The Bitcoin Standard: The Decentralized Alternative to Central Banking

Loved the book so much, I bought it twice and gave it as a gift

'The Bitcoin Standard' is an enjoyable, well-written account of the economic theory and history behind Bitcoin, particularly behind the idea of Bitcoin as 'digital gold'. Most of the book is devoted to a fairly detailed account of the history of money, as seen from Ammous's distinctively Austrian School point of view. Whether or not one agrees with this point of view, the historical account is vigorously and entertainingly argued; Ammous is not afraid to call out what he sees as the economic crimes of past and present, particularly with regards to fiat currency, socialist governments, and Keynesian central banking. Ammous argues that the gold standard was a far superior system to the fiat currency system we have today, and that the 'Bitcoin standard' will be its digital reincarnation. While this veneration of the gold standard may seem surprising or implausible to modern readers, Ammous argues his case well, citing the remarkable, indeed almost uninterrupted, economic boom that much of the West enjoyed during the years of the gold standard. This long period of prosperity under the gold standard is contrasted with the depressingly familiar 'boom and bust' cycle that has characterised the global economy since the abandonment of the gold standard in favour of the present system of 'fiat' currencies. Having established his theoretical and historical case for why we need 'sound money', such as gold, Ammous spends the remainder of the book arguing why Bitcoin, and Bitcoin alone, is suited to perform the function of digital sound money. He argues that none of the alternative cryptocurrencies (altcoins) can fulfil this function, and that therefore Bitcoin itself should be the focus of any efforts to create a superior alternative to the current currency system. Finally he presents an idea for how Bitcoin could scale to the point of true worldwide use for the whole human population, namely a network of banks issuing currency backed by Bitcoin, thus the 'Bitcoin Standard' that gives the book its name. My main quibble with the book is that Ammous only gives us a cursory explanation of how his long-term vision for Bitcoin as an international settlement currency would work. He states that Bitcoin's current transaction capacity of approximately 350,000 transactions per day would allow each bank in a network of 850 central banks to perform one final settlement transaction with every other bank in the network per day, and that if each of these banks served 10 million customers this would allow Bitcoin (or at least a central bank derived version of it) to be used by the world's entire population. Even putting aside the many significant problems that this approach would introduce, such as a return to (semi) trusted third parties and the possibility of these central banks running fractional reserve systems, Ammous never gives us any explanation of how this system would actually work, even in broad terms. For that reason I would rate this book 4.5 out of 5 stars if Amazon allowed such a rating. With that aside, I would nonetheless very much recommend this book for anyone interested in the economic, monetary, and historical case for Bitcoin as 'digital gold'. If Ammous's predictions for the future of Bitcoin and the world monetary system come to pass then it will be not only a highly entertaining and interesting book but an important one too.

Interesting book, explaining why Bitcoin is, in a word, the best thing since Gold and, in many ways, better than Gold, and much more besides. Required reading if you want to invest in Bitcoin or in shared like MSTR, or even only if you want to understand why there is something like Bitcoin around. However, the book is flawed by the evident prejudices and exaggerations of the author. In particular, his anticlericalism (showing an embarrassing ignorance of how the Church helped civilisation advance, shaping the world he lives in today, exactly in those Middle Ages he considers so oppressive) and cheap shots at the financial system (again, pretending not to know that if a bank is bailed out by the Government, its shareholders will lose almost all their investment, thus giving the lie to the "no downside for failing" trope) compromise the experience. A shame, because the basic structure of the book is very sound and the book well worth the read.

As a Bitcoin maximalist, I found "The Bitcoin Standard" to be an indispensable resource in understanding the fundamental principles behind Bitcoin and its role in the global economy. This book offers a comprehensive analysis of the history of money and the impact of decentralization on financial systems. The author, Saifedean Ammous, does an exceptional job of breaking down complex concepts in a manner that's accessible to readers from various backgrounds. His writing style is engaging and thought-provoking, making it easy to follow and digest the information presented. "The Bitcoin Standard" delves into the advantages of Bitcoin as a sound form of money, emphasizing its scarcity, durability, and resistance to censorship. It also provides valuable insights into the potential implications of Bitcoin adoption for economic growth and financial freedom. One of the book's strengths is its thorough examination of historical and contemporary monetary systems. This context allows the reader to appreciate the significance of Bitcoin as a groundbreaking innovation that could reshape our understanding of money and finance. In conclusion, I highly recommend "The Bitcoin Standard" to anyone interested in Bitcoin, whether they're a long-time enthusiast or just beginning their journey into the world of cryptocurrency. This book has earned a well-deserved 5-star rating, and I believe it should be considered essential reading for anyone passionate about the potential of Bitcoin to transform the global economy.

Everyone should read this just to understand money. The part about bitcoin is only a small section and even if you're not interested in bitcoin, it is well worth reading this to gather an understanding of money, gold, and the history of money. Highly reccomend to anyone! Not just for bitcoiners.

I have been learning more about crypto and how it could be the answer to the financial difficulty’s we are all facing, but it’s so important to study Bitcoin and our money system to fully understand why crypto could be the answer to the money/ living cost crisis. I will say make sure you make time to read this when your not too tired or have a lot going. Its essentially teaching something to different to everything we have ever known. Take notes if needs be. One chapter at time. But I believe it’s something everyone should read even if they choose not to invest in Bitcoin. So glad I bought it!

Understand what real money is and what it is not. Bitcoin is the real standard. Get it today and escape the impending total collapse of fiat monetary system.

Great book that is well written and engaging if you want to learn about MONEY and why BITCOIN is the way forward.

The author has very extreme opinions. He claimed that abandoning the gold standard was the root cause of all problems including the number of death of the 1st and 2nd world war. He portraits Keynes as an ignorant wannabe economist with questionable moral values and sexual preferences. And he does not save Milton Friedman too. He calls Mark Rothko's work "trash" because it takes few hours to paint his works but they are valued millions on the market. So be ready to frown an eyebrow every couple of pages. Other than that the book is thought-provoking so it worth the reading. Even if it could have been at least 50% shorter since he repeats the same concept for 9 chapters out of 10.

Such an easy read. Makes money simple for commoners. Once you read this, you can’t go back to trusting fiat

For any one who wants to learn what is a fiat currency history and going into Bitcoin journey. This is must book of any beginner who wants to understand about the Bitcoin technology as digital currency. Highly recommended book from a bitcoiner.

An absolute must read for people interested in free markets and monetary policy. Even for people with no prior interest, this book will open your eyes to how governments impoverish their citizens (while increasing the wealth of a few) by continuously printing money, and actually have little idea what they are doing. The difference between hard and soft money, time preference etc. and how these have affected the prosperity of civilizations in the past is amazing. Now we live in a world obsessed with consumption and continuous growth. People have stopped saving. But it is saving which creates capital and prosperity. This book explains beautifully how Bitcoin fixes this. 日本語版は、まだ出版されていませんが、来年に出るようです。日本の友達などにあげるのを楽しみにしています。

En bibel för alla som är intresserade av ekonomi och finans!