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October 16, 2011, 07:40:01 PM
Last edit: October 16, 2011, 08:01:59 PM by Ragnar |
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Bitcoin is truly an international currency. It will eliminate boundaries in global trade.
What it will not do is make rudimentary labor more valuable. The raw materials and work that go into a pair of jeans are worth no more than a $1.50. To design, market and sell a pair of jeans will be just as expensive as it always has been and will still make the remaining $15. You will not see sweatshops suddenly designing and marketing their own jeans because they can directly sell them through Bitcoin. They can already do that with Paypal -- and they don't because they don't have the neccessary skills and leadership to do so.
However, Bitcoin will eliminate costs associated with currency exchange and will create wealth in that area; some of that may find itself in increased buying power for workers with little skill. In other words, the benefit will be cheaper goods and a cheaper cost-of-living if companies no longer have to pay the cost of inefficient monetary practices.
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