The Bitcoin Gospel

The Bitcoin Gospel

49 minutes 2015 8.7/10 based on 10 votes

It’s easy to forget that governments and banks control money creation. But not everybody is walking around with blinders on, however. There’s a community of people who are fed up of being bullied and robbed by financial terrorists. This community is switching to what they believe to be a better monetary system. In this system banks are no longer needed because payments can be made directly from one person to another.

Bitcoin is fundamentally different. The system allows you to send as much money as you want to around the world without fees and without having to rely on permissions from banks or governments. The process is simple and takes only seconds to complete.  This allows anybody to become his or her own bank because it’s not a system based on debt, but on ownership. This means that nobody can censure your funds, cease them, or freeze them.

Many of those who oppose the use of bitcoin say they are worried because criminals could use it. As it is, criminals use conventional money and the banking system. So that might mean that their biggest worry is really that the rest of the population might have access to bitcoin and might start using it. That would spell disaster for modern banking. Nevertheless, the proponents of bitcoin see it as a digital miracle that can save the world from financial ruin.

Six weeks after the Lehman Brothers collapsed, on November 2, 2008, while most of the world was desperately seeking a way to save the banks, a document appeared on a little-known website for cryptographers.  A clever mind took advantage of the darkest days in the financial crisis and came up with a solution. This well-written and well-documented document proposed a completely new monetary system. The author goes by the name Satoshi Nakamoto.

A few visionaries jumped at the opportunity immediately and began buying bitcoins. There was a time when one bitcoin was worth one dollar. That has changed. One man bought $25,000 worth of bitcoins in 2008 and they are now worth over $6 million. Perfect money should have a limited supply and it needs to be easily recognizable, durable, and transportable. Bitcoin offers all this and more.

How could this currency become hundreds of times more valuable than the dollar? How are bitcoins created? Is it too late to get involved in bitcoin? Find out now.

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