DIGITAL CURRENCIES AS A FUTURISTIC CHANGE //The bitcoin from the perspective of the Austrian school.

in Project HOPE2 months ago

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.


BIBLIOGRAPHY CONSULTED


[1] 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


OF INTEREST


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Greetings friend @madridbg, an interesting analysis of the use of BTC and the Austrian school, certainly this technology offers us a decentralized system and completely free of state control that boosts personal freedoms, the principles of this school should be our philosophy, not to depend on the controls and limitations of fiat money, something that perhaps in the future we can detach ourselves and voluntarily adopt the best digital currency that suits us.

Greetings friend @madridbg

I liked this thought "Individuals in a society are the main agents that should look after their own needs", in essence that should be a philosophy of life, excellent analogy that you share with us certainly the decentralization that the crypto world is experiencing is the biggest attraction not only of BTC but also of any cryptocurrency.

Best regards, be well.

Greetings my dear @lupafilotaxia no doubt the world of cryptocurrencies has become a very important market, which due to its decentralized protocols are a guarantee of transparent procedures between people who know and are clear about the risks they face. Thank you for your contribution

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Greetings my friend @madridbg, excellent explanation about the BTC from the Austrian school approach, very accurate this article because based on the law of supply and demand consumers decide when to buy and when to sell, this freedom applied to BTC makes it take more strength because there is no government that can interfere or much less control the market making it stronger every day and gaining ground on fiat money.
A big hug brother.

Greetings my dear @carlir,

Thanks in advance for your contribution, no doubt everything is a function of the protocols and the perception that is held on humanity, hence the bitcoin have acquired a supremacy that is projected over time. We will keep reading

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