There is a myth in mainstream economics that stable prices are necessary for the economy. The idea of price stability became popular in the 1920s, during a period known as the Roaring Twenties.

Fiat currency is a form of government-issued money that isn’t backed by a commodity like silver or gold. Nation states adopted fiat currency as primary form of money after 1973.

Bitcoin is a cryptocurrency that a pseudonymous group or person called Satoshi Nakamoto invented in 2008. It is the oldest cryptocurrency and the largest by market capitalization. Bitcoin is different from government-issued fiat currency.

We’ve all learned about the importance of saving money, whether it’s from our grandparents, teachers or financial advisors. Despite this, most people live paycheck to paycheck.

The vast majority of people who live in first world countries keep their money in banks. But few people actually know how banks work. In this article, we take a closer look at the banking system.