Bitcoin: A Reserve Better Than Gold
History of Fiat Currency “Money has been essential part of human history for the last 3,000 years. In isolation it has no worth; whether it's a minted metal coin or a piece of paper with a historic icon on it, the true value of money comes from its use as medium of exchange and measurement of wealth.”---visualcapitalist.com Money in the beginning form of shells has been changed to silver and gold to modern paper form, reflecting the need and development of each financial stage. Paper money was initially backed by gold as people were not confident in face value carried by a piece of paper; thebalance has put up a comprehensive timeline on development of gold standard. However, the gold standard ended on August 15, 1971. That's when Nixon changed the dollar/gold relationship to $38 per ounce. He no longer allowed the Fed to redeem dollars with gold. That made the gold standard meaningless. The U.S. government repriced gold to $42 per ounce in 1973 and then decoupled the v