The term decentralized monetary system" will be explained later on.
Almost everything is based on government laws and policies.
is subject to interpretation and maybe adaptation of newer sophisticated versions of the system.
There was an exchange rate from any substance to gold and vice versa.
Modern: Centralized Fiat Money
This is the money we know from our daily use.
As the commodity-backed money, this monetary system also uses notes and coins.
transactions for either earned or spent money.
Just decentralize it!
The above concludes the way a centralized system would work.
Lets see how a decentralized version should work.
Alice knows only few of them.
When Alice wants to transfer money to Bob she sends the transaction information to every clerk she knows.
Who, then, is entitled for Alice’s commission fee?
The answer is simple: Whoever is faster.
To answer this question, we now refer to the clerks described above and call them miners.
This name reflects the hard work that they are doing, i.e.
It is remain to explain how money is generated.
hey, comment on how to improve this article.
