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Interview with Teacher

 

What is your thought on the rise of the cost of living? What do you think is the cause of this?

 

I really wish it were less. I think it is the rapid printing of money and the immense borrowing, but it could also be other factors in our economy.

 

Explain what Bitcoin is.

 

It is an online universal currency.

 

What is your opinion on bitcoin?

I think the idea of bitcoin is enough to destroy the idea of tangible cash, which might be good or bad for the economy; we don’t really know yet. However, this can be a dangerous idea against the government, which might be beneficial because it will break the monopoly of money that the status quo has.

3 Reasons Why Bitcoin is Stupendously Awesome

1. Bitcoin is universal.

 

Bitcoin is highly flexible around the world. There are no legal tender laws, or anything stopping people from trading bitcoins for items in other countries. It is easily transferable from account to account for a small expense to the server. The best part is that it is legal. Even if the government tried to shut down this threat to their FIAT currency, they can’t because Bitcoin is a system, a technology, that is not privately owned.

 

2. Bitcoin is stable.

 

Unlike FIAT currencies that inflate bubbles like housing, stocks, and people’s discontent; Bitcoin is actually stable. The way Bitcoin is created is through the “mining” of blocks, through a free application known as a Bitcoin miner. However, it is not easy to mine Bit-blocks out of thin air. Even though each block is worth approximately 5,000 dollars, it takes an average of 2 years to mine a block. The electricity use of the computer is likely to exceed that cost. Also, the market price of Bitcoins fluctuates in small amounts, which dictates whether Bitcoin is profitable to mine. Bitcoin is then mined and not mined, depending on the value. Therefore, Bitcoin fluctuates naturally and marginally, which creates an anti-inflationary boundary, unlike our debt-based paradigm.

 

3. Bitcoin is highly efficient.

This explanation is simple and direct. Since it is universal and not owned by any public entity, it is tax-free. It can also avoid tariffs in foreign countries. It is easily transferable from account to account. The fee is incredibly small (for operation costs). It is “liquid” and it is transferred instantly over the web. Bitcoin is unique and great.

Purpose of this website:

I’m writing about Bitcoin because it is a fairly young, universal online currency that has attracted a fair amount of attention in the last four years. As a person fond of economics, I am pleased to see a new means of exchange that defies the status quo. As one of the first non-debt-based currencies since 1913, it has much potential to match, or even surpass, the current government-enforced currency. This gives me an opportunity to compare our current money distribution system with the system of Bitcoin.