Bitcoin Rises To The Level Of Fool’s Gold

Caveat emptor.

Photo by Ibrahim Rifath on Unsplash

At the time of writing, the asking price for Bitcoin has pushed through the 100,000USD mark, while gold is languishing at around 2,644/oz. In other words, sellers are asking for 2,644USD in exchange for 28.35 grams of gold and 100,000USD for a line of code in a database called a blockchain located somewhere in cyberspace.

Money is an abstract concept. In our consensus reality, money represents a medium of exchange, a store of value, and an accepted means of payment.

Throughout the course of history money’s taken many forms. The one we’re most familiar with is cash — banknotes and coins. The form most of us are now using, whether we’re aware of it or not, is digital. No, not cryptocurrencies, but the digital form of your nation’s currency.

For most of us, our money exists not as banknotes but as digital entries in electronic bank accounts we access through microchip enabled plastic cards and internet banking services — or ATMs if we insist on paying in cash.

Here in Australia, there’s been a bit of a media storm recently about banks charging a cash withdrawal fee for accessing cash over the counter in a branch. Cash has become an expensive form of money in a marketplace that has become increasingly cashless. Last year, the one remaining cash…