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Norbert Michel: The Benefits of Bitcoin

September 29, 2015

In today's edition of The Heartland Daily Podcast, Jesse Hathaway, managing editor of Budget & Tax News, speaks with Norbert Michel. Michel is a research fellow at the Heritage Foundation.

bitcoin

In today's edition of The Heartland Daily Podcast, Jesse Hathaway, managing editor of Budget & Tax News, speaks with Norbert Michel. Michel is a research fellow at the Heritage Foundation. Michel joins Hathaway to discuss Bitcoin, an innovative digital currency that's growing in popularity. ​

Millions of people all over the world use Bitcoin without needing backing from any nation’s government. The virtual currency can be used to send money anywhere in the world in the blink of an eye. You can even use Bitcoin to buy a pizza. Hathaway is hungry for answers about how private currencies like Bitcoin help people buy the goods and services they want. 

Michel explains, no one really knows who “invented” Bitcoin, but the private digital currency can be used anywhere by anyone at any time. New Bitcoins are “mined” by people’s computers, verifying the accuracy of Bitcoin transaction ledgers and receiving a financial reward for the use of their computer’s cycles. 

Norbit explains how Bitcoin works, and why policymakers should get out of the way of the Bitcoin financial revolution, instead of trying to ban it or regulate it using outdated financial regulations intended for regular government-issued currencies.

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Article Tags
Taxes Government Spending
Author
Jesse Hathaway is a policy advisor for budget and tax issues at The Heartland Institute.
media@heartland.org @JesseinOH