Thread by @BTCvsFED

You may have landed here via a billboard in your community

The goal of this project is to bring Bitcoin awareness to those who can benefit most - avg citizens, not Wall St

Follow to learn about #Bitcoin and why it's better than endless money printing and stimulus check hopes

There are a dozen billboards - one in every Federal Reserve bank city and each w/ a unique message

These banks exist to “provide stable monetary policy and a safe and flexible financial system,” but it’s not working

The billboard art and messages will explain why

While waiting for photos of the billboards to surface, let’s talk about what exactly is Bitcoin (BTC)

Maybe you heard about it in the news recently b/c the price has gone up. You might feel late to the game, but you’re not

It’s early and Bitcoin is here to stay

One of the most interesting things about it is that it can’t go away

It’s decentralized, meaning no person or government can control it. That’s a good thing because money is used to control people

You can send BTC to someone (peer-to-peer) w/out needing permission or a bank

When you send or receive BTC, a decentralized network of computers (nodes) works together to confirm the transaction is legit

If so, it is added to the bitcoin blockchain - basically a public record of all the transactions

Everyone can see the transactions

And everyone in the world is free to use this new form of money

Everyone can also see the code that makes up Bitcoin

Included in this code is a cap on the number of bitcoin that will ever be created

21 million. That’s it. And it’s a game changer

Bitcoin’s creator who goes by Satoshi Nakamoto recognized that printing money endlessly gave governments too much control and hurt those not in power

Satoshi made an alternative w/ no leader that gave power back to the people. And then Satoshi left…never to be heard from again

Over the next few weeks, the billboards will be used to discuss why a money free from central control that can’t be printed at will is better for society

Also how to buy/earn bitcoin and what to do with it once you have it

Join along…a new era is upon us

Not long ago, the dollar was backed by gold

This meant you could redeem your dollar for gold & the government had to have enough gold to match the number of dollars they printed

“The Gold Standard” ended in 1971 b/c the US ran low on gold & needed more $ for war & welfare

Without a cap on how much money could be printed, The Federal Reserve (USA’s central bank) was now free to create unlimited quantities of dollars

When the Fed prints money, inflation occurs & prices go up b/c all dollars are worth less

If your earnings don't keep up w/ the rate of inflation the purchasing power of your dollars melts away

Imagine the economy is a pizza & The Fed gives you a slice ($1)

When printing new money, they cut your slice into more pieces to give out

Yes, you still have a slice ($1) but you’re hungrier b/c that $1 doesn’t go as far

Many Americans hold dollars b/c they can’t afford a home & w/ bills to pay they can’t risk the stock market

Meanwhile, the wealthy move $ into real estate & other assets that better hold value

This increases the wealth gap. Then, a pandemic hits. The Fed prints more money than ever before

The new money is given to select individuals and businesses. You wait for Congress to decide if you deserve a stimulus check

Those who receive the new money spend it causing prices to inflate before you get your money

This process where money flows more easily to insiders is known as the Cantillon Effect and it makes the wealth gap grow even further

So much trust is required in this financial system

You have to trust those in power to print money for the right reasons

You have to trust they distribute it fairly

And…you're supposed to trust their updates on how the economy is doing

The Consumer Price Index (CPI) is the go-to measurement for inflation. It tracks the changes in price of a set # of goods over time

But some argue the type of goods chosen hides the true rate of inflation

We know inflation is happening but how bad is it?

In addition to rising prices, inflation means businesses cut costs in other ways to keep up

They might shrink the portion size or use less healthy ingredients

There are so many ways this financial system can hurt you

What if you don’t agree w/ why money is being printed?

What if you don’t want to be last to receive newly printed money?

What if you don’t trust the data the government provides on the health of our economy?

Bitcoin gives you an out

You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete - Bucky Fuller

Lots of protesting lately yet not much change. A protest doesn’t have to be in the streets. BTC brings change via your wallet

I made these billboards b/c institutions, Wall St and people w/ a lot of money are buying bitcoin causing the price to rise

I don’t want the average citizen to get left behind

You can buy or earn a small fraction of a bitcoin to start

Bitcoin restores power to the individual. No longer must you rely on banks to do the right thing when they’ve proven to be unreliable

You are part of a growing, global movement that brings about change by addressing the root cause of the problem

Now that we've covered some basics about #Bitcoin and why it's important, we'll discuss how to get some and best practices for keeping it safe

You can ask to be paid in BTC or buy it on sites like @CashApp & @SwanBitcoin

Once you have some, you should transfer it into your own bitcoin wallet

@Blockstream Green & @bluewalletio are both good, free wallet options

Transferring it into your own wallet via your public...

…wallet address is safer b/c it’s now less likely someone can access your private keys

Private keys are the secret code that allows someone to take your bitcoin

It should not be shared with anyone or posted online

As @bitcoinzay would say “No🔑 No🧀”

If you have enough bitcoin to justify buying a hardware wallet, it is even safer

This keeps your BTC completely offline. @COLDCARDwallet and @Trezor make good ones

Important! When you transfer your BTC to a hardware wallet, you will be asked to write down your seed words

These are a series of words that are basically an easier way to remember your private keys

If there is a fire or you lose your hardware wallet, the seed words will allow you to access your BTC on a different hardware wallet

Thus, make sure not to share or lose your seed words

Your bitcoin is now safe. Its value can't be inflated away, nor can it be confiscated. You are your own bank!

This was a simplified intro to #Bitcoin and the problems w/ our current financial system

Soon, I'll post some more resources to take you further down the rabbit hole

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