This Bitcoin thing is an interesting concept. The world’s first completely decentralized currency.
Cypriots are finding out the hard way that banks might not be the safest place to keep your money. (unless you like having your government grab say 10% – 40% of your deposits whenever they feel the urge to do so) Oh, now I get it! Congressmen can’t get DHS to answer questions about their huge ammo purchases or the purchases of many armored personnel carriers. Perhaps DHS knows something about some upcoming “withdrawals” from American bank accounts. Hmmm…..<grin> Socialist scumbags are the same, regardless of which side of the pond they’re on.
Check this out…
Gone are the days of “Identity theft”. In the old days, credit cards required merchants to have proof positive of your identity in order to shop there. Because a Bitcoin address can only be used to receive money, and it cannot be used to extract money… with Bitcoin, the merchant only needs to know two things: Did you pay? and, Where do you want your stuff sent to? Isn’t that the way it should be? Does your banker really need to know what you buy online?
I’m not sure if Bitcoin will one day be the common, single currency adopted by all the world, but it could well be a forerunner. I believe what will finally usher in a common global currency will be a complete worldwide financial meltdown which will wipe the slate clean, so to speak. One benefit of this financial holocaust will be the complete and final destruction of the U.S. Federal Reserve system. <grin>
Talk of a common currency always fuels discussion about the “mark of the beast” referred to in the book of Revelation. Here’s some wisdom from Kim Riddlebarger’s sermon His Number is 666. (I’ve probably referenced this 7-page sermon 5 times over the years. It’s great and it’s worth its weight in Bitcoins.)
According to John, the False Prophet “forced everyone, small and great, rich and poor, free and slave, to receive a mark on his right hand or on his forehead, so that no one could buy or sell unless he had the mark, which is the name of the beast or the number of his name.” Despite the insistence of our dispensationalist friends that this is a reference to a future technology (probably computer generated or an imbedded microchip or some other technological gizmo) supposedly placed upon people by the Antichrist during the seven-year tribulation, the fact of the matter is that there is no seven-year tribulation. John calls the entire period of time between Christ’s two comings the great tribulation. Christians in John’s original audience already faced this very threat. John is warning all Christians in every age to be on guard for the state to impose its mark upon us when it forces us to declare that someone other than Jesus is Lord. To take this mark is to worship the beast, which is to worship the dragon who lies behind him.
Whereas the ministry of a true prophet is to lead people to worship God, the false prophet’s mission is to entice people to worship the beast, which is the state.3 Together with the dragon, the beast and the false prophet form a false Trinity, placing themselves in positions of power and authority so as to deceive the world and receive the worship of the earth’s people, which is rightly directed only unto God.
Bitcoin Bonanza: Cyprus Crisis Boosts Digital Dollars
Expensify now offers support for Bitcoin, an alternative to PayPal for International Contractors
- Bitcoin is the world’s first completely decentralized currency. This means it has no issuing entity… therefore, no single point of failure. In many ways Bitcoin is more secure than your bank. If your bank were to fail, your money could be gone forever. The Bitcoin network is made up of millions of computers all over the world, connected via the internet. The entire Internet would have to go away, in order for the Bitcoin network to fail.
- As easy as sending an email. Just one click. Bitcoin payments are sent with one click – just like email. And transactions are always as free and as fast as email.
- Zero transaction fees. In the United States, merchants pay 45 billion dollars per year in credit card transaction fees. And for what? So that the transactions can be reversed as “chargebacks” up to six months later? That doesn’t seem fair at all. Bitcoin transactions are free. Whereas credit cards and other online payment systems typically cost 3-5% or more per transaction, plus various other exorbitant fees… Bitcoin usage and transactions are always free. It doesn’t matter if you send $0.01… or $1,000,000.00… the transaction cost is always the same: free*
- No such thing as a chargeback. Payments are irreversable. No matter whether you accept Bitcoin payments for your business or otherwise, payments can not be reversed. There’s no such thing as a “chargeback”… No way to get a “bounced check”… No “reversed transactions”… Not with Bitcoin. Payments can only be “refunded” if and when the recipient, voluntarily, as a separate new transaction, decides to send the money back. This protects merchants from fraud. Credit cards and PayPal can, and often do, reverse transactions up to six months later.
- As anonymous as you want it to be. Just like with cash, transactions can be totally anonymous. Transactions are only identified by your Bitcoin address, and you can have as many Bitcoin addresses as you want. You create another new Bitcoin address with one click any time you want to. Bitcoin transactions can be made to be: anonymous***
- Financial privacy. Gone are the days of “Identity theft”. In the old days, credit cards required merchants to have proof positive of your identity in order to shop there. Because a Bitcoin address can only be used to receive money, and it cannot be used to extract money… with Bitcoin, the merchant only needs to know two things: Did you pay? and, Where do you want your stuff sent to? Isn’t that the way it should be? Does your banker really need to know what you buy online?
- Your account cannot be frozen. No one can freeze your account and keep your money. (as long as you keep control of your bitcoins yourself and don’t keep your bitcoins in an online bank or wallet service. See the Security tab for recommendations)
- No big brother. Third parties can’t prevent or control your transactions. Transfer money easily through the internet, without having to trust middlemen; no central bank, nor central authority.
- No censorship of who you’re allowed to send money to. No more blocking who you can make payments or donations to… just because someone doesn’t agree.
- It’s not a bank. It’s not a paypal. What may be the best feature of all? “Bye bye, PayPal.” “Bye bye, Bank.”
- More secure than online banking existing in the world today. Traditional banks use encryption when you log on to your online banking. The cryptography technology used in Bitcoin is even more secure. In other words, if it were to ever become possible to hack in to it… Then ALL the world’s banking would be compromised. With today’s known technology, experts all agree… It is absolutely un-hackable and un-breakable: secureŦ
- Bitcoin is transparent and verified. Bitcoin is a free open source software (FOSS) project, which means it has total transparency. Millions of programmers all over the world see every bit of the program’s source code. They constantly monitor it, study it, and report on it… to verify that there are no flaws or irregularities.
- Send payments to anyone worldwide. Bitcoin has no artificial national boudaries or limitations on where money can be sent, or on how much, or how little, can be sent. You can now use Bitcoin to shop online for millions of items, or make a donation to a charity or organization, and you can even make purchases at physical stores, shops, and restaurants that now accept Bitcoin… using a free app or any device with a web browser.
- No central bank… No privately-owned Federal Reserve central bank can print more money for themselves… not Bitcoin anyway. The value of each Bitcoin does not go down when the privately owned corporation known as “The Fed” decides to print more dollars. In fact, it might even go up in value… as it triggers more people to seek out alternatives to storing their money in the world’s fiat currencies.
- There will never be more than 21 million Bitcoins. The number of Bitcoins is limited by the design of the network. This number can never be increased. Also…
- Bitcoins are virtually infinitely divisible. Currently, Bitcoins are divisible up to 8 decimal places. For example, you can send someone 0.00000001 of a Bitcoin. In the future, as the value of Bitcoin goes up, you might be sending your favorite coffee shop 0.00000003 Bitcoin for that cafe latte. Also, in the future, Bitcoin could become even more divisible, if needed… as the value of one Bitcoin becomes larger and larger.