Game over, Bitcoin. Long live human-based currencies!
While being a tremendous proof of concept, the distributed cryptocurrency Bitcoin is fundamentally flawed as an alternative money system, critics say. It is now time for truly radical monetarists to build on this technical experiment and move to the next level of the monetary revolution: a truly human-based digital monetary system. Since its launch in 2009, Bitcoin has turned from a crypto-anarchist project into a hype topic in the worldwide web community and beyond. From London’s squats to Berlin’s Kreuzberg neighborhood: not everyone uses Bitcoin, but everyone is talking about it. Bitcoin can be described as a peer-to-peer cryptocurrency, in other words a distributed monetary system that enables anonymous and relatively secure transactions without any centralized authority. Everyone agrees that Bitcoin is an amazing proof of concept from a technical standpoint, and has succeeded in raising much awareness for the current flaws of the monetary system. Which is bad, Felix Salmon says: