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Bitcoin Is Not a Fiat Currency Competitor but Rather a Revolution in Your Very Relationship With Money

By ssaurel | In Bitcoin We Trust | 24 Jul 2021

The Bitcoin revolution continues to progress. Block after block, Bitcoin continues to move forward while staying true to its fundamentals. It cannot be otherwise, because Bitcoin's monetary policy is programmatic. There is no room for chance or human arbitrariness with Bitcoin.

That's why Bitcoin is so special. It gives incredible guarantees to its users.

In a world as uncertain as ours, this is priceless. More and more people are realizing this. As a result, people are coming to buy Bitcoin to take advantage of its monetary revolution.

Bitcoin is not a competitor to the U.S. dollar or the euro

As the success of Bitcoin intensifies month after month, economists, central bankers, and journalists begin to denigrate Bitcoin in every way possible. As always, these opponents of Bitcoin use fallacious arguments that have already been proven time and time again.

Rather than attacking Bitcoin out of fear of this major technological disruption, these people should start studying how Bitcoin works. If they took the time to do that, then they would realize that Bitcoin is not a competitor to fiat currencies.

You read well. Bitcoin is not a competitor to the U.S. dollar or the euro.

Rather, the digital currency invented by Satoshi Nakamoto is a revolution in our very relationship with money. It is a major paradigm shift that will change your life forever if you choose to take advantage of the freedom this system offers.

In the current system, your money is not available at all times

With the current monetary and financial system, you are forced to trust others to secure the fruits of your labor. You earn money that is in the bank. Banks do not even own all the money of their depositors at any given time.

If you want to know more about this, I encourage you to look at what the reserve requirement rate is.

It represents the financial reserves that banks and other financial institutions are required to deposit with the central bank. The reserve requirement rate allows commercial banks to save a portion of their income. It is therefore a safety net.

In the United States, it is the Fed that sets this reserve requirement rate.

At the end of March 2020, to better face the COVID-19 pandemic, the Fed decided to set this reserve requirement rate at zero allowing banks to use more liquidity to lend money to individuals and businesses.

Bankers and governments can censor you for arbitrary reasons

With a zero reserve requirement rate, if all depositors wanted their money back at the same time, the banks would be unable to meet these demands. They would go bankrupt.

This is a major problem for individuals who cannot have their money available when they want it. In addition to this problem of the availability of the fruits of your labor, banks, and governments also have the power to control and censor your transactions in the current banking system.

A government can decide at any time to freeze your assets for totally arbitrary reasons.

The problems do not stop there. The ability of central banks to print as much fiat money out of thin air as they deem necessary is problematic for the majority of the world's inhabitants. It keeps devaluing the money already in circulation, which deprives you of your right to save the fruits of your labor.

If you save money in the current system, you mechanically lose money because of the decisions of a minority of people who are not representative of the people.

Satoshi Nakamoto created Bitcoin to change people's relationship to money

These edifying facts led Satoshi Nakamoto to create a totally different system that belongs to the people:

“The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.”

Bitcoin was created to change the very relationship of its users to money.

Rather than being subject to the decisions of a minority of people, Bitcoin puts each individual back in the center of the game. Bitcoin works for you and all its users.

With Bitcoin, you can save your money without fear. Bitcoin's maximum supply is 21 million units, and that will never change. No one has any interest in it. This gives you an incredible guarantee: 1 BTC of today will always equal 1 BTC of 21 million in 10, 20, or 50 years.

Bitcoin is the truth of the people verifiable at any time

Bitcoin's programmatic monetary policy lets you know exactly what will happen in the coming months and years to the supply of Bitcoin. You won't get a nasty surprise when you wake up one morning. That's why more and more people are coming to buy Bitcoin.

Bitcoin is a transparent system that allows all its users to audit their accounts at any time. All you have to do is run your own node. While fiat money is the truth of government, Bitcoin is THE truth. This may sound presumptuous, but it is since anyone can check it at any time.

So there is nothing hidden with Bitcoin. All users have the right to check that the system is following the rules that were originally defined by Satoshi Nakamoto.

Bitcoin will probably never completely replace the current monetary and financial system. Many people will remain attached to this system that reassures them by leaving them in a comfortable lie. For the others, those who want to discover the unpleasant but liberating truth, Bitcoin will be there.

Final Thoughts

Bitcoin will become the money of the Internet used by all those who have discovered the truth about the current system and want to take real care of their money future.

The hardest money in the world that gives citizens around the world power over their money. Once you have the power over your money back, you will be able to live your life on your own terms. This is clearly priceless in my eyes.

It's up to you whether you want to discover the inconvenient truth that will allow you to regain control over your money, or stay in a comfortable lie that will leave you under the thumb of a flawed system that will eventually collapse.

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ssaurel Verified Member

Entrepreneur / Developer / Blogger / Author.

In Bitcoin We Trust
In Bitcoin We Trust

In Bitcoin We Trust is a place where Bitcoin believers share their ideas about the upcoming revolution. Blockchain and cryptocurrencies are also covered in this publication.

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