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Bitcoin Is Not Garbage, Embrace It

Discussion in 'Bitcoin Investments | Discussions' started by zedzed, Jun 19, 2017 at 1:44 PM.

  1. zedzed

    zedzed Upcoming Mod

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    Afternoon Jackobians

    In the article, the author, Brett Arands, goes on to lay out a fictitious conversation where a supposed elite is asking an adherent why someone should use Bitcoin, but he never gets the question answered. Quickly, you throw in the towel on the article.

    Money is a medium of exchange to avoid having to barter. That crisp piece of paper in your pocket is a form of medium of exchange.

    And, let us suppose you work for ABC Automotive and you manufacture transmissions for the car company. You can use the transmission to barter for whatever you would like in this world.

    It is Friday, and you want a beer and a burger because it’s been a long week. You step into a pub that I own and order said burger and beer.

    Nor, do I want to be involved in trading off portions of the value of a transmission. You and I do not have a coincidence of want.

    That simple story is the same story I was told in economics school at Pasadena City College with Mr McLean some period of time ago. It is easy to carry that story with you because of its simplistic approach of explaining why you have paper in your pocket instead of lugging around transmissions to try and trade for a beer and a burger.

    The way fiat currency works is that there is an agreement that $1.00 purchases a certain product, such as a Snickers bar. You and I both agree that a snickers bar is worth $1.00 and so, therefore will make the exchange of $1.00 for a Snickers bar.

    Bitcoin is nothing more than a medium of exchange. You and I would be able to exchange a Bitcoin for something.

    There is one massive difference between Bitcoin and any other fiat currency in the world: Bitcoin has no central bank that is diluting the purchasing ability of the coin. In fact, just the opposite.

    Because there is a central bank that “backs” said fiat currency. And, that central bank is moving society forward by wasting away said fiat currency by deflating the currency.

    Back when Bitcoin first came, all the way back in 2009, 1,000 Bitcoins were needed to buy 1 Snickers bar. Today? 1 Bitcoin can purchase 2,500 Snickers bars.

    Hmmm… should I go with the paper in my pocket that has value being destroyed every day?. Or, should I go digital, like every other aspect of humanities life, and see my purchasing ability increase?.
     
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