Can money carry memory — or must it forget? writes Michael Milano

The quality of money depends on certain characteristics: portability, durability, divisibility, recognizability, scarcity, and the often-overlooked fungibility.

Fungibility — the property making units of a good interchangeable and indistinguishable — exists on a spectrum.

A lack of fungibility threatens the usability of a medium of exchange, writes Michael Milano .

Since the Silk Road launched in February 2011 , the largest peer-to-peer marketplaces using cryptocurrencies have operated on the dark web.

For those engaged in illegal activities, privacy is essential, but in truth, anyone who takes the time and effort to access dark web prioritizes anonymity.

Dark market users demonstrate their preference for private digital cash.

In a world where traceable digital payments are becoming the norm, private digital cash stands as a vital bulwark against the state. Michael S. Milano is the author of Lucid: A Novel . He earned his PhD from The Ohio State University . His work has been published by the Mises Institute and the Libertarian Institute . Original article link.