Bitcoins.

Hi there, Hope you’re doing OK and wasn’t too disappointed because of my lack of posts lately.

So, Let’s talk a bit about currency :

As you almost certainly know already, Greece is sky-rocketing downwards, the country is being controlled by it’s debt, literally! All the “donations” that we, in Europa, have been giving to try and stabilize their economy falls into the, at least after my opinion, wrong hands : The Bankers and other government officials. While today won’t be about discussing their desperate attempts to “heal” Greece in an economic struggle that, to them, is more about keeping their salaries high, We’re going to discuss a bit about what could help make a country more stable when an economic crisis like this occurs.

We’re going to talk about BitCoin, a decentralized, non gouvernment-controlled, currency.

The idea of Bitcoin came from a Japanese researcher named Satoshi Nakamoto, who, instead of relying on the age-old “Centralized Currency” plan to avoid double spending, decided to circumvent the problem by  using the now-popular approach of peer-to-peer networks and creating Bitcoins, one of the worlds first (at least after what I’ve been told) cryptographic currencies.

Here’s why I think We should consider bitcoin to be a solution to some of the problems in Greece ( If you happen to know of other solution sot their crisis and what is happening there, I’d be happy to reply if you leave a comment 🙂 ) :

  • First of all, Bitcoin is decentralized, it doesn’t rely on “greedy”( let’s give some of them the benefit of doubt, shall we ? 🙂 ) bankers to keep check on the money ( which is a Very Good thing, especially if you take into account the ~recent News stories) So that We won’t run into the same problems of one corporation or firm doing something stupid to censor their ( most of the time their governments ) enemies or have greedy bankers suck the lifeblood out of a country which could use the money to try and boost its economy (That would be Greece, even though I believe that the Greek citizens could do something if they really wanted…and didn’t have people wearing nice suits marked “Police” and throwing tear gas( maybe even using that new toy they got in the USA, the LRAD) in front of them).
  • Another thing that makes Bitcoin a good Currency is the way it’s application and everything necessary to handle it is Open Source! While you could easily be led to believe this would make the system insecure ( there has been one major attack, but that’s about it, the systems keeping quite steady even though governments seem to fear it a bit).

That’s it for today, Just wanted to share this with you ( feel free to leave a comment and discuss further on this topic)

Best Wishes, Peter.

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About novusophia

21 year old undergraduate (Year 2) Biology student in Perpignan, France. I'm obsessed with Biotech, Science in general, and Entrepreneurship, and planning on one day combining them all ! (Also, I'm going to take over the world... bow before the overlord !)
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