With the dramatic rise of bitcoin, many are talking about this crypto-currency as the new money of the future. Such a simplification is understandable, since the matter of money is complex.  Not all that glitters is gold.  Likewise, what appears to be money often is not. Bitcoin does nothing to clarify the matter, since it markets itself as a transactional currency that will be one of many digital replacements for the world's tired old legacy currencies – especially the dollar.  In addition, merchants accepting bitcoin payments give the impression that it functions as money. Libertarians love bitcoin since it appears to break away from the bonds of government.  Perhaps they exult in thinking that the predictions of economist F.A. Hayek are coming to pass.  He advocated competitive currencies and even imagined monetary units like "Hayeks" alongside "Smiths" and "Joneses"...(Read Full Article)