Some very nice lines in there, especially “ A currency is an IOU from the community using it for past goods and services rendered”.

I’d broadly agree with your assessment, although as we’ve seen, confidence can be lost in any modern currency at any time. The difference with Bitcoin is that it could be argued that not everyone needs to accept it, just a majority or perhaps even a significant minority and perhaps for only specific tasks, such as easy overseas payments. As long as the structure behind it is still valid and secure, the option will always be there. Once confidence is lost in a traditional fiat currency, it has to be entirely replaced and, of course, can only be done at a sovereign level.

Thanks for reading and commenting, much appreciated.

Jason

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I blog on things I am passionate about: Bitcoin, writing, money, life’s crazy turns and being a dad. Lover of learning, family and cheese. (jasondeane@msn.com)

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