For the first time in history, we have money created for the internet on our hands. Do keep in mind the dollar is made digital because physical dollars back it in the bank and the federal reserve. Money has to be printed physically or by banknotes to establish its value digitally.
For the dollar to be digital, you bring in Visa and Master Card. Because through them, they offer the credit and debit cards used in today’s society. But there are limits to where you can use your Visa and Mastercard:
It cannot be used in other countries
They have to take out a license to convert physical dollars to digital.
They must establish business properties: computer servers, customer service, employees, etc.
All these costs for Visa and Mastercard convert physical dollars to digital. They drive these costs on Amazon with 4% Transaction fees, including small businesses. Then, in turn, small businesses put those costs on consumers when paying with a card, like a 2% card usage fee.
The internet is the greatest thing to ever happen for humanity, able to communicate across different platforms, look up anything with Google, etc.
We now have a digital currency built on top of the internet with no need for Visa and Master Card. It is the hardest money now known to man because of how hard it is to attain a Bitcoin and make a Bitcoin. It is not easy to make another Bitcoin; it is near impossible. Dollars are easily made by printing. On the other hand, Real Estate is not impossible but challenging to create, like a penthouse in Manhattan or a three-story house in Colorado, Springs. It has a scarce value that will appreciate against the dollar and real estate.
We have profoundly digital Bitcoin; its native state is digitality. When the world is moving on, everything is becoming digital. In turn, I recommend the book The Price of Tomorrow: Why Deflation is the Key to an Abundant Future by Jeff Booth because he makes a profound statement that is seen through Bitcoin; everything that is becoming digital is driving the price down—seen through remittances when sending $100 over to Argentina a near-zero cost. You now have smartphones that act like computers. You can read books, articles, movies; TV shows all through your phone without physically having it. But there is a cost of forming something physical to digital that incurs fees, but it for sure is a lot cheaper than hiring one or many people.
Bitcoin is an open system built for a global monetary network, which interfaces with everyone on the planet. There are no regulations from the government, no restrictions, no fees, no licensing contract needed, and especially no permission.
The only restriction is limiting yourself to what Bitcoin can do.
Good things are yet to come for the whole world through lightning built on Bitcoin.
Lightning is a protocol built on Bitcoin that allows remittances to El Salvador and Argentina at near-zero fees. Lightning is set to abolish the finances of Western Union that make millions off of 10%-50% remittances.
Enjoy a Wonderful Superbowl Sunday.
Happy Valentine’s Day!