pull down to refresh

56 sats \ 2 replies \ @Solomonsatoshi 7h \ on: What will you do if you were given the money printer for a day? bitcoin
The vast majority of fiat money is created when people take on debt to a bank.
Physical cash is the only fiat money that is debt free.
write
preview
21 sats \ 1 reply \ @asterisk32 OP 7h
So to say, electronic cash is more fiat-er?
reply
0 sats \ 0 replies \ @Solomonsatoshi 7h
The money you have in the form of a deposit in a bank is a bank IOU for physical cash.
If you take on debt to a bank they create new IOUs for physical cash out of thin air.
This is how over 90% of fiat money in circulation is created.
Physical notes and coins are the only fiat money that is not issued via debt.
reply