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This is an opinion edit by Wes Craik is a Canadian freelance writer and host of the FInterpreter YouTube channel.
Central Bank Digital Currencies (CBDCs) will soon be operational in various countries, but it is important to note that these are a form of currency in nature. ProgrammabilityRules can be set for how these central bank liabilities can be used. Over time, CBDC will become the elimination of cash and a private exchange. They are also the most “slippery slopes” ever witnessed.
The ability to program money becomes terrifying when abused, and can be used to varying degrees for authoritarian purposes. Picture China a Major CBDC Countries Applying a dystopian social credit system directly to the digital renminbi: only allowing spending on government-sanctioned goods and services, offering interest rates that prevent the Chinese Communist Party (CCP) from detrimental, expiry dates provide some money and force spending in return. savings.
Simply put, it’s not the money.it’s a central bank lever For economic influence and social control. It is a means of energy exchange that gives the user little choice, which is highly undesirable and in fact diametrically opposed to the concept of money itself. This goes without saying that these currencies only represent already rapidly depreciating fiat currencies that are actively siphoning the accumulated life force of their users to fund government initiatives.
Thankfully, as the world’s people begin to grapple with these fundamental infringements on both their privacy and property rights, they will use Bitcoin, a global, non-corruptible currency governed by rules, not rulers. will give you the option to store and trade your monetary energy. First time in history.
You can design your currency any way you like, but you can’t force people to value it. The free market has historically been the search for and selection of desirable currencies when older ones have failed.People instinctively gravitate toward more robust media of exchange When a vulnerability or exploitation of the current manifests itself seriously.
Gold has historically been the base layer financial asset that society has used most of the time. It is an easily identifiable and durable mineral that can be melted, split and reconstituted with virtually zero loss. Its supply is relatively small because it is needed. Its issuance is not arbitrarily determined by rulers or authorities.
So Gold ticks a lot of boxes! Sure it has its limits, but it’s relatively divisible. It is durable enough to transfer energy over time, and its rarity makes it work well as a store of value.
However, there are scalability issues. Gold is difficult to trade on a large scale and on a detailed level. Transporting and storing gold requires significant power projection capacity. [return on investment] for confiscation [it] prove too attractive for your hometown [barbarian] Ignore it.” Jason Lowery flame that.
Carrying gold coins to buy milk is cumbersome and limits the throughput of human exchanges. It should be noted that human interaction is the foundation of civilization. This allows for an ever-expanding division of labor and specialization in technology that increases output per unit of energy spent. This is why Layer 2 banknotes, thought to be redeemable for the underlying assets of the economy, were a breakthrough technology. Paper notes allow much greater scale and granularity of energy exchange between humans with little friction. This and the Medici double-entry bookkeeping system are shining examples of money as an ever-evolving technology.
that is, supply misuse of these paper notes or personal ledger entries and/or detached From a truly valuable underlying asset where the money supply becomes toxic. This has historically been hyperinflation and collapse of currency.
Bitcoin is a base-layer currency network that is scarcer than gold, with a well-defined, immutable maximum supply of 21 million. It is highly divisible, immediately verifiable without error, and durable the rest of the time.this is Publication schedule It will be known with certainty for about the next 118 years, after which it will not be published. Bitcoin also has low to zero storage costs and cannot be confiscated, even through violence, if stored correctly.
Interestingly, the first and dominant digital object directly tied to proof-of-work mining, Bitcoin (the first and so far the only digital commodity), was actually discovered It is the lightest real object ever made and enables permissionless transactions. At speeds close to the speed of light without an intermediary. As Knut Svanholm points out, this weightlessness technically makes Bitcoin.Element zero of the periodic tableIt can also be a base layer currency asset for the digital age and beyond.
We have once again upgraded the rails of human energy exchange, but this time in a way that helps individual self-interest strengthen everyone else’s property rights. It simply crystallizes and substantially increases the potential energy of all users. Michael Thaler said Bitcoin is indestructibleAs such, we encourage cooperation as opposed to coercion or attempts to overthrow. This mechanism is an important revelation that Bitcoin brings. Raleigh said,Mutual guarantee save
Bitcoin represents hope for a fairer future for humanity based on the newly discovered universal constant of 21 million.
Fix your money, fix the world.
This is a guest post by Wes Craik. Opinions expressed are entirely his own and do not necessarily reflect those of his BTC Inc. or Bitcoin Magazine.
