27. The Underlying Technology Behind Fiat Standard
The Bitcoin Standard Podcast
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The Fundamentals of the Fiat Standard
The US dollar is the base layer token of the fiat standard and then all these regional central banks from all over the world, they issue their own tokens that are backed by the dollar. So we're partitioning money into things that are not liquid outside of their local country. If you want to transfer from one country to the other, you have to rely on a handful of global reserve currencies which can be exchanged internationally. It's quite primitive when you compare it to Bitcoin in this kind of layered way in which they do it. The most important point I would say is that if you wanted to look at the functions of what a node or a central bank does in theiat standard, what I
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