The modern monetary system is based on fiat money, which has no intrinsic value from "summary" of The Bitcoin Standard by Saifedean Ammous
In the modern monetary system, fiat money serves as the primary medium of exchange. Unlike commodities or precious metals like gold, fiat money has no intrinsic value. Its value is derived solely from the trust and confidence people place in the issuing authority, typically the government.
This system represents a departure from historical forms of money that were backed by physical assets with intrinsic value. In the past, money was a commodity that had value independent of its use as a medium of exchange. However, with the advent of fiat money, the link between money and physical assets was severed.
Fiat money is essentially a form of currency that is declared legal tender by a government but is not backed by a ph...
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