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Computer Technology

By Self Publishing Titans
The Bitcoin Standard: The Decentralized Alternative to Central Banking

The Bitcoin Standard: The Decentralized Alternative to Central Banking

by Saifedean Ammous

4.7 (7496 ratings)
Computer Technology

Published

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Language

English

Publisher

Audible Studios

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$18.00

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$18.14

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$21.83

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About This Book

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 listener 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 listener 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 the collapse of a civilization. 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.

Introduction

In 'The Bitcoin Standard: The Decentralized Alternative to Central Banking,' Saifedean Ammous delves into the revolutionary world of Bitcoin, offering profound insights into its potential to transform economies and societies. This groundbreaking book bridges the gap between finance and technology, unveiling the complex mechanisms behind digital currencies. Ammous expertly traces the origins of money, investigating historical monetary systems and their eventual decline.

By contextualizing Bitcoin within this historical narrative, he presents it not merely as a currency, but as a potentially transformative tool for reshaping the global financial landscape.

Key Takeaways

Bitcoin introduces a decentralized financial system removing reliance on traditional banks. Bitcoin's fixed supply protects against inflation instilling monetary stability. Historical monetary systems reveal weaknesses that Bitcoin aims to address.

Detailed Description

The Bitcoin Standard navigates through the intricate history of money from the barter systems to gold-backed currencies and eventually fiat systems. Saifedean Ammous meticulously illustrates how historical patterns reveal inherent weaknesses within centralized banking. By charting this evolution, he sets the stage for Bitcoin's emergence.

Ammous examines Bitcoin's technological framework by explicating the complex components of blockchain and consensus algorithms. He makes these concepts accessible to readers unfamiliar with technicalities while underscoring Bitcoin's unique attributes such as scarcity. Bitcoin is positioned as a robust competitor against inflation.

The author places Bitcoin within a broader context of economic theory critiquing contemporary financial practices and revealing pitfalls in modern central banking. This critique underscores Bitcoin's appeal as it offers a refreshing perspective on economic sovereignty and decentralized governance. Moreover, Ammous explores Bitcoin's potential beyond a speculative asset.

He introduces it as a vehicle for financial freedom empowering individuals against governmental overreach. It's a comprehensive narrative that combines theory with practical implications illuminating Bitcoin's ability to influence personal and global finance. With lucid writing and a comprehensive approach the book serves as both a primer for new enthusiasts and an in-depth analysis for seasoned Bitcoin advocates.

Ammous' compelling arguments make a persuasive case for reconsidering traditional financial paradigms in light of technological advancements.

Standout Features

Saifedean Ammous delves into Bitcoin's potential not just as a currency but as an alternative financial philosophy This multidimensional approach elevates the narrative above standard investment guides lending it broad appeal The book expertly balances complex technical concepts with readability making it an informative resource accessible to a wide audience Whether a novice or expert reader everyone gains valuable insights into cryptocurrency economics Ammous intertwines historical analysis with forward-thinking predictions offering not only a comprehensive foundation in Bitcoin's technology but also an examination of its potential to redefine global economic structures.

Book Details

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Pages:Not found
Language:English
Published:Not found
Publisher:Audible Studios
Authors:Saifedean Ammous

Rating

4.7

Based on 7496 ratings

Customer Reviews

Excellent book! Light on Bitcoin, but great on it's fundamentals.

Verified Purchase
Albion
April 30, 2022

Excellent book! A must-read even if you don't care about Bitcoin. The author discusses the foundations of what makes 'sound' money and describes how, over history, we've departed from these foundations, leading to a recurring set of consequences that inevitably end with the downfall of the currency and sometimes of the civilization/country. In particular, I found the history of the Roman currency interesting and telling. Later, the book discusses why gold has historically been a great store of value, and shows hard numbers that prove that it fits the conditions previously described as ideal for sound money. This part of the book feels airtight in its logic. As the author moves on to the era of fiat money, the book helped me understand the significance of Bretton Woods, the Nixon shock, as well as understand how the Keynesian, Monetarist and Austrian school of political economy understand the cycles of capitalism. I had not previously realized that despite the fact that centralized economies are no longer considered sound economic policies, the way that our Central Banks control the interest rate and currency emission is a residue of that kind of thinking. And, in the context of Democratic governments vying for the public's support, this gives Governments a tool that offers immediate short-term relief in exchange for fuzzy long-term pain which most likely will be felt by the next administration. Many of the vices of populist governments are fundamentally exploiting this loophole. The book became less insightful to me in the last 20% as it discusses Bitcoin. The discussion is centered around the properties that make it a suitable sound currency for the future, relating them to the previously established framework. While the conclusions are generally correct, Bitcoin is discussed entirely on an economic level and you won't find many technical details or explanations relating the technical design to its emerging properties.

First learn what is good money and bad money. Then learn why Bitcoin is the best money.

Verified Purchase
David W. Edsall,
January 15, 2024

for those of us ( most of us) I find can't really explain what money is let alone what are the characteristics of goo or hard money and fbad or soft money. Why is sliver softer than gold as far as money and those societies who used gold beat out silver based societies. Other rocks, sea shells, livestock and glass beads and even salt were used as money but lost out big time. They were much softer and lost out to harder money. Government money ( fiat) is the fake stuff made out of thin air by people with very sinister power hungry motives. Bitcoin is Digital money Digital pictures books and accounting improved the world and so will digital money. More salable money, more immutable money, more transportable, rarer and non deteriorating money wins. More divisible money. Bitcoin wins on all fronts except the salability. But that is improving every year. Bitcoin will soon over take gold in market value The year it will beat gold it stock to flow. When the salability problem is improved to 5- 10% of the population that will be the tipping point We are at 1% market penetration now and so your have not missed the boat. When we reach 20% you will not only be able to gain by a factor of 5 not 100. Get in now and you can turn $100 into $10,000 instead of only $400. Yo have missed turning $100 into $10,000,000 but so what? The book is well written explaining all this and more. It is much better than the 4 other bitcoin books I have read. It is better than Ammous's other books ( one is for economists and one is about government (fiat) money. This book and Bitcoin University is all you need for bitcoin. But the Fiat Standard, although not as well written and very repetitive, is also a must read as it covers the effects of fiat money on essential all parts of our lives and how many problems will be corrected when government and money are separated an people have control of their money again via bitcoin and only bitcoin. Bitcoin is crypto but crypto is not bitcoin. No other crypto has the immaculate conception, has the immutability has the no possibility of government control even CHINA can't ban it. But you will not understand the Fiat Standard until you understand what money is and why bitcoin is the best money ever created. The Bitcoin standard will do this.

Informative read

Verified Purchase
R. Burke
July 4, 2024

The first 7 of 10 chapters cover the history of money, and digital money is covered in chapters 8-10. Those first 7 chapters set the necessary foundation for understanding the formation of money through the millennea emerging into the era of fiat money, that of government controlled money, which by its nature creates inflation. Then follows the introduction of digital money. An excellent read with anoeugh depth for understanding.