The law of finite supply, is like gold, or diamonds, they’re expensive because there isn’t much of it. Well Bitcoin is the same, as more and more people use bitcoin, the value can only go up, because of the finite supply, it makes each bitcoin worth more instead less like the dollar, because when the government needs more money, they just break out the printing machines and print more, making the total value of a dollar, less and less each time they do this. That is why the buying power of a dollar is so insignificant now, compared to 50 years ago.
It’s backed by it’s finite supply, and something called blockchain technology, which is a technology that makes all transactions made in bitcoin, available to the public, and each computer connected to the network must verify all transaction, making counterfeit bitcoin impossible. It also make it impossible to back, because in order for a hacker to be successful, they would have to hack over 51% of all computers on the network, at the exact same time, and that is impossible. It’s like trying to overdose on marijuana, it just can’t happen. The blockchain technology has enabled an honest currency, that can’t be hacked.
Bitcoin is being utilized now as a decentralized payment system. Many online stores are now offering bitcoin as an accepted payment method. The most important aspect of it, is that you can be your own bank. And that strips banks and governments power over you, which makes bitcoin a literal threat to capitalism, and the government and banks control over the masses. Bitcoin can be used by anyone and everyone with a smart phone, which means, those in poor countries, who can’t afford a bank account and all the associated fees, can now deal directly with people using bitcoin, thus, lessening poverty as a result.
Bitcoin and the blockchain, are the technology we have been waiting for, to change this world, the paradigm shift, that we desperately need, when capitalism fails us. Instead of descending into chaos, bitcoin can be the solution, and it will be a far better world.
