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Decoding the Digital Currency Landscape: Celebrating Bitcoin’s Unique Brilliance Amidst the Rise of CBDCs

In the rapidly evolving realm of digital finance, two groundbreaking concepts have captured the imagination of both enthusiasts and experts: Central Bank Digital Currencies (CBDCs) and Bitcoin. While both are digital currencies, they stem from fundamentally different ideologies and purposes. In this deep dive, we will dissect the core distinctions between CBDCs and Bitcoin, shining a spotlight on the unique brilliance of Bitcoin from the perspective of a passionate advocate.

Understanding CBDCs:

Central Bank Digital Currencies, as the name suggests, are digital forms of a country’s fiat currency. Unlike physical cash, CBDCs exist purely in electronic form, issued and regulated by a country’s central bank. The primary objective behind CBDCs is to enhance the efficiency of the existing financial system, streamline transactions, and potentially reduce the costs associated with printing and distributing physical money.

The Heart of Bitcoin:

On the other side of the digital currency spectrum stands Bitcoin, the pioneer of cryptocurrencies. Bitcoin emerged in 2009 as a decentralized, peer-to-peer electronic cash system. Its foundation lies in blockchain technology, a decentralized ledger that records all transactions across a network of computers. What sets Bitcoin apart is its philosophy — a vision of financial empowerment and decentralization. Bitcoin operates without the need for a central authority, embodying the ethos of financial freedom.

Embracing the Decentralized Spirit:

Bitcoin proponents celebrate its decentralized nature as its most significant strength. Unlike CBDCs, which are under the control of central authorities, Bitcoin operates on a decentralized network of nodes and miners, ensuring that no single entity can manipulate the system. This decentralization fosters trust among users and eliminates the risk of central points of failure.

Inflation Resistance and Finite Supply:

Another pivotal aspect of Bitcoin’s allure is its capped supply of 21 million coins. This scarcity is ingrained in its code, making it immune to the inflationary pressures that plague traditional fiat currencies. In contrast, central banks have the authority to print more money, potentially devaluing the currency and eroding people’s purchasing power. Bitcoin’s fixed supply mechanism appeals to those seeking a hedge against inflation and a store of value.

Financial Inclusion and Borderless Transactions:

Bitcoin extends its reach far beyond geographical boundaries, enabling seamless cross-border transactions. For individuals in regions with limited banking infrastructure, Bitcoin offers a lifeline to financial services, empowering the unbanked and underbanked populations. This inclusivity aligns with the ethos of equal financial opportunities for everyone, irrespective of their location or socioeconomic status.

Conclusion:

In the ongoing narrative of digital currencies, Bitcoin stands tall as a testament to the power of decentralized innovation. While CBDCs serve specific functions within the traditional financial framework, Bitcoin encapsulates the spirit of financial freedom, empowerment, and inclusivity. As the world navigates this transformative era, the brilliance of Bitcoin shines brightly, reminding us of the immense potential of decentralized currencies in shaping a more equitable and accessible financial future for all.

Bitcoin has the potential to significantly change the role of money in the future in several ways:

Digital Gold: Bitcoin is often referred to as “digital gold” due to its limited supply and store of value characteristics. In the future, it could become a preferred asset for individuals and institutions looking to hedge against inflation and economic instability, similar to how gold has been used for centuries.

Global Currency: Bitcoin operates on a decentralized network, making it borderless and accessible to anyone with an internet connection. It could become a global currency, reducing the need for traditional fiat currencies and simplifying cross-border transactions.

Financial Inclusion: Bitcoin can potentially provide financial services to the unbanked and underbanked populations around the world, as it doesn’t require a traditional bank account. This can increase financial inclusion and empower individuals who are currently excluded from the traditional financial system.

Security and Transparency: The blockchain technology underlying Bitcoin offers robust security and transparency. This could lead to increased trust in financial transactions and reduced fraud, benefiting both individuals and businesses.

Reducing Middlemen: Bitcoin’s peer-to-peer nature eliminates the need for intermediaries like banks and payment processors in many transactions. This could lead to lower transaction costs and faster settlement times.

Programmable Money: Bitcoin’s scripting language allows for the development of smart contracts and programmable money applications. In the future, this could enable a wide range of financial services, including automated lending, insurance, and more.

Monetary Policy and Inflation Control: Bitcoin’s fixed supply of 21 million coins means that it is not subject to inflation caused by central banks. This could provide a hedge against currency devaluation and changes in monetary policy.

Asset Diversification: Individuals and institutions may increasingly allocate a portion of their portfolios to Bitcoin as a way to diversify risk and potentially achieve higher returns.

Challenges and Regulation: While Bitcoin holds promise, it also faces regulatory challenges and concerns related to its environmental impact. How these issues are addressed will play a significant role in shaping its future impact.

It’s important to note that the future of Bitcoin is uncertain, and its role in the financial system will depend on various factors, including regulatory developments, technological advancements, and widespread adoption. However, it has already demonstrated the potential to disrupt traditional financial systems and reshape the concept of money and could definitely be the future of money!

Why is Bitcoin better than Fiat (euro /dollar/Pound etc) ?

Bitcoin and fiat currencies are both forms of money, but they have some key differences that make Bitcoin a potentially better option in certain situations.

One of the main advantages of Bitcoin over fiat is its decentralization. Because Bitcoin operates on a peer-to-peer network and is not controlled by any central authority, it is resistant to censorship and interference. This makes it a good option for individuals and organizations that value financial privacy and freedom.

Another advantage of Bitcoin is that it is a scarce resource, with a finite supply of 21 million coins. This scarcity is built into the protocol and cannot be changed, unlike fiat currencies, which can be subject to inflation and devaluation through monetary policy decisions. This scarcity gives Bitcoin value as a store of wealth and a hedge against inflation.

Bitcoin is also faster and more efficient for cross-border transactions. Bitcoin transactions are processed on a decentralized network, which means that they can be completed without the need for intermediaries like banks. This can save time and reduce fees for international transactions.

Additionally, Bitcoin is a highly transparent system, all transactions are recorded on a public ledger called blockchain, which allows for easy tracking of transactions and can reduce fraud and corruption.

However, it’s important to note that Bitcoin is still a relatively new and volatile technology, and it may not be suitable for all individuals or situations. It also lacks the widespread acceptance and infrastructure of fiat currencies, which can make it more difficult to use in everyday transactions.

In conclusion, Bitcoin has some advantages over fiat currencies, particularly in terms of decentralization, scarcity, and efficiency, but it’s not a one-size-fits-all solution, and it’s important to consider the specific needs and circumstances of each individual or organization before making a decision.

Can we as the bitcoin family really live solely on bitcoin?

We as The Bitcoin Family, a family of 5,  have chosen to live primarily on Bitcoin and use it as our primary form of currency. We believe in the value and potential of Bitcoin as a decentralised and scarce digital asset, and have chosen to use it in our daily lives as much as possible. We also use other forms of cryptocurrency, as well as other forms of money like cash and debit cards.

Living solely on Bitcoin would be a difficult task, as the cryptocurrency is not yet widely accepted as a form of payment for goods and services. While it’s true that the number of merchants accepting Bitcoin as payment has grown over the years, it still has a long way to go before it becomes a mainstream currency.

Additionally, many goods and services are not yet available for purchase with Bitcoin. For example, paying taxes, bills, or rent with Bitcoin is not yet possible in most places. This means that individuals who choose to live solely on Bitcoin would need to find work that pays in Bitcoin, or find a way to convert their Bitcoin into fiat currency when necessary.

In short, it is challenging to live solely on Bitcoin, as it is not yet widely accepted as a form of payment, and many goods and services are not yet available for purchase with it but we as The Bitcoin Family like any other cryptocurrency enthusiasts, have proven for the last 6 years that it is possible to live unbanked and thus live the bitcoin standard!

 

Why Bitcoin is unstoppable?

Bitcoin is a decentralized digital currency that operates on a peer-to-peer network. This means that there is no central authority controlling the network or managing transactions. Instead, all users are equal participants in the network, each with the ability to validate transactions and maintain the integrity of the blockchain.

One of the key reasons for Bitcoin’s decentralization is its consensus mechanism, known as proof-of-work. This mechanism ensures that no single individual or group can control the network, as it requires a significant amount of computational power to add new blocks to the blockchain. This computational power is spread out among many different miners, making it nearly impossible for any one entity to gain a majority control.

Another important aspect of Bitcoin’s decentralization is its open-source nature. The code behind the currency is available for anyone to view and use, and there are many different implementations of the protocol. This allows for a diverse ecosystem of developers, users, and businesses to contribute to the development and growth of the network.

The decentralized nature of Bitcoin also makes it highly resistant to censorship. Because there is no central point of control, it is difficult for governments or other organizations to shut down the network or prevent transactions from taking place. This has made Bitcoin popular among individuals and organizations that value financial privacy and freedom.

In summary, Bitcoin’s decentralization is a key feature that makes it a unique and powerful digital currency. It ensures that no single entity can control the network, and that it is resistant to censorship and other forms of interference. This makes it an unstoppable force in the world of digital currencies.

So the is no way to stop BTC?

While Bitcoin is highly decentralized and resistant to censorship, there are still ways in which it could be stopped or hindered.

One way would be through a 51% attack, in which a single miner or group of miners gains control of over 51% of the network’s computational power. With this level of control, they would be able to manipulate the blockchain and prevent new blocks from being added, effectively halting transactions on the network.

Another way would be through government intervention. Governments have the power to regulate or ban the use of Bitcoin and other cryptocurrencies. This could be done by making it illegal to mine or use Bitcoin, or by blocking access to the peer-to-peer network.

However, it is important to note that these scenarios are highly unlikely and would require a lot of coordinated effort and resources to be successful. Bitcoin has proven to be resilient in the face of previous attempts to shut it down, and it’s likely that it would continue to adapt and evolve in the face of any future challenges.

In addition, it’s important to keep in mind that there are other decentralized cryptocurrencies and blockchain projects that can take over if something happens to Bitcoin, making it hard to completely stop the decentralization process that started with Bitcoin.

Yeah, the kids can use a BTC visa card now as well!!

Up till now one of the biggest issues we have during our travels is that our kids have a Bitcoin wallet but they can only use it at places where Bitcoin is accepted directly. This has now changed !

We pay the kids allowance in Bitcoin using the lite.im wallet. The kids all have their own wallet and  use it when they order stuff online or exchange btc to cash at a BTC ATM or pay for goods when shops accept BTC direct. Normal kids of the age of 14, 12 and 9 already have a bank account with a bankcard that they can use everywhere over the world. In Bitcoin we are, sadly enough, not that far yet and if we could have learned anything from the bank it is the following.

The Lite.im Bitcoin / Litecoin / Ethereum Wallet

What did banks do better than Bitcoin?

Think about it. How dit you get involved in the banking system ? Probably your parents received a letter from the bank when you were born that they should open a savings account for their kid.  Then around 12 years old you received a letter from that same bank that you could now have a junior account and that the bank would give you €25 and a piggy bank with it.

Wow  a big step and you were happy because  you were able to get that plastic card you could use all over there world. You  could buy your first snack, candy or nike shoes on your own without asking money from your parents. This was a huge change in your life and that’s why you will never forget that bank because they made that huge change  possible for you!

This is exactly what we need to do in Bitcoin as well. Every time a kid gets born we should send the parents a link to open a BTC wallet for the kid and tell the parents to start saving in that BTC wallet. When the kids turns 12 they will have a BTC wallet and at that time he will be able to use his (probably increased in value, no financial advise haha)  BTC wallet all over the world. Yes this is the future but that doesn’t help my kids at the moment.

Up till now my kids used my BTC debt card to pay for stuff in stores when they can’t use their lite.im wallet, but we found a solution for our oldest daughter Joli.  The solution is a BITSA young card.  At Bitsa, kids from the age of 14 can now have a BTC prepaid Visa debt card and this changes a lot for Joli. She can even buy a voucher to top up her Bitsa card in Fnac, Carrefour and hundreds other physical and online stores and then buy video games, clothes and everything she wants. She can even share expenses with her friends and Transfer to another “Bitzer” from the same Bitsa App, INSTANTLY AND FOR FREE

How does it work ?

I send her allowance to her Lite.im Bitcoin wallet where she Hodl’s her BTC because she has full control on the private key, then when she wants to spend BTC in a store she sends some BTC to her Bitsa young card and then she can spend her BTC everywhere where Visa is supported!  Yeahhhh, financial Freedom is what Joli shouted when she received the card.

Not, yet Joli, hahaha It’s total financial freedom when we can spend our Bitcoins directly without any third party solution but for now I am very happy and thankfull that Bitsa provides the youth of this possibility because we all need to understand that the youth has the future!  They will be the biggest users of cryptocurrencies in a few years times and the youngest children will even never use physical money. 

The youngest kids will grow op in a digitalized world where everybody pays everything with their phone or a chip in their hand. Do you really think so Didi ? Yes, most people around the world are earning and spending money without ever touching it. In fact, economists estimate that only 8% of the world’s currency exists as physical cash. The rest exists only on a computer hard drive, in electronic bank accounts around the world. The future is clear and if I was you I would download a BTC wallet right away so that you will get full control on your funds and nobody will ever be able to close your account, confiscate your BTC or keep you from spending them!

Bitcoin is providing us of financial freedom in many ways, so what are you waiting for. Click on the link and set up a BTC wallet in a few steps. It’s not difficult if you are used to using Facebook messenger or telegram. Give it a try!


—-> —-> Click and open a Lite.im BTC wallet <—- <—-


Want to have a Bitsa young Card?

We will do a GIVE AWAY in tomorrow’s (Wednesday 4 dec 9pm CET) video. What do you need to do?

Like and share the video and tag one of your friends and be ready to start using BTC everywhere where visa is accepted!

Do Italy and the Pope accept bitcoin ?

Bitcoin in Italy

We have been traveling through Italy for a month to discover how Bitcoin is accepted by the maffia hahaha. No of course how it’s accepted in this beautiful country. We visited a few of places where Bitcoin was accepted and Rovereto was the most impressive for me.  But first an often asked question about taxes in Italy. 

Taxes on crypto in Italy

At the moment there is no Italian law that requires an owner of Bitcoins or other cryptos to declare that he/she owns cryptos, nor does he/she have to pay taxes just because he/she is holding cryptocurrencies. At present, there is no Italian law that regulates taxes due on capital gains obtained from cryptocurrency transactions, such as Bitcoin, Litecoin, Verge, Bitcoin private Ethereum or xlm. For this reason, it is not clear what a taxpayer must do in case he obtains capital gains by buying and selling cryptos. According to many fiscal experts, if you are operating as a private citizen there is no speculative purpose and, thus, your income is not taxable, unless you pass the (equivalent to) €51,645.69 threshold for at least 7 days in a year. 

Back to Rovereto

There I was parking my campervan in Rovereto. I wanted to visit this town during our European Bitcoin Tour because it is called Bitcoin valley. And yes Bitcoin valley it is. Rovereto is this beautiful traditional town in the north of Italy with an amazing historic center. If you don’t know about Bitcoin you would never guess that this traditional town is all about Bitcoin. I started to cycle into the center to discover how many stores were accepting cryptocurrency. I could already stop after 2 minutes when passing a shop with ” we accept Bitcoin” on the door. As always I didn’t have a plan so I just asked if I could film and make some pictures. There were flyers in the shop about what Bitcoin was and on how to accept and use Bitcoin. I immediately felt at home in this town. Back on the bike to find some more businesses but I needed to stop after a few hundred meters because the next store was already there. I decided to walk further as all the shops were so close by. This store was a traditional butcher where you can buy meat, homemade olive oil etc. with Bitcoin. The amazing thing was that it was a small store and the woman behind the register was an elderly woman. A bit like my grandma but then this one knew about Bitcoin and how to accept it etc. WTF,  this couldn’t be true and I pinched myself to see if I wasn’t dreaming. No, I was alive! 

By the way a small thing I love to share about being alive. A lot of people talk about mindfulness and many other ways to become happier but I love the way a very respected Indian guru ,Sadghuru,  brings it. 

“ If you wake up in de morning, the first thing you do is check if you are alive. If you are breathing and alive realize that this morning hundreds of thousand people didn’t wake up. Then check on your partner and kids. Are they alive? Yes, again realize that you all woke up while many people didn’t and enjoy the day. Pinch yourself every hour to remind yourself that you are alive, which of course is the most important thing in life” 

Did you just read in a beautiful Indian English way, Hahaha? If not try it again but now with an Indian accent, lol.

So I was alive and all these shops were really accepting Bitcoin as if it is the most normal thing in life. To be clear, for me it is but for many, it is still not real. I walked a bit further and I discovered more and more shops that were accepting Bitcoin. If I wanted I could have bought, groceries, meat, bread, clothes, toys in a toy store, get my driving license, pay the hairdresser, doctor and dentist, buy a motorcycle and even buy E-cigarettes. The most impressive shop was Compro euro where you could buy Bitcoin at their BTC ATM, Paper wallets, and many other Bitcoin Items. I, of course, bought a few t-shirts etc and because they recognized me from The Bitcoin Family, they gave me some caps for the kids for free. I have to admit because I am a man, that the girl working in the shop looked like a model that just came from the catwalk. Yes, bitcoin is sexy hahaha. I will leave a link to the shop at the end of this article. 

It kept amazing me how a traditional Italian town like this evolved into a Bitcoin-accepting town and  I realized every town just needs one motor that drives them in accepting Bitcoin. For Rovereto, this motor probably is Compro Euro combined with inbitcoin.it  So if we want Bitcoin to go mainstream we need to address the entrepreneurs in every town and just one of those needs to simplify accepting Bitcoin for all the shops in town. If an old traditional town like Rovereto can do it, believe me, any modern town can do it as well. 

What else?

During our travels through Italy, we discovered that so many people nowadays know about Bitcoin. I was so happy to see that the tower of Pisa was wearing a BTC cap. Of course, it’s amazing how this tower still stands. It has been corrected  just like Bitcoin needed a correction to keep existing. Many people are afraid and I receive many negative messages and emails which indicates to me that we are in the anger/depression phase. Huh, anger/depression phase? What is that? I will tell you. Every coin has his market cycle which mostly depends on the emotions of the people that are buying and selling in the market. This cycle repeats itself every time and starts with disbelief and ends with depression. To be a good trader you need to learn to buy in the anger/ depression phase and sell in the euphoria phase.  

Looks easy but believe me it isn’t. Every coin will make this cycle. Even Bitcoin made it as you can see on the image below. Very similar isn’t it? Yes, the points are not perfect but its just an example to illustrate the market cycle.

That a coin follows this cycle doesn’t mean it won’t go up in value as you can see in the following three pictures these cycles repeat itself while the value slowly goes up. Yes, you can take a peek to the end of the curve to see where BTC could end hahaha. 

      

Back to Italy. From the elderly people in Rovereto to the pope. Everybody has heard about Bitcoin so in my opinion, we are in the pre mass adaption phase. Many people know about it and the next step is that more and more people will understand it and start to adapt and use it. The people just need to lose fear like they lost the fear of using ATM machines, using credit cards online and using PayPal. This takes some time but eventually, everybody will start using crypto and we all will say “ we knew it” My advice, don’t be the person that in a few years time will say I knew it but I didn’t believe it enough to buy it. If you have some spare money then make sure you get 1 bitcoin and just hodl it for a few years. In my non-professional opinion the best investment you can make at the moment. Check as an illustration these images about phases of adaption.

Adoption technology bitcoin

Rome

I could write pages on Italy and accepting Bitcoin but I will keep it to Rome. Yes, Rome is a very beautiful city and it is also accepting Bitcoin. To start with Italy’s largest taxi fleet, Cooperativa RadioTaxi 3570, now accepts Bitcoin. The company boasts over 3,700 cars in Rome, providing more than 10 million cab services each year. Then there is this amazing mansion being sold for €38.000.000, about 6765 bitcoin when I wrote this article. Check the video I made on this amazing house in the center of Rome https://youtu.be/xV8nzb8YwrI   

Of course I visited the pope to see what he had to say about Bitcoin but he was a bit too far away from me to hear me. He stood in this window in a building giving his speech, which he does every Sunday so he couldn’t hear me because of the huge crowd gathering in front of the cathedral, hahaha. People started to look weird at me and I didn’t understand why but then it came to me. 

Bitcoin Jesus Didi Taihuttu visits the pope

I was wearing flipflops, a bitcoin shirt and my long hair loose. They all must have thought that I was the new Jesus bringing them enlightenment in the form of a new international decentral honest currency called Bitcoin that will change the world forever!

Thanks for reading and if you like my post share it with the world.

Love Didi 

Comproeuro: https://www.comproeuro.it 
Buy Bitcoins? http://bit.ly/bitcoinfamilybuybitcoins 

Boek Didi Taihuttu en The Bitcoin Family

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