Your Move, Gold Critics: Please Explain What Money Is

Your Move, Gold Critics: Please Explain What Money Is

Owners of Bitcoin have endured a wild ride in recent years. While the coin could fetch $900 when 2017 began, one year later its value briefly moved above $20,000. At present, one Bitcoin exchanges for roughly $5,000.

The coin's substantial volatility ably explains why, at least for now, it's not seen as a worthy substitute for the dollar. It more realistically exhibits the floating dollar's worst qualities, many times over.

Indeed, imagine entering into a transaction in which payment would be made in the cryptocurrency. I'll pay you 10 Bitcoin to remodel my kitchen. Ok, but which Bitcoin? The 2017 version, or the much more valuable coin of 2018? How about I pay you 10 Bitcoin now, and 10 in April of 2020 to add on a room to my house? Assuming continued volatility, someone's going to be very unhappy next April.

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