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Argument by False Analogy: The Mistaken Classification of Bitcoin as Token Money

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  • ALISTAIR MILNE

Abstract

This paper documents inconsistent terminologies and misleading analogies in current discussions of digital money and payments. It offers a more consistent framework for understanding the potential of technological innovation in providing the functions of money and payments: as media of exchange, stores of value, and units of account and the implications of cryptographic technologies underpinning cryptocurrencies for the future of money and payments. These could support efficiency gains in money and payments, but decentralization is not inherent to their application. Radical reform leading to improved economic outcomes is conceivable, but not through disruptive displacement of existing institutional arrangements.

Suggested Citation

  • Alistair Milne, 2024. "Argument by False Analogy: The Mistaken Classification of Bitcoin as Token Money," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(8), pages 2199-2222, December.
    • Handle: RePEc:wly:jmoncb:v:56:y:2024:i:8:p:2199-2222
    DOI: 10.1111/jmcb.13061
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