Leo explains what Cryptocurrency is, including BitCoin and Dogecoin, and whether or not it holds any real value.
Bitcoin is backed by a network of hundreds of thousands of computers constantly updating the blockchain, unlike the dollar. Bitcoin has value not just because we decided so. It's protocol is a
value transfer system, it has a competitive advantage over current fiat
currency because transactions are done peer to peer, require no third
party and have no fees. Retailers who accept bit coin immediately bypass
that 3%.
Bitcoin is doing to banking what napster did to the music industry.
And
FYI the Chinese are still happily buying bitcoins, they just can't do
it with the yuan. China is willing to let them send their shitty USD
back to America in exchange for this emerging asset class
The federal reserve is a privately held foreign corporation, that is not
part of the federal government and has no reserves. They make digital
digits
we call money but is really currency. We pay interest on that
currency, yet they place no collateral for that currency. Only Gold of
Silver is
money, because it have a store of value, Currency (ie paper
money does not). That is why the Federal Reserve is unconstitutional
because money must
be made of gold or silver and be created by Congress
Owning a cryptocurrency is not so good after all.
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