The Blockchain is Important and so is Bitcoin

At the moment, it seems to be fashionable for venture capitalists and tech journalists to say “I love the blockchain, just not bitcoin.” There are a few things that people that make this claim completely ignore:

The blockchain does not work without bitcoin

Bitcoin is an economic experiment

Bitcoin has the best characteristics of money

To say that bitcoin has the best characteristics of money is not to say that bitcoin is money yet. In the traditional economic sense, money is defined as any item or verifiable record that serves as a medium of exchange, store of value, and unit of account. While bitcoin is currently functioning well as a medium of exchange, the world is still determining whether it wants bitcoin to be its store of value and unit of account. That decision will play out over a long period of time and is solely dependent on adoption. As bitcoin becomes easier to use and more useful for people around the world, it has a chance to fulfill its promise of being the the world’s first liquid, global language to communicate value.

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