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    • bartadamley
      Scout
      3 weeks ago

      For those interested.. here is a beginner's guide to the seminal Bitcoin Whitepaper by Satoshi Nakamoto.

      Since a maximum of 21 million Bitcoins will ever be mined, the system can be free of inflation. Therefore, Bitcoin can serve as a sustainable store of value, similar to gold. Compare that to fiat currency, such as the U.S. dollar. Due to inflation, the dollar has devalued nearly 97 percent since 1913.

      This was surely, the quote that stuck out to me the most. Considering Bitcoin as the digital equivalent of "Gold" . . whereas explaining how the dollar can be continued to be devalued due to it being a fiat currency.

      Well, what the heck is fiat currency? I ended up looking this up.

      Fiat money is government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it.

      So much to untangle, but progress is being made.