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Let’s talk about digital currency and the privacy it gives you. Not to mention not paying transaction fees.
What is Bitcoin? Digital coin. Digital Currency
The bit is a basic unit of information used in computing and digital communications. A binary digit can have only one of two values, and may be physically represented with a two-state device. These state values are most commonly represented as either a 0 or 1.
– Way for two parties to exchange money without third party interference/fees ie: government, banks, PayPal, Western Union, etc.
– Avoidance of paying fees for the facilitation of the transaction.
– Bitcoin essentially cuts the fee charging entities out of the transaction.
– Commerce with privacy.
– Gives those without access to bank accounts the ability to transact as long as they have access to a computer (library, internet café, etc). Western Union does this but charges fees and can take longer depending on method of payment and receipt.
– Transactions are logged in the blockchain and buyer/seller remain anonymous.
– Federal Reserve Bank has been controlling the creation, distribution, and sale of money for 104 years. Do you think they see bitcoin as a threat? Yes, because they can’t inflate the bitcoin supply and charge you a hidden tax (inflation).
– In it’s infancy.
– Same as cashless society? Gov’t idea of a cashless society still involves The Federal Reserve in control. Bitcoin’s idea of a cashless society does not.
– What if you worked and when you got paid your deposit was in Bitcoin instead of “dollars?”
Resource:
Banking on Bitcoin – 1 hr 23 min (documentary movie) Netflix.
Coinbase – Buy & sell digital currency
Blockchain
Debt Shepherd 2017, All Rights Reserved
