Money from nothing Chronic deflation may keep Bitcoin from displacing its flat rivals BITCOIN, to its most ardent fans, is more than useful way to pay for drugs. It is also a technological marvel that could disrupt much of the consumer-finance industry. But is it money ? The Bitcoin economy keeps growing , despite the periodic disappearance of large quantities of currency in hacker heists. The total value of Bitcoins in circulation has risen to $7.9 billion, from just $490m a year ago, while daily transaction volume is up by almost 60%. If Bitcoin aspires to match dollars and euros for money-ness, it will need to be more than just a Mastercard for nerds3 . Economists reckon money is anything that serves three main functions4 . It must be a “medium of exchange”, which can reliably be swapped for goods and services. It should be a stable store of value5, enabling users to tuck some away and come back later to find its purchasing power more or less intact. And it should functio...
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Menampilkan postingan dari Maret, 2019