Quote from: BitGoba on September 14, 2025, 06:20:26 AM

Banknotes were created because gold and other precious metals were not practical for everyday use as money.Since the time of the Roman Empire, there were people who engaged in lending gold, silver, and bronze coins with interest, as well as exchanging them. They usually did this in markets and other public places, sitting at tables. These tables were called banca in Latin, which is where the word bank and the term bankers originate from.

Speaking of gold to have not being practical, isn’t that the case we have of Bitcoin today? When people talk of using Bitcoin for financial transactions which is its original purpose, the volatile nature of it comes in. Where merchants would be required to have it swapped for a stablecoin or fiat.
Wouldn’t that be the very reason why fiat is still valued as oppose to many that would want to see it out.

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The Federal Reserve (FED) is also a private central bank. The entire banking and monetary system in the Western world is completely private because there are people who hold a monopoly on creating money, and fiat currencies are essentially created as debt. Both governments and ordinary people owe money to these entities.

How do you mean when you say fiat money is always created as debt? I don’t quite get that.