Book Review: The Bitcoin Standard

A comprehensive and authoritative exploration of Bitcoin and its place in monetary history

Bitcoin is revolutionary innovation and it will have far reaching impact on the global society and it has power to change the world for the better. There is an old adage that to change the world we need to change the money, and this is exactly where Bitcoin comes in.

Many have mistaken Bitcoin as this volatile asset class with wild fluctuations in price, and there are wild stories in the media of how people have made huge amounts of money with  Bitcoin and equally how people have lot vast amounts of money with Bitcoin.

The media is also obsessed with the price action of Bitcoin, which continues to distract most people from the true value of Bitcoin.  Bitcoin is also wrongly confused with other Crytptocurrencies, or what is also known as Alt-Coins i.e. Alternative Cryptocurrencies. Which it shouldn’t be.  The reality is there are cryptocurrencies and then there is Bitcoin.

Bitcoin stands entirely on its own and is a completely separate from the others.  The primary reason for that is that Bitcoin is owned or run by anyone, because it is owned and run by everyone.  It is the only truly decentralised form of money and economic philosophy.  This can be and for the most part the most difficult aspect of Bitcoin for people to wrap their thought processes around.

It is these issues that Saifedean Ammous  discusses in detail in this book.  It’s imperative that in order to truly understand Bitcoin, what it fixes and how it fixes it, you will need to understand why. Firstly, why the current the economic system is broken, who broke it and more importantly how and when we can fix it.

If you read The Soveriegn Individual: Mastering the Transition to the Information Age you would undoubtedly learned the importance of self sovereignty and how this will lead to ultimate freedom. More importantly you will have learned that the concepts of nation state and centralised government control are broken and will undoubtedly be replaced in the digital age.

Details strategies necessary for adapting financially to the next phase of Western civilization.

This book does not discuss the technical aspects of Bitcoin, because in reality they are not that important because it is more important and vital to really understand the philosophy and ethics involving Bitcoin before you can really learn to understand and appreciate the technical aspects.  This is where I believe the author excels in his work.

After reading this book, you will undoubtedly come to final conclusion that Bitcoin cannot and never will be regulated by governments, because Bitcoin by its very nature will enable sovereign individuals to regulate governments. This is the ultimate goal of Bitcoin and this is what it fixes. It is also this fact, that explains why there is always so much Fear, Uncertainty and Doubt (FUD) that is constantly spread about Bitcoin, because those in power no their time is coming to an end.

In order to truly understand Bitcoin, you will need to really understand monetary theory, history and how bitcoin fits into it all.  The Bitcoin Standard takes you on a journey starting from the introduction of money through its stages of evolution to present day.

The concept of money has changed throughout human history – most notably from gold and silver to the paper money and plastic card money we use today. Before that, copper, seashells, salt, precious stones and cattle were all once forms of money too.