April 23, 2014
Having written my Honors Essay on cryptocurrency compared to fiat and gold standards, I find this to be a difficult question. My understanding of why something becomes money is the same as economist Carl Menger. Long ago, the economy was a barter economy. But some commodities were sought after more than others. So people traded for those goods not for purposes of consumption, but to trade for other goods. Finally, the market converged onto one good as the medium of exchange and unit of account. If the economy had a currency adopted by the free market, Bitcoin would not have a chance, even if it would be a superior money than the one adopted by the market, due to the nature of money. But as it is, we have a plethora of fiat, coercion-imposed monies in the world. With the global economy in shambles, adoption of a sound, convenient money could get us back on track. The way to raise awareness is to meet with business owners and organizations to speak about Bitcoin's benefits for commerce.
My name is Tyler Jacob Kadow. I have a Bachelor of Arts in Economics from Cleveland State and plan to pursue a Masters in Digital Currency online from University of Nicosia (someday).