Bitcoin

While the currency of the world drives men into the bondage of debt many alternative currencies are not much better for other reasons.

Bitcoin is trying to create a "cryptocurrency". http://bitcoinmagazine.com/6939/seans-outpost-announces-satoshi-forest/ It will be scrutinized and possibly even sanitized by the powers that be...

So what should we consider before using this electronic currency. Questions will arise is it legal, biblical, moral?

First, Bitcoin is not a "just weight or measure" and has no intrinsic value or even substance. It is highly speculative and dependent on a "digital world".

Also many are suggesting its use as "current money". And some may use it to avoid taxes.

As I read one comment I emphasize some the text "My point...We can not depend too much on digital technology. It does not fully measure up and it can leave us weighed in the balance. I recommend getting back to just weights and measures. It's a golden opportunity."

They were playing with words but the point is Bitcoin is not dependable which puts it on the same footing as all the other digital accounts we have in the world today.

This is especially true if there is a real melt down of the economy. Bitcoin can disappear in the twinkling of the eye.

Is that a reason not to use them? All currencies are subject to failure. It is not a weight that can be measured but a market value based on digital entries that have limited available amount.

This limitation, like gold and silver in the ground, adds to its value because as more people seek to use them the demand drives the value up. Unlike gold and silver and other metals no matter how hard you work you can only produce so many.

Federal reserve notes and the digital transactions of account entries have no real value either and can loose all their "apparent" value in the twinkling of an eye.

IN FACT THE APPARENT VALUE DROPS WITH THE INCREASE OF SUPPLY such as we see with catch phrases like quantitative easing.