A Case for Bitcoin (BTC): The USD is Not Backed By Gold or Silver and Has an Unlimited Supply


#1

The fact of the matter is that many of us know more about Bitcoin (BTC) and the rest of our favorite digital assets, than we know about our local fiat currencies. We simply found our local currency being used and went along with the story that it was how the world operated. We embraced the United States Dollar as the most stable currency fit for being the standard across the globe. But we did not know that it was not backed by Gold or Silver.

In a recent tweet, Anthony Pompliano – founder and partner at Morgan Creek Digital – gave as a brief history lesson as to how the USD gold standard was suspended back in 1971. He tweeted :

In 1971 Richard Nixon suspended the ability to convert US dollars for gold.He publicly said he intended to go back to the gold-standard. We never did. Why trust people and governments when you can trust math and code?

The Case for Bitcoin (BTC)

As stated by Anthony Pompliano, we should trust the code and math evident in the blockchains belonging to the individual cryptocurrencies rather, than the banks and governments that purposely keep quiet as to where our local currencies come from.

Erik Voorhees, CEO of ShapeShift, summarized this fact when he tweeted the following:

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?

In conclusion , and summing it up, we have connected the dots and realized that Bitcoin is a more secure, transparent and better store of value than our local currencies of the USD, GBP, Euro, et al. 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. On the flip side , a regular citizen cannot be granted the ledger to a government issued currency, neither can they redeem their money for gold in the case of the USD. It is therefore safe to conclude that BTC is a better option.


#2

We do know that bitcoin is better, safe and secure than USD but still, fiat or USD can’t be replaced by crypto currencies. Bitcoin will become more famous later on but USD will always be there are will be used world wide always.


#3

indeed so far, cryptocurrency is the best compared to FIAT, because it is transparent, and no one has it set up so that we easily have it and there is no third party interference.
but the problem is that if all electronics in the world die, then bitcoin will be worthless.


#4

Why do you think that electronics in the world would die? Things only get better with time.


#5

because we also have to think about the worst, so as not to be depressed if it happens, because of the fear of what we get, we feel we already have it, and when lost we will feel lost because it is not ready :slight_smile:
at least there is preparation and not surprised to know that :slight_smile:


#6

Haha
its like you’re saying that life on earth may end and we should prepare for this.

Both the things are not going to happen any time soon. so chill out man.