Bitcoin And The Bible

July 15, 2022    Bitcoin Bible World View Finance

Bitcoin and the Bible

After I attended Bitcoin Day 2022 in Sioux Falls a few months ago, I’ve been learning more about money and the moral reasoning around Bitcoin.

I believe that the Bible is sufficient to help us to form a world view about all things in the world that God has created and given humans the ability to create.

"3 For I delivered to you as of first importance what I also received: that Christ died for our sins in accordance with the Scriptures, 4 that he was buried, that he was raised on the third day in accordance with the Scriptures," 1 Corinthians 15:3-4 ESV

First of all, Bitcoin can do nothing of eternal importance, unless you first repent and believe in the name Jesus.

"for all have sinned and fallen short of the glory of God" Romans 3:23

"37 Now when they heard this they were cut to the heart, and said to Peter and the rest of the apostles, "Brothers, what shall we do?" 38 And Peter said to them, "Repent and be baptized every one of you in the name of Jesus Christ for the forgiveness of your sins, and you will receive the gift of the Holy Spirit. " ~ Acts 2:37-38

Learn more about the Good News (Gospel) from The Story .

The Bitcoin and the Bible Podcast has in depth discussions of Bible passages and how it applies to money, economy, justice, equity and much more. I’m half way through season 2 and have appreciated their insights. I’m seeing that many of the aspects of Bitcoin are related to God’s law and constrain sinful human desires. There is much more for me to learn and consider. I’ve only shared a small amount here, but you can find much more from their website and podcast.

Bitcoin definitely leads to a rabbit hole. Money is intertwined with most of our life, so there is much to learn about.

Some Highlights

  • If you’re new to the idea of Bitcoin, the podcast in episode 3 has a helpful story called Bitcoin Island
  • The history of money, the need for it for trading is fascinating and deep
  • I’m now thinking differently about fiat money (like the $) that can be created from nothing, creating inflation and debt. ( relative value calculator In 2020, the relative values of $1,000.00 from 1982 ranges from $2,310.00 to $6,250.00.)
    • numerator is how many dollars you have, the denominator is how many dollars exist. Therefore, as the government/FDC creates more money, you have less value stored.
  • Everything isn’t becoming more expensive, but the $ is becoming worth less as there are more created from the central bank and loans.
  • Work is an important aspect of human life.
  • We want to be able to save our life energy we put into work into the future. This is made very hard with inflation.
  • Debt is not a good thing and I should not just keep my mortgage because it has a low interest rate (Proverbs 22:11 “The rich rules over the poor, and the borrower is the slave of the lender. “)
  • I want to save effectively so I can be generous now and in the future with a right attitude of trusting in God. It’s all his money. “Seek first the kingdom of God and his righteousness, and all these things will be added to you.” ~ Matthew 6:33
  • I need to Love God first, my family, others before thinking/learning about Bitcoin (or other knowledge).
  • There is much more to learn and always will be.

Thank God For Bitcoin Book review

I read Thank God for Bitcoin after I was told the Sioux Falls Bitcoin group was having a weekly book study. I didn’t make it to the discussions (I’m sure they would have been helpful), but did ask two of my brothers in Christ at our church to read it from a critical/new to Bitcoin viewpoint.

I thought the book was well done, informative, worth recommending and short introduction to the history of money, the current problems with fiat, inflation, greed, theft and how it hurts our modern societies. I’m thankful that this book was available for me to learn from. There were many Bible references, but a lot of them were used out of context and are more connected to our spiritual life and standing through Jesus than money. However, reading how money affects so many parts of our lives was helpful.

I would have liked to see a deeper dive into God’s Word, but I’ve balanced that with Bitcoin and the Bible . Maybe they should put their materials together to create a more in depth book.

A friend’s review

“Hey I just about finished the audio book and I thought I’d give my impressions. The authors in my opinion are coming from a moralistic worldview. They make some interesting points about the various monetary systems, but their conclusions about whether one system is more “moral” than another seemed stretched. Maybe they are just in a hurry to prove a point, but I have a lot of trouble following them from a stated fact to their assumed cause or remedy. I think they assume too much without really making the connections needed to prove their conclusions. Their worldview was especially clear near the end when they started making statements such as the “redemptive” properties of bitcoin. It seems like they are putting too much emphasis on creating a redeemed moralistic society through the adoption of certain systems, especially bitcoin. Somewhere in the middle of the book they quoted from the beatitudes and stated something close to gospel truth that the change that we need is a change of our hearts but their arguments throughout the rest of the book are contradictory claiming that our society can be changed through these external compulsory factors.

It’s clear that they like bitcoin and that’s ok but I think they should have made that point and stopped with that!” ~ Patrick

Logical Connections

This is my attempt at connecting thoughts through two different world views.

From a Moralistic World View

This is my interpretation as the main point of “Thank God for the Bible”.

Since our current money is fiat and fiat is theft/bad and tied to most everything we do

then / this leads to

corruption + power + the Cantillon Effect + theft + love of money + greed + reliance on debt and government

if / since Bitcoin constraints these behaviors through the principles, code and network

then / this could/should lead to

a more moral, equitable, just society

that will make people and their lives better and easier have life, liberty and the pursuit of happiness.

From My Biblical and Gospel Centered World View

Start with the Good News Gospel . All have sinned (Romans 3:23), God so loved the world, that he sent his Son that whoever believes in Him, should not perish but have eternal life. (John 3:16).

God created man. Man rebelled (the fall, sin entered the world)

then / this leads to

corruption + power + the Cantillon Effect + theft + love of money + greed

then / this leads to

fiat, inflation, theft, reliance on debt and government, bad society

Only Jesus’s life, death and resurrection (Grace!) can save and redeem us from eternal death but also the effects of sin in this world (Sanctification)

and gives eternal life, a new man (Sanctification), and so much more. The new man in Christ still sins, but is becoming more like Christ (loving God, others, growing in generosity). If all were re-born, then Bitcoin would be unnecessary.

However, since sin remains (until Christ returns) and not all believe then Bitcoin has constraints of behaviors through the principles, code and network could be very beneficial globally for life, liberty and the pursuit of happiness, offering hope for the future. However, Bitcoin cannot solve all the problems of humanity on its own.

More to learn

There’s a lot of trails to follow in learning more about God, the Bible, money, economy, society, helping others, etc that are connected with Bitcoin. I am definitely lacking in knowledge and wisdom on all these topics. I’m open to learning more and adjusting my thinking as long as it stays consistent with the Bible.

I first heard of Gary North in Teach All The Nations and appreciated his Biblical and economic knowledge. He has many books, of which I would like to read at least one (we’ll see how long it takes. There are always other things that need time and I need to keep my priorities straight). I read a few pages of Honest Money from 1986 and it already matches with what I’ve read about from Bitcoin sources. He studied economics and the Bible for 61 years with Austrian economics. His books are available for free

Here’s another review of Thank God for Bitcoin of many out there.

In August, 2022 I started listening to The Mission Bitcoin Podcast .

If you’re interested here’s my referral

To get started with Bitcoin, read from Bitcoin and the Bible, I recommend buying over time with Swan Bitcoin (which has low fees and was easy to setup ACH) then moving it to cold storage. With my referral link, you’ll get $10 in BTC and I free book. I’ll get a small percentage kickback.)

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