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Why Banks Fear Bitcoin

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  • Why Banks Fear Bitcoin

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    Imagine right now in one instant the money in your wallet, checking or investment account could only be out $110 or 100 of what it was yesterday, how is your life going to be affected? Could this really happen? Well, who is in control of your money? And how do these stalls operate? Not you. Did you decide in 2008 to help bills out, probably not? Or your government did. Did you KNOW all these prices rose for food, gas? All these crises were witnesses through war by the creditors. The government found more money and the Federal Reserve System more dollars, all these events changed the value of each dollar we have. At any moment any moment, another event could happen that changes the value of these dollars more dramatically.


    So how can you protect yourself? You may have been told of a story of opening a new real estate or gold or silver. These are good places to store wealth but you can’t buy goods directly on these assets because they are not currency. You can’t trade for the value easily or efficiently for real-world transactions. There is a form of currency that does not deal in dollars and is actually Inflation proof and it also the banker’s worst fear.

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    What is Bitcoin

    Bitcoin was first produced in the year 2009 as a new currency to the changing environment. It is a digital currency and innovator towards revolutionizing people’s daily lives as compared to smartphones, Youtubes eBay and even anthodium itself.


    The bitcoin network facilitates instantaneous transportation of values across any distance over any borders. Specifically, it allows any person and any place with a network connection to receive experience the transfer of values. To send $8000 from America to Australia, the western union will charge $ 336, in contrast of any value of bitcoin could be transported with a fee of value not more than 2 cents at this century.


    Besides being able to transport the wealth instantly, Bitcoin is highly valuable because it has specially designed software that supplies a currency unit also called Bitcoins is increased at a steady way. New Bitcoin creation will only cease in the year 2140 with a total of 21 million bitcoin.


    Click image for larger version  Name:	NEXIDY6 1-01.jpg Views:	1 Size:	91.5 KB ID:	851 As of September year 2013, there existed, speculation of 11.5million Bitcoins over the total supply. Money Bitcoin is the process of which new Bitcoin is coming into existence the accrued block including the 25 Bitcoin of the minted block, generated every 10 minutes as regulated by the Safra code, which is the specific imperial that can mine the best miner is the one with the most competitive power but there is also the eastern luck. Our estimated Bitcoin miners were estimated to stand at 100,000. The process of mining is also known as hashing. You realize most of the people have hard a challenge in trusting Bitcoin, some may make imperial technology enthusiast or see Bitcoin as more secure than email, Non-Banking and E-trade account.


    Like Email, an individual will not normally assume that anyone, in this case, could see or otherwise access the main account without their permission and password. There is one exception on your email provider that could suspend your account or report you at the National Security Agency.


    This, therefore, brings us to the topic centralization. Bitcoin is decentralized; this means there is no simple authority that can stop any specific Bitcoin transaction and the same goes to the Bitcoin system as a whole. No one can lock or freeze bitcoin account and bank on it again. No one can create more Bitcoin than the program is designed to make that is only 21 million Bitcoins. No one has the capacity to change the software without the majority of the entire network software approving the change, this is a Program that the network of the Bitcoin is limited and it only shifts towards the direction in which the market is driving.


    Max Write drafted a book entitled Bitcoin Revolution, most people failed to understand why the government failed to attack it. Well, according to author Max Write, Bitcoin is a unique currency in the history, since it has never happened before. He says, in the same way, Bitcoin outsmarted BitTorrent and solved the problems that were associated with Napster, it was decentralized and there was only one to arrest. So the government had to put policemen all over the country to bring back the BitTorrent. The reason was that it distributed amazing network that authorized the center of the network in transactions. This, therefore, led to currency crisis and currency wars than it had happened before.


    Now that you know Bitcoin is highly recognized, it has posed a great threat to organizations and institutions. In the year 2008, Bitcoin was known for big financial crises they created. Imagine you had the opportunity to participate in the government monopolies currency system. Well, Bitcoin can be your best way out of the corruption.


    Here are some of the problems that can perfectly be solved by Bitcoin:

    Inflation

    Our current money supply continues to grow at the expense of huge debts and of course as a result of the government overspending. This is explained by how the price greatly went down but as we are speaking it is several times higher than it was.


    Bitcoin Solves Theft

    Unlike money which can easily be stolen while on transit or in the bank, Bitcoin and Bitcoin wallet cannot be taken without knowing someone’s password. You can copy and store your wallet in unlimited numbers of locations and access it from anywhere around the world. Just like email. Bitcoin it is greatly effective in moving your money.


    Helps to Keep Transaction Private

    This enables you to keep your bitcoin information away from your peers or even the government. If your name is not connected to your Bitcoin, you may not access it, unless you choose a third-party service that uses Bitcoin. The government will need to know and control the entire system in order to stop payment.


    Best for Starting Own Business

    You can use Bitcoin to receive, money, products or services from different parts of the world within seconds. You need to comply with your countries regulation, Payments, bank and credit union. You’re also not likely to make fake payments because Bitcoin transactions are irreversible. You can also use your cell-phone to send payments to settle bills in a bar or restaurant.


    Bitcoin is already accepted on many online websites for products and services including Freelance works, donations to organizations, VPN services, Gift cards, Clothing, Graphics and design, Pizza Shops, Auction sites, Books, Pharmaceuticals, Toys, Electronics, web hosting, file storage, domain registration, Gambling, Music and so forth.

    Over 1000 people attended the Bitcoin conference in May 2013 to discuss bitcoin payment processing, Bitpay, and acceptance of bitcoin payments to websites. As of September 2013, the value of Bitcoin increased up to $ 1.5 billion dollars.





    Conclusion

    In that regard, we are living in a world where individuals will have control of their money. Where you are able to spend any amount without having to worry about security or convenience, an amazing world it will be. It will not be diluted by the government for giving out to banks, wars, or foreign aid. Therefore, stop begging interest and shape your destiny.





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