In 'The Bitcoin Standard', Saifedean Ammous explores the revolutionary concept of Bitcoin and how it serves as a new form of sound money. He delves into the historical context of money, tracing its evolution through various forms, from barter to fiat currencies. The book challenges conventional financial wisdom and posits that Bitcoin could reshape the global economy. Ammous argues that the adoption of Bitcoin represents not just a technological shift but a cultural one, emphasizing individual sovereignty and freedom. This thought-provoking read leaves readers questioning the future of money and the implications of a decentralized financial system.
By Saifedean Ammous
Published: 2018
""Bitcoin is a form of decentralized money that challenges the traditional financial system, offering individuals empowerment and the ability to take control of their own wealth.""
A comprehensive and authoritative exploration of Bitcoin and its place in monetary history When a pseudonymous programmer introduced "a new electronic cash system that’s fully peer-to-peer, with no trusted third party" to a small online mailing list in 2008, very few people 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 quickly, and its likely economic, political, and social implications. While Bitcoin is an invention of the digital age, the problem it purports to solve is as old as human society itself: transferring value across time and space. Author Saifedean 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 consequences 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, Bitcoin’s real competitive edge might just be as a store of value and network for the final settlement of large payments a digital form of gold with a built-in settlement infrastructure. Ammous’ firm grasp of the technological possibilities as well as the historical realities of monetary evolution provides for a fascinating exploration of the ramifications of voluntary free market money. As it challenges the most sacred of government monopolies, Bitcoin shifts the pendulum of sovereignty away from governments in favor of individuals, offering us the tantalizing possibility of a world where money is fully extricated from politics and unrestrained by borders. The final chapter of the book explores some of the most common questions surrounding Bitcoin: Is Bitcoin mining a waste of energy? Is Bitcoin for criminals? Who controls Bitcoin, and can they change it if they please? How can Bitcoin be killed? And what to make of all the thousands of Bitcoin knockoffs, and the many supposed applications of Bitcoin's 'block chain technology'? The Bitcoin Standard is the essential resource for a clear understanding of the rise of the Internet’s decentralized, apolitical, free-market alternative to national central banks.
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“"Bitcoin is a form of decentralized money that challenges the traditional financial system, offering individuals empowerment and the ability to take control of their own wealth."”
The Bitcoin Standard
By Saifedean Ammous
Discover a world of knowledge through our extensive collection of book summaries.
Saifedean Ammous is an economist and author renowned for his contributions to the discourse on Bitcoin and its implications for economic theory. His most notable work, 'The Bitcoin Standard: The Decentralized Alternative to Central Banking,' explores the role of Bitcoin in the modern financial landscape and advocates for sound money principles. Ammous's writing blends rigorous economic analysis with a clear, engaging style, making complex subjects accessible to a broad audience. Through his work, he challenges conventional economic paradigms and argues for the transformative potential of cryptocurrency.
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