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Friday 18 April 2014

Is Bitcoin a revolution? {Post-13}



Bitcoin is the youngest currency in the world. It is also the world's first and fastest emerging currency of trust. Pure mathematical certainty. And that trust is what makes Bitcoin a force to be reckoned with more than any of its other features. It represents not only security and efficiency but also a dynamic form of democracy.

And even though it is based on a man-made open source software system, the system can't be changed without majority approval from those who make up the system. This distribution and decentralisation give Bitcoin its greatest strengths as they free participants from having to trust each other or a central agency. They just have to trust the math. Faced with numerous large scale financial meltdown over the last 20 years, it isn't unusual for people to seek certainty when it comes to their money. After watching governments plunder, waste and in efficiently use national currencies, the idea of a digital currency free from the flawed clutches of government are a source of peace.

This fees is a form of liberty that many Bitcoiners embrace with great passion and conviction. By taking the control out of governments and private agencies, individuals are able to not only reduce costs of currency transactions(as compared to other forms of online transactions)but also increase the value of the currency over decentralised currency exchanges. The currency attains value as a unit of exchange as well as a speculative investment that can grow. All without having to pay governments any form of tax, fees or other shares of profits. And if libertarian philosophy doesn't motivate people to participate, then surely denying the government any shares of profits is incentive enough for a revolution.       

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