The Bitcoin Standard by Saifedean Ammous: When a pseudonymous programmer introduced “a new electronic money system that’s fully peer-reviewed, without a trusted third party” to a tiny 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 contemporary central banks. The Bitcoin Standard analyzes the historic context to the growth of Bitcoin, the economic properties that have let it grow rapidly, and it is likely economic, political, and social implications.
Even though Bitcoin is a new invention of the digital age, the problem it purports to resolve is as old as human society itself: transferring value across space and time. Ammous takes the reader on an engaging journey through the history of technology doing the functions of cash, from primitive systems of trading limestones and seashells to metals, coins, the gold standard, and also modern government debt.
Assessing what gave this technology their monetary function and how most lost it gives the reader a fantastic notion about what causes 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’s no coincidence that the loftiest accomplishments of humanity have come in societies appreciating the advantages of sound monetary regimes, nor is it coincidental that financial collapse has usually accompanied civilizational collapse.
With this background in place, book moves on to explain the operation of Bitcoin at a practical and intuitive way. Bitcoin is a decentralized, distributed piece of software that converts electricity and processing power to indisputably accurate records, allowing its users to use the Internet to perform the standard functions of cash without relying on, or hope, any infrastructure or authorities in the physical world.
Bitcoin is best known as the first successfully employed form of electronic cash and digital hard money. Having an automated and perfectly predictable monetary policy and the ability to execute final settlement of substantial sums across the world in a matter of minutes, Bitcoin’s actual competitive advantage might just be a store of value and community for final settlement of payments–an electronic form of gold with an integrated settlement infrastructure.
Ammous’ Firm grasp of the technological possibilities in addition to the historical realities of financial evolution provides for a fascinating exploration of the consequences of voluntary free market cash. As it challenges the sacred of government monopolies, Bitcoin shifts the pendulum of sovereignty away from authorities in favor of people, offering us the tantalizing possibility of a world where cash is disengaged from politics and unrestrained by boundaries.
The final chapter of The publication explores a number of the most common questions surrounding Bitcoin: Is Bitcoin for offenders? Who controls Bitcoin, and can they change it if they please? How does Bitcoin Be killed? And what to make of all the thousands of Bitcoin knock-offs, And the many supposed software of Bitcoin’s block series Technology’? The Bitcoin Standard is your essential resource for an Apolitical, free-market alternate to national central banks.
The book, The Bitcoin Standard is considered one of Saifedean Ammous’s masterpieces.
The Bitcoin Standard Book Read Time
The Normal read time of “The Bitcoin Standard” is just over six and seven hour, nevertheless If you’ve got the hardcover book as I do, then it was easily read in about six and an half hour. Overall The Bitcoin Standard book was amazing, short read time and simple to understand.
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The Bitcoin Standard by Saifedean Ammous Book Details
- Publisher : Wiley; 1st edition (April 24, 2018)
- Language : English
- Hardcover : 304 pages
- ISBN-10 : 1119473861
- ISBN-13 : 978-1119473862
- Item Weight : 1.28 pounds
- Dimensions : 5.7 x 0.9 x 9 inches
- Best Sellers Rank: #779 in Books (See Top 100 in Books)
- #1 in Computer Cryptography
- #1 in Banks & Banking (Books)
- #1 in Web Encryption
- Customer Reviews: 4.7 out of 5 stars 2,010 ratings
About Annie Brock
Dr. Saifedean Ammous is the writer of The Bitcoin Standard: The Decentralized Alternative to Central Banking, the very first and hottest Analysis of the economics of bitcoin. Sustainable Development in Columbia University, where his doctoral Thesis analyzed the economics of biofuels and other energy resources. of Economics, and a Bachelor of Engineering from the American University of Beirut. He teaches writes and economics research on financial Economics and the economics of bitcoin, on his internet stage, saifedean.com.
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