The Bitcoin Standard: The Decentralized Alternative to

❰KINDLE❯ ❆ The Bitcoin Standard: The Decentralized Alternative to Central Banking Author Saifedean Ammous – Rildem.co When a pseudonymous programmer introduced a new electronic cash system thats fully peer to peer with no trusted third party to a small online mailing list invery few paid attention Ten years later andWhen a pseudonymous programmer introduced a new electronic cash system thats fully peer to peer with no trusted third party to a small online mailing list invery few paid attention Ten years later and against all odds this upstart autonomous decentralized software offers an unstoppable and globally accessible hard money alternative to modern central banks The Bitcoin Standard analyzes the historical context to the rise of Bitcoin the economic properties that have allowed it to grow uickly and its likely economic political and social implications While Bitcoin is a new invention of the digital age the problem it purports to solve is as old as human society itself transferring value across time and space Ammous takes the reader on an engaging journey through the history of technologies performing the functions of money from primitive systems of trading limestones and seashells to metals coins the gold standard and modern government debt Exploring what gave these technologies their monetary role and how most lost it provides the reader with a good idea of what makes for sound money and sets the stage for an economic discussion.

Of its conseuences for individual and societal future orientation capital accumulation trade peace culture and art Compellingly Ammous shows that it is no coincidence that the loftiest achievements of humanity have come in societies enjoying the benefits of sound monetary regimes nor is it coincidental that monetary collapse has usually accompanied civilizational collapse With this background in place the book moves on to explain the operation of Bitcoin in a functional and intuitive way Bitcoin is a decentralized distributed piece of software that converts electricity and processing power into indisputably accurate records thus allowing its users to utilize the Internet to perform the traditional functions of money without having to rely on or trust any authorities or infrastructure in the physical world Bitcoin is thus best understood as the first successfully implemented form of digital cash and digital hard money With an automated and perfectly predictable monetary policy and the ability to perform final settlement of large sums across the world in a matter of minutes Bitcoins real competitive edge might just be as a sto.