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Bitcoin, a private rule of law to protect the freedom and property of consumers

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  • Diaz, Adriano

Abstract

Deflation represents an increase in consumer wealth through postponed consumption decisions. State-imposed "monetary policies" not only expropriate this increase in wealth attributed to deflation (a fiscal motive) but also penalize consumers for postponing their consumption of goods and services (a form of social engineering). Consequently, there is a shortfall in the state's legal frameworks adequately protecting consumer freedom and property rights. In response, the Bitcoin network has emerged as a private currency governed by a distinct legal framework rooted in proof-of-work. Consumers holding Bitcoin benefit from the economic advantages of global deflation-advantages often usurped by central banks-and experience enhanced freedom to delay consumption, navigating their life paths free from the constraints of social engineering. Thus, Bitcoin contributes value by addressing the shortfall in state legal systems that safeguard consumer freedom and property rights

Suggested Citation

  • Diaz, Adriano, 2024. "Bitcoin, a private rule of law to protect the freedom and property of consumers," SocArXiv 5dv9s_v1, Center for Open Science.
    • Handle: RePEc:osf:socarx:5dv9s_v1
    DOI: 10.31219/osf.io/5dv9s_v1
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