Note: the following article was submitted as part of CoinTelegraph’s Super Writers Contest.
Bitcoin may be a fine example of decentralized engineering, an amazing technical tour de force, and even a possible solution to the world’s money problems. But what good is all of that if people don’t hear about bitcoin, embrace it, and learn to use it?
A story of alternative currencies
During America’s Revolutionary War the new alternative currency was the Continental Dollar, and when it failed, the people’s confidence in paper money was deeply affected. As a result the US Constitution specifically prohibited any state from making anything but gold or silver legal tender in payment of debts. The US government didn’t again issue paper money until 74 years after the signing of the Constitution, around the beginning of the Civil War.
Sometimes a new currency can meet its political demise. President Abraham Lincoln’s unbacked Greenbacks, despite being debt free currency, or perhaps because of it, didn’t get much of a chance to endure. It carried no interest payments to use it, and the president considered this his greatest gift to America. Lincoln declared:
“I have two great enemies, the Southern army in front of me and the bankers in the rear. And of the two, the bankers are my greatest