SMP: Separating the Technology of Bitcoin from the Medium of Exchange

At the Sound Money Project I have a comment on the importance of distinguishing between the bitcoin technological innovation and its use as a means of exchange. A solid technological innovation does meant that bitcoin is necessarily properly coded to be a successful monetary experiment.

Bitcoin is back in the spotlight as its price has soared in recent weeks. The most enthusiastic advocates see its potential to become a major private currency. But it is important to remember bitcoin is a dual phenomenon: a technological innovation and a potentially useful medium of exchange. One might recognize the technology as a genuine innovation without accepting its usefulness as a medium of exchange.

Continue reading at SMP.

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Sound Money Project Relaunch

The Sound Money Project has relaunched this November at the American Institute for Economic Research (AIER) under the direction of William J. Luther.

Other than Luther and myself, you’ll see regular posts by Scott Burns, James Caton, Alexander W. Salter, and Brian C. Albrecht.