What Makes Bitcoin Better Than Paper Money?
This question is like asking why is the internet better than an old dusty library of books guarded by a gaggle of old corrupt librarians!
Sure you might like a book in the library, but not being able to search the whole place for a concept and hot link around ideas wastes more time than a blind man at a binoculars convention. While the corrupt librarians keep important books hidden from you that a state or church might want to hide from people.
Ok Ok, so you want real reasons, well here are just some.
1: You can move bitcoin faster than beans through a cowboy.
It is said that a cowboys flatulence will start approximately 15 minutes after eating beans for breakfast. If that cowboy was to purchase a pallet of beans by sending a $500 payment in bitcoin to a bean company on the other side of the world the bean company would receive those funds within seconds and be confirmed by the network faster than you can grab a can of air freshener! If he was to wire that money using the ridiculous legacy banking system, it would usually take days and cost an arm and a leg in international fees and charges. Now a cowboy can’t do much with no arms and no legs, so there's that!
2: You can send microtransactions around the world!
If you're as stingy as the prostitute that gave my friend just one crab then you will be happy to know you can send less than 5 cents worldwide and the counterparty will receive that five cents! with no middleman to take a cut you can embrace your inner stingy bastard.
If you want a transaction to be instant you have a 3 cent network fee. This fee is to stop spam transactions. Yes, spam transactions! If there was no transaction fee people could send 0.00000001 of a cent back and forth to themselves thousands of times a minute just for LOLz, clogging up the whole payment network.
3: Bitcoin avoids internet fraud and identity theft
Credit cards are a 1950s technology patched and mangled to work online!
To make a credit card payment, you have to give a random stranger everything they need to steal all your money! What was the genius idea to make it safer? well a few years ago they realised all the numbers on the front of the card were not safe, so some bright spark said at a credit card company board meeting “I know! guys…. let's put 3 more numbers…… are you ready?…..on the back of the card!! No one will be able to ever crack that!”
This is called security theater. It’s a load of bullcrap to make people think it’s safer when it’s just nonsense.
Here are some juicy facts to get through to anyone how crap credit cards are when it comes to security.
10% of all Americans have been victims of credit card fraud! Global credit card fraud is valued at $11.27 Billion.
Bitcoin is made by the internet for the internet. While credit cards are a pull technology from the stone age, where you give someone all your details and they pull money from you.
Unlike ‘credit cards’ problematic pull technology Bitcoin is a push technology. People have a receiving address and you push bitcoins to them. Unlike credit cards you can put your public bitcoin address all over the net and no one can take money from you, people can just send you money.
For example, This kid held up a QR code on national television with his bitcoin address and hundreds of random people sent him a total of 24 thousand dollars worth of bitcoin (priced at the time). Trying to do the same credit cards or bank accounts is as useless as rubber lips on a woodpecker and that's pretty useless, even as a joke!
4: Financial inclusion.
I grew up in the 80’s and 90s when we saw Bono and his yellow sunglasses constantly dancing around calling for dropping the debt of developing countries. This is a great idea but has shown to be futile because you are just helping the corrupt governments deal with their inept financial situation and not really helping the people suffering. The other silly thing is that the most indebted countries are the richest countries!
“I am not worried about the deficit. It is big enough to take care of itself.” — Ronald Reagan
We still have massive problems of poverty in the world, nothing has changed in decades!
‘Foreign aid’, which is generally taking money from poor people in rich countries and giving it to rich people in poor countries doesn’t do anything but add to corruption in these countries. Bitcoin is real change, by giving people tools to fulfill their entrepreneurial spirit we give them the tools to pull themselves out of poverty. Bitcoin is the tool for massive emancipation from poverty by allowing anyone to enter the global marketplace through the internet with zero permission and no barriers to entry! Come on Bono! Bring real change start promoting and putting some money towards bitcoin adoption in the developing world!
5 Paper money that is not backed by anything but government violence and always ends up getting corrupted.
Paper money is corruptible, in fact, no paper money has lasted more than 200 years. All have collapsed through mismanagement or corruption. This causes massive pain for the savers because their savings disappear usually through inflation.
Gold has held value for over 3000 years and will continue to do so, why am I now sounding like an Indian wedding gift salesman talking about gold? Well, the bitcoin protocol is mathematically modeled on gold. It’s rare, divisible, globally recognised and spent into existence through the mining process. Gold is another very good and time proven store of value.
But to wrap this beast up, the day to day reasons that makes bitcoin better than fiat (paper currency) is that it's a brilliant decentralised money protocol, it's not run by a government or company, it’s what email did to snail mail. That means people can send it all over the world instantly without a middleman and at almost zero cost, zero chance of identity theft and global inclusion into a global market.
Problems with bitcoin and how Vaultoro.com and gold are solving that.
The bitcoin price is currently very volatile, it moves up and down a lot. We at vaultoro.com enable people to receive bitcoin and instantly hold that value in gold bullion that is secured in top-tier Swiss Vaults. Gold has been fairly stable for over 3000 years! It’s globally recognised and secured in the owner's name as their private property. If people need to spend the gold they hold, they can spend it as bitcoin instantly, globally and all without a bank. Anyone can buy and sell gold with bitcoin now. Starting as low as 4 cents worth of bitcoin.
The great comedian George Carlin once said, "I put a dollar in one of those change machines. Nothing changed" Maybe it's time we put a bitcoin in instead.