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These notes are only valuable because of a governmental decree; for instance, if you sell hot dogs at the streets of New York then you must accept the US dollar as an object to exchange hot dogs with.This way, the government made the US dollars the most fungible objects these days (it became more useful than a brick of goldopera free vpn windows xp).The bank follows the following two auditing rules very carefully: Irreversibility – If the bank is currently writing a transaction entry to page X then itopera free vpn windows xp never goes back and change some page with a number lower than X....
The above also clarifies the reason that this type of money is called “Fiat”, the word fiat came from Latin and means “let it be done” or “it shall be” used in a sense of an order or decree.The bank begins to fill its notebook from the first page, numbered 1, and continues toward higher page numbers.sed throughout history, we can observe that at the beginning of trade people used a decentralized system, later they switched to a centralized one, and nowadays the cryptographic community is making enormous efforts to switch it back to a decentralized form, with a more modern twist....
The bank begins to fill its notebook from the first page, numbered 1, and continues toward higher page numbers.There was no need of an authority to declare that this amount of gold is actually worth this amount of wood etc., instead, the value of products was derived from their actual physical value, therefore, it is considered as a decentralized system....
The above also clarifies the reason that this type of money is called “Fiat”, the word fiat came from Latin and means “let it be done” or “it shall be” used in a sense of an order or decree.Assume that the notebook that the bank uses has an infinite number of pages, that is, it is never gets to an “out-of-paper” problem.Future: Decentralized Blockchain It is easier to understand what a blockchain is and how it works by an analogy to a bank account....
The bank begins to fill its notebook from the first page, numbered 1, and continues toward higher page numbers.e.In a commodity-backed system a customer doesn’t buy food by giving some amount of gold to the seller, ratopera free vpn windows xpher, it holds a note, or a certificate, that was signed by the bank, which states that the bank reserves some amount of gold in its cellars....
