im_not_a_rapper on Nostr: "HAS FIAT CURRENCY BECOME ELECTRONIC?" "Since the introduction of fiat currency which ...

"HAS FIAT CURRENCY BECOME ELECTRONIC?"

"Since the introduction of fiat currency which is paper money, governments now have shifted from metallic currencies such as gold or silver towards paper currencies."

"The difference between metallic currencies and paper currencies is that metals involve mining whilst with paper currencies it involves printing in other words obtaining one unit of paper currency is much more easier and quicker than obtaining one unit of metallic currency. Meaning the government has the ability to print lots and lots of money if it wanted to. So in other words the government or the central bank is the monopoly within the money market where it is the country that supplies the national currency."

"Something changed in 2008. Instead of the manual printing of money being used by central bank, something called quantitative easing was used where banks electronically printed money. Now with the shift towards paypall, bitcoin and debit cards and credit cards, cash and coins are rarely used where the government wants to monitor your transactions more and more closely..."