Bitcoin: Can a private digital currency circumvent the government?

In a fascinating interview Tom Woods talks with Erik Voorhees of BitInstant about Bitcoin.  Bitcoin is a digital currency as well as a global payment network for that currency.  It is  not unlike other currencies around the world like the dollar and euro but with the important exception that it is private and there will never be more than 21 million in existence, whereas central banks can create unlimited currency units of dollars and euros.

Bitcoin does seem complicated but I believe its potential for functioning as an anonymous payment method that cannot be tracked or shut down by governments makes it well worth learning about – and using.

You can learn more about how it works in this post.  In the below interview many common questions about Bitcoin are asked by Tom and listeners, and answered by Erik.  Among them:

  • Could the government go after individual account holders of Bitcoin?
  • How is Bitcoin any different than Federal Reserve Notes?
  • What keeps the government from shutting down Bitcoin?
  • What would happen to my Bitcoin account if the internet was shut down?

Like this article? Get ECN delivered to your inbox daily. Subscribe here.

Leave a Comment