Bitcoin’s Fundamental Value is That it is The Most Excellent Money That Exists

(This article is likely to find its way into debates between bitcoiners and the advocates of gold or central bank currencies who hold that bitcoins fail a test of having ‘fundamental’ value.)

Intro: Money, it turns out, is a confusing topic.

This Paper: The ‘Fundamental’ Case for Bitcoin as The Most Excellent Money Ever

Part 1. The formal, logical case for bitcoins being the most excellent money ever known.

Part 2: Testing the Formal Argument

The Definition of Money — Does It Stand Up?

Money doesn’t actually have to be consumable.

Bitcoin Can Only Be Exchanged. It Can’t Be Consumed.

But Bitcoins Can’t Be Consumed — Well, So What?

Great Exchangeability Features.

Bitcoin’s exchangeability properties solve problems other monies have.

The Coup De Grace

What We Can’t Prove



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