why are Bitcoins such a Bug deal , Learn how you can start profitable earning from home with Bitcoin ,day 4

Why Are Bitcoins Such a Big

Deal?

Bitcoins are not created by any central

bank, nor regulated by any government.

Accordingly, there are no banks logging

your money movement, and government

tax agencies and police cannot track your

money. This is bound to change in the

next two years, as unregulated money is

a real threat to government control,

taxation, and policing.

Indeed, bitcoins have become a tool

for contraband trade and money

laundering, precisely because of the lack

of government oversight. The value of

bitcoins skyrocketed in the last 18

months because wealthy criminals were

purchasing bitcoins in large volumes.

1. Bitcoins completely bypass banks.

Bitcoins are transferred via peer-to-peer

network between individuals, with no

middleman bank to take a slice.

Bitcoin wallets cannot be seized or

frozen or audited by banks and law

enforcement. Bitcoin wallets cannot

have spending and withdrawal limits

imposed on them. For all intents:

nobody but the owner of the bitcoin

wallet decides how their wealth will be

managed.

This is really threatening to banks, as

you might guess.

1. Bitcoins are changing how we store

and spend our personal wealth. Since

the advent of printed (and eventually

virtual) money, the world has handed

over the power of currency to a central

mint and various banks. These banks

print our virtual money, store our virtua

money, move our virtual money, and

charge us for their middleman services.

If banks need more currency, they simply

print more or conjure more digits in their

electronic ledgers. This system is easily

abused and gamed by banks because

paper money is essentially paper cheques

with a promise to have value, with no

actual physical gold behind the scenes to

back those promises.

Bitcoins are designed to put the control

of personal wealth back into the hands of

the individual. Instead of paper or virtual

bank balances that promise to have

value, Bitcoins are actual packages of

complex data that have value in

themselves

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