Subway Franchise Accepts Bitcoin

During the meeting I wrote about in my post called Bitcoin in the Philippines - will technology save our money?, the spot of Bitcoin was at around 90 dollars. Let me tell you, I'm regretting not buying any as MtGox is now placing its average price at around 312 dollars. And this is all in spite of the whole Silk Road scandal that, not known to many, had a minuscule effect on the price and transactions of Bitcoin.

The photo above shows a Subway franchise that accepts Bitcoin as payment. It was shared on the Bitcoin Philippines group on Facebook and you can check the full Reddit thread here. As you can see, this is the market reacting and seeing value in Bitcoin. Where others are feeling "safe" with central planning of money, the market is dictating otherwise.

Hayek has always talked about competing currencies. And by competition, there are those of us who would like to see currencies that are not imposed with regulations or sales or capital gains or consumption taxes. That would take away the essence of a competition and still favor government monopolized fiat currency.

In my blog post Is Gold Money? I wrote:
But does money really have to be gold and gold only? Of course not. It just so happened that it has qualities that make it very ideal to be a medium of exchange: it is divisible, portable, recognizable, can't be counterfeited* and most importantly it is scarce.
Although I have argued strongly for gold,  I have also emphasized several times that money doesn't necessarily have to be gold. We just want government monopoly taken away from our money. If the statists and expert econometricians believe so much in the value of government money, then why are they so afraid of competition? This is because the market is very democratic and people will flock to that which has more value and government money has no value whatsoever except for what they declare it to have.

In that specific Subway above, you choose to trade with government bank notes or Bitcoin. That ability to choose what you want to pay with is an essential freedom. As technology advances, the concept of competing currencies is becoming easier to comprehend and justify.

1 comment:

  1. Thanks so much for sharing this awesome info! I am looking forward to see more postsby you!
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