Thorsten Polleit writes (originally in German):
“Market competition brings results that satisfy the wants of its participants. The market brings more goods and better goods at ever lower prices. And just as competition in the market for books, sneakers and crayons work well, so would a free market for money also work.
Consumers would have a free choice in currencies provided by the market. Each would choose the market offering that best meets his needs in his view. No one would ask for “bad money,” but would seek”good” money, namely, money which is scarce, which can not be increased, which is divisible, which is durable, which is portable, and which is generally appreciated. In other words, those who demand money would determine what is money.
A Discovery Process With An Unknown Outcome
Currency competition is a discovery process. One can not know what the outcome will be. However, We can estimate today what “good money” might be. We should include precious metals, especially gold and silver, as natural money candidates. A precious metal money would not necessarily be physically present. It could for example be digitized. With it, you could continue to pay as usual with checks, credit card, direct debit, internet banking and Apple Pay or Paypal.
The important property of the precious metal money would be that the money would no longer be manipulated by governments and central banks. The “boom-and-bust” cycles would have an end, and money savings would no longer by chronically devalued, the debt delusion would be stopped, the ever-growing, freedom-destroying states, no longer empowered by fiat money, would be curtailed.
As part of currency competition is quite conceivable that a small number of mediums of exchange arise including Bitcoin, the cybercurrencies, or a combination of several currencies: Bitcoin for the daily, small-scale payments on the Internet or supermarket, Gold silver and preferably for large payments and savings.”
