@ S.8.4 REYNA, JRN 10/10/17
They say money makes the world go round. And to some degree that is true, however with the money that we know of today, with all its limits; the exclusivity, the scarcity and cost of resources to make them, the non-transparency of centralized banks and the trend of multiple financial crises over the years should make us stop to ponder on whether or not fiat currencies are still worth it.
But in 2008 an invention called Bitcoin set to change all that. So what is Bitcoin? It is the most popular decentralized currency in the world right now, has a fixed supply of 21 million coins. No more coins can ever be issued beyond that point, giving all bitcoins in circulation some form of value at any time, with the potential to increase in value over time. It will take until 2140 until all 21 million bitcoins are mined.
Speaking of generating new Bitcoins, there are no institutions “printing” additional funds. The only way to bring additional coins in circulation is through a complex process called “mining.” As a reward for bringing new coins in circulation, Bitcoin “miners” receive the privilege of being able to spend these coins first.
Until the 21st million Bitcoin is mined, anyone in the world can participate in the “mining” process. There is no approval process to go through, as Bitcoin is an open ecosystem welcoming people from all over the world to participate. All funds are controlled by the people active in the ecosystem, creating a decentralized system. So you can finally kiss the fees the banks charge you goodbye.
Why use cryptocurrencies? Cryptocurrencies are known for being secure and providing a level of anonymity. Transactions in them cannot be faked or reversed and there tend to be low fees, making it more reliable than conventional currency. Their decentralised nature means they are available to everyone, where banks can be exclusive in who they will let open accounts.
Since it is open to everyone an idea has spurred that it may the answer to the inequalities of the global market system. This idea has now turned into a movement called Project UBU, which was first developed to cater to the African countries. So what is Project UBU? Project UBU is an ambitious plan to create an alternative, global, decentralised money system that fundamentally alters the circumstances of hundreds of millions of underprivileged people by providing them with a means to economic independence. Eight hundred million human beings live in extreme poverty on less than $1.90 per day. Wealth inequality widens relentlessly. Wealth redistribution has not provided an answer. Another method of wealth creation must provide that answer.
How does Project UBU intend to tackle widening global inequality? To put it simply, Project UBU intends to distribute the UBU (Universal Basic Unit) at no cost to individuals who opt-in. People who opt-in to receive the UBUs are called “citizens” within the project’s ecosystem. In turn, the UBUs can be used to exchange goods and services through vendors and merchants who decide to take part in the ecosystem.
Before I end my talk I want all of you to close your eyes and imagine the world. Do you see any borders? There are none right? And that is what Cryptocurrencies (Bitcoin) want(s) to achieve, a borderless world for all. Bringing us closes together as globalized citizens. A global digital economy of the people, by the people and for the people.
But in 2008 an invention called Bitcoin set to change all that. So what is Bitcoin? It is the most popular decentralized currency in the world right now, has a fixed supply of 21 million coins. No more coins can ever be issued beyond that point, giving all bitcoins in circulation some form of value at any time, with the potential to increase in value over time. It will take until 2140 until all 21 million bitcoins are mined.
Speaking of generating new Bitcoins, there are no institutions “printing” additional funds. The only way to bring additional coins in circulation is through a complex process called “mining.” As a reward for bringing new coins in circulation, Bitcoin “miners” receive the privilege of being able to spend these coins first.
Until the 21st million Bitcoin is mined, anyone in the world can participate in the “mining” process. There is no approval process to go through, as Bitcoin is an open ecosystem welcoming people from all over the world to participate. All funds are controlled by the people active in the ecosystem, creating a decentralized system. So you can finally kiss the fees the banks charge you goodbye.
Why use cryptocurrencies? Cryptocurrencies are known for being secure and providing a level of anonymity. Transactions in them cannot be faked or reversed and there tend to be low fees, making it more reliable than conventional currency. Their decentralised nature means they are available to everyone, where banks can be exclusive in who they will let open accounts.
Since it is open to everyone an idea has spurred that it may the answer to the inequalities of the global market system. This idea has now turned into a movement called Project UBU, which was first developed to cater to the African countries. So what is Project UBU? Project UBU is an ambitious plan to create an alternative, global, decentralised money system that fundamentally alters the circumstances of hundreds of millions of underprivileged people by providing them with a means to economic independence. Eight hundred million human beings live in extreme poverty on less than $1.90 per day. Wealth inequality widens relentlessly. Wealth redistribution has not provided an answer. Another method of wealth creation must provide that answer.
How does Project UBU intend to tackle widening global inequality? To put it simply, Project UBU intends to distribute the UBU (Universal Basic Unit) at no cost to individuals who opt-in. People who opt-in to receive the UBUs are called “citizens” within the project’s ecosystem. In turn, the UBUs can be used to exchange goods and services through vendors and merchants who decide to take part in the ecosystem.
Before I end my talk I want all of you to close your eyes and imagine the world. Do you see any borders? There are none right? And that is what Cryptocurrencies (Bitcoin) want(s) to achieve, a borderless world for all. Bringing us closes together as globalized citizens. A global digital economy of the people, by the people and for the people.
Sources:
- McGoogan, C., & Field, M. (2017, September 27). What is cryptocurrency, how does it work and why do we use it? . Retrieved October 5, 2017, from http://www.telegraph.co.uk/technology/0/cryptocurrency/
- Dalton, D. (2017, October 6). Project UBU – hitting wealth inequality from the grassroots. Retrieved October 7, 2017, from https://cryptoinsider.com/project-ubu-targeting-wealth-inequality-worldwide-from-the-grassroots/
- BUNTINX, J. (Ed.). (2017, October 27). Retrieved October 5, 2017, from http://digitalmoneytimes.com/fiat-currency-vs-digital-currency/