Bitcoin is a form of digital currency held and created electronically. It is a cryptocurrency hence it is unregulated, unlike fiat money. The transactions of Bitcoin are recorded in a Blockchain, which represents a public ledger of all Bitcoin transactions in the world. Bitcoin works as a regular currency and is used to make transactions based on the monetary value of the item. Blockchain is used to keep a record of the transactions done to offer a clear and precise paper trail of how the wealth has changed hand (Swan, 2015). Bitcoin was started by Satoshi Nakamoto, who proposed ...
Essays on FIAT Money
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Question1
The first currency to be issued in U.S was called continentals and was in period from1775-1791. Therefore, this was the country’s first paper money and was printed by Continental Congress to finance American Revolution. However, this currency led to inflation that eventually accelerated as war progressed (Meltzer 19). People lost their faith in these fiat money notes hence the slogan “Not worth a continental” meaning changed to “utterly worthless”
Question 2
Fiat money is actually the money, which derives its value from law or government regulation. Thus, this is a term that is used when this money is used as a nation’s ...
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