Any monetary (monetary) system is based on three components: money supply , money transactions and money ownership .
In a traditional monetary system * based on fiat (fiduciary) money, it looks like this:
Money supply - the amount of recorded money in circulation. Money is issued by the state as a result of emission, and simply - it prints banknotes and mints coins.
Transactions are money transfers. Transactions are carried out by trusted financial institutions - banks on the orders of their clients. Accounting for transactions avoids the "double spend problem".
Money ownership . Banks keep records of the balances of their clients' accounts. Only the clients themselves can manage the money in their bank accounts, banks only fulfill their orders for the transfer. At the same time, banks are required to verify the identity of the account holder. Control over this is carried out by the state in the person of its institutions and bodies (central banks).
As you can see, this monetary system is completely monopolized by the state . The state issues money (makes an issue) and controls the commercial banks in which the clients' money is kept. Also, the state, represented by the central bank and law enforcement agencies, can exercise control over all transactions of bank customers. Do not be deceived by the so-called. "Banking secrecy", de facto the state can receive in one way or another any data about clients of financial institutions and their transactions. In addition, the judiciary of the state can seize money in the accounts of bank customers. And in some cases it even happens out of court - banks simply “freeze” receipts to clients' accounts on suspicion of their illegality (for example, “laundering of illegally obtained income”).
In fact, the state has monopolized the sphere of interpersonal relations. After all, the main function of money is nothing more than establishing relations between people in the form of exchange of goods and services.
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And, even if Bitcoin, for some reason, fails to change the existing monetary paradigm, other, more advanced cryptocurrencies will follow. After all, the world already knows how to do it.
Notes:
Under the monetary (monetary) system in this article refers to the prevailing unit of currency, including banknotes, currency issuance, money circulation and possession of money.
The word "bitcoin" ( with a lowercase letter ) is used to denote the internal unit of account of the distributed electronic monetary system "Bitcoin" ( with a capital letter ).