Why the World Needs Bitcoin.
Bitcoin is as much a social movement as it is an alternative currency. Its biggest impact on society is the ability to keep more wealth in the hands of the people that earned it and not have it transferred to over-reaching financial institutions and governments. Below is a brief summary of bitcoin's defining characteristics which you will learn about as a BCU student.
- Cryptocurrencies are “decentralized” and do not rely on any government or financial institution to control how they are created, issued, or valued.
- Bitcoin uses a peer-to-peer computer network system (much like BitTorrent file-sharing) that keeps track of the “blockchain” – the bitcoin ledger of who owns what. It is this feature that keeps the system honest.
- The blockchain “cannot be hacked”. That’s a powerful statement, but BCU will teach you why it is absolutely true.
- No government can fund a war with bitcoin or devalue it because they can’t mint it.
- Females in oppressive countries will now have the ability to create and store their own wealth for the first time. That alone is quite a liberating statement.
- Bitcoin transactions are instantaneous to anywhere in the world and eliminate traditional cross border currency exchange fees and costs. This is particularly important to itinerant workers sending money back home.
- The Bitcoin protocol can process transactions as small as a nickel which is impossible using traditional systems. International transfers of small amounts at no cost are particularly important to BCU’s commission program as you will learn.
- Bitcoin can be as anonymous as an individual wants it to be. A bitcoin “wallet” can be created by anyone without providing any of their personal information.
- Wallets cannot be seized by creditors or the IRS because they have no way of identifying who owns a particular wallet or what that wallet’s “private key” is.
- Bitcoin is “deflationary”. Traditional fiat currencies are subject to inflation when more of the currency is minted. The maximum number of bitcoin that will ever be issued is 21 million, and that will be over 100 years. Because there is a finite number of bitcoin it can be expected to increase in value over time.
- Bitcoin provides a safe place for citizens to put their money when they’ve lost faith in their own countries fiat currency – Iran, Iraq, North Korea, Syria, Afghanistan, Libya, Argentina, Venezuela, Russia, and Thailand to name a few.
In the end, bitcoin is about helping people and it has garnered quite an impressive following. Billions of dollars have been invested in bitcoin startups in the past three years by such entities as the New York Stock Exchange, Winklevoss Capital, Barclays, JP Morgan, and numerous other venture capital funds and financial institutions both domestic and international.
Bitcoin University (the worlds only cryptocurrency University), “While you may never have the need to immediately transfer funds anywhere in the world at no cost, you must understand the global economy does and that is what gives bitcoin its value and that is why bitcoin should be important to you.”