30 Dec '13, 6pm

Bubbles, Banks And Bitcoin via @forbes

Currencies have three functions: store of value, medium of exchange and accounting unit. At the moment, Bitcoin is principally a store of value. I disagree with those who think that Bitcoin cannot be a store of value because it has nothing physical backing it. Anything that is intrinsically scarce and doesn’t decay can be a store of value. Bitcoin, consisting as it does of digital information with a hard limit on the number of units that can be created, certainly meets these criteria. The deliberate scarcity of Bitcoin makes it good for people who want to invest in it as a store of value, because (bubbles aside) it will appreciate over time, so they will get richer simply by hanging on to it. But it makes it much less satisfactory as a medium of exchange. When money is deliberately kept scarce in order to preserve the value of money savings over time, the general price lev...

Full article: http://www.forbes.com/sites/francescoppola/2013/12/30/bub...

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