Among alternatives for a standard of value that are not themselves floating fiat currencies
, or otherwise subject to the daily whims of human managers and the tendency of fiat currencies
to suffer a disastrous demise, there is really only one option--gold.
Nonetheless, it is doubtful that a multiplicity of fiat currencies
will emerge under the proposed reform.
Once mined, the bitcoins can be exchanged online with participating retailers, or exchanged for fiat currencies
like pounds and dollars.
dollar and the severely embattled euro as the global economy continues to struggle, with more than a few experts harping on so-called currency wars as central bankers race to devalue their fiat currencies
through inflation of the currency supply.
are subject to the vagaries of politics.
The evolution of monetary systems toward the use of fiat currencies
has decreased the relevance of Gresham's law considerably.
That discipline is completely eliminated when fiat currencies
are the medium of exchange.
Jansen also cites debasement of fiat currencies
are a primary driver for gold.
The Aten "Black Gold" Coin will be available in all fiat currencies
including, USD, EUR, HKD, AUD, CAD, JPY, SGD, GBP, NZD and CHF.
Unlike fiat currencies
like the dollar or the euro, the bitcoin is not backed by a central bank or a government, but depends on cryptography to control the creation and transfer of money.
Referring to other payments methods - albeit ones that use traditional fiat currencies
- Branson said: "New methods of paying such as Square and Clinkle, both of which I have invested in, are revolutionising the way we pay and will continue to do so in years to come.
Whereas governments and banks set the values of fiat currencies
based on how they want their economies to perform, the Bitcoin is decentralized and runs on a peer-to-peer network, so its value can't be regulated by a small group of people.