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, instead, the value of products was derived from their actual physical value, therefore, it is considered as a decentralized system.Thvpn en netflixis way, the government made the US dollars the most fungible objects these days (it became more useful than a brick of gold)., instead, the value of products was derived from their actual physical value, therefore, it is considered as a decentralized system....
You do not accept US dollars because of their physical value (it is just a piece of paper after all), but merely because the government forces you to accept it.Thvpn en netflixis way, the government made the US dollars the most fungible objects these days (it became more useful than a brick of gold).As explained, these notes are substantially worth nothing, but due to regulation, they’re worth the number that is written on them (this number is also called their “face value” by the economist jargon)....
However, in all countries (or federations), a decent and controllable money minting procedure is a crucial and a pivotal property for the monetary system to have.The Bitcoin system is said to have this last property; whether is it features other important properties (like taxation, regulation, etc.This way you could buy anything you need, by exchanging it with some other thing of yours that has the same gold-value....
oney, taking taxes on profits, allowing banks to handle accounts for the citizens, putting regulations and so on.In a commodity-backed system a customer doesn’t buy food by giving some amount of gold to the seller, rather, it holds a note, or a certificate, that was signed by the bank, which states that the bank reserves some amount of gold in its cellars.A crucial point here is the role of the bank, if you are playing in this game you must trust it and be able to tell if a notevpn en netflix that someone pay you with has a valid or a forged signature....
