The Innovative payment network of the 21st Century
The common characteristic of both Fraudulent and Fiat money is that they violate the principle of free association. They enable the producers of paper money to expand their production through the violation of other people’s property rights. The producer of fiat money sells a product that cannot withstand the competition of free-market amounts of money such as gold and silver coins, and which the market participants only use because the use of all other sums of money is severely restricted or even outlawed. The most eloquent illustration of this fact is that paper money in all countries has been protected through legal-tender laws. Paper money is inherently fiat money and it cannot thrive but when it is imposed by the state it encourages the development of a national currency backed by bank holdings of the state. Bitcoin was invented to foster this new, digital style of commerce. There is no central bank or authority. Instead, Bitcoin is a self-monitoring network, spread out betw