Bitcoin and Blockchain

Friday, July 14th, 2017

The American Revolution is still being fought, and the Washington-based administrative state is the biggest enemy.

Thursday, July 13th, 2017

Several key factors make Bitcoin and other cryptocurrencies at best imperfect substitutes for gold.

Wednesday, June 28th, 2017

Far too much uncertainty about the future exists to learn much of anything from current swings in Bitcoin’s price.

Friday, June 23rd, 2017

When you hand someone a dollar bill, gold coin, or bushel of wheat, the transaction doesn’t require much effort to execute. The seller holds a physical object, and apart from counterfeiting, knows that he or she has been paid.

Tuesday, June 20th, 2017

Blockchain technology could revolutionize the way food supply chains work.

Thursday, June 8th, 2017

While Bitcoin dominates media and investor attention, it and dozens of other “altcoins” are competing in the market, each with unique technical and economic features.

Friday, May 26th, 2017

Regulators should take a wait-and-see approach in rather than crafting new rules for digital currencies now.

Tuesday, May 23rd, 2017

Bitcoin's price is hitting all-time highs, but how important is the digital currency in our economy?

Tuesday, May 16th, 2017

Bitcoin’s system of radically decentralized governance is facing perhaps the biggest test in the digital currency’s history.

Thursday, May 4th, 2017

Many people find cryptocurrencies such as Bitcoin appealing because they aren’t attached to any government and are thus immune to inflation associated with fiat money.

Tuesday, April 25th, 2017

Bitcoin, the world’s first form of digital cash, is a nascent invention that has overturned centuries of commonly-held assumptions about monetary policy and the role of government in the provision of money. Whereas universities have long taught that money can only be provided by a government that guarantees it and demands its use in taxation, Bitcoin has thrived for eight years without any government backing it, tantalizingly offering a glimpse of a future separation between state and money, starving government of the fuel that powers its totalitarian impulses and warlike tendencies.

Friday, April 21st, 2017

In my last article and blog on Bitcoin, I discussed some issues that Bitcoin faced from consolidation and the increasing professionalization of Bitcoin “mining.” These issues may soon be coming to a head in an argument about Bitcoin’s underlying code that offers two divergent paths for the future of Bitcoin – or a third way in which it splits into two separate assets. This possibility is both a serious concern for Bitcoin users and investors.

Thursday, April 20th, 2017

Even though blockchain applications are in their infancy, the technology is here to stay.

Wednesday, March 22nd, 2017

Those who dream of a world with greater economic freedom have traditionally relied on the pen, the ballot box, and sometimes the sword to effect change. But a relatively new technology called blockchain may make the computer a potent tool to achieve greater liberty.

Thursday, March 16th, 2017

How much does it cost to make a bitcoin?

Thursday, March 16th, 2017

We have written recently at AIER about how blockchain – and bitcoin, the cryptocurrency that is one early and prominent application of blockchain technology – may be important to the future of money and exchange. In this article, I discuss how in the past few years, the center of gravity of the bitcoin world moved to China and the lessons we can draw from the resulting cycle of consolidation and regulation. This may have important implications for the future of bitcoin, as well as a being a potential challenge to the decentralization that is part of the fundamental appeal of cryptocurrencies.

Wednesday, March 8th, 2017

New technologies that bring major changes to society rarely do so in ways that are straightforward or easy to predict. In a previous article, we described the basics of blockchain technology and how it could enhance and safeguard fundamental economic rights. Viewing adoption of this technology as an inevitable force that will protect civil liberties and reduce government dominance over legal and economic affairs is therefore tempting.

Friday, March 3rd, 2017

New technology can both disrupt and entrench existing large and powerful players in a market. In a previous article, I explained the importance of blockchain technology. A blockchain is a type of database that is distributed to all users without a centrally managed hub and that stores unalterable digital records. It is most commonly known today as the technology underlying bitcoin, keeping records of the cryptocurrency’s ownership and allowing ownership to be transferred.

Thursday, February 16th, 2017

In recent weeks, Chinese regulators have taken a stronger interest in bitcoin, the cryptocurrency that was the first major application of blockchain technology and that we have recently highlighted in this blog.

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