Imagine a world in which you can buy anything in secret. No banks. No fees. No worries inflation will make today's money worth less tomorrow.
The digital currency Bitcoin promises all these things. And while it's far from achieving any of them -- its value is unstable and it's rarely used -- some have high hopes.
"There will be alternatives to the dollar, and this might be one of them," said former U.S. congressman Ron Paul. If people start using bitcoins en masse, "it'll go down in history as the destroyer of the dollar," Paul added.
It's unlikely that Bitcoin would replace the dollar or other government-controlled currencies. But it could serve as a kind of universal alternative currency that is accepted everywhere around the globe. Concerned about the dollar's inflation? Just move your cash to bitcoins and use them to pay your bills instead. Tired of hefty credit card fees? Bitcoin allows transactions that bypass banks.
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This could end the Fed, but, push us toward a "global" currency. I'd embrace an "American" bitcoin, but I have to confess, I know nothing about any of this.
ReplyDeleteSounds like something I would like to learn more about .
ReplyDeleteYes, 641, me too.
ReplyDelete613.
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ReplyDeleteLike the underground economy, it circumvents the government - avoiding taxation and fees....
ReplyDeleteThis is one of the ways to 'starve the beast'!
6:41 You are too late to the bitcoin party. This price jump seems manipulated, so if you're buyer... sit tight, and it should return to normal. If you're a seller, dump and get out. Look into Litecoins as well.
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