13 ms·
Traditional fiat, and on a global scale, it is decentralized through various institutions with different goals.
by WA 5y ago
Traditional fiat, and on a global scale, it is decentralized through various institutions with different goals.
- lowkey 5y agoWith Bitcoin, anyone can create new coins via mining - but it takes a lot of work and is difficult. With fiat, only central banks can print new money but it is cheap and easy for them to do so. Claiming traditional fiat is decentralized is like saying Central Banks are decentralized. It is simply not true.
- giaour 5y agoYou can print new fiat money. The tried and true ways are: - Make loans that with less than 100% reserve backing (be a bank) - Print up your own negotiable instruments denominated in an existing currency (sell gift cards) - Create a new currency and hope others accept it (be a central bank)