After spending 10 years thinking about Money & Bitcoin, here's the simplest explanation I can come up with:

Money is a technology to move Value across Space, Time, and Scale.

Value is the utility humans derive from Goods & Services.

Value is highly subjective, and it changes across Time and Space.

Unbeknownst to them, Economists have defined these functions as:

- Store of Value (Time)

- Medium of Exchange (Space)

- Unit of Account (Scale)

Throughout History, no monetary system has managed to satisfy all 3 functions of Money at once. This is where the idea of Backing Money and the necessity of separating Money and Currency come from.

This trade-off can be described as a Money Trilemma: you can optimize for 2, but not all 3.

Gold is great at Time & Scale, but not Space.

Fiat is great at Space & Scale, but not Time.

Until the invention of Bitcoin.

Bitcoin is the first form of Money that successfully excels at all 3 functions simultaneously.

It achieves that by perfecting all the properties of hashtag#Money, with no extra room for improvement:

#Bitcoin is:

- Infinitely Divisible

- Instantly Portable

- Forever Durable

- Mathematically Finite (what is mistakenly called Scarcity)

- Perfectly Fungible

Bitcoin is the final Evolution of Money.

The World just hasn’t figured it out yet.

After spending 10 years thinking about Money & Bitcoin, here's the simplest explanation I can come up with:

Money is a technology to move Value across Space, Time, and Scale.

Value is the utility humans derive from Goods & Services.

Value is highly subjective, and it changes across Time and Space.

Unbeknownst to them, Economists have defined these functions as:

- Store of Value (Time)

- Medium of Exchange (Space)

- Unit of Account (Scale)

Throughout History, no monetary system has managed to satisfy all 3 functions of Money at once. This is where the idea of Backing Money and the necessity of separating Money and Currency come from.

This trade-off can be described as a Money Trilemma: you can optimize for 2, but not all 3.

Gold is great at Time & Scale, but not Space.

Fiat is great at Space & Scale, but not Time.

Until the invention of Bitcoin.

Bitcoin is the first form of Money that successfully excels at all 3 functions simultaneously.

It achieves that by perfecting all the properties of hashtag#Money, with no extra room for improvement:

#Bitcoin is:

- Infinitely Divisible

- Instantly Portable

- Forever Durable

- Mathematically Finite (what is mistakenly called Scarcity)

- Perfectly Fungible

Bitcoin is the final Evolution of Money.

The World just hasn’t figured it out yet.