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October 11, 2011, 10:50:49 PM |
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For me, first of all, Bitcoin can be considered "sound money" in the same way gold or silver are. You can be assured there will be no more than 21 million BTCs. This maximum supply of money can efficiently protect you from inflation in the long run, which is currently a real risk with fiat money such as dollars, euros or GBP. Take a look at GBPs, for example, their inflation is currently set at 4,4%. That is a lot of value eroded from savers in the long run.
On the other hand, Bitcoin allows you to transfer value to any part of the world for very low or inexistent fees. And of course, Bitcoin is about freedom. If there is a war or political instability in your country, you can always leave to a different part of the world, get your hard earned money and start a brand new life, even if a dictatorship or an over-interventionist government wants to put their hands on your money.
I would even say that in the long run, if Bitcoin proves successful, lots of citizens will get rid of their jewellry inside their homes and chose to save Bitcoins. It is much safer, because nobody can even suspect that you have it.
So yes, Bitcoin is a new currency-commodity-product with lots of benefits!
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