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The Bitcoin Guessing Standard Bitcoin is a software program designed by Satoshi Nakamoto (which is believed to be a pseudonym). His objective, at least on the surface, was to create electronic cash; a new hard money. This is why it is often referred to as digital gold. Satoshi Nakamoto, in his design of Bitcoin, was influenced by the prior work of Hal Finney. Critically, with regard to creating electronic tokens, Finney took seriously the cost theory of value. In turn, when Nakamoto wrote his white paper, regarding Bitcoin, he embraced Finney’s notion that processing power and electricity expended would drive the value of an electronic coin. To date, Bitcoin has failed to become an effective electronic currency. Rather, it seems Bitcoin was designed to become an expensive electronic asset more so than becoming money. Bitcoin enthusiasts, regardless, point to its lofty valuation as evidence Bitcoin will become the world’s decentralized money. This is a mistaken view as Bitcoin ha

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