How is Bitcoin better tan Currency?

As currencies are seeing themselves more than stretched thin by their limitations in the current global economy, there are people championing the new cryptocurrency as an new answer to old problems.

One of these people is none other than Bill Gates, the richest man in the world. About bitcoin, Gates states: “Bitcoin is exciting because it shows how cheap it can be. It is better than currency in that you don’t have to be physically in the same place, and, of course, for large transactions, things can get really inconvenient.”

Bitcoin is fundamentally different because in bitcoin you don’t owe anyone anything and nobody owes you anything, it’s not a system based on that. It’s a system based on ownership, a system that can’t be censored, a system that can’t be seized and no one can freeze it.

Bitcoin is a decentralized that utilizes peer to peer networking along with digital signatures and crypto graphics to generate currency. With traditional money, like Euro, Dollars, you have a central bank, like the federal reserve, that issue currency and print more cash as they see fit, but this isn’t a possibility with bitcoin. This captures the interest of people who are aware of alternative currencies, as government cannot come in a shut down the bitcoin server, and would instead have to turn off the electricity grid or end the internet in order to stop the internet from running. 

And, considering it, as many have considered it to be, the new gold, it is significantly superior when simply accounting for the logistics of gold trading vs bitcoin exchange of buying and selling bitcoin. There are companies like Bitxoxo were a simple set of clicks can initiate and conclude a transaction, but, with gold, if a person were to attempt to transport gold from a country to another, it would cost a great amount of money, accounting for armed guards and weight tariffs on the gold itself.

As bitcoin becomes a brand new currency and, even if bitcoin doesn’t establish itself as the paragon of cryptocurrencies, the future of economics is definitely still in cryptocurrencies.