What is bitcoin and what is Fiat money and why it's important to talk about both. Fiat money a.k.a Dollars, Euros etc. is the world's most popular form of currency. Fiat money isn't backed up with valuable assets as it used to be until 1970, this means banks have had the right since 1970 to print money without backing it up with the value of assets. Paper money today is worthless. It is a piece of paper, literally. We just believe in its value.. This Form of currency is centralized and led by government constitutions and banks. Which means banks control money. It's not a secret anymore that endless money printing will result in inflation and the worth of Dollar, Euros etc will, well inflate.
Bitcoin on the other hand is a digitalized form of currency and has been introduced to the world in 2009 by a pseudo anonymous person called Satoshi Nakamoto. He created the bitcoin as an electronic payment system based on mathematical proof, the blockchain. No single institution controls the bitcoin network. It is maintained by a group of volunteer coders, and run by an open network of dedicated computers spread around the world. The blockchain ledger is an opened distributed ledger visible to anyone.
There can only be a total number of 21 million bitcoins in the system. Not more, not less. Which means that inflation is not possible through creating more bitcoins as it is the case with Fiat currency.
So fact is that Fiat currency can be heavily manipulated by banks and with that the value as well. The value is always determined by markets and regulations. Bitcoin is valued by supply and demand as the number of bitcoins is limited. Bitcoin cannot be manipulated, no one owns it. Sure the value of bitcoin fluctuates like crazy but that has other reasons regarding economic reasons. Through fundamental virtues of the bitcoin it's value and demand will surely increase and gain popularity.
The banking system is very much run by criminals and in the future we will see a lot happening in the banking scene. The banking scam has to stop.
For now I'm working on financial freedom and removing myself from fiat currency.
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Thank you for reading,
ak :)