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Bumps on the Bitcoin Road
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
lfb.org / By Jeffrey Tucker /
Now that Bitcoin seems to be on the way toward monetization, or at least the long process is noticeably under way, there are a number of issues that are troubling people. I will deal with a few here. Note this crucial distinction that is somehow lost on many commentators on the Bitcoin issue. The flaws are not with the technological unit itself, but with its mode of delivery in real market conditions.
When do we know it is money? As I was preparing a report for subscribers of the Laissez Faire Club, I was going through the list of goods and services currently priced in Bitcoins and available on the Web. It is mind-boggling how many there are. I’m not sure I knew just how much you can get right now. The conspicuous hole in this panoply are local merchants — the pizza joint down the street, the rent, the cab fare. Otherwise, anything you can buy on the Web, you can buy with Bitcoin.
Then it suddenly occurred to me.
If you put this list together and look at the total, what you find are more goods and services available right now using Bitcoin than have been available to most everyone in all times and places using any money that has ever existed in all of human history except for the past few years.
True, you can buy more with dollars now, but you can get more stuff with BTC now than you could get with dollars in the 1980s or any earlier time in history. You can buy more varieties of grain, cereal, and spices now than you could get with government money at the local grocery back then. You can buy smartphones, tablets, scanners, and cameras that didn’t even exist back then. You can get clothing at prices that were unthinkable back then.
In other words, from a broad historical perspective, Bitcoin is already one of the most functional currencies in the history of humanity.
Thanks to BrotherJohnF
2013-04-25 11:01:07
Source: http://silveristhenew.com/2013/04/25/bumps-on-the-bitcoin-road/
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