September 16, 2019

Bitcoin: Is It Too Big for Government to Ignore?

Bitcoin and other digital currency may find its way into government yet.

bitcoin+logo+2The infamous “Bitcoin” — that “crytocurrency” unveiled in 2008 as a peer-to-peer electronic cash system — appears to be on the verge of going mainstream and Main Street. In an article release on July 29 by Government Technology magazine, this digital “coin,” which has no backing of either government or precious metal, is under review by several state governments as a viable, legal means of payment for such things as traffic tickets, permits and other services.

“Governments are still sorting out their ultimate roles in the burgeoning world of digital currency,” the report notes. Nonetheless, “megabyte money” (Kurtzman, “The Death of Money,” 1993) has gained such traction as to capture the serious attention of goverments everywhere to consider it a viable legal tender.