Cryptocurrencies like Bitcoin have been making steady inroads into the retail sector. The blockchain holds vast potential as a currency alternative to fiat currency.
We have heard much over the years about how we are moving toward a cashless society. Much like the paperless office that was once heralded as both imminent and inevitable, we have hit many bumps on the road to making this happen. Maybe we don’t want to part with cash as much as we think.
Bitcoin first appeared in 2009 as a novelty. It wasn't long before it became a toy. Then hedge funds and serious investors began to take notice. More and more often, the applications of Bitcoin take on a maturity that makes its previous lives seem very quaint. Where does the world stand on the adoption of Bitcoin?
The Census Note is a hardware cold wallet that supports all major cryptocurrencies. The Census Note is a card made of durable plastic that contains a secure chip. This chip stores the private key that secures access to the funds.
We are used to money being issued and controlled by the state – but if we look at its history we see that money originates from the free market. Without money, a reasonable division of labor would not be possible.
Ludwig von Mises' theory of business cycles does not only deliver a logical proof of this, he also correctly predicted the economic crisis of 1929. According to his theory, the boom of the “Roaring Twenties” was caused by cheap loans issued through the US Federal Reserve System, which was founded in 1913. When investors discovered that this boom did not correspond to real value being created, it collapsed.
The individual and its actions are at the center of Austrian Economics. Austrians frown upon the habit of economic schools to squeeze human action into abstract mathematical models.