The gold standard vs. fiat currency debate has gone on for centuries. Different groups have argued about the merits and pitfalls of a hard currency system—generally with the wealthy being in favor of a currency backed by a tangible asset like gold, and economically disadvantaged Americans supporting fiat currencies (government-issued money Gold Standard vs. Fiat Money Frequently Asked Questions (FAQ) The gold standard is a monetary system in which the value of a nation's currency is fixed to a specific weight, quantity, or unit of Fiat currency has become the global standard in 1971, when U.S. president Richard Nixon decided to cancel the convertibility of US dollars to gold. BTC is still the new kid on the block, so it still has a long way to go before it will enjoy the recognition that gold or even fiat enjoy. Winner: Gold The money in your world doesn't have to be directly the organic bodies themselves. It could be a body-standard currency, mimicking the way gold standard currencies worked in the past. The money could be entirely electronic with a nominal value based on bodies, with a fixed exchange rate set between them (e.g. 1000 bucks = 1 body.) Fiat money is a government-issued currency that is not backed by a physical commodity, such as gold or silver. Read more about dollars, euros, and other fiat money. more The Gold Standard vs. Fiat Money: How the Transition Changed Everything Peek Beneath the Skin of the Markets Jan 19, 2023 Explore the evolution of money and the economy with this in-depth video. From the gold standard to fiat money and the creation of the Federal Reserve, we delve into the history of financial systems and their impact on society. LDEhar.

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