Bitcoin is Booming but what does it mean for the US Dollar?

stacking9mm (45)in #bitcoin • 8 years ago

Hello Steemians,

I'm posting this again because I wanted to make sure other people were able to read it in both the Bitcoin and Blog topics. Hopefully this doesn't go against any guidelines with steemit.

As many of you know Bitcoin and cryptos have been booming and many people are trading in their fiat dollars in for digital forms of currency for good reason. It seems that more people are becoming conscious to the fact the price compared to US Dollars keeps rising to new highs. Obviously those who had the foresight to trade dollars for bitcoins years ago made the right decision and have made huge profits and fortunes because of it. Of course its not only about profiting and getting rich, but also about protecting and preserving purchasing power as the dollar declines as the worlds reserve currency.

In a way its also about the people reclaiming their financial freedom away from a fiat system. Let's face it, there's no benefit in keeping Federal Reserve Fiat Notes backed by nothing in the bank getting negative interest. It seems more people are jumping ship and giving up on the dollar and because of it we are witnessing the death spiral of the old monetary system as we transition into the digital age of exchange.

I wanted to share my thoughts on the current state of the financial system and discuss how it might be wise to be prepared for a potential collapse. I admit the term "collapse" is extremely vague and often overused. So instead of saying its gonna be a collapse I see it more of a financial transitional period and transfer of wealth that could create some unstable situations in the coming future, especially for those who are unprepared. Without trying to come off sounding like a doomsday prepper there's many positive aspects in what I see taking place and I think it can lead to great opportunities for many of us that make the right preparations. However its still a good idea to make contingency plans just in case.

The old saying of not keeping your eggs in one basket has never been so important as it is now.

Before I started investing and trading in cryptos and bitcoin I spent most of my time collecting and investing in precious metals in anticipation for preparing for a collapse of the US Dollar. I still think its a good idea to keep some precious metals like Gold and silver because its a good idea to be prepared for many scenarios. I can remember the first time I heard about Bitcoin around 2009 while watching youtube videos about investing in silver. Ironically myself and many others overlooked Bitcoin as a "ponzi scheme" and unfortunately I didn't buy any until earlier this year. As someone who admittedly missed the "Bitcoin train" I still believe there's plenty of time to get on board because its not only the US dollar that is being exchanged for Bitcoin but all world currencies.

For those who are new to Bitcoin I highly suggest looking into the historical charts compared to the dollar. The increase in the price of bitcoin will shock you. A good site to use and convert US dollars into Bitcoin and other alternative currencies is called coinbase. Although there's a verification period that takes a few days I've found its one of the better sites to use to get started. This link will give you 10 dollars off your first purchase of 100 dollars. https://www.coinbase.com/join/59279f7f07e57a06ccb3ca4f

The creation of Digital Currency known as Bitcoin has revolutionized the way transactions and payments can be made and given the power back to the people in many ways as an alternative form of exchange. But I cannot help but to think about what the world power elite thinks about this? Will the Bilderberg Group, Central Bankers, Rothschilds, or whoever reigns at the top of the pyramid give up their dominance and control over the people with their fiat dollar monetary system based on debt so easily? Since the strategic implementation of the Federal Reserve private bank in 1913 thats been stealing the nations wealth there's been a stranglehold on who controls the flow of money and circulation of currency known as the US dollar. It's easy to see that over the years there's been an increasing abandonment of the USD taking place. Let's face it, people are sick and tired of being taxed to death while gaining no interest when keeping their hard earned money in the banks.

I believe we are now witnessing the beginning of a financial tug of war between Bitcoin and the traditional banking system. Most of us know about the corruption of the Federal Reserve and banking families but for those who don't I suggest researching into G. Edward Griffin: Exposing The Creature From Jekyll Island and the history of the Federal Reserve in the Documentary Film "The Money Masters".

Either way I have a feeling things will begin to shake up soon so having some contingency plans is a smart idea for anyone regardless of their financial situation. Having some emergency supplies, extra food and water on hand for at least a couple months, a variety of different forms of currency, and a means to protect yourself will be necessary with what may happen if some serious instability in the markets occur. Just look at whats happening in Venezuela right now.

Many of us call this a "SHTF" situation. I plan on discussing this further on steemit and I'll save that topic for another post.

The questions I would like to ask to everyone reading this is what do you think all of this means for the US Dollar and what will be the repercussions? What do you think is gonna happen as people continue to embrace bitcoin and give up the USD? History shows that whenever a superpower loses control usually war proceeds. I guess time will tell. I don't claim to have the answers but I would love to see other peoples insights, thoughts, and opinions about the current situation.

One of my favorite quotes and stand ups from the late great George Carlin.
I wish he was alive today so we could hear what he would say about the world. Enjoy!