Paper Currency regimes have come and gone repeatedly since the days of John Law. It seems the proponents of paper based financial systems always find the support of government; then the currency is debased to nothing and the tides turn once again back to hard money in the form of Gold and Silver.
Today we are at an inflection point once again, having broken all ties with Gold for over 40 years it seems the current paper based financial system is on its last legs.
But how do we go back to hard money in a digital world?
In previous times the disadvantages of carrying the weight of physical Gold and Silver coins on ones person was solved through paper. When paper systems failed we simply reverted back to coins, a solution that simply isn't going to work in the age of the internet.
Of course you and I know we don't have to go back to carrying around Gold and Silver coins, today we have the option of digital currency.
It's important to make the distinction between currency and hard money. They both have some overlapping properties but what Gold & Silver does best is store your wealth. On the other hand what Bitcoin does best is act as a means of exchange.
With the recent development of Bitcoin Exchanges it now is possible to introduce a new Gold Standard within the Bitcoin community. Storing your wealth in physical Gold and Silver, then converting it for Bitcoin as a means of exchange.
Welcome to the New Gold Standard!