Bitcoin Can Be The Undoing Of Inequality

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This is an opin­ion edi­to­r­i­al by Andrew Het­her­ing­ton, a con­trib­u­tor to Bit­coin Magazine.

Since the Nixon Shock of 1971, wealth inequal­i­ty has soared to lev­els not seen in over a cen­tu­ry. The dol­lar was no longer redeemable for gold but was instead backed only by faith. With­out the lim­i­ta­tions of a backed cur­ren­cy, those in pow­er were giv­en the oppor­tu­ni­ty to cre­ate as much fiat cur­ren­cy as they desired, with lit­tle to no con­se­quence. Des­tined to lose faith due to abuse, fiat cur­ren­cy was doomed from inception.

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