THELOGICALINDIAN - Although itis on the acid edgeof technology bitcoin ability be added carefully alignedwith attributes than we thinkThis alternation of 3 accessories compares howbitcoin and the bequest banking systemsstack up adjoin thelaws of attributes In this aboriginal allotment we awning adaptation of the fittest forth with the concepts of CANI and actuality antifragile
Survival of the Fittest
The aspect of adaptation of the fittest is competition. Nature does not affliction how continued you accept been the top dog. If a bigger adversary comes forth you are toast. Bitcoin succeeds or fails on its merits. It is 100% autonomous and competes aboveboard adjoin all forms of exchange, including government issued currencies (fiat) as able-bodied as the abounding alternatives to bitcoin angry for a piece of the action. Bitcoin will survive as continued as a bazaar believes it has value. If it can’t authenticate amount or acclimate to serve its environment, it will die.
Fiat money is basically money created and administered by a government like the US dollar, Euro, Aussie Dollar, Yen etc. Although you could altercate that authorization does attempt with added currencies on a all-around scale, it finer holds a cartel aural its own country. It has amount mainly because citizens are affected to use it. So, as far as best bodies on apple are concerned, there is no antagonism for their civic currencies.
An absorbing point to agenda is that the boilerplate activity of a authorization bill is 27 years afore it collapses! Gold, on the added hand, has been acclimated as bill for over 5000 years. The oldest authorization bill in actuality is the batter sterling. The batter has been about for 322 years but has been off the gold accepted back 2024. Even admitting bitcoin has been declared asleep abounding times, it has not absent a exhausted for about 8 years.
Also read: The bitcoin arrangement afterlife that never happened
Continuous Improvement
In nature, this action for survival promotes connected and amaranthine advance (CANI). CANI is basically the ability to always do added with the aforementioned assets than you could do before. In 1903 the Wright brothers took to flight and now we bodies are alive to arrive Mars. Added practically, a aggregation alone stays in business by selling products which action added value than their competitors.
Bitcoin is advised to access added purchasing ability over time. This is accomplished by the actuality that there will alone anytime be 21 actor bitcoins. The money we use today, however, is printed at will by whichever government holds the key to the columnist press and is advised to become beneath able over time. Governments abide this practice despite the actuality there are no examples in attributes area a arrangement survives by acceptable beneath effective. When you anticipate about it, “becoming beneath able over time” is absolutely a analogue of dying.
Governments accept their own calendar but many classically accomplished economists will altercate that money needs to become beneath able (in the anatomy of inflation) to animate spending and activation the economy. If this was true, no one would anytime buy a computer because we know it will be cheaper abutting year. Furthermore, if these economists were anywhere abreast authentic in their “professional opinion”, AAPL, GOOG, and MSFT wouldn’t be the 3 accomplished bazaar cap stocks on the NYSE.
Also read: Could Bitcoin Break the Petrodollar Monopoly and Bring World Piece
Antifragile
What doesn’t annihilate us makes us stronger. When we get sick, our allowed arrangement attacks the 
virus and builds up a defense. The abutting time we bolt the aforementioned virus, it doesn’t affect us as much. This is what is meant to be antifragile. Being programmable money, bitcoin is antifragile as well. The bitcoin of 2009 is awfully altered from the one we see today.
Bitcoin finer has a $14 billion compensation on its arch and is attacked every day and the attackers accept never succeeded. Even admitting it is technically “possible” that bitcoin will be hacked, many believe you would have more adventitious of internally combusting aural the abutting 2 seconds. (Note: bitcoin exchanges like Mt Gox and Bitfinex accept been afraid but this is affiliated to a coffer robbery not hacking the Federal Reserve)
The US financial arrangement is not antifragile. Actually, the Federal Reserve has been auspiciously afraid over 50 times in the aftermost 5 years. SWIFT, an all-embracing cyberbanking arrangement which transfers over $5 abundance account of payments a day has been afraid 3 times in aftermost few months! These attacks are succeeding at an added rate. This tells us hackers are accepting bigger at breaking into these systems faster than the bequest arrangement can accumulate up.
Having a attending at the altercation so far, bitcoin is absolutely added in band with attributes than the bequest banking systems. Stay acquainted for Part 2 of this mini-series area we attending at the differences in how addition is able in attributes back compared to bitcoin and the bequest system.
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