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Layered Money: From Gold and Dollars to Bitcoin and Central Bank Digital Currencies Hardcover – January 18, 2021

by Nik Bhatia (Author)
4.7 4.7 out of 5 stars 891 ratings
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In this fascinating deep dive into the evolution of monetary systems around the globe, Nik Bhatia takes us into the origins of how money has evolved to function in a "layered" manner. Using gold as an example of this term, he traces the layers of this ancient currency from raw mined material, to gold coins, and finally to bank-issued gold certificates. In a groundbreaking manner, Bhatia offers a similar paradigm for the evolution of digital currencies. Bhatia's analysis begins in Renaissance Florence with the gold Florin coin and a burgeoning banking culture, continues with the evolution of central banking, and concludes with a vision for the future of our international monetary system. As central banks around the world prepare to launch their own crypto-competitors, Bhatia illustrates how the invention of Bitcoin created a seismic shift in money and merged the monetary and cryptography sciences. His unique analysis of "layered money" illuminates money markets for the general reader and shows how Bitcoin is becoming a trusted global currency. Readers will come away with an understanding of the mechanics of our financial system, why the dollar is deeply entrenched despite its state of disrepair, and how Central Bank Digital Currencies (CBDCs) and cryptocurrencies will interact in our new monetary future.

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Previous page
  1. Print length
    180 pages
  2. Language
    English
  3. Publisher
    Nikhil Bhatia
  4. Publication date
    January 18, 2021
  5. Dimensions
    5.5 x 0.56 x 8.5 inches
  6. ISBN-10
    1736110519
  7. ISBN-13
    978-1736110515
  8. See all details
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Editorial Reviews

About the Author

Nik Bhatia is a financial researcher, CFA charterholder, and Adjunct Professor of Finance and Business Economics at the University of Southern California Marshall School of Business where he teaches Applied Finance in Fixed Income Securities. Previously, Nik worked the US Treasuries trading desk for a large institutional asset manager and has extensive trading experience in money markets and interest rate futures. After starting his teaching career, Nik felt the urge to bring his research on both the international monetary system and Bitcoin together as one to write Layered Money: From Gold and Dollars to Bitcoin and Central Bank Digital Currencies. He has a BA in Social Sciences from University of Southern California and a Master in Finance from IE Business School in Madrid, Spain. Nik lives in Los Angeles, CA with his wife and young daughter. LayeredMoney.com

Product details

  • Publisher ‏ : ‎ Nikhil Bhatia (January 18, 2021)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 180 pages
  • ISBN-10 ‏ : ‎ 1736110519
  • ISBN-13 ‏ : ‎ 978-1736110515
  • Item Weight ‏ : ‎ 12.8 ounces
  • Dimensions ‏ : ‎ 5.5 x 0.56 x 8.5 inches
  • Customer Reviews:
    4.7 4.7 out of 5 stars 891 ratings

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Customer reviews

4.7 out of 5 stars
4.7 out of 5
891 global ratings

Top reviews from the United States

Andy
5.0 out of 5 stars Great primer on hard money
Reviewed in the United States on November 2, 2023
Verified Purchase
I liked the way Nik framed the layers of money. I had not encountered that idea before. But it became slightly confusing at times working backwards and slipping from different kinds of historical monetary instruments. Overall I'm really glad I purchased this small book and supported a unique voice in the Bitcoin community.
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Ed Cleaves
5.0 out of 5 stars Clever Analysis of the Evolution of Money
Reviewed in the United States on November 30, 2021
Verified Purchase
This book built up a clear and concise, theoretical model of how the world’s monetary systems have evolved over time. This book is similar to “The Bitcoin Standard”, without over playing the politics of libertarianism. Instead, the book emphasised the fragile nature of our traditional monetary system, with its heavy reliance on creating money by issuing credit and liabilities. The tone of the explanation was objective and demonstrated the enormous complexity and counter-party risks that were inherent in the global monetary system, by the financial crisis of 2007 and 2008. The book was able to transition, smoothly and convincingly, to the logical benefits of using neutral monetary denominations, like Bitcoin, as a reserve currency - a first layer of a hierarchy of monetary layers.
7 people found this helpful
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J Buch
4.0 out of 5 stars Solid Breakdown
Reviewed in the United States on January 20, 2022
Verified Purchase
Provides a very solid breakdown of current, past, and potential future monetary constructs. Stays higher level so it helps if you already have an understanding of how money is created, issued, and utilized. Definitely worth reading.
4 people found this helpful
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Terry
5.0 out of 5 stars Bitcoin's transformation
Reviewed in the United States on January 26, 2024
Verified Purchase
A great read that puts in perspective the global monetary system, it's cracks and weaknesses, and how cryptocurrencies, specifically Bitcoin, will like play a key part in the future.
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Edward S.
5.0 out of 5 stars Eye Opening History of Money
Reviewed in the United States on January 16, 2024
Verified Purchase
This is a must read for anyone who wants to understand how the Federal Reserve really works and who it serves. This book builds the history of our financial sysyem and explains how crypto currencies will play a role moving forward.
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Jim R
5.0 out of 5 stars Amazing primer for those trying to understand the “why” if Bitcoin
Reviewed in the United States on November 25, 2021
Verified Purchase
By the time I bought this book I was deeply into bitcoin. I somehow intuitively knew it was the answer to a looming monetary crisis. What Nik did in this book was explain in an easy to read story why my intuition was right. Understanding the layers of money makes it far easier to understand that Bitcoin is and will remain first layer money making it a great choice for a store of value.
3 people found this helpful
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Barnstar
5.0 out of 5 stars Great overview, when's the sequel?
Reviewed in the United States on January 27, 2021
Verified Purchase
Great overview and explanation of how money has historically worked, using the concept of layers rather than overly complicated models of assets vs. liabilities on a balance sheet. It’s a much easier way of visualizing the way money moves and who controls what in a monetary system. Looking at money through this lens, it becomes easy to see how and why BTC became the first layer asset in a digital system — and why there can be no other.

Be a first layer holder. Own your own keys. ✌️
26 people found this helpful
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Andrew Jackson
5.0 out of 5 stars Great book. Highly recommend. No opinions, only facts.
Reviewed in the United States on May 1, 2021
Verified Purchase
Nik did a magnificent job explaining the financial system, how it was shaped by history and how we ended up where we are now. He clearly explained the problems with the fragility of the current dollar based system and how it is likely to change over the coming years. Then he explains where bitcoin fits into the monetary system and how building a future international monetary system around bitcoin as the ultimate 1st layer money could provide tremendous benefits to humanity.
One person found this helpful
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Top reviews from other countries

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Dr. Hayek
5.0 out of 5 stars Money is built in layers
Reviewed in Germany on June 21, 2023
Verified Purchase
Der Autor beschreibt wirklich sehr gut den Aufbau von Geldsystemen und schafft es aufzuzeigen wie auch Bitcoin in so einem Aufbau in unserer Gesellschaft einen Platz finden kann.
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Amazon_reviewer
5.0 out of 5 stars Glad I finally read this book which I recommend
Reviewed in the United Kingdom on March 28, 2023
Verified Purchase
I am glad I got this book. It was a very read. I got the book after doing lots of research on the topic, by looking at different websites and books. If you enjoyed this book, I would also recommend these other authors and their books Andreas Antonopoulos, Mastering Bitcoin Unlocking Digital Cryptocurrencies, BBCD Satoshi, Buy Bitcoin You’ll Thank Yourself In The Future and Saifedean Ammous, The Bitcoin Standard. I recommend you get this book if you are interested in the topics.
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Amazon Customer
5.0 out of 5 stars If you want to understand the entire history of the monetary system, read this book.
Reviewed in Canada on January 30, 2021
Verified Purchase
One of the most concise, well written books on monetary history & systems that I've ever read. In a relatively short read, you will come to understand the various 'layers' of the monetary system, how they developed throughout history, and how they came to be in their current form.

This is NOT a particularly difficult or long read. Anyone would be able to read it and understand the issues at the core of today's monetary systems, and possibilities looking into the future. Highly recommend! Especially in these times..
3 people found this helpful
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Priyankar Roy
5.0 out of 5 stars Must read for crypto people
Reviewed in India on July 16, 2022
Verified Purchase
This book teaches the history of money and how Bitcoin establishes itself in the space and can lead the monetary freedom and shape economies . Very simple and good book to read
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Seb D
5.0 out of 5 stars Excellent
Reviewed in France on November 20, 2021
Verified Purchase
Après avoir lu la plupart des livres importants sur le Bitcoin, je crains toujours de relire encore une fois la même chose. Mais ce livre est une excellente addition, qui décompose de manière simple (le livre est concis) et précise (le sujet est vraiment maitrisé) le système monétaire international, et comment le bitcoin est en train d'y imposer un changement radical pour le meilleur.

Pour ceux qui cherchent à s'orienter parmi tous les livres sur le Bitcoin, je vous recommande de suivre cet ordre :
1) Inventing Bitcoin : Comprendre comment fonctionne la technologie Bitcoin, indispensable et très concis
2) L'étalon Bitcoin : Comprendre le rôle économique du Bitcoin, le changement fondamental qu'il apporte à la société, long à lire et assez exigeant intellectuellement mais indispensable
3) Layered Money : Comment le bitcoin peut/va disrupter le système monétaire international et lui imposer une véritable neutralité en le retirant des mains des Etats
4) Digital Gold : L'histoire fascinante de la création du Bitcoin (2009-2017), moins indispensable mais passionnant, et aide vraiment à comprendre le contexte autour du Bitcoin
5) L'internet de l'argent I, II, et III : Pas indispensable, mais très utile pour comprendre l'idéologie derrière le Bitcoin et comment cette technologie va apporter des solutions concrètes à une grande diversité de problèmes inhérents au système actuel

Je m'apprête à lire ces deux livres, dont j'ai aussi entendu beaucoup d'éloges : Au Coeur du Bitcoin (explication du code de Bitcoin), et The Price of Tomorrow (l'importance d'avoir une monnaie déflationniste), je ne peux pas encore dire s'ils ont leur place dans cette liste.
One person found this helpful
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