The Why, What, How, When and Where of Bitcoins: (Pt2)

In Digital Cryptography do we trust!

lamassu-bitcoin-atm

Bitcoin ATM’s are now emerging and being installed in public locations, they are easier in many ways to operate than cash machines and much more secure. They provide simple methods to purchase Bitcoins by inserting money or by linking to a person’s digital bank payment. Some of these machines can also exchange cash back for Bitcoins reversing the process.

You can see that a real and solid market is being established.

With some emerging Bitcoin ATM’s you can link your mobile phone for a very personalised totally secure transfer and control of your funds. Then loading the Bitcoins to your phone wallet, which must be separately secured. Its best to put your Bitcoin currency off-loaded onto an SD card kept separately from your phone (or loaded to a USB).

Like Gold and Silver Bitcoin’s are independent and privately owned valuable entities in their own right with the exchange values with printed money. However unlike printed money your Bitcoins are far less likely to be eaten away by inflationary pressures e.g. (Q E) the printing of money out of thin air by the agencies of government, national banks. One time banks had to have reserves to underpin the money supply and loans, but now they only have none at all or minimal fractional reserves – i.e. meaning little or nothing whatsoever to back it up: just belief! There is more paper gold than was ever mined. These practices undermine the value of fiat paper money and bank and investment savings: the Dollar and Pound in spending value have reduced by over 80% in the last forty years, whilst real underlying and unreported (hidden) inflation rises.

A crypto-currency has the same up/down values of money but without the interference and unnatural tinkering and devaluations for political and trading advantages which the currency controllers have a monopolistic ‘right’ to fiddle with. With alt-currency they have no such capacity. Bitcoins have an intrinsic value akin to gold & silver. Digital Bitcoins, crypto-currency is the first ever trading method that has very minimal if any outsider influence and gives all its value to its owner. This is probably the worst thing that bankers and governments could have ever imagined; a potential ending of their financial shenanigans as money is their power over ‘their’ financially captive population. Money in the hands of an independent population changes the power see-saw in favour of true democracy: so its little surprise that Russia and China have banned Bitcoins!

Many communities want to move out of or into a parallel trading system of real personal and community value. This was first tried as a concept in the 1980’s LETS (Local Community Trading Systems). Such a system could become much more concrete if it adopted alt-currencies as its exchange vehicle.

Of course the acceptance and first world trading and purchasing utilization of Bitcoins will bring them fully into the commercial transaction sphere of public retailing, this is beginning:

Illuminated-Bitcoin-sign  subway-accepts-bitcoin

Bitcoins can be sent over the internet securely between individuals and can be used to pay for goods and services just like paper money through a retail till that is connected to the internet. Bitcoin’s meet all the criteria needed in modern commerce for our digitally interactive and interconnected modern world.

Sandwiches can be purchased at Subway and all sorts of goods purchased from Overstocks.com, an early major on-line retailer to first adopt. These are just two examples of retailers who are adopting payment by Bitcoins. Expect a lot more soon.

When something really begins to happen it gets its own magazine and Bitcoins are no exception: Bitcoin Magazine.