3. (20 points) John Normand (2014) writes: "As a medium of exchange bitcoin initially seems no better or worse than fiat currencies, since anything portable (like paper or an electronic data file) can be used as that medium so long as enough agents agree to use it. Therein lies bitcoin's limitation: with due apology to anarchists, there is no common power like a government to compel the public to use bitcoin as universally as its own fiat currency. Recall that currencies don't become widely used spontaneously or through a grass-roots campaign. They become widely used nationally because a government declares them legal tender, and they become widely used internationally because they are legal tender in a significant [domestic] economic area with large, unrestricted capital markets." (a) What are the crucial factors making something suitable as a medium of exchange, other than widespread acceptance (popularity)? (b) Is a common power necessary for universal (or near universal) acceptance nationally? Inter- nationally? What are relevant historical examples or counter-examples?