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Bitcoin Standard: The Decentralized Alternative to Central Banking - Saifedean Ammous

Bitcoin Standard: The Decentralized Alternative to Central Banking - Saifedean Ammous

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"The Bitcoin Standard" by Saifedean Ammous explores the history of money and argues that Bitcoin is a superior form of money, providing a decentralized alternative to central banking. Ammous examines the properties of good money, highlighting the flaws of government-controlled fiat currencies and their susceptibility to inflation and manipulation. He posits that Bitcoin, with its scarcity, decentralization, and security, offers a solution to these problems. By drawing parallels between Bitcoin and gold, the author suggests that Bitcoin acts as a digital store of value and a global payment network free from government control. The book also delves into the potential economic and societal impacts of Bitcoin, suggesting it could shift power away from governments and towards individuals, fostering a free market economy.

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Editorial Reviews

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"I have spent my entire career studying works about monetary theory, the gold standard, comparative monetary systems, central banks, and proposals for monetary and financial reform. I would rate a tiny fraction of the books I have read about any one of these topics as excellent. Dr. Ammous' book, The Bitcoin Standard, contains an excellent treatment of all these topics in addition to one of the few enlightened and enlightening accounts of Bitcoin that I have come across. It is essential reading for anyone interested in learning the role Bitcoin could play in a future regime of free and sound money."
―Joseph Salerno, Academic Vice President, Mises Institute

"This book blew my mind; it is a work of genius. It put together the technical, economic, motivational and related issues around Bitcoin better than anything I've seen. The best compliment I can give this book is that I read it and I decided to buy $425m of bitcoin. It was the most impactful on our way of thinking in Microstrategy and it made us want to invert our balance sheet to base it on a bitcoin standard."
―Michael Saylor, cofounder, chairman, and CEO of Microstrategy

"The Bitcoin Standard is an incredible book."
―Russel Okung, NFL Super Bowl winner

"Dr. Saifedean Ammous gave us the definitive book on digital money with The Bitcoin Standard, a must-read for anyone interested in monetary tech and worried about ruinous fiat regimes. Now his online academy gives students access to the man himself, an opportunity to learn economics as it should be taught: at market prices, online, with no wasted time or material. Ammous is a brilliant and concise teacher of Austrian school economics, and I cannot recommend his courses highly enough."
―Jeff Deist, President, Mises Institute

"Hoy les recomiendo EL Patròn Bitcoin, este libro es el mejor y más importante para entender Bitcoin."
―Ricardo Salinas Pliego, Founder and Chairman of Grupo Salinas

"The Bitcoin Standard is a great book. A really good book. It helps you understand why bitcoin is so special and so real."
―Kiril Sokoloff, Chairman and founder, 13D Global Strategy & Research

About The Author

Saifedean Ammous is an internationally best-selling economist and author. In 2018, Ammous authored The Bitcoin Standard: The Decentralized Alternative to Central Banking, the best-selling book on bitcoin, published in 37 languages. In 2021, he published The Fiat Standard: The Debt Slavery Alternative to Human Civilization, available in 26 languages. In 2023, Saifedean published Principles of Economics, a comprehensive textbook in economics in the Austrian school tradition, published in 14 languages. Saifedean teaches courses on the economics of bitcoin, and economics in the Austrian school tradition, on his online learning platform Saifedean.com, and also hosts The Bitcoin Standard Podcast.

Saifedean was a professor of Economics at the Lebanese American University from 2009 to 2019. He holds a PhD in Sustainable Development from Columbia University, a Masters in Development Management from the London School of Economics, and a Bachelor in Mechanical Engineering from the American University of Beirut.My Store

FAQ

What is the main point of The Bitcoin Standard?

The Bitcoin Standard argues that Bitcoin is a superior form of money to government-issued fiat currencies. Ammous believes that Bitcoin's decentralized nature, fixed supply, and security make it an ideal store of value and medium of exchange. He contrasts this with fiat currencies, which he sees as prone to inflation and manipulation by central banks.

What is sound money according to the book?

Ammous defines "sound money" as money that is not easily manipulated by governments or other centralized authorities. He argues that throughout history, gold has emerged as the best form of sound money due to its scarcity, durability, and fungibility. Bitcoin, he claims, shares these characteristics and thus can be considered sound money for the digital age.

How does the book view central banking?

The book is highly critical of central banking. Ammous argues that central banks cause economic instability through inflationary policies and contribute to wealth inequality. He believes that central banks' ability to manipulate the money supply leads to boom-and-bust cycles and encourages excessive risk-taking.

Is the book only for those who understand economics?

While the book delves into economic theory, it's written in a way that's accessible to a wider audience. Ammous explains complex concepts clearly and provides historical context to help readers understand the evolution of money. However, some familiarity with basic economic principles would be beneficial.

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