Spiritual or not, we all need a way to exchange goods and services with one another. This new technology presents us with an alternative to the monetary system forced upon us at birth, by those in control of the privately owned Federal Reserve.
The issues surrounding our modern, trust-based, paper currencies (fiat currencies backed by nothing physical) are obvious and I'm done with the problems focusing only on optimism and solutions.
On January 3rd, 2009, one of the greatest inventions known to man was released. This invention is known as bitcoin. Satoshi Nakamoto (or group of geniuses, no one knows for sure) blessed all of us with this new inflation-proof and decentralized currency solution.
For those of you that understand numbers best, let me lay out how bitcoin works. There will only be 21 million bitcoins minted, and that's it. There will never be more which eliminates inflation.
Bitcoin utilizes the power of divisibility. So, one bitcoin can be reduced to, for example, .000000000000000000001 bitcoins if need be.
The value of a single bitcoin in the future could rise to infinity hypothetically, and with the power of divisibility, that's just fine.
The problems with bitcoin are obvious, security. Mt. Gox, the former leader in the bitcoin exchange (now bankrupt due to an online heist), proved that there are most certainly issues surrounding the bitcoin invention. However, bitcoin is still here today, gaining security.
A company named Satoshi Labs has recently invented a way to securely take your bitcoins offline, and into the physical world, with a type of vault device. This invention alone eliminates what happened at Mt. Gox which was the ability of hackers to steal your bitcoins from your online wallet.
Bitcoin is a nothing more than a technology or concept, and as we develop a more secure infrastructure to encapsulate this technology, one day soon, bitcoin security may be perfected.
Bitcoin is meant to be our's and if we all understand the freedom it can provide us, a gradual adoption will hopefully occur eliminating the most corrupt and powerful institution on the planet, the Federal Reserve.
Bitcoin, Welcome to the World!