British Museum blog

Bitcoin: how do we display the intangible?

bitcoin minerBenjamin Alsop, curator, British Museum

The Citi Money Gallery charts over four millennia’s worth of monetary history. The Department of Coins and Medals cares for over one million objects in the Museum’s collection and like any museum with a growing collection, the most pressing questions are what should we collect and where should we put it all? Yet a recent concern for me as the curator of the Citi Money Gallery is not which objects should I select from our vast collection for a new display, but whether we had any suitable objects at all. This may sound like the murmurings of an eccentric curator, but let me explain myself.

Bitcoin token, designed by Mike Caldwell (CM 2012,4040.4)

Bitcoin token, designed by Mike Caldwell (CM 2012,4040.4)

If the gallery is to be a record of the changing nature and form of money through the ages, then it is just as important to reflect the modern world as it is ancient Greece or Rome. Modern technologies, and in particular their application, are having huge effects on the world of finance but also on society in general. As a result it would be remiss of the gallery not to discuss a particular current monetary phenomenon. I speak of course about ‘cryptocurrencies’, digital de-centralised currencies which began with the invention of Bitcoin in 2009. Since its opening in summer 2012, the Citi Money Galley has always had a bitcoin token on display, made by the software developer Mike Caldwell.

However this is really just a token for the collectors’ market, a physical manifestation of something which was never intended to exist in a tangible way. So the display at first did seem rather tricky, tricky but not impossible. Objects are at the very heart of everything we do at the Museum and while we couldn’t display a real ‘bitcoin’, there was a wealth of other material culture which could help tell the story.

The paper ‘Bitcoin: A Peer-to-Peer Electronic Cash System‘ published in 2009 seemed to be the sensible place to start. Written by the unknown (although not so unknown if you are to believe an article in Newsweek magazine) Satoshi Nakamoto, it brought to the world’s attention a possible new form of currency and so is included in the display.

Bitcoin miner USB stick

Bitcoin miner USB stick

Record of the first bitcoin block mined

Record of the first bitcoin block mined

While Bitcoin is the most well known of the cryptocurrencies it has spawned over one hundred other purely electronic cash systems since its creation. The major thing that these currencies have in common is that they are created using complex computing. To this end a bitcoin mining machine (pictured above) is displayed in the gallery with a record of the first Bitcoin block mined on 3 January 2009.

Dogecoin logo, designed by Christine Ricks

Dogecoin logo, designed by Christine Ricks

Bitcoin Magazine Issue 16: To the Moon (November)

Bitcoin Magazine Issue 16: To the Moon (November)

One of the most interesting aspects of cryptocurrencies is that at the moment their use is as much a lifestyle choice as an economic one. You only need to look at the logo of ‘Dogecoin‘ to see that while Bitcoin and its descendants are a serious attempt to offer alternatives to traditional currencies, there is playfulness at work. Attempts to popularise and promote Bitcoin use similarly arresting graphic designs and so the inclusion of Bitcoin Magazine into the display adds colour and imagery.

For all the evident ingenuity at play, much of the negative press surrounding Bitcoin is as a result of its unpredictability. A look at its price from a height of over US$1000 in December 2012 to its current price hovering around US$450, is evidence of this fluctuation. The final object on display is at first glance rather straight forward. It is a Smile Bank account document recording the transfer of pounds sterling from a British bank account to a Bitcoin exchange in Japan. The exchange was called Mt. Gox, the largest exchange in existence in 2013, handling around 70% of all bitcoin transactions. However, in February 2014 Mt Gox filed for bankruptcy after declaring the loss of over 650,000 bitcoins. How this vast amount was lost, an amount worth hundreds of millions of dollars at the time, is still being investigated. The plainness of the document hides a cautionary tale about the volatility of all financial investments.

The Money Gallery is supported by Citi

If you have any thoughts on what other objects would help tell the story of Bitcoin or cryptocurrencies generally, please tell us about them in the comments. To leave a comment click on the title

Filed under: Money Gallery, , , , , ,

4 Responses - Comments are closed.

  1. Perhaps the most interesting feature of Mike Caldwell’s physical coin is found on the reverse side of the coin you have pictured. There you can find the public address of the bitcoin. Anyone can check the balance at that address and watch if the bitcoin is ever “spent”. Why not display the back side of the coin here on the blog? In addition, if museumgoers fancy it, they can send their own bitcoins to the public address on the coin, thus increasing the curiosity of the coin itself.

    Like

    • Hi Mike. We have deliberately avoided publishing an image of the reverse. We found that people were using the address to make donations to the Museum. While altruistic, the tokens are in fact registered objects in the collection, and we are unable to access the Bitcoins that people donate because it would mean destroying the holographic strip, resulting in damage to the object. To discourage people from donating (and in effect wasting their money) we now only publish images of the obverse. For the moment, people can still support the Museum by donation, but only in traditional currency! Tom Hockenhull, curator, British Museum.

      Like

      • Perhaps those aren’t donations but transactions of a different character? I know of few other museum pieces where the viewer can directly increase (and not decrease) the value of the piece and do so anonymously. While I agree that you should keep the hologram intact, I don’t believe the people sending that address money are necessarily under the impression they are donating to the museum. In a way, sending money to the address on the back of the coin shows just how transcendent bitcoin can be as a medium of exchange– after all, the value cannot be contained within the walls of a museum if you just turned the coin around! It’s a disservice to the public to not show the back of the coin. Would you drain the Trevi Fountain to discourage a happy couple from wasting their money on a wish?

        Liked by 1 person

  2. Reblogged this on CUA CHIM and commented:
    A really fascinating concept from a curatorial perspective: neo/crypto-numismatics and how to curate objects that are, by their very definition, intangible. As we move ever forward towards an increasingly digital landscape, how do we develop curatorial methodology and foundations for something with no true instantiation?

    Like

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 14,399 other followers

Categories

Follow @britishmuseum on Twitter

British Museum on Instagram

Nakamura Hikaru represents the most recent generation of manga artists and is currently the seventh bestselling manga artist in Japan. Fusing everyday life with youth culture and cutting-edge production techniques, her work in this display imagines the comical existence of Jesus and Buddha as flatmates in Tokyo.

See this, alongside two other contemporary manga artworks in our new free display: #MangaNow

#japan #manga #jesus #buddha #tokyo #art

Nakamura Hikaru (b. 1984), Jesus and Buddha drawing manga. Cover artwork for Saint Oniisan vol. 10. Digital print, hand drawn with colour added on computer, 2014. © Nakamura Hikaru/Kodansha Ltd. The second generation of contemporary manga in our free #MangaNow display is represented by Hoshino Yukinobu, one of Japan’s best-known science fiction manga artists. This is a portrait of his new character: Rainman.

Hoshino Yukinobu’s 'Professor Munakata’s British Museum Adventure' featured in a similar display in 2011.  #japan #manga #rainman #art

Hoshino Yukinobu (b. 1954), Rainman. Ink on paper, 2015. © Hoshino Yukinobu. Our free display ‪#‎MangaNow is now open! It features three original artworks that show how the medium has evolved over generations, revealing the breadth and depth of manga in Japan today.

This is an original colour drawing of a golfer on a green by prominent and influential manga artist Chiba Tetsuya. He is a specialist of sports manga that relate a young person’s struggle for recognition through dedication to sport.

#japan #manga #golf #art 
Chiba Tetsuya (b. 1939), Fair Isle Lighthouse Keepers Golf Course, Scotland. Ink and colour on paper, 2015. Loaned by the artist. © Chiba Tetsuya. This is the Codex Sinaiticus, the world’s oldest surviving Bible. It’s a star loan from @britishlibrary in our forthcoming #EgyptExhibition and dates back to the 4th century AD. 
Handwritten in Greek, not long after the reign of the Roman emperor Constantine the Great (AD 306–337), it contains the earliest complete manuscript of the New Testament. 
The codex will be displayed alongside two other founding texts of the Hebrew and Muslim faiths: the First Gaster Bible, also being loaned by @britishlibrary, and a copy of the Qur’an from @bodleianlibs in Oxford. These important texts show the transition of Egypt from a world of many gods to a majority Christian and then majority Muslim society, with Jewish communities periodically thriving throughout.  #Egypt #history #bible #faith #onthisday in 31 BC: Cleopatra and Mark Antony were defeated by Octavian at the Battle of Actium. After the death of Cleopatra, Egypt was brought into the Roman Empire and the ancient Egyptian gods, such as the falcon god Horus shown here, were reimagined in Roman dress to establish the new authority. 
Discover how Egypt’s religious and political landscape was transformed over 12 centuries in our #EgyptExhibition, opening 29 October 2015.

#history #ancientEgypt #Cleopatra #RomanEmpire New exhibition announced: ‘Egypt: faith after the pharaohs’ opens 29 October 2015

Discover Egypt’s journey over 1,200 years, as Jews, Christians and Muslims transformed an ancient land. From 30 BC to AD 1171, #EgyptExhibition charts the change from a world of many gods to the worship of one God.

Tickets now on sale at britishmuseum.org/egypt

#egypt #history #faith
Follow

Get every new post delivered to your Inbox.

Join 14,399 other followers

%d bloggers like this: