The Significance Of Bitcoin

Posted: 2/11/2014  Last updated: 7/30/2014

The Story Goes On

Just read “Bitcoin’s Undiscovered Potential”. How Bitcoin or digital currencies can help the so called underbanked people and more.

A Footnote In History

Perhaps very soon Bitcoin will be not much more than a footnote in history. However, Bitcoin teaches humanity some important lessons.

The Import

1. The time for digital money has finally arrived
   Paper bills and metal coins are ancient and outdated. It is high time for humans to move on.
2. Private money
   For centuries any kind of ruler or democratic elected government tried to exclusively control money usually with negative effects. Digital money is perhaps a chance for the citizens of this world to pry money from big governments.
3. A truly global currency
   In economics there is the law of one price. I would argue there also should be only one money or currency on a global scale. The price of any good or service should be expressed in one currency.
4. Trial and error
   Keep government out! Allow for trial and error for humanity to figure out how digital money works best.
   

Caveat

Competing digital money or currencies and how to deal with it.

Do You Need An ATM For Bitcoin?

Trigger

Today (10/30/2013), I read an article (German language) in my online home town newspaper that there is a first ever ATM like machine available now in Vancouver, Canada of all places. I am sure lumberjacks appreciate such a machine (this is not meant to be condescending, I like them). Anyway, the article did not say why in Vancouver, sloppy journalism as usual.

An Unfortunate Regression

Why on earth would you need an ATM, a legacy technology, from the perspective of private, electronic, digital money.

I don’t want to be a purist and I don’t want to spoil the quick adoption of this new money, but this new private money should remain exclusively electronic and digital. All you need is an app for any computer.

The Future Of Private Electronic, And Digital Money

It is about time that the people take back from big government the power to issue and control money.

Since the latest severe financial and sovereign debt crisis and subsequent Great Recession, most people should be aware that government is the cause of of it through profligate fiscal spending, unsustainable fiscal deficits, recklessly low interest rates and debt financing by central banks.