Bitcoin

While the currency of the world drives men into the bondage of debt many alternative currencies are not much better for other reasons.

Bitcoin is trying to create a "cryptocurrency". http://bitcoinmagazine.com/6939/seans-outpost-announces-satoshi-forest/

They were playing with words but the point is Bitcoin is not dependable which puts it on the same footing as all the other digital accounts we have in the world today and when the unrighteous Mammon fails Bitcoin will also fail.

This is especially true if there is a real meltdown of the economy. Bitcoin can disappear in that twinkling of the eye.

Is that a reason not to use them?

Because many are suggesting its use as "current money" and some may use it to avoid taxes, it will be scrutinized and possibly even sanitized by the powers that be...

So, what should we consider before using this electronic currency. Questions will arise is it legal, biblical, moral?

First, Bitcoin is not a "just weight or measure" and has no intrinsic value or even substance. It is not Real Money. It is not biblical because the only biblical money is a commodity money of present value based on tangible substance.

It is highly speculative and dependent on a "digital world". While it is decentralized it is dependent upon a system that is controlled. A "digital world" is dependent upon an electrical grid which could disappear in a twinkling of an eye.

As I read one comment I emphasize some the text "My point...We can not depend too much on digital technology. It does not fully measure up and it can leave us weighed in the balance. I recommend getting back to just weights and measures. It's a golden opportunity."

Just weights and measures does not mean gold and silver coins. It means what it says. It is just weights and measures. There is no stamped value, only a measure of weight and a measure of substance.

All currencies are subject to failure. It is not a weight that can be measured but a market value based on digital entries that have limited available amount.

This limitation, like gold and silver in the ground, adds to its value because as more people seek to use them the demand drives the value up. Unlike gold and silver and other metals no matter how hard you work you can only produce so many.

Federal reserve notes and the digital transactions of account entries have no real value either and can lose all their "apparent" value in the twinkling of an eye.

But Just weights and measures is not enough. It has limitations because it is bound to the physical world. You need a system of trust to move substance electronically.

What you need is a network of living souls who love one another as much as they love themselves and are bound together by faith, hope and charity. What you need is the kingdom of God.

Related Podcasts

• TOM WOODS: Ep. 2070 Fiat Money and Debt Slavery, with Saifedean Ammous
• TOM WOODS: Ep. 2071 Fiat Money: Its Damage Goes Beyond Economics
• Edward Snowden: Your Money AND Your Life
• Bitcoin is not what you think it is. Money is not what you think it is

Perspective

$683.94

Bitcoin price on December 26, 2013 when the article above was created

Bitcoin price today

Cryptocurrency Prices by Coinlib

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