George Selgin explains why the ‘no backing’ criticism of Bitcoin is wrong

By March 5, 2015Bitcoin Business

It all boils down to: what guarantee does one have about the "thing" retaining its value between the time it is received and the time it is given in exchange for something else.

The question will have different answers depending on the time frame. If the time frame is a couple of months — say, between monthly payday and spending all of it, or investing on other things, before the next payday — then ordinary […]

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