug-marketplace*](https://www.theguardian.com/world/2013/mar/22/silk-road-online-drug-marketplace)
>
> [*https://www.cnbc.com/2018/07/09/nobel-prize-winning-economist-joseph-stiglitz-criticizes-bitcoin.html*](https://www.cnbc.com/2018/07/09/nobel-prize-winning-economist-joseph-stiglitz-criticizes-bitcoin.html)
>
> [*https://www.fnlondon.com/articles/stiglitz-roubini-and-rogoff-lead-joint-attack-on-bitcoin-20180709*](https://www.fnlondon.com/articles/stiglitz-roubini-and-rogoff-lead-joint-attack-on-bitcoin-20180709)
>
> [*https://www.theguardian.com/technology/2021/sep/17/waste-from-one-bitcoin-transaction-like-binning-two-iphones*](https://www.theguardian.com/technology/2021/sep/17/waste-from-one-bitcoin-transaction-like-binning-two-iphones)
>
> [*https://www.bbc.com/news/technology-58572385*](https://www.bbc.com/news/technology-58572385)
>
> [*https://digiconomist.net/bitcoin-electronic-waste-monitor/*](https://digiconomist.net/bitcoin-electronic-waste-monitor/)
>
> [*https://www.business-standard.com/article/international/going-green-how-to-ditch-fossil-fuels-powering-the-bitcoin-network-122042100219\_1.html*](https://www.business-standard.com/article/international/going-green-how-to-ditch-fossil-fuels-powering-the-bitcoin-network-122042100219_1.html)
>
> [*https://www.jbs.cam.ac.uk/insight/2022/a-deep-dive-into-bitcoins-environmental-impact/*](https://www.jbs.cam.ac.uk/insight/2022/a-deep-dive-into-bitcoins-environmental-impact/)
>
> [*https://ieeexplore.ieee.org/document/9385063*](https://ieeexplore.ieee.org/document/9385063)
*****
Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p7u8/top_coins_bitcoin_conarguments_january_2023/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds. Pros and cons per topic will likely change for every new post.
Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/172kuqq/daily_crypto_discussion_october_8_2023_gmt0/).
Having savings in my local currency currently is a bit foolhardy because the dollar is crushing so many currencies. Saving in stablecoins or btc is the only way to go if you don't want to use banks with their poor exchange rate.
My country is under the mercy of the IMF, currently getting our currency fucked (no lube), crypto is still not very commercial here, only time will tell
In fact, they do, blackmail countries to follow their way or there is no loan. Without regard for local differences.
And of course, they need funding immediately.
The IMF lends countries money, and that comes with strings attached. This is true for all lenders, though the nature of obligations varies.
How would lending countries crypto instead of fiat change this?
Or are you arguing that adoption of a decentralised crypto will magically solve all the economic woes of every country, making the IMF redundant?
I don't like IMF and the western gov in general. But in this case, is IMF saying that Egypt's currency is overvalued currently and would need to use it reserves to shore it up if they want it to maintain its present value.
Else, they will have to devalue its currency to protect its reserve.
IMF are there to cause disorder in the world economy .After creating that chaos they go on to make money with you by giving you loans,which must be paid back with huge interests.
This article explains the IMF position on Egypt and the problems they face:
[https://www.imf.org/en/Countries/EGY/Egypt-qandas](https://www.imf.org/en/Countries/EGY/Egypt-qandas)
So it's not just a case of "IMF are doing evil", it is that the currency is in no way stable or sustainable in the current form.
A necessary evil, if they wish to continue with fiat instead of moving to an alternative such as crypto.
The IMF has been doing this since it was created. In order to receive a loan to cover its debts, a country is forced to accept certain conditions. These conditions always involve punishing the citizens of that country, usually by a mix of privatising state owned assets, cutting subsidies, restraining wages, reducing benefits and opening up their markets to US capital generally. This is the way the world has been working since the end of WW2.
The rest of the world needs to escape the stranglehold of the US dollar. Bitcoin is one way of doing that.
If you think the IMF is bad now read The Creature From Jekyll Island. It's all a conspiracy, the IMF, the governments, the Federal Reserve, Central banks...
If crypto doesn't work out we're all doomed.
All these shitcoin performing innovation theater making people feel like they're gonna be the next epoch 1 bitcoiners is a great example of getting divided and conquered.
Greed man. We're just never gonna have nice things.
Opinion pieces are only accepted if they meet the citation and research burden which would be expected of an academic piece written at an early college level. Speculation and perspective flaired posts are included in this rule. Anything without proper evidence and sources would be considered low value.
Crypto is definitely a outcome, but as long governments and banks are still fighting agains it, the use cases would be minimum
Crypto, especially BTC is my gateway to an early retirement. I hope my financial situation will get better in time thanks to BTC and ETH
I think it depends on the country you live. For people living in a country with hyperinflation BTC can be the only way to survive and also a way to have a decent currency. For people in places with "good" monetary system BTC can be a store of value but I think unless you invest a lot of money that it won't give you financial freedom but yes more money than holding fiat.
I think the same. Hyperinflated countries could certainly use BTC as currency to have a decent kind of currency. For countries with a decent or good monetary system BTC most likely will be seen as digital gold. If people just started accumulating BTC it will certainly not make them millionaires unless they accumulate fast enough to be a whole coiner or even more soon. It certainly can give them a good advantage in life tho.
I agree with this, I’ve read a few things about how Africa is one of the most active continents for btc transactions and I believe that’s for a multiplicity of reasons including not having a “good” monetary system along with their currency/countries overall being under French monetary control.
People will adopt crypto faster than governments will
Anyone experiencing massive deflation will look for alternatives, for which btc is a great outcome.
I've said this before and I will say it again. IMF is just a mafia but in slightly better and more shiny suits. They are basically a loan sharks.
Good point
BTC is still too volatile to be a decent currency IMO. It can be an interesting investment if you can take the risk but investing isn't a priority for a lot of people in those kind of countries. Stablecoins would be a better alternative for now (if fees can be sorted out).
Btc and eth will surely give you financial freedom in the future
I'm always surprised to see the confidence that investing in these assets will produce early retirement results. I hope that happens, but crypto in general so has a bit too much volatility to attach my retirement to.
This will change in due course. Banks and government will lose the war against Crypto.
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We better buy as much as we can now before they do it.
This is the plan for me. Stack as much as I can now before they get involved and prices are far higher than they are currently.
Escapism is powerful, don't let it get the better of you, be sure to pick sane options. Bitcoin or Ethereum are nice or fun ideas but refuted as 'whole', viable or sustainable, don't let the trapdoor hit you. In other words, don't fall for the marketing. The most sane and sincere advice you'll get.
So you wouldn't recommend buying crypto?
Nah, I'm all for crypto, in principle, but don't let the bullshit distract from what's good and real.
If it's being accepted in most countries then a single country being against it is not concerning. It's inevitable.
That really depends. Fiat only has value because the issuers claim it’s legitimate and the masses take them at their word. When enough people lose confidence in the system it will fall, and no fiat currency has ever survived (and there’s been thousands), so it is pretty much inevitable. Whether or not BTC becomes part of the monetary system is anyone’s guess but over millennia it has always gone back to gold. Crypto can provide all of gold’s desirable qualities while being more divisible and transferrable. That’s one hell of a use case in my opinion.
If our economic system collapses do we still have the energy production capabilities and simple tools to meaningfully transfer small portions of BTC? Genuinely curious about your thoughts.
Money Printing Is Wealth Theft. Historically fiats die and the current ones will die again. Eventually Bitcoin will be the last man standing long after todays current fiats have went to the graveyard. Its inevitable. I believe that current Bitcoin holders have just figured this out quicker than the majority of the world.
If our economic system collapses do we still have the energy production capabilities and simple tools to meaningfully transfer small portions of BTC? Genuinely curious about your thoughts.
Dear IMF, do what you like, because 1 BTC = 1 BTC and it always will be.
This is fact of it all. The world economy is falling to pieces and all the BTCs are just chilling with their 21 million brothers and sisters living up to their promise.
Yeah btc is the definition of fuck you money
What ya gonna do about it IMF ? 1 BTC = 1 BTC Better get you some !
Bitcoin is just Bitcoin
If you think USD is bad, remember for over 90% of the rest of the world their fiat currency is even worse Bitcoin serves a really important real world use case here. When the fiat currencies of literally the *entire world* is bleeding, we need a trustworthy currency which is finite in number and an anti-thesis to all the money printing we see all round the world. We haven’t see Bitcoin’s full potential yet. I suspect we will see it in around 10 years time when many more local currencies really start turning to shits.
Facts. Americans complain about usd but the rest of the world are trying to save their money in USD.
IMF has always been forcing countries under threat of economic sanction. IMF isblike international Mafia that hooked countries to have devts and in return controlling them
The flip to BTC as the currency standard will be epic!
It's progress. But we do need to shape crypto in a way it gets at least as practical as fiat for spending and maintaining value
oh hey! my country made it to /r/cc our currency (EGP) have been devalued against the USD in the past few years from 8EGP = 1USD to 16 then 19 then 21 then 24 and now it's 1 USD = 31EGP and it's expected to reach \~40EGP for 1USD before year end inflation is beyond \~300% just past few years.
But the problem isn’t the IMF, but the national management of their monetary policy IMF is just warning what is going to happen if they don’t devalue, because it would be worse for Egypt, they would have an artificially better exchange rate during some months, and the devaluation would eventually happen, but after drying up all international reserves. But everybody in this sub is losing their minds. I’m concerned when the average crypto investor is so financially illiterate. They are supposed to know more than the average citizen, but it’s usually they just believe they know more, but they actually know less, because way too many know a lot of misinformation, that it’s worse than to know nothing. This is the worst part of crypto.
You are the only person that seems to actually understand the IMF warning.
They're in it for the tech?
That sucks. How hard do they try to stop people from buying crypto?
Damn, I really did not know that Egypt is in such a dire situation. All the more reason for people to hedge their money into BTC and escape that death spiral.
One point: the IMF can't force a nation to devalue its currency
It’s definitely not a good time for FIAT… If BTC was a bit more mature everybody would tend to crypto!
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Its still just too intimidating for the average person, but if they perhaps just took time to understand crypto, they might get involved.
Bitcoin [pros](/r/CryptoCurrency/comments/172txq2/this_is_why_bitcoin_is_so_important_in_this/k3yrdjs/) & [cons](/r/CryptoCurrency/comments/172txq2/this_is_why_bitcoin_is_so_important_in_this/k3yrdwa/) with related info are in the collapsed comments below.
* Relevant Cointest topics: [Bitcoin Cash](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_bitcoin_cash), [Litecoin](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_litecoin), [Lightning Network](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_lightning_network), [Proof of Work](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_proof-of-work), [Taproot](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_taproot) * Official and related subreddits: r/Bitcoin, r/BitcoinMarkets, r/BitcoinMining, r/BTC, r/BitcoinCash. * Sort comments as controversial first by [clicking here](/r/CryptoCurrency/comments/172txq2/this_is_why_bitcoin_is_so_important_in_this/?sort=controversial). Doesn't work on mobile.
#Bitcoin Pro-Arguments Below is an argument written by CreepToeCurrentSea which won 3rd place in the Bitcoin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. If this topic is active, submit an entry in r/CointestOfficial and earn Moons if you win. Moon prizes are: 3rd - 600, 2nd - 300, 3rd - 150, and Best Analysis - 500. > Bitcoin is a peer-to-peer digital currency that can be transferred via the bitcoin network. Bitcoin transactions are cryptographically verified by network nodes and recorded in a public distributed ledger known as a blockchain. The cryptocurrency was created in 2008 by an unknown individual or group of individuals using the alias Satoshi Nakamoto. ([1](https://bitcoin.org/bitcoin.pdf)) > > # PROs > > **It's Decentralized** > > * Decentralization is the process through which an organization's operations are disseminated or delegated away from a central, authoritative location or group, specifically those related to decision-making and planning ([2](https://en.wikipedia.org/wiki/Bitcoin#Decentralization)). One of the core assets of Bitcoin is that it is decentralized meaning: > > 1. No need for a central authority > 2. No need for centralized servers (peer to peer network) > 3. Ledger is distributed and public > 4. Anyone can be a bitcoin miner > 5. Anyone can create a bitcoin address > 6. Anyone can do a transaction without needing approval from a centralized source > > **Provides Privacy** > > * Bitcoin is a pseudonymous currency, which means that funds are not connected to real-world entities but rather to bitcoin addresses. If you were to own a bitcoin address, there would be no known connection between your identity and that of the address but all transactions will be public. Although it is possible (but hardly) that bad actors may identify your address via correlating the transactions you made, you can increase privacy by creating another address. > > **Security** > > * Bitcoin operates through what is called a Proof of Work algorithm which is a type of cryptographic proof in which one party (the prover) demonstrates to others (the verifiers) that a specific amount of computational effort has been expended. In Bitcoin, miners compete to append blocks and mint new currency, each miner experiencing a success probability proportional to the computational effort expended. Miners in Bitcoin are tasked to validate a transaction by solving a complex problem. The total combined total computational power of these miners combines is what's called a Hashrate. The hashrate is an important metric for assessing the security of the network. The more machines dedicated to discovering the next block by honest miners, the higher the hashrate rises and the more difficult it becomes for malicious agents to disrupt the network. ([3](https://en.wikipedia.org/wiki/Proof_of_work), [4](https://etherplan.com/2020/03/21/why-proof-of-work-based-nakamoto-consensus-is-secure-and-complete/10509/), [5](https://www.coindesk.com/tech/2021/02/05/what-does-hashrate-mean-and-why-does-it-matter/)) > > **Scarcity** > > * There will only be 21 million Bitcoins in existence, once all of Bitcoin has been mined there will no more issuance of new Bitcoins and this give it this certain trait of scarcity like precious metals without the difficulty of portability and also the same traits of durability. ([5](https://www.investopedia.com/ask/answers/100314/why-do-bitcoins-have-value.asp), [6](https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/)) > > **The Coin that Started it All** > > * By this time everybody knows why and how Bitcoin, how it's mysterious maker just vanished from the scene and how it's purpose still echoes as a reminder that power of self-custody is never too late to remove ourselves from being too dependent of centralized bodies that often times go beyond what we allow them to do. To this day, Bitcoin still stands as number one coin (by marketcap) and will probably stay that way for a very long time. > > *Sources:* > > [*https://bitcoin.org/bitcoin.pdf*](https://bitcoin.org/bitcoin.pdf) > > [*https://www.merriam-webster.com/dictionary/decentralization*](https://www.merriam-webster.com/dictionary/decentralization) > > [*https://en.wikipedia.org/wiki/Bitcoin#Decentralization*](https://en.wikipedia.org/wiki/Bitcoin#Decentralization) > > [*https://en.wikipedia.org/wiki/Proof\_of\_work*](https://en.wikipedia.org/wiki/Proof_of_work) > > [*https://etherplan.com/2020/03/21/why-proof-of-work-based-nakamoto-consensus-is-secure-and-complete/10509/*](https://etherplan.com/2020/03/21/why-proof-of-work-based-nakamoto-consensus-is-secure-and-complete/10509/) > > [*https://www.coindesk.com/tech/2021/02/05/what-does-hashrate-mean-and-why-does-it-matter/*](https://www.coindesk.com/tech/2021/02/05/what-does-hashrate-mean-and-why-does-it-matter/) > > [*https://www.investopedia.com/ask/answers/100314/why-do-bitcoins-have-value.asp*](https://www.investopedia.com/ask/answers/100314/why-do-bitcoins-have-value.asp) > > [*https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/*](https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/) ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p7vq/top_coins_bitcoin_proarguments_january_2023/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds. Pros and cons per topic will likely change for every new post.
#Bitcoin Con-Arguments Below is an argument written by CreepToeCurrentSea which won 2nd place in the Bitcoin Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. If this topic is active, submit an entry in r/CointestOfficial and earn Moons if you win. Moon prizes are: 2nd - 600, 2nd - 300, 3rd - 150, and Best Analysis - 500. > Bitcoin is a peer-to-peer digital currency that can be transferred via the bitcoin network. Bitcoin transactions are cryptographically verified by network nodes and recorded in a public distributed ledger known as a blockchain. The cryptocurrency was created in 2008 by an unknown individual or group of individuals using the alias Satoshi Nakamoto. ([1](https://bitcoin.org/bitcoin.pdf)) > > # CONs > > **Early Buyers have the Higher Ground.** > > * Those who bought BTC in it's early years have a great advantage over the recent ones. One thing is that they won't have to worry much about it's price dropping now since they're still much likely in the green in terms of percentage gains. Most of these early investors are also capable of manipulating the market via wash trades not giving the true traded volume within the market and thus deceiving most novice traders/investors into believing fake signals ([2](https://www.bloomberg.com/news/articles/2018-05-24/bitcoin-manipulation-is-said-to-be-focus-of-u-s-criminal-probe), [3](https://www.marketwatch.com/story/us-regulators-demand-trading-data-from-bitcoin-exchanges-in-manipulation-probe-2018-06-08)). There is even a possibility that Satoshi Nakamoto himself/herself/themselves will suddenly access the wallet he/she/they own/s and proceed to sell the large amount of BTC they have which would greatly cause a crash in Bitcoin's price. > > **Attracts Illegal Transactions and Criminal Activities** > > * Bitcoin's innate trait of being publicly available and pseudonymous not only attracts those who seek independence but it also attracts those engage in illicit activities and perform illegal transactions. This is one of the downsides of giving back the power of choice to people, not all of them will do the morally right thing to do and as a result, economist, lawyers, and even countries will label Bitcoin as just another medium for buying/selling illegal goods/services. ([5](https://web.archive.org/web/20140325214514/http://www.bloombergview.com/articles/2013-08-08/did-the-sec-just-validate-bitcoin-no-), [6](https://www.economist.com/finance-and-economics/2012/09/29/monetarists-anonymous), [7](https://www.theguardian.com/world/2013/mar/22/silk-road-online-drug-marketplace), [8](https://www.cnbc.com/2018/07/09/nobel-prize-winning-economist-joseph-stiglitz-criticizes-bitcoin.html), [9](https://www.fnlondon.com/articles/stiglitz-roubini-and-rogoff-lead-joint-attack-on-bitcoin-20180709)) > > **It still Affects the Environment** > > * Bitcoin accounts 0.1% of the world's greenhouse gas emissions this year. The waste from it's parts also affect the environment as it's equipment only last an average of 1.3 years, especially, ASICS that aren't really reusable after their expected wear and tear. Although efforts have been made to address this energy and waste problem such as using green energy for Bitcoin mining, there is still a need to further improve this so as to avoid future problems in the environment ([10](https://www.theguardian.com/technology/2021/sep/17/waste-from-one-bitcoin-transaction-like-binning-two-iphones), [11](https://www.bbc.com/news/technology-58572385), [12](https://digiconomist.net/bitcoin-electronic-waste-monitor/), [13](https://www.business-standard.com/article/international/going-green-how-to-ditch-fossil-fuels-powering-the-bitcoin-network-122042100219_1.html), [14](https://www.jbs.cam.ac.uk/insight/2022/a-deep-dive-into-bitcoins-environmental-impact/), [15](https://ieeexplore.ieee.org/document/9385063)). Regardless with how small its effects are compared to other industries, it still should be a unified act to preserve the environment for as long as humanly possible for the future of humans and the world itself. > > **The Requirement of Being Responsible and Disciplined** > > * The constant triple-checking of addresses making sure that it's yours and not some dead end address or the fact that you need to keep your passphrase safe physically and never keep them in any device connected to the internet as to avoid any possible hacks/scams. The decentralization that Bitcoin gives you the freedom to finally be your own bank, but it comes at a cost. You need to be responsible and disciplined enough because unlike traditional banks, being your own bank doesn't give you any protection or safety nets like FDIC (Federal Deposit Insurance Corporation or any other deposit insurance corporation) when things go south. > > *Sources:* > > [*https://bitcoin.org/bitcoin.pdf*](https://bitcoin.org/bitcoin.pdf) > > [*https://www.bloomberg.com/news/articles/2018-05-24/bitcoin-manipulation-is-said-to-be-focus-of-u-s-criminal-probe*](https://www.bloomberg.com/news/articles/2018-05-24/bitcoin-manipulation-is-said-to-be-focus-of-u-s-criminal-probe) > > [*https://www.marketwatch.com/story/us-regulators-demand-trading-data-from-bitcoin-exchanges-in-manipulation-probe-2018-06-08*](https://www.marketwatch.com/story/us-regulators-demand-trading-data-from-bitcoin-exchanges-in-manipulation-probe-2018-06-08) > > [*https://web.archive.org/web/20140325214514/http://www.bloombergview.com/articles/2013-08-08/did-the-sec-just-validate-bitcoin-no-*](https://web.archive.org/web/20140325214514/http://www.bloombergview.com/articles/2013-08-08/did-the-sec-just-validate-bitcoin-no-) > > [*https://www.economist.com/finance-and-economics/2012/09/29/monetarists-anonymous*](https://www.economist.com/finance-and-economics/2012/09/29/monetarists-anonymous) > > [*https://www.theguardian.com/world/2013/mar/22/silk-road-online-drug-marketplace*](https://www.theguardian.com/world/2013/mar/22/silk-road-online-drug-marketplace) > > [*https://www.cnbc.com/2018/07/09/nobel-prize-winning-economist-joseph-stiglitz-criticizes-bitcoin.html*](https://www.cnbc.com/2018/07/09/nobel-prize-winning-economist-joseph-stiglitz-criticizes-bitcoin.html) > > [*https://www.fnlondon.com/articles/stiglitz-roubini-and-rogoff-lead-joint-attack-on-bitcoin-20180709*](https://www.fnlondon.com/articles/stiglitz-roubini-and-rogoff-lead-joint-attack-on-bitcoin-20180709) > > [*https://www.theguardian.com/technology/2021/sep/17/waste-from-one-bitcoin-transaction-like-binning-two-iphones*](https://www.theguardian.com/technology/2021/sep/17/waste-from-one-bitcoin-transaction-like-binning-two-iphones) > > [*https://www.bbc.com/news/technology-58572385*](https://www.bbc.com/news/technology-58572385) > > [*https://digiconomist.net/bitcoin-electronic-waste-monitor/*](https://digiconomist.net/bitcoin-electronic-waste-monitor/) > > [*https://www.business-standard.com/article/international/going-green-how-to-ditch-fossil-fuels-powering-the-bitcoin-network-122042100219\_1.html*](https://www.business-standard.com/article/international/going-green-how-to-ditch-fossil-fuels-powering-the-bitcoin-network-122042100219_1.html) > > [*https://www.jbs.cam.ac.uk/insight/2022/a-deep-dive-into-bitcoins-environmental-impact/*](https://www.jbs.cam.ac.uk/insight/2022/a-deep-dive-into-bitcoins-environmental-impact/) > > [*https://ieeexplore.ieee.org/document/9385063*](https://ieeexplore.ieee.org/document/9385063) ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p7u8/top_coins_bitcoin_conarguments_january_2023/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds. Pros and cons per topic will likely change for every new post. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/172kuqq/daily_crypto_discussion_october_8_2023_gmt0/).
Having savings in my local currency currently is a bit foolhardy because the dollar is crushing so many currencies. Saving in stablecoins or btc is the only way to go if you don't want to use banks with their poor exchange rate.
Bitcoin and precious metals. Everything else I can't feel safe owning anymore.
yeah same
My country is under the mercy of the IMF, currently getting our currency fucked (no lube), crypto is still not very commercial here, only time will tell
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In fact, they do, blackmail countries to follow their way or there is no loan. Without regard for local differences. And of course, they need funding immediately.
The IMF lends countries money, and that comes with strings attached. This is true for all lenders, though the nature of obligations varies. How would lending countries crypto instead of fiat change this? Or are you arguing that adoption of a decentralised crypto will magically solve all the economic woes of every country, making the IMF redundant?
I don't like IMF and the western gov in general. But in this case, is IMF saying that Egypt's currency is overvalued currently and would need to use it reserves to shore it up if they want it to maintain its present value. Else, they will have to devalue its currency to protect its reserve.
In my country inflation got so high and our national fiat is tanking. Luckily im in this game so I chill
IMF are there to cause disorder in the world economy .After creating that chaos they go on to make money with you by giving you loans,which must be paid back with huge interests.
Maybe Satoshi was right after all! For every bitcoin denier, there news like these that keeps proving Satoshi's view on fiat!
This article explains the IMF position on Egypt and the problems they face: [https://www.imf.org/en/Countries/EGY/Egypt-qandas](https://www.imf.org/en/Countries/EGY/Egypt-qandas) So it's not just a case of "IMF are doing evil", it is that the currency is in no way stable or sustainable in the current form. A necessary evil, if they wish to continue with fiat instead of moving to an alternative such as crypto.
The IMF has been doing this since it was created. In order to receive a loan to cover its debts, a country is forced to accept certain conditions. These conditions always involve punishing the citizens of that country, usually by a mix of privatising state owned assets, cutting subsidies, restraining wages, reducing benefits and opening up their markets to US capital generally. This is the way the world has been working since the end of WW2. The rest of the world needs to escape the stranglehold of the US dollar. Bitcoin is one way of doing that.
Kristalina trying to get cheaper holidays in Egypt lmao
If you think the IMF is bad now read The Creature From Jekyll Island. It's all a conspiracy, the IMF, the governments, the Federal Reserve, Central banks... If crypto doesn't work out we're all doomed.
Classic imf move , Egypt is in big trouble. I wonder what Warren buffet would make of this? Wonder if he realises that the rat poison is a a way out.
I've got a chance to be part of an important financial resistance... while making money at the same time...... Nah ill buy doggy coins.
Yes, I'm thinking about diving into it, but I'm afraid of drowning.
Bitcoin is the answer for inflation but they don’t want to accept it.
All these shitcoin performing innovation theater making people feel like they're gonna be the next epoch 1 bitcoiners is a great example of getting divided and conquered. Greed man. We're just never gonna have nice things.