Bitcoin is not about making rapid global transactions with little or no fee. Bitcoin is about preventing monetary tyranny. That is its raison d’être.
Would Hayek have been a fan of Bitcoin? Could ‘key disclosure’ be used to confiscate Bitcoins? Will we some day have gold backed Bitcoins?
A few interesting thoughts and links as a follow up to my last post on Bitcoin.
Don’t get me wrong, I’m not suggesting you sell your gold for Bitcoins. What I’m saying is although they may not realize it, Bitcoin is a goldbugs friend. It has a real chance of changing the way the average person thinks about money and that is good news for anyone who is not a fan of fiat.