What’s the point of Bitcoin again?


Last April I wrote that we should care about Bitcoin because it represented a new conception of currency, one untethered by traditional restrictions like state monetary policy. Nine months later, I must confess I’m scratching my head as to the point of it all.

I’m not saying that Bitcoin is necessarily a bad thing, though the last couple of weeks have produced a flurry of articles to that effect, generally from people a lot better-versed in economics than I am (do read Alex Payne, Charlie Stross, Brad DeLong and Paul Krugman).

What I am saying is that I’ve realized I can’t actually see the point of Bitcoin, as in “why should anyone use it?” Last April, I wasn’t dealing with the “why” aspect enough. The arguments in favor of Bitcoin’s use – in real life, not speculative cashing in and out — are way too easy to shoot…

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