The Bitcoin Standard: The Decentralized Alternative to Central Banking


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 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 a new invention of the digital age, the problem it purports to solve is as old as human society itself: transferring value across time and space. 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 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 knock-offs, and the many supposed applications of Bitcoin’s ‘blockchain 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.

Amazon.co.uk Price: £19.95 (as of 10/04/2023 11:07 PST- Details)

When a pseudonymous programmer launched “a brand new digital money system that is totally peer-to-peer, with no trusted third celebration” to a small on-line mailing listing in 2008, only a few paid consideration. Ten years later, and in opposition to all odds, this upstart autonomous decentralized software program gives an unstoppable and globally-accessible exhausting cash various to trendy central banks. The Bitcoin Customary analyzes the historic context to the rise of Bitcoin, the financial properties which have allowed it to develop rapidly, and its seemingly financial, political, and social implications. Whereas Bitcoin is a brand new invention of the digital age, the issue it purports to unravel is as previous as human society itself: transferring worth throughout time and house. Ammous takes the reader on an attractive journey via the historical past of applied sciences performing the capabilities of cash, from primitive methods of buying and selling limestones and seashells, to metals, cash, the gold customary, and trendy authorities debt. Exploring what gave these applied sciences their financial position, and the way most misplaced it, gives the reader with a good suggestion of what makes for sound cash, and units the stage for an financial dialogue of its penalties for particular person and societal future-orientation, capital accumulation, commerce, peace, tradition, and artwork. Compellingly, Ammous exhibits that it’s no coincidence that the loftiest achievements of humanity have are available in societies having fun with the advantages of sound financial regimes, neither is it coincidental that financial collapse has normally accompanied civilizational collapse. With this background in place, the guide strikes on to elucidate the operation of Bitcoin in a practical and intuitive means. Bitcoin is a decentralized, distributed piece of software program that converts electrical energy and processing energy into indisputably correct information, thus permitting its customers to make the most of the Web to carry out the normal capabilities of cash with out having to depend on, or belief, any authorities or infrastructure within the bodily world. Bitcoin is thus greatest understood as the primary efficiently carried out type of digital money and digital exhausting cash. With an automatic and completely predictable financial coverage, and the power to carry out ultimate settlement of huge sums internationally in a matter of minutes, Bitcoin’s actual aggressive edge would possibly simply be as a retailer of worth and community for ultimate settlement of huge payments–a digital type of gold with a built-in settlement infrastructure. Ammous’ agency grasp of the technological potentialities in addition to the historic realities of financial evolution gives for an interesting exploration of the ramifications of voluntary free market cash. Because it challenges probably the most sacred of presidency monopolies, Bitcoin shifts the pendulum of sovereignty away from governments in favor of people, providing us the tantalizing chance of a world the place cash is totally extricated from politics and unrestrained by borders. The ultimate chapter of the guide explores a number of the most typical questions surrounding Bitcoin: Is Bitcoin mining a waste of power? Is Bitcoin for criminals? Who controls Bitcoin, and might they alter it in the event that they please? How can Bitcoin be killed? And what to make of all of the hundreds of Bitcoin knock-offs, and the numerous supposed purposes of Bitcoin’s ‘blockchain know-how’? The Bitcoin Customary is the important useful resource for a transparent understanding of the rise of the Web’s decentralized, apolitical, free-market various to nationwide central banks.

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