Author: @madridbg, through Power Point 2010, using public domain images.
Greetings dear members of this prestigious platform, through this publication we will continue to deepen on the evolutionary process of bitcoin and for this we will study the approach that is handled from the Austrian school. As has been constant in my publications, this type of content will be addressed from the @project.hope community.
In this sense, we will begin by addressing the Austrian school of thought, which is based on individual advances, where individuals in a society are the main agents that must ensure their own needs and therefore achieve a level of welfare balanced with society. At the economic level, man is an essential consumer of the goods and services offered to him and he decides when to satisfy his needs, hence the need to promote his personal growth.
Fig. 2. Man is a natural consumer who has to take care of his own needs. Author: mohamed_hassan
The main differences or criticisms made to the Neoclassical school, are based on the discrepancy in the way of reaching equilibrium through algorithmic models that restrict from the beginning the development of man, on the other hand, reaching a state of equilibrium through a mathematical model is considered an attack against the integrity of the human being. Therefore, individuals in general make decisions based on personal incentives within a complex system, where any intervention of the state represents a distortion of social welfare.
Now, you may ask, what does Austrian philosophy have to do with bitcoin?
The answer to that question is very simple and is framed in the decentralized protocol by which cryptocurrencies are governed, it is a function of a free economy or a free market, for that reason the use of BTC is not mandatory and the general population is completely free to reject or accept its use.
The movements of blockchains in general and the web 3.0 are classified as free movements, where the balances are the result of these and where the value of the currency is framed in the demand and supply of the same, coupled with the low commissions that are handled by the transactions.
Fig. 3. The de-centralization of processes makes Web 3.0 more attractive to users. Author: Gerd Altmann
In other words, the basis of the BTC according to the Austrians is determined by the no state intervention, where the protocols that are handled are in total dissonance with the management that is given to FIAT money from the central banks. This freedom that is observed in the cryptographic spaces is what has increased the attractiveness of BTC, which as the days go by is becoming the currency of the future, leaving behind fiat money. Therefore, if you have found this publication timely, I invite you to leave your perspective in the comments section.
 Michael McLeay, Amar Radia y Ryland Thomas. (2015). Money in the modern economy: an introduction. Journal of Institutional Economics, vol. 17. Number 33. Article: Online Access
Grateful with the community @project.hope and with all the management team of the same one that they motivate us to continue working in a mutual and balanced growth.