How Bitcoins Can Change Everything We Know About The Economy
Whether or not the electronic currency has any true potential for becoming a fully mainstream currency, I would like to discuss any possible effects on the economy and business.
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The most attractive feature of Bitcoins is that they are not controlled by a central authority. No one can affect their supply, unlike the current system where governments are able to print unlimited amounts of fiat currency.
Printing currency is only a short term solution that causes long term problems with a spiralling increased inflation.
But we need to think to the root of the problem, why do we even need to print money in the first place? That is to pay off debt of course, maybe because the state cannot keep revenues above costs or because a bank is not able to manage it's reserves due to risky lendingbehavior, forcing governments to print in order to safe mismanaged institutions.
The banking crisis in 2008 and the recent events in Cyprus are just minor cues leading to something bigger.The current system justdoesn'twork. The machine is getting on fire, we either shut it down or let it burn.
Unlike the current financial system, Bitcoins have no leader, no servers, no office, and no tangible asset backing. They represent true liberty as they promote anonymity and fast exchanges with low costs. No one, except yourself can have access in your wallet, as long as everything in the system works as intended of course.
In a scenario where Bitcoins are adopted by the general public, banks and governments, and other institutions, need to think 2, 4 and 10 times how their actions affect the public. That is because they either operate as an efficient, productive organisation or they just fail and go bankrupt. Relying on others to save us, instead of looking at ourselves to improve our current state is what causes the problem.
I believe that limited supply can put an end into greed. Today, we experience how the actions of few people have a huge effect on the quality of life on the majority of people. Greed is the main protagonist here, the desire to have more and more. Greed leads in riskybehavior, short term actions that can potentially lead in short term profit for some and destruction for everyone else.
Currently, the use of Bitcoins is quite arbitrary, trying to gain over exchanges with the USD, but more and more small businesses are accepting the currency as a payment method. After all, that is the whole meaning behind a currency, being able to pay and be paid for a good or services. Who knows whether Bitcoins become fully mainstream? Yes or no, it is an interesting topic to talk about.
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Posted in Financial Services Post Date 01/24/2017