Updated: Feb 11, 2020
Past millennia have been recorded to illuminate what’s been proper money and what’s been poor money. Along the way gold was the best money for much of human history. However, during the latter part of the 17th century fiat money really became more commonly used. Central issuance of fiat by overlord functionaries known as states and their counterpart centralized banks is always the downfall of fiat. Luckily, for humanity, Bitcoin was introduced to the world when the network launched 3 January, 2009 — and the result is best money the world has ever seen.
During my life which spans more than 3 decades, The United States of America once the lynchpin of production and capital goods, has gone from the wealthiest country with a massive surplus to the world’s largest debtor. Few goods are made in the U.S. today, much of the country’s remaining wealth is illusionary.
The ability to counter the current debt ridden society that most of the world is encountering is to opt out of fiat. Wide-spread fiat minimalism moving forward will be the only way to salvage and generate a productive renaissance; furthermore, a return to prior levels of wealth and possibly ones yet to be reached before in recorded human history.
The fiat minimalist position is going to sweep the world this decade now that Bitcoin has over 11 years of maturity and has grown the respect and trust of some of the brightest minds in finance, tech, and Liberty circles.
While, noted that gold was great money for thousands of years and will remain such — in this digital epoch, Bitcoin reigns supreme. It has all of the characteristics that make gold so sought after and some. One shinning distinction between gold and Bitcoin is portability. One of Aristotle’s original characteristics of money that proper money should have. Bitcoin is as portable as sending an email and as easily divided as a pizza. Up to 8 decimal places a Bitcoin can be sliced into, try easily dividing gold and sending it across continents in seconds — you won’t.
This ability to send value across the world enables of markets to emerge through decentralized commerce and real money. Without the hubris of wise bankers that somehow ‘know’ what’s best for the economy and magically introducing different interest rates [now often zero or negative]on a whim, the world will shift from short-term orientation to long-term orientation and the ability to manufacture goods at scale.
Over the coming decades Bitcoin will continue to eat up value and spit out nation state fiat paper. Backed only by tanks / military might, continually failed promises and debasement of purchasing power through inflation and quantitative easing, it’s time for fiat currencies to die the ultimate death they so rightly deserve.
Current Price of Bitcoin: $8,900
R.L. Bryer is Author of Blockchain: Project Renaissance I & II, Available @ bryer.io/shop