Replacing The U.S. Dollar With Bitcoin: Building The Layers Of Bitcoin Archit...
Deconstructing the layers of Bitcoin’s architecture shows that it already has the structure to replace our fiat system.This is the third article in a series about lessons that can inform bitcoin’s replacement of the U.S. dollar. Read the first article in the series, on leaving the gold standard, here. And read the second, on dismantling fiat architecture, here.In part two of this series, we discussed the application of the Open Systems Interconnection (OSI) model as an architecture model for understanding the fiat system. In part one, we discussed the abandonment of sound money principles....
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While we casually talk about Bitcoin having multiple layers, the word itself has historical meaning.
Dan Nathan, the founder of Risk Reversal Advisors, says that the U.S. government will not keep allowing corporations like Elon Musk’s Tesla to replace dollars with bitcoin. They won’t “let the dollar fall away from being the reserve currency for the world,” which could happen if corporations keep replacing dollars in their balance sheets with bitcoin. US Government Will Not Let Bitcoin Replace Dollars, Says Risk Reversal Advisors’ Chief Dan Nathan offered his view on the future of bitcoin in an interview with CNBC last week. His comments followed the news of....
Understanding how the internet protocol was built using layers can help paint a picture of the Bitcoin network and how it can develop in a similar fashion.
The narrative taking place across the finance industry, is that cryptocurrencies like Bitcoin and Ethereum are the way of the future and gold’s days are numbered as a store of value. While the “digital gold narrative” has already taken a major dent out of the precious metal’s momentum, according to a top Bloomberg Intelligence analyst, “most indicators point to” Bitcoin replacing the aging asset an an “accelerating pace.” Bitcoin Is Replacing Gold As “Store Of […]
To think through how bitcoin will replace the U.S. dollar, we must first turn to the dollar’s own journey in leaving a gold standard.