Tuesday, June 7, 2011

The possible replacement for the dollar?

Hello all,

As was discussed in previous posts about the possible economic collapse and a possible emergence of a new time of currency, it seems there was something brewing that I wasn't paying attention to.

It's called the bitcoin. And I'm very interested in seeing how this could play out.

Here's a vid to explain it...

To me, the implications are staggering. Imagine a place where there's no central authority controlling money. No banking entities, no government controlling the ebb and flow of the money supply.

And instead of paying using cash, you'd be able to use bitcoins and therefore bypassing the usual channels for transactions.

Can you imagine everyone using bitcoins instead of cash? Cash would end up being useless and the government wouldn't be able to function because they would not be able to collect as much taxes (if any at all).

Of course, the government would not be too happy about having people using an alternate currency that they can't control.

But overall, I like this idea and hope it picks up steam...

Thanks for reading!


Blast from the posting past