ChasingNines

Web 3.0 is upon us

Why do we need decentralization?

Perhaps the most important aspect of Bitcoin is its decentralization; this is the principal difference that separates Bitcoin from the central banking system we're currently used to. Inherently, our worldwide banking system is centralized because our money is controlled and distributed by the government. We call this money "fiat" — originating from the latin word meaning: "a determination by authority."

When you have a centralized fiat currency like the US dollar (the current global reserve currency), you are coerced into a financial system that can change the rules at any time. You are subjected to the big banking system that charges you overdraft fees, requires minimum balances, and lends your money out to other people only to pay you less than 1% in annual interest.

And while big banks in the United States have healthy competition and therefore have incentives to offer better, freer services to consumers, many countries around the world don't offer this privilege. In fact, many banks overseas actually charge their consumers to keep their money in the bank.

What is this highway robbery? You might as well keep all your cash under your mattress.

As much as we like to joke about this, the use of physical, insecure piggy banks are a reality for over a billion people around the world who remain unbanked.

Financial services create expensive barriers like fees, minimums, and identification requirements that don't allow people to participate fairly in it. Additionally, not everyone has access to a competently secured and insured central banking system; they must participate in the one handed to them by their government, no matter how unstable or corrupt it is.

What fixes this?

There's a saying in the Bitcoin community: Bitcoin fixes this.

Because nobody is in charge of Bitcoin, Bitcoin works for everyone. Rather than having someone at the top, the Bitcoin Network is based on the consensus of everyone who participates in it.

It doesn't matter what country you're in or how controlling your government is — your wealth is secured by the bitcoin blockchain all the same, and no one has the authority or power to change this. While it is technically possible for bitcoin to be "hacked" or controlled, I'll go over why this won't ever happen in a later email.

Bitcoin is an opportunity for the unbanked to store and grow their wealth in a secured way, where nobody can be locked out or denied — and it doesn't care about your credit score.

What Does Bitcoin Solve?

Centralization: Bitcoin alleviates the need for a centralized third-party system — like a credit card company or a central bank — to confirm and validate transactions. Rather than requiring the current base-layer financial system to broker our transfers and settlements, Bitcoin works purely peer-to-peer, ridding the need for trust in a centralized government controller.

Verifiability: Bitcoin enables unit-level currency validation that isn't possible with fiat (government-backed money). For instance, there are plenty of fake dollar bills in circulation (the U.S. Treasury estimates that one in every 10,000 bills is counterfeit) that the average person fails to discover. However, nobody can create fake bitcoin because the Bitcoin network is secured cryptographically via a public blockchain that anybody can access and validate any amount of bitcoin as real.

Inflation: Bitcoin's supply is capped at 21 million. There will never be any more bitcoin than that. No one can just "print more bitcoin" like we currently print dollars, inflating the money supply. Unlike fiat currencies, bitcoin doesn't take away your purchasing power over time.

The resistance is weak after 60k. Get ready 🚀

"Satoshi designed anonymously, with no funding from anyone, no ICO, no premine, & no research grant. That is how genius works." -
Saifedean Ammous

Congratulations El Salvador! 😍

https://www.theverge.com/2021/9/7/22660457/el-salvador-bitcoin-legal-tender-currency-cryptocurrency-chivo-wallet?fbclid=IwAR1f-wputbTlvkn3BRZkBM7S90kGcX94wyftl_LoVs6FVbqVE3IEmGmf9YE

El Salvador becomes first country to adopt Bitcoin as an official currency The country has bought 400 bitcoin in preparation.

Be careful to crypto mining apps, specially the one with ads.
Mining needs proof-of-work. Proof-of-work needs lots of energy and high computation power.
Verify first.

Google Removes 8 Deceptive Cryptocurrency Mining Apps From Play Store — 120 More Fake Crypto Apps Found Online – Mining Bitcoin News Cybersecurity firm Trend Micro has detected over 120 deceptive cryptocurrency mining apps online. Some of them were found in the Google Play Store, which the internet giant promptly removed. However, there are still "numerous concerning applications of the same type" and "Some of these apps have eve...

As El Salvador will become the first country to have Bitcoin as their legal tender in 15 days, they also did this. Plus they will be using geothermal energy from their volcanoes to mine Bitcoin.

I wish to see Philippines to make steps towards Bitcoin.

President of El Salvador: Bitcoin Law Will Be Supported By 200 ATMs and 50 Branches The President of El Salvador, Nayib Bukele, announced that 200 ATMs and 50 in-person kiosks are being built to launch on September 7. President Bukele also noted that the government will facilitate the buying and selling of Bitcoin without collecting any commission.

Bitcoin officially back at $50k. Bull run continues. *happy tears*

Just one more...and another...and another.
Stack up satoshis!

Ctto: Binance

Bitcoin going back to $50,000! 👀