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Ron Paul: ‘Bitcoin could go down in history as destroying the dollar’

21st Century Wire says…

Free market and libertarian icon Ron Paul has finally jumped into the cryptocurrency debate – on the side of Bitcoin…

As far currencies, or commodities go, Bitcoin ticks all the right boxes for the Paul camp – no inflation, limited money supply, and with no ties to the Central banks.

This week, it broke through the $1000 barrier and is still set to rise in value – all while the US dollar is dropping in value. Critics are wishing it goes away, but it looks like it’s here to stay, for a while anyway.

Here’s what Ron Paul has to say about it…

Jose Pagliery 
CNN Money

Imagine a world in which you can buy anything in secret. No banks. No fees. No worries inflation will make today’s money worth less tomorrow.

The digital currency Bitcoin promises all these things. And while it’s far from achieving any of them — its value is unstable and it’s rarely used – some have high hopes.

“There will be alternatives to the dollar, and this might be one of them,” said former U.S. congressman Ron Paul. If people start using bitcoins en masse, “it’ll go down in history as the destroyer of the dollar,” Paul added.

It’s unlikely that Bitcoin would replace the dollar or other government-controlled currencies. But it could serve as a kind of universal alternative currency that is accepted everywhere around the globe. Concerned about the dollar’s inflation? Just move your cash to bitcoins and use them to pay your bills instead. Tired of hefty credit card fees? Bitcoin allows transactions that bypass banks.

Even economists who embrace the power of central banks, like University of Michigan professor Miles Kimball, recognize the currency’s potential.

“Bitcoin really shows governments are behind the curve,” Kimball said. “It demonstrates there’s a demand for an electronic equivalent of cash.”

Bitcoin is hardly the first attempt at a digital currency that operates outside of state boundaries. Ebay’s (EBAYFortune 500) PayPal plans to launch a digital interplanetary payment system. There’s also growing support for a concept called seasteading, floating cities on international waters where business and innovation aren’t held back by laws.

Millions of Africans, particularly in Kenya, make payments simply by texting one another. The widely used M-PESA system allows people to bypass banks and electronically transfer cash. Some even use mobile minutes as a form of currency.

Digital payments make buying items internationally a smoother process, because exchange rates are gone and there are no cumbersome bank regulations or fees. It also enables people to make payments in areas without bank access or where carrying cash can be dangerous.

Continue this story at CNN Money

READ MORE ON BITCOIN AT: 21st Century Wire Bitcoin Files



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