That’s the beauty of bitcoin, it’s a devaluing currency as there’s only a finite amount and you can always divide down – compare that to our current inflationary system.. remembering money is supposed to be not just a store of wealth but a store of your time – in part a store of your life. When you’re young and strong you set an hour of your labor aside as money – in old age this money should give you back an hour of someone else’s labor. Inflationary currency unfortunately erodes this – an hour of labor stored as dollars in the 1970’s ain’t worth an hour in the 2010’s – ‘inflation’ (actually devaluation of the currency) ate it – all because the banks and governments keep flooding us with fake money. Banks when they lend money simply invent it out of fresh air, they claim this is how debt was always handled but that’s not true – and unlike old debt which was destroyed when the debt was paid off, new debt just keeps injecting more fake money into the world.
We all know what Sir Isac Newton thought of forgers and utterers right? He executed them. His feeling was they were the most destructive element in a society, and that’s why he created the gold standard with it’s inflation running at roughly 0% per decade – it meant wealth could genuinely be stored for later.
Bitcoin may well offer that same assurance if the investors driving speculation on Bitcoin don’t crash it. Better yet, bitcoin losses only serve to increase the value of the bitcoin money you actually do own. As I said it’s infinitely divisible with no cost – so it may have cost 10B per pizza years back when bitcoin seemed to come freely – now it costs 0.000whatever of a bitcoin.. in 20 years maybe it’ll be 1/100,000 of a bitcoin -But that also means people who have sat on it have preserved their wealth.
self devaluing currency is much better than our current devaluing wealth!
Though, they’ll need to be sensible and hang onto it carefully. We keep being conned by banks promises that they’ll look after our money (which they do, while time and time again using it to wreck the economy and abscond with the wealth) Banks ruined the economy in Australia in the 1890’s when house prices in Melbourne rose into the millions of pounds due to them flooding us with fake wealth, they ruined us again in the 1930’s – and both times the Currency Act was tightened to prevent them doing it again. Keating (a Labor gobshite) repealed much of that when in the 1980’s he deregulated the banks and since then they’ve managed to take 320 billion in printed currency and somehow injected 8 trillion in fake wealth into the Australian economy.. and we will fall hard for it when the crunch comes
Disclosure: I bought 1 physical bitcoin for $18 some years back as a curio. I also try to preserve my wealth by converting ‘money’ into silver and gold when I can afford it. I do not trust banks, they’ve ripped us off over and over again and since Sumarian times have always managed to shift the people’s wealth to their own pockets.
pdf link to a bank explaining how their ‘wealth creation’ works – proudly talking about something that would have seen them hang in years past.