The Federal Reserve is incompatible with democracy. Fiat currency, or paper money, is printed out of thin air by a central authority and therefore is weakened by inflation and taxation. Though independent, the institution is hyper-politicized and headed only by those who share a secret handshake with the President. Taxpayer-funded bailouts to mega banks JPMorgan Chase and Goldman Sachs perpetuate these financial thoughtcrimes as the Fed’s checkbook is conveniently withheld from the public and unaccountable to annual audits. Fort Knox, too, is merely a relic; a symbol of what previously housed the gold used to back the now debt-based US Dollar. Government-regulated banks are equally hopeless — transferring money at a glacial pace, charging steep transaction fees, and audaciously freezing customers’ assets. Now, imagine a technology that could disrupt this paradigm and pose itself an alternative to the hijacked US Dollar. Fortunately, the peer-to-peer electronic cash system “Bitcoin” is all but fictitious. Already has the virtual currency stirred up controversy by threatening traditional banking and even circumventing State authority. How does Bitcoin work? What are its pros and cons? Why do bitcoins have value? Answers to all those questions and more…
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