Bitcoin, The Wave Of The Future?

By Godfrey

Many of you have probably never heard of Bitcoin, but it very well may be the greatest invention since the internet, so let me fill you in. Myself being a lover of freedom and liberty have become simply fascinated with this peer-to-peer currency with no corporate office to control payments. It’s a sophisticated math algorithm, a monetary supply system that is off grid. It is much like file sharing. You use real money to send bitcoins as currency from one account holder to another.

If you believe free markets should be implemented to money just as every other commodity, then Bitcoin is your new AI-inspired technology straight from the altar of Gene Roddenberry. To use the system, you just download the client software. The down side is you could lose your bitcoins to hackers or a user mistake, but its a small price to pay when you think of the upside. Which is no taxes to pay, or hidden fees. You get to keep all the money you earned, or the recipient gets to keep all the money you gave. It is business the way it was meant to be. Between you and me, no one elses affair.

Here is what one user had to say about it named Erik Voorhees.

“At Meze Grill, in midtown Manhattan, I approached the cashier with my meal. I told him I’d be paying in Bitcoin, if that was alright with him. He smiled, looked at the register, and said, “that’ll be .87, please.” And doesn’t .87 sound more appropriate for the price of lunch, anyway? Such a price might be familiar to our grandparents, and indeed it’s much more sensible!

So, I pulled out my Android phone, scanned the square QR code in front of the register, typed “.87″ into my Bitcoin app and pressed the “send” button. My Bitcoin balance fell from 4.90 to 4.03 (the coins stored on the phone itself). A signal was sent to a cell tower, then a satellite. An international peer-to-peer network of private nodes conveyed the payment. Bitcoin software in Russia, Australia, Omaha, and Abu Dhabi all saw the transaction and forwarded it on. Two seconds passed, and the cashier said, “thank you!” I took my food and let me tell you, everything tastes better without Federal Reserve sauce.”

http://silverunderground.com/2011/08/bitcoin-bernanke-and-my-lunch-money/

The purchases you make now are still prone to hackers and governments alike, I am not sure which is worse. I think this kind of money system is long overdue, but you can bet the government will try to find a way to get a cut. Or try to find a way to shut it down, or simply take it over themselves.

According to Forbes you can now get a bitcoin debt card: “Yes, it’s entirely possible to fund your existing debit card, or credit card, with your accumulated bitcoin. And I don’t mean that you are shipped a generic, low-limit prepaid VISA or Mastercard from some anonymous reseller. I mean that you convert bitcoin online to dollars or euros and the funds are available to spend with a card that you are most likely already holding in your wallet.

Why is this so significant? It’s important because it leverages a little-known type of transaction that is available on the VisaNet system called ‘Original Credit Transaction’. The other major card payment networks have a similar feature too. These transactions act like a refund or credit transaction when you return an item to a store except that they don’t have to be associated with an original purchase. Essentially, they enable your card to be a two-way payment device. Surprisingly, not many financial institutions have taken advantage of this feature yet but I expect that to change.

http://www.forbes.com/sites/jonmatonis/2012/05/07/bitcoin-funded-debit-cards/

The bottom line here is you save money and you keep government out of your wallet at the end of the day, oh yeah, you also tick off Ben Bernanke with each transaction made with bitcoin. It is the anti bank currency. Possibly the latest greatest hope of democratic expression on the internet. It is another attempt to bring about the will of the people. The bankers don’t like it and call it the wild west of finance. Its a huge trading push back against J. P. Morgan. and the price manipulators of the world. And bitcoin is backed by cryptography, where the dollar is backed by nothing! Do we need another reason?

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