When Bitcoin first appeared, its proponents valiantly claimed that the revolutionary new digital currency was nothing more than a modernized version of a legacy non-fiat currency such as gold or silver, one which would allow global transactions seamlessly and without tracking by monetary authorities, but one which was more convenient than gold as one would never actually have to hold it – the “bitcoin” could be stored safely in virtual vaults that could be accessed anywhere in the world. Most importantly, it would be a libertarian statement of non-compliance with the fiat status quo.