Global money – the internet as a monetary union
Bitcoin doesn’t overcome or tunnel through borders, it ignores them. Sending a Bitcoin to my neighbour in Germany means exactly the same as sending it to someone in New Zealand. Today, Bitcoin is already used in more countries than any other currency. When I engaged a Chinese author to write for this blog, I sent him his fee and he received it in ten minutes without any transaction costs. Just as the gold standard enabled globalisation in the 19th century, Bitcoin can unleash a new era in the globalisation of trade and services. Bitcoin transforms the internet into a monetary union.