Tell Me About Bitcoin
What does Bitcoin intend to solve?
Bitcoin was created to put a global, digital, peg on fiat currency. Since 1971, money around the world has not had a peg. This can work, but not over a long period of time because governments around the world will debase their fiat money in order to create growth through financial engineering. It’s the classic Tragedy of the Commons – only between nations with their fiat money. To date, this has occurred via the bond markets – which now have no yield on a real basis. I’m sure you’ve noticed that existing fiscal and
monetary policies are polarizing social classes globally. This is the result of overusing inflationary monetary policies with no monetary peg. Do yourself a favour and Google, Cantillon Effect. Since Bitcoin has a fixed supply of coins and it runs on a decentralized protocol (similar to the Internet Protocol (IP)