One day, while I was learning about cipherspace, I discovered BitCoin . BitCoin is a completely decentralized, anonymous online monetary system that relies on a distributed database to facilitate transactions. The creator put a great deal of effort into ensuring that the system is secure and reliable…

This is why I believe that all attributes together result in a currency very different to a currency that only has one or two of the attributes. Decentralization is necessary for anonymity to be meaningful. Anonymous but centralized (which has been tried many times) can result in government (or any…

Anonymous but centralized (which has been tried many times) results in government (or any large enough party) to exert control over your money. I fully agree, thus my interest to a solution having all three attributes.

Besides labor, which one could argue has costs like rent and food, which service provided with Bitcoins doesn’t have inputs that are paid in dollars? The verification and accounting of bitcoin transactions. Less importantly, 8511.96 BTC for a one minute, fourty-four second animated video . I assu…

Ultimately someone needs to pay in dollars for the electricity , the manufacturing of the computers etc. before those factors of production can be used to do anything with Bitcoin. Come on, this one is simple: “Ultimately someone needs to pay in dollars for the fuel , the manufacturing of the min…

Gold isn’t used as money either.

Lets say we have some BTC’s in circulation. LEts say we also have a competing digital currency called ByteCoins. Lets say the attributes of the two are nearly identicle. For what reason would I chose BTC’s over ByteCoins? Lets take it one step further. Lets say we have a 3rd digital competing c urr…

@ The proponents of Bitcoin As far as I understand it there are following problems with Bitcoin: Yes if everyone accepted it, it could work as the new money. But that never was the point. The point always was how to you reach that point. I think the current fundamentals are perfect for Bitcoin. W…

@Skylien Excellent post. It does indeed beg the question of the relevency of a BTC type of currency in the absence of state legal tender laws.

They are delivering goods to specific persons, to their customers. This way it is easy for the government to find out who uses Bitcoins. In western world, services market is bigger than “goods” market. Quite a lot of services can be delivered electronically and securely (coding, design, even medi…

Is BitCoin the currency of the future?

Economics Economics Questions

filc April 5, 2011, 11:35am 300

All I see are assertions that BTC’s will just magically become popular. No one has yet bothered to explain how or why.

A feasible digital currency

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Is BitCoin the currency of the future?

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