12 Jul '13, 2pm

good

Bitcoin is certainly money, but it is not just money. And that’s what’s so exciting about it. In his lead essay , Jim Harper masterfully explains why bitcoin is money and why it is in many ways superior to government fiat currencies. As Jim says, bitcoin is immune to the kind of hyperinflation that has plagued countries from Argentina to Zimbabwe. But what is more revolutionary is the greater bitcoin system itself, which not only allows there to be no central banker, but also makes many other innovations possible. Bitcoin is essentially a decentralized ledger system. Until its invention, online digital payments had to rely on trusted third parties, like PayPal or Bank of America, to keep a ledger of accountholder balances. These are necessary to keep track of who owns what. If I send you $100 via PayPal, PayPal deducts the amount from my account and adds it to your account...

Full article: http://www.cato-unbound.org/2013/07/12/jerry-brito/its-mo...

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