In the realm of finance, the clash between traditional fiat currencies and emerging cryptocurrencies, particularly Bitcoin, has sparked vigorous debates. While the US dollar has long been regarded as the global reserve currency, Bitcoin presents a compelling case as a superior alternative. Let's delve into why Bitcoin stands out as a beacon of financial innovation, eclipsing the conventional US dollar in various aspects.
Re #4: Because there is a static long term supply, BTC is actually DEflationary. As more people collect a piece of that finite supply, it is worth more in the future than it is today, encouraging this wild concept we've read about in history books, saving. If everyone in the US wanted 1BTC, there is no price that would allow it. If everyone in NYC, LA, & CHI wanted 1BTC, same thing. At some point, being a whole-coiner will be nearly unachievable.
Digital currencies do offer advantages over governmental currencies. However, they generally depend upon an internet which can be controlled by the government. We need a more independent internet that does not predominantly run through fibers linked to specific physical locations.
Government has been trying to capture control of the internet for years, the problem is they waited almost too late and let it get too big before they tried to gain control. One reason I opposed allowing the quasi-governmental electric power associations get into the internet providing business is the amount of control it gives the government. I lost that battle because everyone thought they were going to get cheap high speed internet. To counter the issue of government controlled internet access, I have 3 differnent ways to access the internet so it will be a little more difficult to shut me out.
But the internet access problem is also a threat to traditional banking. If the internet goes down or if government wants to control your money traditional banks will side with the government every time. This is also the reason I bank with a very small local bank, because they are less likely to confiscate my money than the big banks.
I believe Bitcoin is more secure and less vulnerable to government theft or internet failure than US Dollars and traditional banks.
Re #4: Because there is a static long term supply, BTC is actually DEflationary. As more people collect a piece of that finite supply, it is worth more in the future than it is today, encouraging this wild concept we've read about in history books, saving. If everyone in the US wanted 1BTC, there is no price that would allow it. If everyone in NYC, LA, & CHI wanted 1BTC, same thing. At some point, being a whole-coiner will be nearly unachievable.
Digital currencies do offer advantages over governmental currencies. However, they generally depend upon an internet which can be controlled by the government. We need a more independent internet that does not predominantly run through fibers linked to specific physical locations.
HLB
Government has been trying to capture control of the internet for years, the problem is they waited almost too late and let it get too big before they tried to gain control. One reason I opposed allowing the quasi-governmental electric power associations get into the internet providing business is the amount of control it gives the government. I lost that battle because everyone thought they were going to get cheap high speed internet. To counter the issue of government controlled internet access, I have 3 differnent ways to access the internet so it will be a little more difficult to shut me out.
But the internet access problem is also a threat to traditional banking. If the internet goes down or if government wants to control your money traditional banks will side with the government every time. This is also the reason I bank with a very small local bank, because they are less likely to confiscate my money than the big banks.
I believe Bitcoin is more secure and less vulnerable to government theft or internet failure than US Dollars and traditional banks.