This was an incredibly simple chapter in which it only introduces the concept of Bitcoin. As I've explained in my previous post that I've written, I've said that traditional currency is infinite. You spend your time at work 8-10 hours a day for a set amount of dollars to be deposited in your bank account only for the bank to print out more & more of that currency to make what you've just earned worth less value. This is an ongoing process for centuries of inflation. Especially since we got off the gold standard.
.jpeg)
Bitcoin solves this. There will only ever be 21,000,000 bitcoins ever in creation. Bitcoin is a currency in which it has a cap. It's scarce like gold. It's impossible to create more because it's completely decentralized. Meaning nobody controls bitcoin except for the hundreds of thousands of computers running the network. The only way to change bitcoin is for all of them to agree on a change, which is almost impossible.
So why would one want to spend all their time at a day job working long hard hours for a currency that's infinite. If one would buy into bitcoin, which is scarce it would hold up your wealth much better than fiat currency.
Time is a scarce resource in our life. We are limited by how much we have. Some have longer times & some have shorter times. My belief is that we shouldn't trade our limited time in this world for an unlimited currency controlled by a few people who decide our fate. We should trade our time for another scarce resource like bitcoin, litecoin, gold or silver where we know it's safer than the banks.
What do you think? This topic could go in many different ways. Some people have a high belief in digital currencies like bitcoin & some don't understand it or frown upon it because they are not open to change. I'd like to hear your opinions on this. Please leave a comment below.