Evolutionary monetary reform through private currency competition

Since the financial crisis of 2007/2008, there has been much discussion about monetary and currency reforms. With the issuance of Bitcoins, the first practical market economy alternatives to state monopoly money are becoming apparent.

Even after the collapse of our current state monetary system, it will take some time for a functioning market-based monetary order to develop. The immediate admission of competing private currencies and all-embracing currency competition will not lead to an immediate complete collapse of state currencies and a collapse of our entire financial sector.

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