THE GREATEST LIE.
I remember economics 101;" inflation at a yearly 2-3% Stimulates economic growth", they said. Now I look back and see how they were unable to stop the printing and now we stand at 40% inflation. Saving has lost meaning. Our currency debases so fast that we feel the effort of our toil go to waste.
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#MONEY has a rich and complex history that dates back to the early days of human civilization. In the early days, people used barter systems to trade goods and services, which eventually evolved into a more complex system of currency.
The earliest forms of currency were seashells, beads, and other small objects that were used as a medium of exchange. As societies became more complex, metals such as bronze, silver, and gold were used as currency.
#GOLD and #Silver became the most widely used forms of currency in many societies because they were rare, durable, and did not corrode. They were also easily divisible into smaller units, making them ideal for use in trade.
During the Middle Ages, coins made of gold and silver were the dominant forms of currency in #Europe and #Asia. These coins were minted by rulers and stamped with their image and other identifying marks, ensuring their authenticity.
#paper currency backed by gold or silver became the norm allowing governments to issue paper currency that represented a certain amount of gold or silver held in reserve. This provided some stability to the monetary system and kept #inflation in check.
Bretton Woods Monetary Conference in 1944. During this conference, the dollar was pegged to gold at $35 per ounce, which helped to establish the dollar as the world's reserve currency.
This system worked well for decades making the dollar powerful. However, in 1971 President Nixon depegged the dollar from gold, thus ending the gold standard. This move led to the rise of #Fiat currency, which is backed by nothing more than the government's promise to honor it.
Since then, governments around the world have printed money at will leading to a significant increase in global economic #inflation. The #FederalReserve balance sheet has grown as it continues to print more money, leading to a debasement of the currency and piling up of debt.
#BTC emerged after the 2008 financial crisis, which exposed the flaws of the current monetary system. It allows easy and secure storage, borderless transfer without intermediaries, and a store of value with a fixed supply of 21 million coins with each coin divisible into 100 million Satoshis.
Unlike #Fiat currency, which is backed by nothing more than trust, #Bitcoin is finite and limited to 21 million coins. This makes it resistant to #inflation and immune to debasement by governments.