“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning”– Henry Ford
When it comes to Bitcoin and Balinese cockfights alike, conversations that focus exclusively on speculation, gambling, and greed risk totally missing their points. Discussions surrounding Bitcoin in particular need to consider the political and philosophical questions this community raises about money, privacy, self-sovereignty, and of course, memes.
FIAT currency is any currency established as money by governments but does not have intrinsic value. Simply put, it is not backed by any asset.
They will soon see the purchasing power of their asset/income being diluted by unlimited money printing. They will soon realize the problem caused by money printing favors the rich and punishes the middle class and the poor.
“Bananas grow on trees. Money does not, and bitcoin is the force that reawakens everyone to the reality that was always the case.”
Bitcoin, as a construct outside existing financial systems, poses a potential solution to the fundamental problems with fiat money that have been created over the last 50 years.
Bitcoin is a real revolution. It’s a multifaceted revolution that has been gaining momentum block after block for more than eleven years now. Once you really get a sense of what Bitcoin can do for the world, there is no turning back.
Two hundred years ago the Bank of England was forced to confront some of the same questions it faces today: What is money? What should it be made of? What does it represent? And what should be done regarding the attendant problems of counterfeiting?
Money — the magical power it has over people is almost universal. But whether we earn it, spend it or save it, we hardly ever think about the following questions: What is money? Why does it exist? What will money look like in the future? And why should we think too much about it? Our money works. Day in, day out, we use it without much effort. So what’s the problem?