Money & Banking- An Austrian Economic Perspective
While we all interact with it on a daily basis, not many of us actually understand the inner workings of the commercial banking system.
Shrouded in mystery, the banking system operates almost independently of the Federal Government. While the nimble mind may believe the President or Prime Minister holds the highest and most powerful position in the land, it is he who controls the money supply that has ever larger influence on the common man.
Appendix Notes: Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth. Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become 'profiteers,' who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery.
Cryptocurrency: it’s a digitalized form of currency, that’s used just like any other money – can use it to buy things.
Just like any other form of currency, bitcoin prices are affected by the laws of supply and demand – so if a lot of people want bitcoin, the price is likely going up. (can go into more detail about the 24m supply cap on all bitcoins mined)
Decentralized
A decentralized exchange is an exchange market that does not rely on a third party service to hold the customer's funds. Instead, trades occur directly between users (peer to peer) through an automated process.
Some of the benefits of this include no server downtime or hacking is possible, also as a user you get to control your own funds as opposed to having a medium
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Pseudo Anonymous
All transactions are non-traceable
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Bget: an understanding of the wallet
Click here for the original Power Point
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