4 ms·
It costs about 16 cents to make a $20 bill. https://www.federalreserve.gov/faqs/currency_12771.htm https://www.federalreserve.gov/faqs/currency_12771.htm In tr
by tmcw 6y ago
It costs about 16 cents to make a $20 bill. https://www.federalreserve.gov/faqs/currency_12771.htm https://www.federalreserve.gov/faqs/currency_12771.htm
In truth, if I factor in the establishment of the United States and several hundred years of money policy, it'll be higher. But for a fair comparison with Bitcoin, that'd be unfair, right? Because the US's money policy is obviously historically tied to Britain's, so I should include that too. And Britain was adapting the system that was established in feudal times. A lot of work went into making fiat currency real.
So a fair comparison would be Bitcoin versus the cost to print money, plus the history of the US currency system, UK, and all of monetary history before that. This is starting to look pretty bad!
- keypusher 6y agoHow much does it cost to run the US treasury though?
- JumpCrisscross 6y ago> How much does it cost to run the US treasury though? Would the U.S. Treasury disappear if we switched to Bitcoin? (Hint: look at countries that don't have their own currency. They still collect taxes and spend and borrow money.)
- 1-more 6y agoI went looking for an example and to save anyone else some time: Ecuador no longer uses the sucre and instead has used the US dollar since 2000. They do still have a ministry of economy and finance which has a central bank. Fascinating ty!! https://en.wikipedia.org/wiki/Ministry_of_Economy_and_Finance_(Ecuador) https://en.wikipedia.org/wiki/Ministry_of_Economy_and_Financ...