Bitcoin - analysis on its practicality based on Marxian monetary theory
Money without which we cant get through this world we live in, has taken several forms throughout history. Bitcoin, a blockchain based crypto currency and several other cryptocurrencies are the newest entrants in to the present monetary system projected to cause disruption in the financial ecosystem. Bitcoin is a blockchain based system with a decentralised ledger system operated through complex mathematical function with digital miners mining currencies through high end computing systems. Money and its nature of evolution and its function can be best understood with Marxian monetary theory. Primitive economies developed rudimentary concept of money as intermediary for facilitating commodity exchanges. Marxian theory developed in 19 th century as mercantilism is going through changes effected by industrial revolution regards money as a commodity, that follows labour theory of value. In simplified terms, theory of labour value assumes that price of c