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Content Cryptocurrency Convert About Bitcoin Wallets A user sends US dollars to the coin issuer’s bank account. Circle claims that each USDC is backed by a dollar held in reserve, or by other “approved investments”, though these are not detailed. The wording on the Circle website changed from the previous “backed by US dollars” to…

Content Is coffee a commodity? Cons of a fiat currency Commodity Debasing the coinage, or extracting seigniorage by increasing the nominal value of a given sum of gold or silver, was highly profitable and therefore a favorite sport of kings. The term money, as used by economists and throughout this book, has the very specific…