Published on November 13th, 2017 | by bitcoin0
Separating Bitcoin from the Technology Supporting It
But it is important to remember bitcoin is a dual phenomenon: a technological innovation and a potentially useful medium of exchange.
One might recognize the technology as a genuine innovation without accepting its usefulness as a medium of exchange.
Bitcoin functions much like a monetary rule, which requires the money supply to grow along a predefined path.
Ideally, the bitcoin money supply would grow as demand to hold bitcoin increases.
Instead, with bitcoin’s supply schedule fixed, the purchasing power of bitcoin (i.e., its dollar price) shoots to record high levels.