Blog

Bitcoin: The advent of crowdminting

0
0

0
0
0

Bitcoin: Friend or Foe? Real money or Fiction. The world media is awash with stories about Bitcoin. It has transcended the realm of technical and financial curiosity and it has well and truly moved into the mainstream. It has been called the story of the century and it may very well have that sort of impact. By Carlos Piteira, CEO of Quaypay

Regardless of what one thinks about the need for an alternative “money”, the mathematical, computer and economic science behind Bitcoin is extremely well thought through. It wouldn’t have survived and prospered globally if it wasn’t, notwithstanding continuous attacks from hackers, fraudsters, banks and governments

Given the multidisciplinary nature of Bitcoin, the suggestion that it was started by one individual is likely misplaced.

Given the multidisciplinary nature of Bitcoin, the suggestion that it was started by one individual is likely misplaced. The anonymity of its origins is deliberate and one of its strengths.

While the public at large may be intrigued about this new kind of money some people have very strong, even passionate views about digital currencies in general and Bitcoin in particular. Their strong positions, equally for or against, seem to be defined along political lines.

Those for or against Bitcoin

In that forum this is essentially an ideological debate. In broad terms and with very few exceptions, people who favour small government, low regulation and low taxes are strong supporters of these currencies, which at present are created and developed entirely outside any government involvement and control.

All those who think that governments are the only source of wisdom, that the public at large can’t be trusted and who favour big welfare societies, are serious detractors and opponents of Bitcoin.

In summary, those who don’t trust government and trust the public love it and those who don’t trust the public and trust the government loathe it.

In summary, those who don’t trust government and trust the public love it and those who don’t trust the public and trust the government loathe it. The possible exception to this broad rule are the governments themselves, who see these currencies as a threat to national sovereignty and their ability to deploy monetary policy, regardless of what end of the political spectrum they are affiliated with. The other broadly opposing group are the banks because they stand to lose trillions of dollars in fees if these currencies succeed.

To investigate this topic further you can download the full whitepaper.

May 27, 2014
Comments

Leave a Reply

Your email address will not be published. Required fields are marked *


You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

8 + 1 =