Bitcoin 1

7/26/2014 Bitcoins Explained: Fungibility, Double Coincidence of Wants
http://mrunal.org/2013/12/economy-barter-money-bitcoin-fungibility-double-coincidence-of-wants-division-of-labour-part-1.html 1/25
Mrunal
w $ Economy | Q 103
7 months ago
[Economy] Barter-
Money-Bitcoin:
Fungibility, Double coincidence of wants,
division of labour (Part 1)
CSAT

1. Prol ogue
2. Bi tcoi ns overvi ew
3. Barter system
1. #1: Doubl e coi nci dence of wants
2. #2: Di vi si on of Labour
3. #3: Di vi si bi l i ty of Val ue
4. #4: Fungi bi l i ty
4. Bi tcoi n and Fungi bi l i ty
5. Mock Questi ons
Prologue

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Original plan was to write on Bitcoins. But for
Bitcoin related MCQs, group discussion (GD) and
interview questions, one must know the basics of
money itself. Only then you can see how Bitcoin is
better or worse than the money we use today-
rupees, dollars or Euros. Hence a long series of
articles.
1. In the first few of articles (total 3), well see why
did people start using traditional money (Rupee,
dollar), how is it better than bartering system.
And how is bitcoin better or worse, on those
parameters?
2. In the second batch of articles, well see
evolution of money system: from commodity
money, metallic coins, fiduciary money, gold
backed paper currency, fiat money, bank money
etc.-what were their advantages and limitations.
And how is bitcoin better or worse on those
parameters.
3. And in the final articles, well see what is bitcoin
exactly? from where does it come? How does it
operate? Advantages, limitations, future
applications and regulatory issues etc.
Bi tcoi ns overvi ew
Bitcoin is a digital code. (Some) people use it as
currency.
Started in 2009 by Satoshi Nakomoto. He could
be a man or a woman or a group of people- real
identity unknown.
There are two ways to get Bitcoins:
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4Top
#1: Mining #2: Exchange
Aluminum is
hidden inside
bauxite ore in
earth.
Similarly, Bitcoins
are hidden in data
blocks designed
by Satoshi and
spread across the
internet.
You can mine
Bitcoins by solving
those datablocks
using special
computer
softwares.
Reward for solving
one data block=25
bitcoins at the
moment.
Total number of
Bitcoins in the
system =~21
million. Additional
bitcoins cannot be
created beyond
that.
If you dont want to mine
bitcoins, then simply find
someone who has already
mined bitcoins. then
1. Offer him real money
(rupee, dollar, euro) and get
bitcoins in return. Websites
that facilitate such
transactions are called
Bitcoin exchanges. OR
2. Sell him some
goods/services, and earn
Bitcoins in return.
Once youve have bitcoins (BTC), you can use
them to buy goods/service (But very few sellers
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accept bitcoins.)
OR you can just wait for the BTC vs.$ exchange
rate to rise then sell your bitcoins to a third
party.
But what about anonymity and terrorist angle? what
about money laundering? what about inflation? isnt
this a ponzi/MLM scheme? Well all those things in
detail later on. I gave the overview right now,
because for next 5-6 articles, atleast ^this much
knowledge of bitcoin topic is required before we
start comparing Bitcoin system with barter system
and money system. Now lets start first article.
Barter system
People have been trading with each other even
before the advent of money, coin, cash, currency,
rupee, dollar, euro or Yuan.
They simply exchanged goods and services with
each other through barter system- 1 kg rice for a
200 gms tomatoes, 1 kg tomatoes for 50 gm
almonds and so on
Barter system: advantages
1. Simplest form of exchange. Had all nations did
foreign trade on barter system, there will be no
headache of foreign exchange rates and
associated problems. Today if Dollar strengthens
by some action of US federal reserves
(=American RBI), then it automatically becomes
expensive for India to import oil from
Saudi=>everything else transported through
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petrol/diesel becomes expensive= inflation.
2. Less chances of overproduction, hoarding,
profiteering etc. =less chances of inflation.
Although itll be wrong to say there will be no
inflation in barter system- because war, famine
and natural disasters can create mismatch in
supply and demand even in a barter system =>
lead to inflation.
3. Difficult to concentrate wealth= Less inequality
of income, and all the social problems
associated with it.
4. Barter system ensures need based production.
In money system, firms create products to create
demand e.g. so many softdrinks and plastic
bottles+ the subsequent harm to health and
environment.
5. Barter system promotes personal contact among
individuals, social harmony, and healthy
community life, joint families etc.
But Bartering system had many limitations, thats
why people shifted to the money system. So,
What are the l i mi tati ons of Barter System?
#1: Doubl e coi nci dence of wants
farmer
I want you to cut my hairs just Amir Khan in
Dhoom3. Ill give you 5 kilos of rice
barber
But I already have 200 kilos of rice from previous
customers. I don t want rice anymore! Ill cut
hairs only if you bring 1 kilo tomatoes as
payment.
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Another case
Mallya
My son wants to get admission in your coaching
class. I can give you 500 beer bottles as fees.
Sir
I dont drink at all! Although I do want new table
and benches for my classroom.
Mallya
But I dont know any carpenter in this area, and
even if I find one, there is no guarantee hell
accept beer bottles as payment for making
furniture!
Thus, under barter system, the wants of two
parties must coincide with each other, otherwise
they cannot trade with each other. This increases
the transaction cost as everyone will have to
waste time and energy to find another party with
double coincidence of wants.
Money system solves this problem. Farmer can
sell his rice for money, use that money to get a
haircut, and barber can use the same payment to
buy tomatoes from another farmer.
Money thus facilitates the exchange of goods
and services, lessens the time and effort
required to carry on trade.
What about Bitcoins?
Bi tcoi n also serves the same purpose but with
some caveats
Fiat money Bitcoins
Bitcoins are not
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Fiat money= money issued by
the government (or its
central bank) example Rupee,
dollar, Yen, Yuan.
issued by any
government.
Bitcoins are
unique pieces of
digital codes that
(some) people
accept as digital
currency.
It is legally recognized money
for settling all payments and
debts within the territory.
If you walk with a 5 rupee coin
to a tea-vendor, he must
serve tea, irrespective of your
race, religion, color, caste,
age or gender.
If he refuses to serve tea, hell
be in legal trouble.
An IT
professional in
Banglore may
accept bitcoin
payment for
creating software
for some
American
businessman.
But if the same
techie offers to
pay house rent in
bitcoins, the
landlord is legally
free to refuse
this payment and
can even order
him to vacate the
property.
Even better, you can get your
rupees exchanged in a
foreign currency and import
Bitcoin removes
the double
coincidence of
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War ni ng
DONOT wai t ti l l l ast
date. Onl i ne Form Part1
stops worki ng few days
b4 deadl i ne.
DONOT forget/mi spl ace
reg.i d, Rol l number.
any commodity from any part
of the world to India. So a fiat
money (rupee) removes the
double coincidence of
wants for the trade within
country and abroad.
wants ONLY for
the people who
believe in bitcoin
system, and not
for everybody
everywhere.
Lets make comparison table:
FEATURES BARTER
FIAT
MONEY
BITCOIN
trade can happen without
wants?
No Yes
Yes, if
two
parties
agree.
#2: Di vi si on of Labour
In the barter system, buying/selling/trade can
only happen, when two parties want each others
stuff- the double coincidence of wants e.g.
farmer wants haircut and barber wants rice from
that farmer.
But that doesnt always happen, so each
household tries to produce all of its daily
requirements- from growing green tea,
tomatoes, chilies in their backyard; raising cows
and poultry for milk and eggs; even making
pickles, paper and papad for entire year.
So i s thi s good or bad?
Good from Gandhian principle of self-reliance.
Food inflation is kept in check- because everyone
is growing vegetables in their backyard.
But overal l bad because:
Everyone is wasting their time and energy to
become jack of all trades, instead of becoming
master of a single trade -medicine, engineering,
construction, accounting, teaching, singing,
painting etc.
Thus, a bartering economy is less likely to
produce specialists like Alexander Graham Bell
(telephone)=> Vin Serf (Internet)=> Sergey Brin
(Google) because everybody busy growing
vegetables in their backyard and trying to
become self-reliant-jack-of-all-trades.
And even if there are talented specialists, they
wont have the necessary capital or resources to
continue their research. Imagine how many
parties with Double coincidence of wants youll
need, for assembling the parts of a Large Hadron
Collider or a Param Supercomputer.
Money system also facilitates savings to become
investment for the entrepreneurs => more
companies, more job, division of labor, optimal
usage of manpower, good for economic growth,
R&D and international trade.
And with the money thus earned, anyone can
buy his daily necessities, doesnt need to grow
vegetables or rear cows in the backyard.
What about Bitcoins?
Just like traditional money, Bitcoin also promotes
division of labour, but it is limited by the factor that
not everyone accepts Bitcoins- especially the local
milk-veggie sellers. So if a software professional
decides to live only on bitcoin, hell have to start
growing vegetables and wheat in the backyard of
his house, arrange a goat/cow for milk, and so on,
we are back to square one- everyone trying to
become jack of all trades like in Barter system.
However, in future, Bi tcoi n may promote Division of
labour to a whole new level (when and if Bitcoin is
accepted by a large population):
Imagine a laptop manufacturing company-
owned and operated by an AI (or robot) that
accepts bitcoin payment, robots make and pack
the laptops into parcel, and drones deliver them
at your door step.
AI uses these bitcoins for paying the cost of raw
material, warehouse rent, electricity bill etc. to
humans (or other AIs).
And whatever bitcoins left (=profit), are
reinvested in buying more drones, bigger servers
and so on.
This is not possible in the present money system
because legally- an AI or Robot doesnt meet the
KYC norms for opening a bank account =
impossible for them to pay electricity bills through
netbanking or creditcard!
Anyways, lets update the table:
Features barter
fiat
money
(Rs./$)
Bitcoin
trade can happen without
wants
No yes
Only if both
parties
agree.
Promotes division of
Labour?
No Yes
Yes, lot
possibilities
in future.
#3: Di vi si bi l i ty of Val ue
Under the barter system
JK
Rowling
Give me a cup of tea, Ill give you two pages
from the latest Harry Potter book.
chai-
walla
I dont want just two pages, I want the whole
book for my son!
Even if chai-walla continues serving tea to Ms.
Rowling for 300-400 days, gets all the pages of
Harry Potter book and staples them together =>
still that stapled book will not sell at the original
value of a brand new Harry potter book (which is
say worth 30 kilos of rice).
Meaning:
You cannot always divide the value
You cannot always re-unite the divided values.
Other scenarios:
1. Jeweler wants a matchstick box. But its not
possible to divide gold to such a micro-micro-
micro quantity where gold becomes proportional
to the value of a matchbox.
2. Mallya wants to buy a pencil box for his son,
offers 1 table-spoon of liquor for 1 pencil box
but stationary-walla will not accept because such
low quantity of alcohol cannot give the kick.
3. To pay for a cup of tea, Picasso cannot cutout 1
mm
2
of canvass from his original painting.
Fiat Money system (and Bitcoins) dont suffer from
this problem of divisibility, and hence facilitate the
trade.
currency smallest unit
Rupee (Rs.)
1 paisa=0.01 Rupee (that is 10
-2
)
Bitcoin (BTC)
1 Satoshi= 0.00000001 Bitcoin. (that is 10
-8
)
You can see it is possible to divide 1 BTC into so
many small parts, so even if new bitcoins are not
created, it can continue as mode of payment by
lowering the corresponding values of
commodities.
e.g. if today MRP of 1 laptop =1 bitcoin then in
2050, MRP of 1 laptop may adjust itself to
0.00165 Bitcoins, if there is shortage of bitcoins.
And still you can pay 0.00165 BTC to someone by
simply typing that specific amount in your
keyboard. Same thing is not possible with rupee
or dollars because of the chillar shortage in real
life.
#4: Fungi bi l i ty
Even if items are divisible, their fungibility is a
problem under barter system.
Fungible items = those items whose individual units
have same uniform value and mutually
exchangeable, inter-changeable. For example:
1. The value of first five pages of harry potter
book= Not same as the value of last five pages of
the same book. Because in the last pages you
get the climax so theyre more precious= not
fungible.
2. Value of one diamond of 100 carat = not equal to
ten smaller diamonds of 10 carat each. In this
case, bigger the size, more precious. Even those
10 carat diamonds are not mutually
interchangeable because their individual value
may vary depending on cut,color and clarity.=
not fungible.
3. If Picassos painting was cut into nine equal
square parts, then Central Square will be more
precious than others. So you cannot interchange
them. And if you glue these torn parts together=
its total value will be far less than the original
painting=not fungible.
4. Excepti on: Precious metal. Value of 1 kilo gold
bar= Value of 100 gold coins of 10 grams each.
You can melt to reunite them, you can melt again
to divide them. And those 100 gold coins will be
interchangeable because their individual value
will be same.= fungible.
But by and large, goods are not fungible and this
creates obstacle in barter trade, when two
commodities are not available in their standard
weight/size. For example, Suppose the ongoing
barter rate is 5 kilo salt = one live hen weighing
500gms.
A poultry farm owner wants to buy 2.5 kilo salt.
He gives the whole live hen to shopkeeper.
Common sense suggest that shopkeeper should
give 2.5 kilo salt and cut half of the hen and
return it.
But which half? In non-veg cooking, the legs of
chicken are considered more valuable than its
head and neck upper part. = dispute between
customer and shopkeeper.
Overall, the customers in a barter-trade will end
up buying more than what they really need. (e.g.
5 kilo salt even if he needs only 2.5 kilo.)=
considerable wastage and sub-optimal use of
resources.
Money system solves this via fungibility.
Rs.1000 note= can be exchanged for 20 notes of
Rs.50 each. And each of those 50 rupee notes
have equal purchasing power. A 50 rupee note in
your pocket will buy as many ballpens, as the 50
rupee note in my pocket. (as long as ballpens are
of same brand-model.)
Similarly ten notes of Rs.100 can be exchange for
a single note of Rs.1000 and so on.
But there is an exception: Someone might offer
1000 rupees for a single 10 rupee note that has
unique serial number like ABCD-123456789. but
ignoring such exception, currency notes are
fungible.
So, if you give Rs.100 note to shopkeeper to
purchase a ten rupee worth ballpen=> hell give
you 10 rupee pen + one note of 50 Rs. + four
notes of 10Rs.
Still Money system too has limitations:
You cannot pay Rs.149.75 through notes and
coins because 25 paisa is out of circulation.
(Although possible if you pay via credit card,
debit card or internet banking)
Persistent shortage of chillar coins. And if you
cut a ten rupee note into ten parts using a
scissors, itll not become ten 1Rs. notes.
Persistent looting by Shopping malls. Items
priced @Rs.99, 499 or 999 often, cashier wont
give you one rupee coin back but instead gives a
chocolate. (He is making additional profit
because for him cost price of 1 chocolate is less
than 1 rupee.)
Bitcoin and Fungibility
Bitcoins (BTC) are fungible because
1. Individual units are identical. 1 BTC in Rajas
Digital wallet will buy same amount of goods &
services as 1 BTC from Kalmadis digital wallet.
(Even if their unique digital codes are different.)
2. Mutual substitution possible. it doesnt increase
or decrease the value. e.g. 100 centibitcoins
(cBTC)= 1 bitcoin (BTC).
As such chillar/change problem doesnt arise in
Bitcoin because you can pay exact amount to the
seller. E.g. if a pen valued at 0.4 BTC. you can type
0.4 in keyboard and eletronically transfer that
amount to seller. Its not like you have to give him 1
Bitcoin(BTC) and he gives 1 pen + 0.6 BTC in return.
This is a digital transaction after all.
But there is trouble brewing:
You may have read in newspapers that Bitcoin
transactions are anonymous and hence can be
used by terrorists, druglords and tax evaders.
Therefore, some experts have came up with the
idea of coi n val i dati on. Well see about that in a
separate article later, but for the moment the gist
is:- Through coin validation software, you can
separate GOOD BITCOINS (those earned
through honest work) vs BAD BITCOINS (those
earned through hacking & other illegal activities)
via analyzing their transaction history and origin.
This coi n val i dati on will destroy the fungibility of
bitcoins. How?
Because then most users will refuse to accept
bad bitcoins.
Some American users might even refuse to
accept bitcoins originating from people of Cuba,
Pakistan, Afghanistan, North Korea or Iran-for the
fear that later US authorities may
persecute/harass them while hunting for Bad
Bitcoins/Al-Qaeda/Terrorists.
Anyways lets update the table:
features barter
Fiat
money
(Rs./$)
Bitcoin
trade can happen
without double
coincidence of wants
No Yes
Yes, if both
parties
agree.
Promotes division of
Labour
Hardly yes
Yes, but
limited @the
moment.
Yes but Yes and less
Divisible? Not
always
limitation
e.g.
Rs.14.199
limitations
than fiat
money
Fungible?
Not
always
Yes Yes, for now.
In the next article, well see more on Barter vs Money
vs Bitcoin, with reference to storing wealth, account
keeping, deferred payment, circular flow of income
etc. parameters. cl i ck me
Mock Questions
Asserti on reasoni ng i nstructi ons: Each of the
following questions contain a set of Assertion (A)
and Reasoning (R) statements. Answer codes are as
following
1. Both A and R correct and R is the correct
explanation for A
2. Both A and R correct but R is not the correct
explanation for A
3. A is correct but R is wrong
4. A is wrong but R is correct
Questi ons:
1. (A) Money brings down the cost of transaction in
trade, compared to barter system. (R) Money
promotes division of labour.
2. (A) A trader is free to refuse payment in Bitcoins.
(R) Bitcoin is not a fiat currency.
3. (A) A Barter economy is less likely to have to food
inflation. (R) In Barter system, trade can happen
without double coincidence of wants.
MCQs
4. Correct Statement(s) about Bitcoins?
1. It is a digital fiat currency without fungibility.
2. It is not a fiat currency but has all the
properties of a fiat currency.
3. Both A and B
4. Neither A nor B.
5. Fi nd Incorrect Statement(s)
1. One fiat currency can be exchanged with
other fiat currency.
2. Bitcoin cannot exchanged with fiat currency.
3. Both A and B
4. Neither A nor B
6. Correct set of fungi bl e pai rs?
1. One i-phone of 64 GB capacity vs Four Nexus
phones of 16GB capacity each
2. 1 Bitcoin vs 10
8
Satoshis
3. 1 Rupee vs 100 cents
4. None of Above
Q7. Whi ch of the fol l owi ng statement(s) i s/are
i ncorrect?
1. Bitcoin algorithm is designed to generate 21
million coins every year.
2. There are two types of Bitcoins: mined bitcoins
and exchanged bitcoins, theyre not fungible
among themselves.
3. Smallest unit of Bitcoin is called Satoshi.
Choice
1. Only 1 and 2
2. Only 2 and 3
3. Only 1 and 3
4. All of them.
Q8. Whi ch of the fol l owi ng i s/are the benefi t(s)
of barter system over money system?
1. Trade is possible without double coincidence of
wants.
2. It promotes division of labour
3. Bartered commodities are always fungible.
Choice
1. Only 1 and 2
2. Only 2 and 3
3. Only 1 and 3
4. None of Them.
Q9. If a Barter economy i s transformed i nto
Money economy, what wi l l be the
consequences?
1. Increased Economic Efficiency
2. Increased Transaction costs
3. Increased specialization among workers
Choice
1. Only 1 and 2
2. Only 2 and 3
3. Only 1 and 3
4. All of them
For more on Economy, visit Mrunal .org/Economy
MRUNAL S RECOMMENDED BOOKLI ST
Pr evi ousl y i n t hi s cat egor y
[Lecture] Economi c survey Chapter 5, 6
& 7: Fi nanci al Intermedi ari es, Bal ance
of Payment, Internati onal Trade
[Lecture] Economi c Survey Chapter
1,2,3 & Budget- Taxati on, Defi ci ts,
Subsi di es MINUS Schemes
[Budget] Advance Pri ci ng Agreement,
Arm s Length, Vodafone Transfer
Pri ci ng, DTC, GAAR, Advance Tax rul i ng
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103
expl ai ned
mirza
24/01/2014 at 10:05
Reply
hello,friends is there any body preparing for 14 in
bangalore,need some dedicated target 14 friends.
vinanth
24/01/2014 at 10:41
Reply
yes!! Myself preparing for target 14. what kinda
help do u need frnd?
thank u
Gautam
27/01/2014 at 15:57
Reply
Answers
AACBBBADC
mallikarjuna
14/03/2014 at 11:17
Reply
I suggest the third question might satisfy both 1
and 2 because bit coins are now a days are of two
types i.e, bad and good bit coins. good coins are
fungible while bad are not.
Deep
29/01/2014 at 01:01
Reply
AnswersAACDBBDDC
Deep
29/01/2014 at 01:53
Correction 7-A
Reply
himanshu
31/01/2014 at 20:20
Reply
A very enlightened article indeed!! Thanks Pal
vikas sinwer
18/02/2014 at 09:48
Reply
satoshi nakomoto = ross ulbricht, also famous as dread
pirate roberts, who run silk road, an online market place
for illicit drug trade. He has been caught and confessed of
bitcoins ownership
kovid verma
09/03/2014 at 00:58
Reply
guys in the first question shouldnt the answer be (B) as
transaction cost is decreased because of prevention of
double co incidence of wants and not due to division of
labour.
ARJUN
28/06/2014 at 21:59
Reply
yupp,ur reasn is absolutely true,n d answer is b
pavan
14/04/2014 at 00:34
Reply
Thank u soo much mrunal sir for ur guidance for our
future. ..u r doing commendable work by helping aspirants
like us.thank u sooo much
sumit
08/06/2014 at 23:52
Reply
Please post answers for mcqs.
Surbhi
10/06/2014 at 13:29
Ans-
1-b
2-a
3-c
4-d
5-b
6-d
7-a

1 2
Reply
8-d
9-c
Is it right mrunal sir?
ARJUN
28/06/2014 at 21:58
Reply
hmm,i appreciate 4 ua efforts but 6th answer is b..1
bitcoin=100000000 santoshis..
Dr. Pratibha
05/07/2014 at 08:29
Reply
@Mrunal Do you have any dea what a genius you
arekeep up the good work.
Dr. Pratibha
05/07/2014 at 08:30
Reply
@Mrunal Do you have any idea what a genius you
arekeep up the good work
Bushra Shaikh
09/07/2014 at 01:11
Reply
Finally i understood the concept of bitcoins.. though not
completely but good enough for a non-economics
background student like me..
Thank you Sir.
dhanesh
19/07/2014 at 16:44
Reply
can anyone say why B is the ans for 5th question?
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7/26/2014 Bitcoins Explained: Fungibility, Double Coincidence of Wants

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