Naewna on January 20, 2018

Leading our lives based on King Rama IX’ Philosophy helps us start to understand Bitcoin issue. 

Bitcoin happened in 2008. Firstly, I was not interested in it. Because I apply King Rama IX’s Sufficiency Economy to my life, I can manage and prevent risk to make my life worthwhile and sustainable.

Nowadays, I apply this principle on 2 aspects so that my life can make valuable contributions to the country, society and family level.

Firstly, I must be healthy. When I get older, I should still be energized to do valuable jobs. I take care of my health by exercising. When I have a good health, it can be an important immunity for my life.

Secondly, I must have lifelong learning. Therefore, I started to learn and understand Bitcoin. I must reasonably understand it. Even though I do not know all about it, I want to learn more.

First of all, we need to understand that the technological world or digital system leads to Bitcoin creation. It is a digitally supported currency system. It happened in 2008. Digital money or Bitcoin has a ready-made mathematics formula. It set up Bitcoin to exist in the software system called “Blockchain”.

The Japanese initiated it. Now, it is no longer important. Anyone who can use Digital by using Blockchain formula can create Bitcoin. Technology can produce Bitcoin. Those who understand it can verify the Bitcoin.

Therefore, Digital Money does not have owners. Those who have Blockchain and can use mathematics formula software can verify it. Nowadays, Russia and eastern European countries have Bitcoin Mining system. They discover the ready-made Bitcoin formula. Those who have advanced techniques can make it.

The point is how to stimulate Thais to understand more about Bitcoin’s definition, benefits and dangers.

The benefit is that Bitcoin is not created by any governments and currencies. Nobody owns it. The national bank of each country does not control it. However, the holders can stimulate the economic system. The Bitcoin exchange system will save cost and be borderless. Digital Money system can liquidate trades. If it is more acceptable, Bitcoin can replace traditional money.

A danger is that Bitcoin can be speculation. It is a kind of money laundering. It can cause more troubles to the world. If Bitcoin is spent as Digital Money, it can replace the current form of money. It can create more benefits to economy and trade. Then, investment can have higher quality.

Thais should be eager to learn more about its dangers and benefits. Bank of Thailand must educate Thais to know more about it. Now, the Stock Exchange of Thailand accepts Bitcoin. Bank of Thailand, bureaucracy, legal and taxation system studying about it may come to regulate it and educate Thais to know more about it. Otherwise, it will be a kind of speculation. Finally, the followers will be unintentionally bankrupt. The bubble economy will burst. The ignorant greedy men will suffer.

In the future world, new knowledge will always arise. What we get from King Rama IX’s Philosophy is learning culture for the newly emerging knowledge. The universities must train people on thinking skill and learning culture for the incessantly newly emerging knowledge.

I apply King Rama IX’s Philosophy so I always have learning culture to learn new things.

Prof. Dr. Chira Hongladarom

 

Source: Learning from Reality with Dr. Chira Column. Naewna.

             Saturday 20 January 2018, p.5

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