The Phaserl


The Enduring Tale of Bitcoin

[Ed. Note: Have you noticed that in most Bitcoin articles there’s an image of a physical BitCOIN? Ironic. ~MRH]

by Redmond Weissenberger, Dollar Vigilante:

Bitcoin has taken off lately, and so have the cryptocurrency’s detractors. The same talking heads who trash gold-bugs now have their new target: a currency not reliant on the government. Should Bitcoin succeed in establishing itself as a means of exchange people can trust, the dollar’s demise won’t be far away. What we are witnessing right now is the rise of totally state-less currency that threatens the normal working order. The is why the Fed and fiat lovers are scared – they know central banking all over the globe is losing legitimacy.

So where exactly does Bitcoin have its roots? We know the mysterious creator (Satoshi Nakamoto) had some kind of affinity for Austrian economic theory. Even the European Central Bank recognized that the “theoretical roots of Bitcoin can be found in the Austrian school of economics” in a recent study. But knowing theory is not enough to incentivize someone into action – there was something more.

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