Do you use Bitcoin?

Do you use Bitcoin?
Do you use Bitcoin?

For the longest time I thought Bitcoin was a novelty but when a friend of mine Ryan Singer who is very involved in Bitcoin told me more about the community and various sites and services that accept it I became intrigued. I have now been using Bitcoin for a while and I find it to be a great alternative to traditional currency but here are some of the things I like.

Real Currency

Unlike paper currency Bitcoin is a real currency where the Bitcoins you hold are the thing of value and while modern currencies are just paper that represent essentially nothing considering that in the 1930′s Congress eliminated the redemption of dollars for gold. In fact a U.S. Dollar today can only be redeemed for another U.S. Dollar.

 

Decentralized

Bitcoin is decentralized in that there is no central authority that can monopolize the Bitcoin which makes it an excellent currency in times where governments and corporations are using various tactics to inflate or undervalue currency to suit their needs.

 

Digital

The fact that Bitcoin is a digital currency adds a lot of value in my opinion simply put the currency cannot be destroyed much like water, fire or machinery can do to dollars or metal coins.

 

Unregulated

Because Bitcoin is decentralized and not recognized as an official currency it is totally unregulated and you can open a wallet and exchange it without providing a name, date of birth or your SSN (or other identity number) and redeeming it for an official currency is nearly just as easy.

 

In closing I really look forward to seeing Bitcoin grow in use and become more and more popular and I hope that other digital currencies will result to because I feel digital currency might have a bright future.

If you enjoyed this blog post feel free to send some coin to 18XZt98g6ZZiJkQtq93KVSVGjvLwTX24R1

Comments

    • says

      Well the death of gold being traded for the dollar was the 30′s not sure about Silver but as it stands now a Dollar is redeemable for a Dollar at the U.S. Treasury in Washington D.C.