23 Dec 2013 / Forbes – Libertarians and Millennials are going crazy over Bitcoin. So what are these Bitcoins, what do they do, what’s the big deal, and why do young people love them so much? The simplest answer is the freedom offered by a currency largely unregulated by government.
Bitcoin is a private currency that is not backed by any government, central bank or organization. It’s completely decentralized. This video offers more details on how this works. We have seen the cost of Bitcoins in dollars rise from a few cents to values of $1,200. Much of the reason for the rise is that people trust Bitcoin more than many government-backed currencies.
Bitcoins are being used all over the world. Anyone can send Bitcoins to anyone, anywhere with one of the lowest transactions costs on the planet compared to government backed currency. These low transactions costs make doing business with Bitcoins more affordable, convenient and secure, three factors that young people highly value.
Young people have more distrust in the government and its competence than ever before. We’re tired of dealing with banking regulations which make international transactions more expensive, slow and more inconvenient than they need to be.
There is a surge of libertarian belief among Millennials that “less government is better government.” Bitcoins are a perfect case study of how a free market, private currency not only can work but excel in the real world. With no government involvement, this is a system that users regulate and take care of themselves….. Read more
