Bitcoin and…the…Mundane?

According to the Wall Street Journal article, “Where’s Bitcoin Going in 2014, and Beyond?,”, dated January 13, 2014, “…bitcoin’s value lies more in its ability to be a mundane facility for people’s daily needs than some spectacular modern gold rush.”  Not only is this true, I would suggest that this is the linchpin that those lobbying in Washington promoting bitcoin and other crypto-currencies should hang their hats on.

Yes, bitcoin is “new.”  Yes, bitcoin is an amazing innovation.  Yes, bitcoin can be misused by money launderers; however, so can cash.  No one on Capitol Hill ever suggests, even under their breath, the prospect of banning cash.  Why?  Because cash is mundane and cash facilitates our existence.  Sure, some of us have a lot more of it than others.  Some of us use it for good, and others use it for nefarious purposes.  One thing is certain, nearly all of us use it.  Most of us use it for perfectly mundane and routine purposes.  One of the major long-term advantages that bitcoin has is that it represents an inexpensive method of facilitating the efficiency of payments and facilitating transactions.  The sooner regulators and those on Capitol Hill are convinced of this fact, the sooner workable AML regulations that are tailored to the realities of the virtual currency environment can be enacted.

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