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Added August 7th, 2014
Internal report revealed cryptocurrency would supercede existing Fed monopoly within 12 years. This report was published by a researcher employed by the United States Federal Reserve.
http://www.infowars.com/whistleblower-fed-highly-alarmed-about-bitcoin-conquering-dollar-system/
Another issue is tax evasion. People pay in cash all the time, and still evade taxes, so there is another reason not to fear the coming Bit Coin Revolution. One of the major advantages of Bit Coin is that because most drug transactions take place on the street, mobile phones are used to make a digital payment via Bit Coin. Anyone with some simple programming skills can make a cell phone trackable, and most drug dealers are not smart enough to encrypt or use extra security with their Bit Coin accounts, making tracking drug dealers easier than ever. When cell phones come with scent detection devices, you could write an AP or program to have it detect cocaine on the cell phone, than track the phones that have cocaine residue on them and forward it to law enforcement. The abilities of this technology are endless.
As long as a sensible person backs up their Bit Coins and takes the proper security precautions, they can never be tracked or lose their Bit Coins. BitCoin began in 2009 and is still in its early developmental stages. Bitcoin is currently in the early stages the Internet was, people are ignoring it and trying to avoid using it, but within the next 10 years, it is set to take over many of the major financial transactions we now take for granted.
Privacy and Anonymity
Bitcoins real power is in its privacy. Bitcoin is completely untraceable, because it uses peer to peer networks which have not centralized tracking system. This means no one can take the funds, or freeze funds like the digital network PayPal does and which has done to my customers
. Also the peer to peer networks are what make free movies available to you on the Internet such as Megashare.com
and many more others. This makes BitCoin practically untraceable and impossible to shut down. This also means that rogue governments, private corporations or anyone who wants to snoop around your financial transactions can no longer do so. This is why MasterCard and Visa are completely scared of Bit Coins potential and are watching it closely to take it down via its weak points.
Bitcoin is not FDIC Insured, but cannot hyperinflate like real money can. It is not subject to interest rates or a crash in the stock market, but on the other hand grows in financial crisis, like what happened in Cyprus.
Bitcoin gives everyone the opportunity to bypass the Euro or other currency and go anywhere in the world BitCoin is accepted and pay for goods and services. Bitcoin automatically adjusts its exchange rate to the currency of the country you are in. So if you gather many bit coins in the U.S.A, and go to Africa, you are live very, very well. Bitcoin cannot be controlled by any Federal Reserve Banking System and has the potential to make inflation obsolete. It is safer than hoarding gold, which can be stolen or confiscated by governments.
Because Bitcoin only began in 2009, it is still experimental and their website mentions
that there is still room for improvement, such as the 21 million cap on Bitcoins, and the issue of Zombie Bitcoins which are teh result of people who lose their Bitcoins when their computers hard drive is wiped out or they drop their cell phone in a tub of water and did not backup their Bitcoins. Bitcoin has been a boon in many countries where freedom of the press has stopped writers from publishing topics that are politically sensitive.
Here are some of the facts about BitCoin:
You can create a new wallet for each Bitcoin Transaction. 3rd Party Bitcoin wallets can be easily traced, especially by authorities, making drug trafficking easier to track and most cell phones already come with government embedded chips
anyway.
Bitcoins can be lost or destroyed as mentioned earlier
Bitcoins can be backed up to an online service, but must be secure to prevent hackers stealing them.
The Treasury Department at this moment in time has not forbidden the trading or restricted bitcoin use, because this system of monetary transaction could be the perfect buffer or replacement if there is a huge financial crisis in the United States, where a new form of currency is needed to continue transaction to keep the economy going.
It has the ability to make great depressions and economic bubbles obsolete
It is the closest thing to a long term stable financial currency
The Founders of BitCoin
As this chart
shows by the year 2033, the Bit-Coin economy will reach full stability and has actually gone through periods of deflation, which is a favorable, because it is not based on actual interest rates or quantitative easing type measures which are causing buy false deflation.
You can buy Bitcoins by telephone, on a website called coinbase, by the computer program second life, wire transfer, or by cash deposit at a CVS Pharmacy. A traditional FIAT currency destabilizes over time, but Bit coins stabilize and actually increase in value over time.
Bitcoin is capped at 21 million coins, but changes are made for growth as their website mentions. Any tampering in the manner "why fix it if it ain't broke" is the golden rule for this new system. And as long as it is performing well, there should only be minor bugs and errors to keep it maintained successfully.
Futher Reading:
Bitcoin FAQ
Stanford University review on the stability of bitcoin
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