19 Nov '12, 6pm

Bitcoin Would Not Be Deflationary - One of the major arguments against Bitcoin as a potential replacement for…

One of the major arguments against Bitcoin as a potential replacement for fiat currencies is that, since the supply of Bitcoin will eventually become fixed, it must necessarily cause deflation since the demand for currency will continue to rise. This argument, as it turns out, is based either on a conflation of the different kinds of money supply or on a belief that the ratio of “broad” to “high-powered” money cannot adjust sufficiently. “High-powered money” is the part of the money supply that Bitcoin could constitute: cash and bank reserves. “Broad money,” on the other hand, is the total liquidity available in the economy: demand deposits, short-term treasuries and commercial paper, money market accounts, et cetera. These can be used directly for transactions (via check, wire transfer, direct asset transfer, etc.), or they can be converted quickly to a form that can be u...

Full article: http://undergroundeconomist.com/post/36076277512

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