By James Cox
"You have a few misgivings approximately our present economy and are intrigued approximately Bitcoin. you most likely actually have a lurking doubt that one way or the other there's something flawed together with your courting with 'money.' you know that 'money' has by some means develop into your grasp, taking extra of some time than you want to provide. the reason is, the contents of this publication will come as a little a shock to most folks. For we do, certainly, stand at the verge of the main extraordinary occasion in human historical past. the top of the best Ponzi scheme recognized to guy is ready to ensue. we're pertaining to the tip of fiat cash and the start of a valid electronic currency." - James Cox
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Additional info for Bitcoin and Digital Currencies: The New World of Money and Freedom
Chapter 8 What Is Bitcoin? First Attempts The idea of a digital currency that is created by nonelite sources is not a new one. The birth of the Internet brought with it the realization of the possibilities for an Internet currency. Literally dozens of currencies such as Cybercash and Digicash were floated in the 1990s and either failed because they were scams from the start or because their origin was hunted down. In terms of music sharing, Napster failed because it had a centralized location to which the authorities could address their response, whereas subsequent decentralized file-sharing systems have succeeded.
Companies doing business and accepting payments globally are subject to increasing fees and sometimes arbitrary chargebacks which no doubt impact their bottom line. WordPress would probably not even mind if a large chunk of their mainstream payment processing migrated to bitcoin. 8 million WordPress sites are written in 120 different languages creating nearly 32 million new user posts each month. Criticizing the centralized bankcard associations and citing payment method deficiencies, WordPress spokesperson Andy Skelton said, “Unlike credit cards and PayPal, Bitcoin has no central authority and no way to lock entire countries out of the network.
The Elites 14. Bitcoin’s Decentralization vs. Fiat’s Centralization 15. 0 Conclusion Bibliography Notes Preface THE REASON you are reading this book is that you have some misgivings about our current financial system and are intrigued about Bitcoin. ” You recognize that “money” has somehow become your master, taking more of your time than you wish to give. The contents of this book will come as a bit of a surprise to most people, for we do indeed stand on the verge of the most spectacular event in human history.