Topic: Bitcoin genesis block is the ‘New Testament’ of finance (Read 175 times)

That's because the government has made it so, don't forget before fiats, have had other exchange medium that served a better purpose than what fiats are currently offering. The government knows they lose it all the moment they lose control over our finances that's why they'll keep making it a necessity. Bitcoin is a better form of money and the sooner we stop tying its value based on fiat, the soon we'll realized that.


I understand you picking the US dollars over other fiat as it's widely accepted but that doesn't mean it's any different from the others out there. Do some research and you'll find out that, the dollars is even more worthless as what gives it its value is just mere manipulation. The US dollars isn't backed by any thing. Overall all fiat are worthless and only gets its value because the banks (government) says so.

Fiat currencies are not bad if you compare them to DeFi tokens. I don't think the inflation of DeFi tokens are less than fiat currencies. They are all hyperinflated and fiat currencies are worse because you don't know the inflation schemes from governements. With DeFi tokens, you can.

Bitcoin is different than fiat currencies or DeFi tokens. Bitcoin has its halving days and it will be halved in block reward for each 4 years. Bitcoin is different and any comparison is not needed.  

Same thing for physical gold, its total supply on the Earth is finite. The growth of technology can help people dig more gold on the Earth but gold supply on the Earth is finite.

If you see it from the real perspective, you will be able to know that fiats are subjected to governmental manipulations, governments are the ones controlling the real value of fiats, not individuals. For example, the richest man in Africa is from Nigeria, there was a time this man, Aliko Dangote was worth $22 billion, but now at $10 billion, see what fiat has done to this man value in the world, he was the 23rd richest in the world as at 2016 but now at around 160 richest in the world. What caused it? Is it not governmental manipulations. That aside, dollar itself still depreciated while comparing to bitcoin specifically. Then what good side does fiat have than to use it to buy and sell because it is the legal tender.

I have to reiterate this, what benefit can fiat give me than buying and selling? Nothing. I have my savings in bitcoin and some part in altcoins, fiats like dollar are still even better, while some/most fiats are absolutely useless. 

I can never diversify my funds on fiats, the only usefulness of fiats for me is spending, I only convert bitcoin to fiats anytime I want to spend, and if the spending can be made in bitcoin, I will prefer to use bitcoin, if the fee is too high and support altcoin with low transactions fee, I will choose altcoin. Diversify funds in this perspective means to save some of funds in fiats and bitcoin, this is not possible on my side as fiats are depreciating assets. As strong as US dollars is, it is still subjected to inflation, all fiats are subjected to inflation while those from developing and underdeveloped countries are subjected to hyperinflation, but the degree only varies according to the economic condition of each country of the world.

Fiats as nothing to be compared with bitcoin in terms of value and appreciation, fiats are depreciative asset while bitcoin is an appreciative asset. I hope this point is clear and remains the fact.

Fiat currencies are pretty 'vulnerable' to inflation and hyperinflation, but imo that doesn't mean that everything about it is bad or that Bitcoin is a better form of "money". Don't get me wrong, I know that Bitcoin annuls the interference of a third party and gives it's users responsibility and control of their funds on the network, but it's also a speculative asset, what about it's risks concerns and how volatile it can be, etc, all this is also a bad side and anti-Bitcoiners never fail to bring it up to demean btc.

That being said, the both forms of money is useful in our contemporary society, Bitcoin and Fiat, Bitcoin can be used as a hedge to fiat when it's losing value/depreciating, which is a great opportunity for Bitcoin users, but mind you that fiat currencies still remains a necessity, be it in our daily activities or to meet basic daily needs and other whatnots, they (Bitcoin & fiat) serve different purposes and diversifying your funds in Bitcoin and Fiat is the best option.

This news portrayed what fiat currencies are truly are, it tells the big lies of fiat currencies, how the bitcoin genesis block being the beginning of new testament against fiats controlled by govermentd (central body) has subjected humans into which makes humans not to know the real fact about money which supposed to be 100% controlled by the owners, not in a way centralized body will control some aspects that is rendering fiats ro have little to no intrinsic value due to inflation and hyperinflation.

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No need to suffer from centralized systems since the world has been offered its greatest weapon against it: bitcoin and other cryptocurrency. https://cointelegraph.com/news/bitcoin-genesis-block-is-the-new-testament-of-finance

This, in a metaphorical way, is exactly what fiat currency is — a bluff, a farce. So much so, thatRichard Russel fiat currencies as:
“The greatest fraud ever perpetuated on the American public.”

The deceivers here, of course, are the governments and central banks. To define, fiat currencies are government-sanctioned money, whose value is merely on a contract of trust between the issuing government and the citizens: It’s not backed by any physical commodity of value, say, gold. That is as good as saying that fiat money derives its value out of thin air.

Bitcoin gives power back to the people
Governments can make a fool out of us only because we trust them. On the other hand, before Bitcoin and cryptocurrencies, there seemed to be no other way. Now, the times have changed, the death bells for government-sponsored scams have been tolled, and their echo resounds louder every moment. In introducing its underlying blockchain technology, the Bitcoin genesis block ushered a new reality. While storing and transacting value, we can now put our trust upon infallible mathematical algorithms and not corruptible intermediaries. Bitcoin introduced the possibility of a trustless world, eliminating the need for banks or any other middlemen. Now, two people can directly transact value (money or otherwise) over networks that are inherently secure and transparent. Above all, the value of Bitcoin (as well as other cryptocurrencies) is based on the pure demand of its users. As such, the dubious motives of centralized governments are powerless. We still have a long way to go in a world where Satoshi Nakamoto is the original creator and the Bitcoin genesis block is the first chapter of its bible. Maybe we could even create a new calendar with 2008 as the first year.

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There are more explanations there why fiat currencies are not perfect enough, why bitcoin and other cryptocurrencies are good alternatives.
https://cointelegraph.com/news/bitcoin-genesis-block-is-the-new-testament-of-finance