Economics and Finance

   

Bitcoin: not a Currency-Like Informational Commodity

Authors: Jan Aldert Bergstra

Six assertions concerning the status of Bitcoin are formulated and defended: (i) Bit- coin is not and will not become a currency-like informational commodity, (ii) currency- like informational commodities that aren’t currencies must be frauds, (ii) specific BTC amounts may become monetized and thus may be turned into financial assets, (iii) currently no BTC amounts are monetized in any currency area and therefore none are financial assets, (iv) by means of burocratic steps only some BTC volumes can be turned in to an informational currency within a given currency area, modified client software is not required for that step, (v) if a specific amount of BTC qualifies as currency, it also qualifies as money, (vi) moneyness of Bitcoin, or rather of a specific occurrence of an amount of BTC, should be questioned only after one has agreed positively on its status as a financial asset, and negatively on its status as an amount of currency. Factions in the Bitcoin promoting movement are viewed from a perspective of organizational multi-threading. Different factions of the Bitcoin movement may wish to see status issues about Bitcoin settled in different ways. Overall consistency in these matters should not be expected from the union of factions in the Bitcoin movement.

Comments: 14 Pages.

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Submission history

[v1] 2015-01-01 07:05:10

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