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The Bitcoin Standard: The Decentralized Alternative to Central Banking Hardcover – April 24 2018

4.6 out of 5 stars 5,547 ratings

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From the Publisher

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“Bitcoin has no owner, no authority that can decide on its fate. It is owned by the crowd, its users. And it now has a track record of several years, enough for it to be an animal in its own right. Its mere existence is an insurance policy that will remind governments that the last object the establishment could control, namely, the currency, is no longer their monopoly. This gives us, the crowd, an insurance policy against an Orwellian future.”
―From the foreword by Nassim Nicholas Taleb

"I have spent my entire career studying works about monetary theory, the gold standard, comparative monetary systems, central banks, and proposals for monetary and financial reform. I would rate a tiny fraction of the books I have read about any one of these topics as excellent. Dr. Ammous' book,
The Bitcoin Standard, contains an excellent treatment of all these topics in addition to one of the few enlightened and enlightening accounts of Bitcoin that I have come across. It is essential reading for anyone interested in learning the role Bitcoin could play in a future regime of free and sound money."
―Joseph Salerno, Academic Vice President, Mises Institute

"This book blew my mind; it is a work of genius. It put together the technical, economic, motivational and related issues around Bitcoin better than anything I've seen. The best compliment I can give this book is that I read it and I decided to buy $425m of bitcoin. It was the most impactful on our way of thinking in Microstrategy and it made us want to invert our balance sheet to base it on a bitcoin standard."
―Michael Saylor, cofounder, chairman, and CEO of Microstrategy

The Bitcoin Standard is an incredible book."
―Russel Okung, NFL Super Bowl winner

"Dr. Saifedean Ammous gave us the definitive book on digital money with
The Bitcoin Standard, a must-read for anyone interested in monetary tech and worried about ruinous fiat regimes. Now his online academy gives students access to the man himself, an opportunity to learn economics as it should be taught: at market prices, online, with no wasted time or material. Ammous is a brilliant and concise teacher of Austrian school economics, and I cannot recommend his courses highly enough."
―Jeff Deist, President, Mises Institute

"Hoy les recomiendo
EL Patròn Bitcoin, este libro es el mejor y más importante para entender Bitcoin."
―Ricardo Salinas Pliego, Founder and Chairman of Grupo Salinas

The Bitcoin Standard is a great book. A really good book. It helps you understand why bitcoin is so special and so real."
―Kiril Sokoloff, Chairman and founder, 13D Global Strategy & Research

From the Inside Flap

When a pseudonymous programmer introduced "a new electronic cash system that's fully peer-to-peer, with no trusted third party" to a small online mailing list in 2008, very few paid attention. Ten years later, and against all odds, this upstart autonomous decentralized software offers an unstoppable and globally- accessible hard money alternative to modern central banks. The Bitcoin Standard analyzes the historical context to the rise of Bitcoin, the economic properties that have allowed it to grow quickly, and its likely economic, political, and social implications.

While Bitcoin is a new invention of the digital age, the problem it purports to solve is as old as human society itself: transferring value across time and space. Ammous takes the reader on an engaging journey through the history of technologies performing the functions of money, from primitive systems of trading limestones and seashells, to metals, coins, the gold standard, and modern government debt. Exploring what gave these technologies their monetary role, and how most lost it, provides the reader with a good idea of what makes for sound money, and sets the stage for an economic discussion of its consequences for individual and societal future-orientation, capital accumulation, trade, peace, culture, and art. Compellingly, Ammous shows that it is no coincidence that the loftiest achievements of humanity have come in societies enjoying the benefits of sound monetary regimes, nor is it coincidental that monetary collapse has usually accompanied civilizational collapse.

With this background in place, the book moves on to explain the operation of Bitcoin in a functional and intuitive way. Bitcoin is a decentralized, distributed piece of software that converts electricity and processing power into indisputably accurate records, thus allowing its users to utilize the Internet to perform the traditional functions of money without having to rely on, or trust, any authorities or infrastructure in the physical world. Bitcoin is thus best understood as the first successfully implemented form of digital cash and digital hard money. With an automated and perfectly predictable monetary policy, and the ability to perform final settlement of large sums across the world in a matter of minutes, Bitcoin's real competitive edge might just be as a store of value and network for final settlement of large payments—a digital form of gold with a built-in settlement infrastructure.

Ammous' firm grasp of the technological possibilities as well as the historical realities of monetary evolution provides for a fascinating exploration of the ramifications of voluntary free market money. As it challenges the most sacred of government monopolies, Bitcoin shifts the pendulum of sovereignty away from governments in favor of individuals, offering us the tantalizing possibility of a world where money is fully extricated from politics and unrestrained by borders.

The final chapter of the book explores some of the most common questions surrounding Bitcoin: Is Bitcoin mining a waste of energy? Is Bitcoin for criminals? Who controls Bitcoin, and can they change it if they please? How can Bitcoin be killed? And what to make of all the thousands of Bitcoin knock-offs, and the many supposed applications of Bitcoin's 'blockchain technology'? The Bitcoin Standard is the essential resource for a clear understanding of the rise of the Internet's decentralized, apolitical, free-market alternative to national central banks.

Product details

  • Publisher ‏ : ‎ Wiley; 1st edition (April 24 2018)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 304 pages
  • ISBN-10 ‏ : ‎ 1119473861
  • ISBN-13 ‏ : ‎ 978-1119473862
  • Item weight ‏ : ‎ 570 g
  • Dimensions ‏ : ‎ 15.75 x 2.79 x 23.11 cm
  • Customer Reviews:
    4.6 out of 5 stars 5,547 ratings

About the author

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Dr. Saifedean Ammous is an economist, educator, and author of The Bitcoin Standard: The Decentralized Alternative to Central Banking, the first study of the economics of bitcoin, and the best-selling book on bitcoin, translated to more than 25 languages. Dr. Ammous teaches economics on his online learning platform,, and also hosts The Bitcoin Standard Podcast. He has two forthcoming books, The Fiat Standard: The Decentralized Alternative to Human Civilization, and a university-level economics textbook, Principles of Economics.

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4.6 out of 5 stars
4.6 out of 5
5,547 global ratings

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Reviewed in Canada 🇨🇦 on September 30, 2022
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4.0 out of 5 stars Great book but messed up pages
Reviewed in Canada 🇨🇦 on September 30, 2022
Enjoyable book but for some reason the book repeats pages 127 to 142. Not a huge deal as no pages are missing.
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SunShine Girl
1.0 out of 5 stars Factually incorrect and dogmatic
Reviewed in the United Kingdom 🇬🇧 on December 19, 2020
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5.0 out of 5 stars An excellent read
Reviewed in the United Kingdom 🇬🇧 on August 7, 2018
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2.0 out of 5 stars Nothing here
Reviewed in the United Kingdom 🇬🇧 on December 14, 2020
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5.0 out of 5 stars Book of the year
Reviewed in the United Kingdom 🇬🇧 on August 3, 2018
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5.0 out of 5 stars Book of the year
Reviewed in the United Kingdom 🇬🇧 on August 3, 2018
I haven't even finished this book yet but I know that it's one of the best books I have ever read, and I read quite a lot of economics, bitcoin and finance. I usually don't leave comments on Amazon but felt like I want more people to read this. I am now surprised that I have never before come across a condensed book of economics that resonates so much with observations I have made about the financial and economic world of today.

Truly an eye opening book, especially the first half of it. If you can even borrow it from a friend, I recommend you do.

I got the audible version as well as paperback. Will sit nicely next to Mises in my library.

The book was first ordered by my friend to my address as he lives abroad and was planning to pick it up in a couple of weeks. I expected a slightly boring book with some propoganda, like Dr Julian Hosp's one, but I was pleasantly surprised to be very wrong. I ordered my own copy immediately.
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5.0 out of 5 stars An exhilarating account of the economic and historical rationale behind Bitcoin
Reviewed in the United Kingdom 🇬🇧 on August 28, 2018
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