How to become a Bitcoin Millionaire => http://goo.gl/8Xobwl

Recently I wrote an article entitled The Most Dangerous Creation In The History Of Man.  The article covered the emergence of Bitcoin; an electronic open source peer-to-peer currency that has no central banking server, is untraceable (when proper steps are taken), and essentially can not be taxed through coercive measures.  The article makes the point that if a currency can not be taxed and controlled, eventually it will topple the coercively funded fascist control grid you call the modern State.  Read more about it in this Bitcoin forum post that explains it in more detail.

I’ve received several requests for more information about how people can put Bitcoin to work for them.  Most articles on Bitcoin, and even the Bitcoin site itself, don’t give a clear top to bottom description of how common users of Bitcoin can put the currency to use.

It is a tad confusing  if you are not familiar with how currency markets work, but not to worry, it is not as intimidating as it sounds.  Bitcoins are generated on a logarithmic scale by dedicated “miners” who run software that generate the complex hash codes which make up a Bitcoin.  Bitcoins can not be artificially inflated and require real resources (electricity and time) to produce.

Here are a few reasons why I think Bitcoins are superior to gold as medium of exchange:

1.  It is impossible to artificially inflate the supply of Bitcoins in existence.  They are produced at a known steady rate, the supply of which will eventually top out.

2.  Bitcoin transactions are made for the web!  It is impossible to actually ship gold across a wire.  The best one can do is use a medium that represents gold, such as shares of GLD, and trade those as a currency.  Clearly this leaves room for inflation of the money supply by unscrupulous bankers.  When a person transacts in Bitcoins, it is the equivalent of actually sending gold across a wire.  The unreproducible currency itself is transacted with, unlike a paper currency that represents a commodity.

3.  Bitcoins can not be confiscated since the files they reside on can be replicated and hidden in USB keys or anonymous servers.

4. The peer-to-peer nature of Bitcoin makes it as impossible to stop as BitTorrents.  Governments would have to shut down the web to stop it.

5.  It is impossible to create salted Bitcoins or “shave the edges” off of them.  There are wide spread rumors that the supply of gold that central banks are holding is loaded with tungsten bars coated in gold.

6.  Obviously they are lighter, easier to transact with, and far easier to secure than gold bullion.

Let me repeat:  Bitcoin IS NOT A PONZI – it is the same as if people were digging up gold nuggets out of the ground and then trading them as money.  Any claims that early adopters are simply promoting this as a Ponzi are like claiming people who were promoting buying Apple’s IPO were promoting a Ponzi.

Bitcoins use a 256 bit public/private key encryption algorithm that has never been cracked in practice and is considered secure by the NSA.

Bitcoins CAN NOT BE ARTIFICIALLY INFLATED.

Total Bitcoin production will TOP OUT in the future meaning NO NEW BITCOINS WILL BE CREATED BEYOND A CERTAIN DATE.

If you have additional concerns, please take the time to research the answers on your own.   Don’t blindly dismiss it because of a concern that could easily be addressed with some simple research and questioning of those who are current users of the system.

Anyone who has a thorough understanding of Austrian economics should immediately recognize the inherent benefits of Bitcoin.  Bitcoin is the equivalent of electronic gold.  Even better than gold in some respects.

Read More:http://www.libertariannews.org/2011/05/31/how-to-use-bitcoin-the-most-important-creation-in-the-history-of-man/