Much has been said and written about the controversial cryptocurrency called Bitcoin, and we are not surprised. It is only logical for financial gurus and government-funded financial institutions to be wary of the economic impact of a digital currency that returns power to the people, because widespread usage of such might lead to the unraveling of how people think about money.
However, it is of utmost importance to consider this topic because not too many minds venture into asking the question of: why do we need Bitcoin in the first place? What is it trying to fix?
As it stands, governments around the world have monopolized the issuance of currency by controlling fiat systems and foreign exchange valuation. This leaves the rest of the world at the mercy of whatever these institutions deem is appropriate, whether we like it or not.
Here are alternative lines of thinking for those of us willing to break the status quo school of thought.
- Bitcoin is a truly democratic form of virtual currency. It is not forced upon anyone. Only those who volunteer to take part in it will use it and benefit from it.
- Bitcoin users are given the power and the responsibility to decide for themselves how they wish to use their bitcoins. Bitcoin works by holding everyone accountable, which is something we don’t experience with old currencies today.
- Bitcoin offers freedom from a central governing entity, which eliminates blows to be suffered when this governing institution fails.
- Bitcoin can control the rate of inflation because the creation of new bitcoins happens at a stable rate every four years, leading to the maximum supply of 21 million units.
- Bitcoin provides freedom to its users through an unhindered power to hold or transfer money.
It is substantial to believe that this much freedom and creativity is both blessing and bane to our society, and the decision to uphold morally upright transactions is upon us. We are optimistic believers in the true potential of new technologies, and we believe that there is more to gain in pushing for this updated form of democracy, and that there is so much to be lost if we simply chose not to move forward with this opportunity.
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