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Real Money? Looking Inside Your Bitcoin Profit Calculator Real Money? Looking Inside Your Bitcoin Profit Calculator May 15 Cheap Devils Jerseys , 2014 | Author: Wallace Eddington | Posted in Business
This article follows the conventional practice of using the upper case Bitcoin to refer to the program or network and the lower case bitcoin to refer to the currency.


As you crunch the numbers on your Bitcoin Profit Calculator , estimating the worth of your bitcoin in, say, dollars, you might well ask yourself: is this stuff I’m calculating really money? It’s a fair question.


We have, after all, been inundated in recent months and years by the condemnations and criticism from both sides of the chamber in the long running debate between fiat currency’s defenders and their precious metal rivals. Both have often enough dismissed bitcoin as fools-gold. Their reasons of course are different.


Fiat currency defenders simply give no respect to any alleged money which isn’t backed by a government. Without such backing, they consider it just a joke. More sophisticated versions of the case likely cite the relevance of network-effect – not without some validity.


Practical merit aside though, such arguments are only the death rattle of their beloved money supply. The experience of history reveals having a government (and a government alone) as the guarantor of the money is a recipe for systemic, impoverishing theft through systematic inflation.


In this debate, bitcoin enthusiasts would side with the precious metal crowd. Fiat valuation is the down-slope of a currency. As I explained in an article at the Fiat Currency Review site, money begins as and always remains strong when it is adopted via market processes from an already widely demanded commodity. That alone prevents its corruption by government.


Going back to the dawn of our species, right up to the recent agricultural revolution, sea shells, cattle Wholesale Jesper Boqvist Jersey , tobacco, salt and gold, among others, have arisen as money initially because it was a commodity demanded by enough people that it could be relied upon as a general medium of exchange or store of value. However, if we concede this point against the fiat currency crowd, is bitcoin thereby self-condemned by the same argument, as many precious metal promoters allege?


When the gold bugs insist that money must be backed by something, by a real commodity, that has real value