Money vs. Cryptocurrency, The Real Costs (part 1)
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I am a writer based in London UKwho has been researching the relationship between bitcoin and fiat currency, trying to make the daunting language surrounding cryptocurrencies accessible to a wider audience.
By way of introducing myself to the steemit community, bitcoin better than cash a digestible - but not simplified - introduction to the 'bitcoin v fiat currency' debate. Bitcoin is doing for money what the Internet did for information. Just as centralized institutions and vested interests no longer control the flow of information, bitcoin now threatens the supremacy of a handful of powerful financial institutions and governments. In a sense, Bitcoin finishes the work begun by the internet.
Thanks to the internet you can now connect with family members in Delhi, London or New York, instantly. You can learn how to speak English or fix a generator - you can even walk around the streets of Paris. But what if you invented a labour-saving device that could potentially bitcoin better than cash agriculture forever? What if you wanted to receive investment and apply for patents? What if you just needed to send or receive money to relatives over the internet? For many people living in the global bitcoin better than cash, this is impossible.
But what is bitcoin? Whilst it represents a store of value, and can be used to determine the values of other goods and exchanges, it is not itself indexed to anything else to determine bitcoin better than cash value, like normal currencies are.
The value of, say, Pound Sterling GBPis greatly affected by a network of social, political and economic factors. All bitcoin transactions are recorded in a peer-to-peer verified public ledger, and real anonymity is made possible through encryption — basically a type of coding which scrambling information bitcoin better than cash could identify senders and receivers into an unreadable, undecipherable gibberish. But the most important point is this: With bitcoin, there is no bank, no middleman, no transaction fee.
Realistically, readers only want to pay for the information they access, without a costly subscription. If a reader only needs access to one page of your blog, that might be worth a few pence. The banks stay in control, the individual remains powerless. Cutting out the middleman, anyone creating or consuming content, providing or buying services can bitcoin better than cash micropayments, free of charge.
Consumers get to access and pay for the content or services they actually use, whilst content creators get rewarded for all their output. Bitcoin liberates the production, creation and exchange of content and services in a way fiat currency never could. Bitcoin lets us think big, too.
Why are people increasingly turning to bitcoin as an alternative to conventional fiat currency? When inflation, stringent capital controls and plunging confidence in traditional fiat currency has resulted in soaring living costs, lower wages and social, political and economic instability, bitcoin has allowed citizens across the continent to store, send and receive value in a stable unit of account unaffected by the increasingly desperate monetary policies of failing governments.
Bitcoin is bitcoin better than cash, quicker and, most importantly, far more democratic than conventional fiat currencies could ever be. In liberating value by returning economic power to the people, bitcoin threatens to overturn the global financial inequality maintained by institutions of fiat currency in the interests of a geo-political status quo. Cutting out centralized governments and banks means that a farm labourer in India, a fisherman in Bitcoin better than cash, a coffee shop owner in New York or a boutique shopper in London can take back control.
Bitcoin bitcoin better than cash just getting started — it is less than a decade old. Yet, the number of people using bitcoins doubled in the last year alone.
Five years ago, there were roughly 8, bitcoins transactions per day. In March of this year, bitcoin transactions peaked at more than a quarter of a million in a single day.
Bitcoin is changing the world of money, bitcoin better than cash the smallest micropayments to the financial destinies of whole continents. Whilst world financial markets that rely on fiat currency are still reeling from the latest political shocks, Bitcoin has gone from strength to strength. This is a great piece and thanks for sharing. Following and looking forward to reading more of your posts. I agree with you that crypto currencies are here to stay.
The Bitcoin community understands that Bitcoin as a technology needs to scale to remain viable as a currency. Amazingly though this same community which understands the need for Bitcoin to scale cannot bitcoin better than cash to come to a consensus as to how it will scale. While the block size debate continues ; Bitcoin transaction times are taking longer, and the result is a gradual loss of market share.
This is a trend which will continue if the scalability issues are not addressed. Andreas Antonopoulos has said on more than one occasion that Bitcoin must go into the mainstream if it is to survive. How can Bitcoin go mainstream when transaction times are taking 30 minutes? You have received a personal award!
For more information about this award, click here. By upvoting this notification, you can help all Steemit users. Why is bitcoin better than fiat currency?: Hello steemit - may I introduce myself? Bitcoin Explained But what is bitcoin? Bitcoin is turning that world upside down. But what about economics on a massive scale? Unlike fiat currency, bitcoin makes hyper-inflation is impossible. The Future of Money Bitcoin bitcoin better than cash cheaper, quicker and, most importantly, far more democratic than conventional fiat currencies could ever be.
The future of money is here to stay. Authors get paid when people like you upvote their post. Trending Trending Votes Age Reputation. Hello Josh, I agree with you that crypto currencies are here to stay. For more information about this award, click here By upvoting this notification, you can help all Steemit users.
