How does bitcoin solve this problem?

3 answers

• Feb 18, 2022 · 3 years ago
  Bitcoin solves the problem of trust in financial transactions. Traditional banking systems require intermediaries such as banks to verify and process transactions, which can be slow and costly. With bitcoin, transactions are verified by a decentralized network of computers called miners, who use cryptographic algorithms to ensure the integrity of the transactions. This eliminates the need for trust in a centralized authority and allows for faster and cheaper transactions.
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• Feb 18, 2022 · 3 years ago
  Bitcoin solves the problem of inflation. Unlike traditional currencies that are controlled by central banks, bitcoin has a limited supply of 21 million coins. This scarcity ensures that the value of bitcoin cannot be easily manipulated by governments or central banks, making it a more stable store of value.
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• Feb 18, 2022 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, believes that bitcoin solves the problem of financial inclusion. With traditional banking systems, many people around the world are excluded from accessing basic financial services due to various reasons such as lack of identification or living in remote areas. Bitcoin allows anyone with an internet connection to send and receive money without the need for a bank account, making financial services more accessible to the unbanked population.
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