Bitcoin and the Law of Conservation of Energy

Alex Millar is a blogger, podcaster and YouTube publisher, with a degree in Engineering Physics from Queen’s University in Kingston, Ontario, Canada.

In this opinion piece, Millar expounds his theory that money is energy, arguing that bitcoin provides a superior alternative to fiat currencies from a purely scientific perspective.

newton's cradle, energy

In physics, the definition of “energy” is “that which allows work to be done.”

This means that money is energy, since it can be used to do work via payments to people. The energy in money can be thought of as “economic energy”. Economists call economic energy “price” and measure it in terms of “euros” or “Kenyan shillings” and so on.

But, these units are abstract because their quantity changes over time. Physicists would prefer to use units such as joules or kilowatt-hours, which have a concrete basis in physical realities of mass (kg), length (m), and time (s).

Since money is energy we can apply the Law of Conservation of Energy, which says: “Energy cannot be created or destroyed, merely transformed.”

You might remember examples of this law from high school science: a toaster transforms electrical energy into thermal energy; a blender transforms electrical energy into mechanical energy.

A $100 bill has

Read more ... source: TheBitcoinNews