23 Jan '14, 12pm

Where Bitcoin boosters are getting it wrong

Where Bitcoin boosters are getting it wrong

It would use an existing currency. As the total number of Bitcoins issued reaches its alleged limit, the Bitcoin miners will depend on transaction fees that are expected to be small. The ease of entry and exit into mining will push the level of transaction fees to a competitive level, thus leading to a low-cost payment network. There is no reason why a similar network cannot be built right away that uses an existing currency like the US dollar. The Fed would create (mint) bitdollars that would be exchangeable for regular US dollars. The miners would be paid via transaction costs. This would eliminate all of the problems with the instability of Bitcoins and the monetary policy trap of having a fixed money supply with no possibility of alterations. The digital gold bugs won't like this, but it would work a lot better than a digital gold standard. It would provide seignorage ...

Full article: http://news.cnet.com/8301-11386_3-57617636-76/where-bitco...

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