Bitcoin represents the future of money from "summary" of The Fiat Standard by Saifedean Ammous
Bitcoin represents the future of money not because it is a new technology, but because it is a return to an old monetary standard that has been proven over centuries. While the technology underlying Bitcoin is certainly cutting-edge, the monetary system it represents is as old as money itself - the gold standard. Just as gold has served as money for thousands of years due to its scarcity, durability, divisibility, and recognizability, so too does Bitcoin possess these key attributes that make it an ideal form of money. Bitcoin's scarcity is built into its code, with a maximum supply of 21 million coins that can ever exist. This fixed supply ensures that Bitcoin cannot be debased through inflation, unlike fiat currencies that can be printed at will by central banks. Its durability is evident in the fact that Bitcoin transactions are recorded on an immutable ledger called the blockchain, making it resistant to censorship and tampering. Divisibility is a key feature of money, and Bitcoin can be divided into smaller units with ease, making it highly fungible and usable in everyday transactions. Bitcoin's recognizability comes from its decentralized nature, which allows anyone with an internet connection to verify transactions and participate in the network. This decentralization also ensures that Bitcoin is not controlled by any single entity, making it immune to government manipulation and censorship. The combination of these attributes makes Bitcoin a superior form of money compared to fiat currencies, which are prone to inflation, confiscation, and devaluation at the whims of governments and central banks. While Bitcoin may seem like a radical departure from the monetary systems we are accustomed to, it is in fact a return to the sound money principles that have underpinned economic prosperity throughout history. By embracing Bitcoin as the future of money, we can ensure that our wealth and purchasing power are protected from the ravages of inflation and government meddling. In a world where fiat currencies are failing and central banks are running amok, Bitcoin offers a beacon of hope for those seeking a stable and secure store of value.
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