互联网货币的价值来源与货币职能——以比特币为例

The Value Origins and Money Functions for Internet Currency——A Bitcoin Perspective

作为互联网货币的典型代表,比特币自诞生以来,引起了金融界和学术界的高度关注。比特币作为新型虚拟货币,具有分散发行、总量固定、匿名交易等特征,是互联网时代支付技术的重大变革,也对传统的货币体系带来新的挑战。但关于比特币的价值基础和货币属性,理论界仍存在严重分歧。根据奥国学派的回归定理,任何货币的产生都可追溯至其作为货币使用之前的商品属性,这为探究比特币价值来源提供了逻辑基础。新货币经济学的BFH体系,构想了在理想条件下,货币的价值尺度和流通手段的职能将趋于分离。在比特币体系中,价值尺度由全网算力来决定,由法币来表征,而比特币仅充当流通手段。其引发的货币职能的分离,促进了货币发行的分散化,实现了去中心化,消解了物价稳定和促进交换之间的对立,为未来货币形式的发展进行了有意义的探索。

Bitcoin is sparked from the integration of IT and market economy. Since its birth, it has caused great concern in both the industry and academia. As a new virtual currency, bitcoin has such unique features as distributed money issue, fixed supply amount, anonymous transaction etc, and it is a major change of payment tech in the internet era, also a challenge to the monetary system. According to the regression theorem from Mises, the value of currency can be traced back to commodity before money, providing basis for exploring bitcoin. Also, The BFH system conceives that standard of value and medium of circulation will tend to separate. For bitcoin, its value is determined by global Hash rate but represented by legal tender. It only acts as a medium of circulation. The separation of monetary functions from bitcoin, promotes the dispersion of currency issue and decentralization of monetary system, resolving the contradiction between price stability and exchange of goods.