BITCOIN vs. THE CURRENT FIAT SYSTEM-WHICH IS BETTER?

The Bitcoin system is growing on many people because of its advantages compared to the Fiat system. However, the fiat system even though branded to be the traditional stem of moving and storing money, still brings a lot to the table. To understand this further we are going to analyze the two systems to the core and see which one is better.

The Fiat System.

The Fiat currency is known as the centralized currency because it is made and controlled by different governing bodies all around the world. As a result, the fiat currency is not fixed in supply as it can be generated out of thin air by any governing body that wishes to do so.

The fiat currency is not backed by any physical commodity, therefore, has no intrinsic value and as such, it is based on the credit and faith of the economy. Because of this, there is a high risk of hyperinflation and the Fiat currency can quickly become worthless.

Most of the modern currencies are fiat currencies and their value is controlled by the rate of demand and supply in the economy. Central banks in different nations have been given the responsibility of controlling the movement of the fiat currency so they are able to control its supply and through this ensure that economic variables such as interest rates and credit supply are managed.

Bitcoin Currency.

This is a new form of decentralized currency that is more digital in nature. Some refer to it as a cryptocurrency because of its electronic nature. The bitcoin currency is made by people called miners through a long complicated mathematical process. The mining process takes place all over the world.

They are limited in supply as only 21 million bitcoins can be issued at a time. This means that the bitcoins get to have some form of value with a potential of the value increasing with time. Bitcoins raise in value every day and as at today, there is more than two billion dollars’ worth of bitcoins.

Its decentralized nature is the fact that it is not controlled by any form of government agency or financial institution. It is open to anyone around the globe creating an ecosystem. Funds are thus controlled by the people who are active in the ecosystem. Therefore, there are no additional prints of the bitcoins out of thin air. The miners are the ones who can bring new coins into circulation.

In the Bitcoin currency though there is no insurance and the transactions are irreversible. Once you lose your backed up data you may lose all your money.

When it comes to which one is more advantageous, it terms of time, and the fiat currency has to wait for the money to get back to the bank for it to be reissued again while spent bitcoins are just deposited directly into the bitcoin economy that keeps growing.

A bitcoin transaction involving different people around the globe is quite easy because you do not get to interact with banks. It also has multiple points of operations because of the availability of miners globally. The fiat system however involves a lot of extraordinary fee payments that involve opening accounts etc.

Bitcoins have more security because there is no list of names of people who own the bitcoins, only the accounts and wallets exist online and thus are tamper proof, unlike the fiat currency where your name is on your account and can be accessed by hackers.

The bitcoin system, though unregulated seems like the safest method to go with financially. Their value is always increasing and it is more convenient overtime because it is open to members of the public.

Scientific Breakthroughs in 2017 You Should Know About

Scientists spend days and months in laboratories and coming out with discoveries that broaden our understanding of our surrounding. Through scientific inventions, we break the boundaries of what we perceive to know about the earth and its composition. These discoveries are educative and informative as well as fascinating. Below are some of the scientific inventions that have been made as the first half of 2017 nears the end.

Drawing water out of thin air A team of researchers at the Massachusetts Institute of Technology and the University of California have developed have a system that is able to convert humid air into liquid water. The scientists have invented a devices that can draw water from the air in weather condition that with as low as 20% humidity. The devices which depend on solar energy, uses a metal-organic platform composed of fumarate and zirconium to draw water from humid air. The device can suck three water quarts in 12 hours if placed in places that are between 20% to 30% humid. According to the scientist, the device is ideal in places that are not accessed to clean water.

Turning hydrogen into a metal Harvard-based scientists have developed means to turn the lightest element-hydrogen into a metal. This is a fulfillment of a prediction made 80 years ago where in 1935 scientists said hydrogen can be turned into a metal if subjected to high pressure. Since then, several scientists have attempted to fulfill the prediction have been unsuccessful in developing a mechanism that can squeeze the hydrogen to the required amount of pressure without breaking the equipment. But in what could be termed as a landmark breakthrough, a group of scientists from Harvard University recently published a paper in the Science journal indicating they have successfully squeezed the element in a diamond vise to a level where it became reflective, a major property of metals.

Studies surrounding the matter are motivated by metallic hydrogen is a superconductor and hence can be used in conducting electricity without any resistance and therefore save a lot of energy that is always lost during transmission as a result f resistance. There are seven planets the size of earth in Aquarius NASA scientists have discovered seven earth-sized worlds with life-sustaining features around Aquarius. The worlds have water and the temperatures can sustain. The discovery has raised hopes of a much earlier hunt for alien life beyond the solar system. The discovery could be extended by the use of powerful highly innovative telescopes that are likely to be launched in the coming decade. This is the first time that several planets the size of earth have been spotted in an orbit around a central star.

New Male Contraceptive Gel that works in Monkeys French scientists have developed a new contraceptive for male monkeys that has the possibility of working as human men contraceptives. The Vasalgel which is in gel form prevents the sperms in the body from entering the seminal fluid. A trial done on monkey showed 100% results of blocked sperms. The gel is administered as an injection in the vas deferens, which are located between the penis and testicles. In terms of actual procedure, doctors likened to getting a vasectomy only that in this case, the gel wouldn’t be permanent.