Bitcoin 101: How Bitcoin Is like the Internet

Want to learn more about bitcoin? Here’s a snippet of my thoughts about bitcoin as a currency.

Bitcoin Solving Problems

The failures of the banks made visible during the 2007-2008 crisis and the following Great Recession have brought Keynesian economics back into favor. The current policy inflates money to redistribute wealth from people who have more to those with less. The idea is to make it easier for people to continue spending, repaying debts, and to keep banks relevant. It sounds good when there are no alternatives. The Bitcoin solution removes the need for banks altogether. Your company pays your Bitcoin wallet and you pay for things directly without a company holding your money. No one needs to inflate bitcoins to balance out the level of debt and spending. You spend what you have, like cash, and only the consensus decides the value of bitcoins.

Read more Watching the Rise of a Currency

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Bitcoin 101: How Bitcoin Is like the Internet
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