Tuesday, February 11, 2014

The Significance Of Bitcoin

Posted: 2/11/2014  Last updated: 7/30/2014

The Story Goes On

Just read “Bitcoin’s Undiscovered Potential”. How Bitcoin or digital currencies can help the so called underbanked people and more.

A Footnote In History

Perhaps very soon Bitcoin will be not much more than a footnote in history. However, Bitcoin teaches humanity some important lessons.

The Import

  1. The time for digital money has finally arrived
    Paper bills and metal coins are ancient and outdated. It is high time for humans to move on.
  2. Private money
    For centuries any kind of ruler or democratic elected government tried to exclusively control money usually with negative effects. Digital money is perhaps a chance for the citizens of this world to pry money from big governments.
  3. A truly global currency
    In economics there is the law of one price. I would argue there also should be only one money or currency on a global scale. The price of any good or service should be expressed in one currency.
  4. Trial and error
    Keep government out! Allow for trial and error for humanity to figure out how digital money works best.

Caveat

Competing digital money or currencies and how to deal with it.

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