The nature of Bitcoin as a digital asset makes it impossible to fit 1:1 into the framework of property as we know it. One can possess Bitcoin, but not truly own it in the conventional sense.
Property arises naturally, through labour and through the peaceful exchange of individuals. It is a foundational concept that enables human action by allowing individuals to satisfy needs and navigate uncertainty. This results in resources being used most efficiently as individuals who own them have a strong interest in doing so.
which Ludwig von Mises calls "catallactic" or "sociological ownership", and ownership, a normative concept, which Mises calls "juristic ownership ". One is factual, and one is normative. In addition, the digital nature of Bitcoin complicates the definition of ownership when multiple individuals possess the same seed. In such cases, legal frameworks are required to define ownership, underlining the need for a reassessment of the notion of digital property. Property is fundamentally a construct of the physical world and cannot be copied digitally.
is stored in real estate today. A significant portion of that is likely to flow into Bitcoin over time.Bitcoin's unique feature of absolute scarcity sets it apart from other assets. New building land can be developed, new zoning laws may allow for more building space. A living artist can create more art. Gold production can increase when demand increases, and new gold can always be discovered. On earth and in space. The scarcity of bitcoin, however, is immutable.
Bitcoin cannot be created arbitrarily or taken easily by force, but through proof-of-work and cooperation. This creates the basis for peaceful coexistence and efficient resource allocation between market participants.
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