All fiat ( US Dollar,Euro and all country paper money) against bitcoin is going down in this year and as we know – Bitcoin is the global financial refuge that is always available for everyone and the country, skin color, religion, caste, political beliefs, or credit score does not matter.
For many of those, bitcoin is the only way for them to provide for their family. Just imagine the parallel universe in which the economy of the US can grow at $50 every 10 minutes producing the output of $2.6 million annually. Due to the hardcoded program of economic planning, every four years income produced is distributed in half.
In the ninth year, the output shrank was $12.50 in every 10 minutes or say around $657,000 per
This is not regards to how skilled and productive the labor force became and how large the force grows. The output in the US stayed static and fixed with one change happening every once per year.
So how many numbers of people will volunteer to work and live in such an upside-down world?
This condition shows the internal, static memory of bitcoin and other cryptocurrencies like for example – networks of proof of the work such as Bitcoin where the marginal productivity of labor is 0. The more number of units added does not matter to the income production process because the network will always create the same economic output.
This day after the nine years of operation, the network of Bitcoin is referred to as Bitcoin land. It produces 12.5 bitcoins every 10 minutes. With no regard for the conditions of external economic demand, the economy of bitcoin land will produce around 657,000 bitcoins all year in the third epoch.
The comparisons with the measurements such as GDP and the supplies of money may be the imperfect analogy, the fact is that the expansion of the economy in the output can be the exception of the fork and the change of the rule that will never ever change the bitcoin because
of the inelastic supply of the coin.
The process is very simple to explain virtually there are no participants in Bitcoinland who conduct the calculations of the economy like pricing for all the products or services in the cryptocurrency like bitcoin. There are various reasons for it which include chronic volatility.
But let’s keep this typical discussion of merchants and payments aside and focus on the labor force.