What is the difference between Ğ1 and Bitcoin?

Category Technology and security of the system

The main difference is the way money is created

Bitcoin is created by rewarding owners of powerful computers that mine/create bitcoins on the blockchain by validating and checking transactions. So bitcoins money creation is based on computational power, that's why it uses a large amount of energy to create/mine bitcoins.

Over time, less and less bitcoins are created. In the year 2140, the creation of bitcoin will end, with the 21 million bitcoin cap reached. Furthermore, the initial "miners" were able to create bitcoin in a much easier way than the miners today. Which shows how there is no equality in regard to money creation over time.

By contrast, Ğ1 are being created in equal share between all its currency co-creators; whether they run a node of the blockchain or not. Everyone is at the center of the money creation process. Over time, more and more Ğ1 are being created proportionally to the monetary mass (total amount of Ğ1 in circulation).

The planned scarcity of bitcoin make it a good candidate for speculation. The more rare it is, the more expensive it is. It is speculated that with time, as the number of bitcoin mined/created is reduced, which happens sequentially up until 2140, when the 21 million cap on bitcoin is reached, the price of bitcoin will match the demand for it, which if it continues with it's 4 year cycles as has been the case since it was created in 2008, could well be a very good store of value, with the price steadily increasing, despite these cycles.

In contrast, the Ğ1, which continuously becomes more and more abundant in units, cannot really become a store of value over time. In addition, like meters, grams, or seconds, the Ğ1 is a real and reliable measuring instrument of economical value over time, using the UD (Universal Dividend) as a comparative unit.

[note Hugo] does the annual growth rate of € prevents it from being a "store of value over time" ? It depends on the time scale. As goes for Ǧ1 [end note Hugo]

Does Ğ1 have similarities to Bitcoin?

Like bitcoin, Ğ1 runs on a blockchain.

But the algorithm has been changed to be less energy consuming (link to page explaining the change in the blockchain to be less energy consuming).

As well, the principles of Libre Currency that apply to Ğ1, could also be applied to other currencies. The concept of Libre Currency (link to page explaining Libre Currency or RTM) is independent of the technology used to run it.