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Sunday, June 19, 2011

Bitcoin: is a free market currency, cyber-cash is possibly a future monetary solution

Via: www.bitcoin.org

A RUN ON THE BANK is when everyone wants there money at the same time. This happens when it's already too late and the people realize that the value of there money has been devalued (worthless). This happens when the market crashes, consumer confidence plumets and a depression is caused. As things worsen economically during these "recessionary times" I become more and more a fan of free market currencies (or as some people call it 'alternative currency').

To avert the day when another great depression happens; people are creating alternative forms of money that operate outside the reach of "everyday money" and can sometimes become a more popular choice among many in different locales across the country. The money we use everyday is a demonstrably corruptible influence on our society and those who through it's use have positions of power continue to seek, as they always and forever do, the means to endless greed.

There are creative people working on solutions EVERYDAY to help alleviate the problems that the elites have created. By creative people, I don't mean wallstreet, I mean the people who are actively developing "alternative currency". It is sometimes hard for us to imagine just what a truly free market currency might look like. Would it be backed by gold? Silver? Both? Or would the market, driven by the competitive need to provide a safer, more reliable store of value, create an alternative, superior guarantee of trust?

Advocates of a small but fast-growing digital currency network called Bitcoin think they’ve found the answer (or, at the very least, an answer). If it is successful, claim its adherents, this totally-decentralized, peer-to-peer (P2P) currency could supplant the world’s central bank-issued fiat money, potentially providing savvy speculators with an opportunity to cash in on the greatest politically motivated market distortion of our time. But even if this particular currency does not fulfill the hopes and aspirations of its enthusiasts and participants, it has at the very least shown that the free market is ready for the challenge.

Bitcoin: is a limited supply, decentralized digital currency; a free market alternative to state issued notes and coins. Like alot of other Peer-to-Peer (P2P) websites, it's a network of voluntary, free market traders exchanging goods and services across six continents using tens, perhaps hundreds, of thousands of individual computers and some of the most advanced cyber technology and software coding known to date.

"cyber-cash is better than traditional government-issued or - regulated money, because it is determined by market forces and thus nonpolitical in nature." -- Robert Guttmann, Professor of Economics at Hofstra University, in Cybercash: The Coming Era of Electronic Money, 2003

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1 comment:

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