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It’s increasingly difficult for non-believers to argue against Bitcoin as the days go by, regardless of how volatile the market has been this past year. The truth is many of us, yes; even the nocoiners, know more about Bitcoin and the rest of our favorite digital assets, than we know about our local fiat currencies. We were born into fiat and have been accustomed to using fiat as, simply because that’s how we were told the world operated. We embraced USD as the most stable currency for global use. Many skeptics even use Gold and Silver as a counter-argument. The thing is, the U.S. Dollar isn’t backed by Gold or Silver, and hasn’t been since 1971.
“Federal Reserve notes are not redeemable in gold, silver, or any other commodity. Federal Reserve notes have not been redeemable in gold since January 30, 1934, when the Congress amended Section 16 of the Federal Reserve Act to read: “The said [Federal Reserve] notes shall be obligations of the United States….They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank.” Federal Reserve notes have not been redeemable in silver since the 1960s.” – Federal Reserve
In 1971 Richard Nixon suspended the ability to convert USD for Gold and publicly said that he intended to go back to the “gold-standard”. Well, we never did. Most of the world’s population is naturally wired to trust their respective governments. But why trust banks and governments when we can trust math and code? Realistically, USD is essentially unlimited and can be printed on-demand. Look at the happenings in Venezuela. Although the odds of Europe and America getting to that point are high, it’s definitely not impossible. Bitcoin and crypto are the solution.
“Bitcoin: a digital currency with limited and known supply, no borders, and no central group controlling it. US Dollar: a digital currency with unlimited and unknown supply, border restrictions, and controlled by a banking cabal. What’s in your wallet?” – Erik Voorhees, CEO of ShapeShift
Connecting the dots we can come to the conclusion that the BTC and other digital currencies are a more secure, transparent and a better store of value than any of our local currencies. With crypto and blockchain, we can rely on math and code in a decentralized manner where everyone can demand to see the public ledger and its transaction history, no string attached. Bitcoin is unbound and is true freedom.
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