Replacing The U.S. Dollar With Bitcoin: Building The Layers Of Bitcoin Architecture Today

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This is the third article in a series about lessons that can inform bitcoin’s replacement of the U.S. dollar. Read the first article in the series, on leaving the gold standard, here. And read the second, on dismantling fiat architecture, here.

In part two of this series, we discussed the application of the Open Systems Interconnection (OSI) model as an architecture model for understanding the fiat system. In part one, we discussed the abandonment of sound money principles and why that happened. Here, we will discuss a new system, one backed by Bitcoin. Then, the next article will address the reasoning for our abandoning of sound money principles, and how our new system of Bitcoin incentivizes everyone to hold to those principles within the architecture we will discuss today.

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