Scott Melker says Bitcoin’s issuance rules distinguish it from government-backed money: no president, parliament or central banker can unilaterally add 21 million coins. Changing those rules requires participants’ acceptance, he says, but that does not make Bitcoin better for. .
Melker says participants who reject a proposed rule change can continue enforcing existing rules. He compares dollars and dollar stablecoins to checking accounts that should be stable, liquid and convenient, while describing Bitcoin as a savings asset intended to carry value into the future.
He contrasts Bitcoin with gold, silver and paper money: governments suspended gold redemption, rulers reduced silver coins’ weight, and paper convertibility ended when political realities intervened, he says. Melker adds that history does not prove every expanding currency will fail, noting that the dollar has survived wars, depressions, the end of gold convertibility, financial crises and a pandemic.
