Bitcoin Is A Viable Competing Currency But Has Its Downfalls

The digital currency buzz is alive and kicking and with good reason. There are many people around the world realizing that having a government in charge of all currency has never and will never be a good thing especially in the long run. The global reserve currency currently is the dollar a.k.a. the federal reserve note.

bitcoin

The FRN’s are not actually FEDERAL and actually ran by a private organization which LENDS our government it’s own money AT INTEREST. This in itself is a LOSE-LOSE on all fronts and at some point ( real soon is a strong possibility ) will crash and when it does will be a global event with terrible consequences.

Bitcoin was the first of many digital currencies that can and is considered a competing currency and best of all isn’t ran by any one government, entity or corporation. I personally LOVE the ability to have competition within all global currencies however a DIGITAL and non tangible option will never be my first choice.

I personally would prefer to have bartering items, gold, silver, property ( do we really own our property once eminent domain is put on our property? ) and anything else that can be HELD, protected and secured by the person owning said items. That being said, those of you who have bitcoins or other digital currency are at least looking for and acquiring other currencies besides the federal reserve notes which I consider to be a great thing.

What I hope people realize is to never put all your eggs in one basket even if you feel that those eggs are 1000 times better than anything else that is currently available. One thing I need to reiterate as well is that, if you can’t hold it then you can’t exactly protect it. When it comes to the internet and a governments ability to pull the “kill switch” on websites or the entire net as a whole, I would worry about having my assets held in a way that I can’t exactly bury, hide or barter with it unless the power/internet is accessible.

We all hope to see more competing currencies whether digital or otherwise because the more that these types of options come around, the less of a monopoly the federal reserve note will have.

 

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  1. shelfsufficient / Post Author

    If you are new to digital currencies and want to invest, please do your own research into the pros and cons to buying into a digital currency. There are many available besides bitcoin and they each have positives and negatives.

    I think it is best to get into gold, silver, long term food storage, guns, ammo and other tangible bartering items BUT digital currency is the first of I hope many to actually compete against the federal reserve note.

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