This post is also available in: Español
The popular book The Bitcoin Standard by Saifedean Ammous, will soon be translated into Spanish under the title, El Patrón Bitcoin: La alternativa descentralizada a los bancos centrales. The book takes a look at the history of money to explain the workings and political consequences of Bitcoin (BTC). It will be available for Spanish-speakers starting October 2 on Amazon. Its translator was Mercedes Vaquero Granados, literary director at Maresia Libros.
From the Academy to the Bookstores
In the introduction of The Bitcoin Standard, the author notes that the term Bitcoin can be understood as “distributed software that allows value to be transferred using an inflation-protected currency, without the intervention of trusted third parties.”
“Bitcoin automates the functions of a modern central bank and makes them predictable and virtually immutable by programming them into code decentralized among thousands of network members, none of whom can alter the code without the consent of the rest. This makes Bitcoin the first demonstrably reliable operational example of digital cash and digital hard money,” excerpt from The Bitcoin Standard.
In a commentary on the author, The Mises Institute mentioned: “It turns out that the best book on Bitcoin was written by someone who thinks that cryptocurrency is not particularly good as a form of payment, is not particularly anonymous and is not a good investment for most people.” However, Ammous highlights Bitcoin’s attribute as a value reserve and as a means of financial settlement of large quantities.
For the author, one of the advantages of bitcoin lies not in competing for small payments over small distances but in “large payments over long distances and payments over national borders.”
Users of cryptocurrencies must understand the reason blockchain works in order to trust the system. Once they do, investment is imminent.
The Importance of Translating Literature
Bitcoin may revolutionize the way people understand money, but not the way people share knowledge. Stories have passed on from generation to generation and have been able to stand the test of time through books. It is for this reason that literature remains a powerful resource for the storage and transfer of knowledge to the masses. If you are looking for a text that explains the technology, the application, or the purpose of Bitcoin, The Bitcoin Standard is an excellent place to start.
In the case of Latin American currencies, which depend on a constant reference against the US dollar, cryptocurrencies offer a practical alternative to combat against devaluation. Latin people seek refuge in cryptocurrency due to political and financial instability, such as in Venezuela some of the first users of Bitcoin for commerce. Cryptocurrencies provide an exit strategy for those who have lost faith in their government-backed fiat. The recent actions taken by the citizens of Turkey in Eastern Europe is another example.
The response of Venezuelan adopters to the transparency aspect of blockchain technology is what led the Venezuelan government to enact new laws in which the national wage is now anchored to cryptocurrency and not on fiduciary money. Transparency gives hope for protection against corruption; it is no wonder that there is a demand for this economically sound text to be translated into other languages.
About Saifedean Ammous
Saifedean Ammous is a professor of Economics at the Lebanese American University in Beirut, Lebanon, with a Ph.D. from Columbia University in Sustainable Development. He defends the thesis that bitcoin is ‘reliable money’ or ‘healthy money.’
His line of research is based on ‘sound money.’ A concept from the Austrian School of Economics, which is mainly based on the work of Ludwig von Mises and Murray N. Rothbard. Its main methodology is to build on all these academic postulates to characterize Bitcoin, which it also associates with the term ‘hard money.’
In an interview, Ammous acknowledged his attachment to the Austrian school and pointed out that he learned more from the content disseminated by The Mises Institute than in his entire academic career.