Posted on 04/30/2015 5:37:09 PM PDT by re_tail20
Since its invention in 2008, Bitcoin, a digital currency system, has slowly gained acceptance in online circles. But Bitcoin is only part of a potential future where a freer economy leads to increased economic growth and more consumer choice.
As one of the more popularly known decentralized digital currencies, Bitcoin is accepted as payment for real-world goods and services by companies such as Dell, DISH Network, Microsoft, Papa John’s Pizza, and Overstock.com.
Exchanging otherwise unused spare processing cycles to verify and record other users’ payments in the shared public ledger, called a “blockchain,” for newly created Bitcoins and processing “fees,” payment processing work is spread across the universe of Bitcoin users.
Although Bitcoin solved several problems that plagued past digital currencies, it may not be the endpoint of currency innovation, as private companies and banks begin to question why currency must be issued by a central authority such as the U.S. Federal Reserve.
In Massachusetts, 400 businesses accept “BerkShares,” a local physical currency redeemable for goods and services. Local banks have agreed, without government compulsion, to trade dollars for BerkShares, and businesses may give change for purchases made in dollars with BerkShares.
Some Philadelphia community markets deal in “Equal Dollars,” another local physical currency system. Equal Dollars are traded for goods and services, both in-person and via an online trading post. This alternative currency is designed to reward volunteerism, giving users 25 Equal Dollars in exchange for time spent on volunteer work.
Similar alternative currencies have been successfully adopted in the United Kingdom, Hong Kong, and other countries. In Hong Kong, private currencies such as the Hong Kong and Shanghai Banking Corporation Limited’s banknotes are actually more popular than government-issued currencies.
Allowing alternative currencies to arise and evolve in the United States could be a boon...
(Excerpt) Read more at humanevents.com ...
That's true but they will also glom onto the latest fad currency, speculate on its rise, and all try to bail out before the fall. A currency should not be tied to any particular value (e.g. a Bitcoin's dollar price), but an indication of value in multiple commodities, goods and currencies including government issued currencies. Basically some floating currency, possibly blockchain-based that can be traded for various things including currencies.
Bingo!
The unconstitutional Federal Reserve has never done its job. And Congress is to blame because they illegally delegated their Constitutional responsibility of solely regulating our coinage (money) to a bunch of bankers aka the Federal Reserve.
The Founding Fathers thought long and hard on how to prevent monetary disaster for the new United States. They came up with a pretty good solution. And then the "progressives" gave it all away.
Now our fiat currency is worthless. It will collapse. And because we know this situation was caused by our government and the bankers, it is high time we question why they have authority over our money!
Certainly the preferred exchange of CTB Locker II if any of you have had the misfortune.
http://www.fool.com/investing/general/2014/10/11/3-reasons-bitcoin-is-doomed-to-fail.aspx
Exactly why progressives oppose it.
When that article states: “With only about 13 million Bitcoins in circulation and the final number capped at 21 million, the supply is too limited for them to serve as a viable currency. “ the author shows his utter ignorance.
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