The first American Colonists faced a problem: They didn’t have enough currency. Bitcoin—and today’s other cryptocurrencies—solve old problems of currency and create new limits on how it’s used. Perhaps the problems with money debated by the founding fathers of the United States and the problems associated with cryptocurrencies are not problems at all. These are the points of contention at the heart of all fiscal systems - and those which are inherent to their respective successes.
Counterfeiting is a real danger to numismatics and cryptocurrency alike. Both the rare coin and digital currency communities seek methods to combat the artificial manufacture and trade of the assets that make up their professions. It has been a governing philosophy of the Coinage to Crypto Series that numismatists, stackers and crypto experts can find common bonds. In keeping with this thinking, perhaps the blockchain will provide tracking and anti-counterfeiting measures to the numismatic community, despite many numismatists' resistance to change.
"What's your cow to bitcoin conversion rate?"
Trust is the ultimate origin of value determination. The buyer must trust that by accepting a form of currency - coin, note, or ledger entry - for real goods and services, that they have attained an item of comparable value which may then be used to acquire other goods and services that they need or want.
Commodities and Currencies: Standards Gold and New - This article brings the concept of monetary standard revival back into the discussion of Numismatics, Gold and Silver, and Cryptocurrency.
#2 in the Coinage to Crypto Series from Austin Lloyd