Power of Bitcoin
MphoTrue Innovation of Money
Money, what is Money? For some time now people have been asking what money truly is. It can be anything, absolutly anything, its value depends on the importance people place on it as a medium of exchange, a unit of measurement, and a storehouse for wealth. Its based on "TRUST".
Money can be or is any item or verifiable record that is generally accepted as payment. Its a unit of account and sometimes, a standard of deferred payment. Unlike gold or precious metals, it is backed entirely by the full "FAITH" in the government that issued it. Money is an emergent market phenomenon establishing a commodity money, yet nearly all contemporary money systems are based on fiat money. Like any check or note of debt, its without use or real value as a physical commodity. It derives its value by being declared by a government to be a legal tender.
Since fiat money or bank notes have no intrinsic value, there is nothing to stop issuing authorities from printing trillions or more of it than they have. With increased money supply comes increased inflationary pressure, a fact observed by David Hume in the 18th century. The result is that paper money would often lead to an inflation or worse, hyperinflation, which could collapse the country if people started demanding hard money, causing the demand of paper notes to fall to zero, this then causes people to minimize their holdings or savings in that currency as they usually switch to more stable foreign currencies.
This ebook will teach about bitcoin and the impact it has on the global financial industry and how you can invest in it.