Bitcoin is incredible because of the fact that it has a limited supply of 21 million coins as opposed to an infinite amount of dollars that are created. With a limited supply of a currency that is linked to a limited amount of time we have in this world will connect to us in a way that our wealth will greatly improve because there will be no inflation. This means that what we own will not lose its purchasing power like an infinite currency. This means that people will have more free time in their life to enjoy it more. They could take an earlier retirement, take more vacations, take more time to work on something that they would enjoy more than actual work their 9-5 job. People could get creative with their time that could benefit society more than their 9-5 job. At big companies like Google & Valve it’s employees are given some amount of time to work on whatever that they want to work on that they are paid to do so. This leads to more creative products that could benefit the company more than what they are supposed to work on that given day.
Having a currency that is infinite while people know this leads people to spend their money faster than if they knew that their money would not lose it’s value. Our current USD is losing 2% of it’s value each year. That sort of means that the products that we buy increase by 2% each year or shrinkflation happens & the products we buy lose 2% of its size each year. You’ll pay more to get less in theory. This is not what people want. This is not what I want. I want something more stable. I want something that is limited so I know I own a certain portion of a finite supply that can’t be changed. This ensures me that what I own will not be worth less in the future.
Overall I just think that inflation at such a rate like this is a bad thing. It makes us unsure of where our wealth will be in 10 years. Will a big mac cost $10 just for the sandwich in some time in the future. That means that hourly workers who work for $15/hr will have to work for 40 minutes just to buy a burger. What about the necetties like rent? Could it come to the point in which many more people will be unable to keep up with rent which may lead to more homelessness? This is not a society that I want to see happen, as I want to see more people become financially stable & I think it starts with having a finite supply of a currency in which people could be sure of it’s value now & in the future.
What do you all think of this concept? Did I explain it well enough? Do you think having a finite supply of a currency is a better thing than having an inflatable supply of currency? Please let me know in the comments. I would like to hear people’s opinions on this matter.