Absolutely. It’s huge that it has that advantage.
A lot of people who look at the problem of free market money versus government fiat currency turn to the obvious answer of having the commodity-backed currency that was actually the predecessor to fiat currency of some kind and we like to condemn the current government system with the Federal Reserve and the U.S. dollar because of its backless nature because there’s nothing backing it except for the promise of the government that they will basically steal from future generations to pay for the debts that we are accumulating with it currently. Whereas Bitcoin kind of throws a lot of people like us for a loop and we go “Wait, wait, wait a second! It’s just another fiat currency, right?” because there’s nothing backing it. And while that’s true, the fact that it’s not backed by the promise of theft gives it a huge, huge, huge advantage over government fiat currency.
So, if you’re going to have a currency that’s not backed by something because it’s more effective or more efficient, what Bitcoin has done is found a way to make a viable currency that’s also not backed by a commodity but also, unlike the Federal Reserve system, not backed by the threat of force and the threat of violence. So that’s very exciting and that’s a huge thing that sets it apart. Whether or not that’s the future, I don’t know.
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