Free Capitalist Network - Community Archive
Mises Community Archive
An online community for fans of Austrian economics and libertarianism, featuring forums, user blogs, and more.

Why do we need bitcoin currency?

rated by 0 users
Not Answered This post has 0 verified answers | 2 Replies | 2 Followers

Top 100 Contributor
850 Posts
Points 27,940
Eugene posted on Thu, Dec 13 2012 3:33 PM

If debt must be accepted in dollars (legal tender laws) and you have to pay taxes in dollars, then what's the point of bitcons? I don't see how they can catch on when the government basically makes you use dollars. Now If your goal is agorism and countereconomy, then this is as easy to do with dollars as with bitcoins. 

  • | Post Points: 20

All Replies

Top 50 Contributor
Male
1,687 Posts
Points 22,990
Bogart replied on Thu, Dec 13 2012 3:50 PM

The point is that consumers/users of currency prefer bitcoins over dollars in some transactions.  They do this for various reasons the first and foremost being that the US Federal Reserve is literally stealing the purchasing power of dollars by creating new dollars electronically and using them to purchase govenrment debts and member bank assets.

  • | Post Points: 20
Top 100 Contributor
Male
907 Posts
Points 14,795

I think at the moment the BC is mostly used because of lower transaction costs and anonimity, not as a store of value. However, as it earns good reputation for former, it may get some traction for latter.

The Voluntaryist Reader - read, comment, post your own.
  • | Post Points: 5
Page 1 of 1 (3 items) | RSS