Why Greece Should not Go for Bitcoin – TechGeck

When Greece exited itself from euro, there were lots of discussion and opinions were made that Greece should not have done that, it will break down the Greece economy and much more. From these discussions only, there came a suggestion  that Greece must switch the Euro with Bitcoin. So today, in this tutorial I would be sharing my views with you on Why Greece should not go for Bitcoin. When we look at it at a first glance, it appears that Bitcoin can act as a cure. But, if Euro is a problem then Bitcoin is a much bigger problem than that. It is just like trying to cure a headache with a bullet to the brain.

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The major problem with the Euro is that Greece cannot print Euro, only the European Central Bank can print Euro. Theoretically, Greece can convince the European Central Bank to print more Euros for them. On the other hand, if Greece go for Bitcoin, then it won’t be able to control how much of their currency they could issue and no one can be convinced to issue more Bitcoin whether it is European Central Bank or U.S Federal Reserve.

One of the important characteristic of Bitcoin is that the supply of Bitcoin is fixed and capped.There are 13,882,100 bitcoins today, there will be 20,343,750 bitcoins on January 1, 2025, and there will never be more than 21,000,000 bitcoins.

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Till today, there are near about 10 million people who own Bitcoin. If even it become a great hit we would be able to see  1 or 2 billion people to own bitcoins sometime in the next 20 years.The only way 1 or 2 billion people can have 21 million coins is by the price of bitcoin increasing significantly. Therefore economists even call it a ‘deflationary currency’.

Greece should not go for Bitcoin

Greece should not go for Bitcoin

As Bitcoin  is deflationary, Greece Finance Minister Yanis Varoufakis agrees that Bitcoin would be bad for Greece. Bitcoin is not a currency for a government, it is a global currency for the people. People will generally prefer a currency that goes up in value over time which is over one that loses value over time.

It won’t be good for Greece to surrender their currency and adopt Bitcoin.Monetary policy, used responsibly, has been a step forward for public finances and prosperity. Monetary policy, however, has also been abused by governments that choose to print too much currency. This has resulted in creating inflation.

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Bitcoin gives people of the world an alternative. Anyone with a smartphone can hold bitcoins as a refuge from a currency that is losing value. This sends a message to their governments: “Let’s have our own currency, but manage it responsibly, because now we have a choice.”

Even if Bitcoin becomes successful it won’t infect it can’t replace the currency of Greece or any country. Bitcoin  is a global currency or you can say the internet currency that is for the people and by the people. So because of all these reasons, in my opinion Greece Should not Go for Bitcoin.

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