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Low Time Preference Living

One of the primary values discussed among Bitcoiners is their affinity for lowering their time preference. The more a person saves the wealth they earn with the intention of investing or spending it in the future, the lower their time preference is. In contrast, a person with a high time-preference will spend more than they save, valuing the present over the future. This is what the Christian ideal of prudence conveyed to our church-going ancestors.

Because of the nature of debt-based central banking, there has been no incentive for a person to create long-term savings. Inflation alone will significantly devalue a persons savings in a matter of years. Gold has traditionally been a better store of value than the US Dollar, but its illiquid nature makes it difficult to use for settling debt with collectors today. Gold might be good for long-term saving, a.k.a. low time-preference savings, but you aren't cashing out of it to pay your water bill. Also, don't forget the US Government confiscated everyone's gold in the 1930's and have been hoarding it ever since.

Bitcoin can't be confiscated. Bitcoin offers a secure, liquid, supply-capped store of value available now for anyone with a cellphone and internet connection to use. It is free from government debasement and manipulation. It allows people to safely store their hard-earned wealth in a place that will not be accessed or tampered with. And this has a lot of us thinking about the future again.

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