In the book, The Bitcoin Standard by Saifedean Ammous, the talk about bitcoin begins with where a talk about change begins. I is not a new idea altogether but is a change in an idea which has rusted. Its about changing standards, money standards from government backed to “The bitcoin Standard” ,from unsound money back to sound money like “ Gold Standard”.
How is Sound Money and Bitcoin interlinked?
The first thing to note about sound money is that it’s a great way of encouraging people to save and invest – the perfect recipe for sustainable, long-term growth. The book, The Bitcoin Standard, teaches us how sound money nudges us to think more about the future. After all, if we can reasonably expect our money’s value to increase over time, it makes sense to take a look at what we can do now to maximize our future income unlike unsound money. Hence isn’t it a direction the financial markets should move to Bitcoin takes place here.
Now why do we compare bitcoins to gold standards is because, gold was a successful system because of its scarcity and little risk of the supply increasing enough to significantly deflate its value. Both the systems are similar in both ways. When we are mentioning scarcity so confidently is because according to the bitcoin system built, there will always be a fixed number of bitcoins, i.e. not more than 21 million.
A Track of Future Numbers of Bitcoins
Once in a blue moon will one or more coin will be added that too after computers across the Bitcoin network pool their processing powers to solve complex algorithmic problems. Once these puzzles have been cracked, the computers that helped crack the puzzle receive bitcoins as a reward. Similar as mining and finding the gold after heaving digging with the shovel.
The question and apprehensions about the difficulty of the algorithms are answered by the creator of the system Satoshi Nakamoto, the algorithmic problems become more and more difficult to solve as the number of computers working on them rises, which guarantees a steady and reliable supply. Moreover, Bitcoin will continue being issued in ever-smaller quantities until 2140, after which no more coins will be released.
All of these pointers no doubt make the bitcoin standard unique in all senses we are looking forward for a change in the current system .The catch point about bitcoin’s absolute scarcity is that like other resources like gold or oil, we don’t need time and resources to increase its amount but the only way is the algorithmically programed supply allows. Therefore making it the least vulnerable to devaluation.
How secure is sound money?
The other issue of security with sound money like Gold and Bitcoin is its security, no doubt. Again the system of blockchain counters each on every point. Each block is added to a chain of older blocks, creating the Bitcoin blockchain. This ledger contains every last detail about every blockchain transaction ever completed. Ownership of bitcoins is only valid once it’s been registered on the blockchain, which is only possible if the majority of network users approve it.
This makes the system absolutely self-sustaining, secure and of immense value for the future, as explained in The Bitcoin Standard. Though it is for sure a new standard with many nascent problems and challenges against the current establish system but if looked on with something productive in mind, the solutions are visible and the system more useful than it may be perceived as.
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