FROM GOLD STANDARD TO BITCOIN STANDARD

History Recap:
- Coins used to be backed by the metal value underlying it
- Paper money which nominal value was guaranteed by gold reserves
- 1944 Bretton Woods: All international trades use US Dollar as a base currency
- 1971 Bretton Woods failed, and currencies were not backed by Gold anymore.

Since then, the monetary system has been based solely on citizens' trust in those who issue the currency. 

Who has the money has the power.

Whoever manages the currency has the power and the monopoly. Accepting payments in any centralized currency is a leap of faith.

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The current monetary system has arrived to a point where we live completely on debt, the money printing is basically debt to pay the debt back. There is no escape out of it. If you don’t print money there are no money to pay the debt back, on the other hand if you stop printing money you don’t have money because the whole system is based on debt and you can’t produce enough to create more wealth to generate the money from.

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