Post
Topic
Board Economics
Re: Bitcoin world currency
by
zzSunZZ
on 06/10/2017, 06:09:13 UTC
Bitcoin has a decentralized p2p network, meaning it is censorship-resistant and lacks a kill-switch. Think BitTorrent except with counterfeit-proof payload (tokens). Bitcoin is also open source, meaning anyone can read the source code and contribute. People do so daily. No backdoor or lie lurks in the code. Hence Bitcoin is what it is and govt cannot stop or change it - provided we constantly guard Bitcoin security. With all these features, you could believe that bitcoin is the most security coin is cryptos world.
Central banks are, however, developing their own private blockchains and they will soon be issuing cryptocurrency fiat to replace anonymous cash and as a means of doing surveillance. They will sell it to the public as being "based on the amazing blockchain technology". But without open source code, without open participation (mining by anyone), the cenbank blockchain won't be decentralized and tamper-proof - it will be a sham and a coercion, as you describe. Bitcoin is revolutionary. Voluntary. The real deal. Money for the people by the people.