The word “fiat” is growing more aggrandized in the modern lexicon, however, despite its increasing popularity it is often ill defined or misused. I regularly observe people falsely call Bitcoin a fiat currency. This is thanks, not least of all, to the layman’s poor grasp of history and money. Fiat is of Latin origin, meaning authoritative sanction; a decree, command or order. Fiat does not mean “backed by nothing” or “redeemable for nothing” or “pegged to nothing.” - HAC
A walk through the history of monetary expansion, the constant, and inevitable consequences, and how Bitcoin is set to change the fundamental flaw through which such manipulation is even possible. We are entering a new world. Are you ready?
Some other links to check out!
• Fiat Lux: The Origins of Modern Money: https://heavilyarmedclown.medium.com/fiat-lux-the-origins-of-modern-money-469dbc47567b
• WTF Happened in 1971?: https://wtfhappenedin1971.com/
• History of Money and Banking in the United States: https://cdn.mises.org/History%20of%20Money%20and%20Banking%20in%20the%20United%20States%20The%20Colonial%20Era%20to%20World%20War%20II_2.pdf
• What Bitcoin Did: https://www.whatbitcoindid.com/podcast/wtf-is-happening-in-2020
Check out tons of other great works & discussion at BitcoinAudible.com! Search the library for any topic or work you would like to hear, including other great pieces from Erik Cason.
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