But while learning about bitcoin as a crime fighter, it dawned on her “how profoundly this technology could change how we do all sorts of things.”
The system is so elegant, it is no surprise that it has kicked off a global upheaval. I want more people to understand it so they can feel the same sense of intellectual wonder that I did. More people should draw inspiration from Bitcoin, because the world will be richer for it.
“The goal is not to accumulate Bitcoin to accumulate more USD or any other type of fiat, but to accumulate a token thathas value on its own.”
Peter Theil, the Co-Founder Of PayPal quoted, “I do think Bitcoin is the first cryptocurrency that has the potential to do something like changing the world.”
With Bitcoin as a point of reference for how toxic the global financial system truly is, the gas lightning is wearing off – and the people are starting to figure out where they can go to breathe easy again.
On July 17, 2010, two trading parties matched for the first time on the Mt. Gox Bitcoin exchange when 20 bitcoin changed hands for just under a dollar. The exact price of that first trade was $0.04951 per whole bitcoin.
Bitcoin then can be seen as the extrapolation of what is a necessary implementation of that which would set the stage to the natural asymptotic convergence of all centrally banked money to perfectly demand elastic supplies but without cooperation or political coordination of any single central bank or nation.
This is only the beginning of the awakening for the financial world, the OCC letter serves to generate confidence and in this situation of financial crisis, it is what is most needed.
Bitcoin decentralizes the banking system by returning the power to manage your own money in the hands of anyone who is willing to participate in the network.
However, what we can surely all agree on is that leaving your money in cash is a poor medium to long term move, assuming you want to retain some wealth.