Bitcoin and the Austrian Theory of Money

Bitcoin is a decentralized and open source digital currency. It has no central bank, the supply of money is limited, and transactions are done directly between users. But is it money?

Since the arrival of Bitcoin, Austrians have debated furiously about the nature of Bitcoin as a money (or not?), especially given Mises’s regression theorem.

This week the Mises Circle will tackle this topic, with our main focus on Peter Šurda’s thesis paper “Economics of Bitcoin: is Bitcoin an alternative to fiat currencies and gold?” In this lengthy article, Šurda argues that Bitcoin is indeed a viable alternative and does hold up to Austrian standards of what is money.

In addition to the nature of Bitcoin and money, we will discuss the implications of alternative and competing currencies in the marketplace. Also, for those interested, you can learn how to set up and use Bitcoin on your own devices.

The discussion will be proceeded by a brief talk by Peter Šurda.

Whether true money or not, Bitcoin and other cryptographic tools and services are revolutionizing the internet and how humans interact, with or without a central governing body. Don’t miss out on this discussion!

PDF of Šurda’s thesis:

If you cannot make it in person, be sure to join us online via Google+ Hangouts.

When: Monday, January 21st at 7pm CST
Where: Waggener 308

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