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Is the Anger Toward Fiat Currency Justified?

Published

2 years ago

8 minute read

Back in 2012, the Cato Institute published a paper titled The Coming Fiat Money Cataclysm and the Case for Gold. The libertarian think tank is hardly unique in its animosity toward the fiat currency system, nor was its 2012 paper wholly unique in its concepts and sentiments. It did, however, predict some of the issues we are trying to resolve today, notably inflation linked to the era of “cheap” money through low-interest rates.

Today, if you look at social media, particularly platforms like Reddit and Twitter/X, you’ll also find plenty of derisory posts about the fiat system. What’s more, we might argue, albeit unscientifically, that the backlash is growing. Some of this can be quantified. For example, there is some correlation between the rise of Bitcoin as hard money with a limited supply and
the criticism of the fiat currency system. However, some of it is not so easy to quantify, such as the animosity toward fiat currency being linked to wider dissatisfaction with the state.

But is any of it justifiable? The problem with answering that question is that there are both economic and sociological answers. The former is easier to frame, whereas the latter is not. Let’s start, though, by analyzing what we mean by fiat currency, which will help us understand its critics.

Fiat currency is effectively all money

Fiat currency is essentially money not backed by a physical commodity (gold or silver, for instance). It is, therefore, nearly all the money in existence in the world today. When you look at the trillions of dollars being traded in forex markets, it is fiat currency that’s being traded. The Canadian dollar used to be partially backed by gold, and some of its value is derived
from oil prices, but despite some arguments to the contrary, it remains a fiat currency.

So, why, then, should we criticize money? Well, it’s due to the fact that having no physical backing, such as a lump of gold or a barrel of oil, central banks and governments can print that money out of thin air. The charge against it is that printing new money creates more of it (naturally), and that eventually devalues it. You’ll often see anti-fiat accounts on Twitter/X
posting charts of how their currency’s purchasing power has declined or will decline over time. This is the economic argument against fiat currencies.

However, the argument loses merit when certain factors are pointed out. Yes, the Canadian dollars in your pocket lose purchasing power over time, and that’s why you can’t buy a house for the same price as your grandparents. Yet, you also will earn a lot more than your grandparents. If something used to cost a dollar and you earned ten per hour later costs five
dollars, yet you earn fifty per hour, there isn’t really a problem. Of course, that’s just the theory, and it does not always work that way in practice.

Wages keeping up with inflation

In Canada, for example, disposable personal income has tripled since 2001. It also increased in the last quarter of 2023 (the latest period for measurement). Have wages kept up with inflation? Not always; you might look at everything from the cost of a cup of coffee to your mortgage payments to consider that it hasn’t. But the problem is not fiat currency in and of itself. It is the balance between price rises and the amount of money you earn. From the period 2019-2022, average hourly wages grew 12.5% in Canada; CPI rose 10.1% in that time. There were accelerated periods of inflation, particularly in the aftermath of the pandemic, but on balance, wages kept up with inflation.

Now, none of this is meant to say that the fiat system is perfect, nor does it suggest that the government and central banks get it right on balancing the system. But broadly speaking, the antagonism toward fiat currency tends to be more sociological than economic. In short, people are angry at the system, not fiat currency itself. Those pushing the demise of fiat currency are often anti-establishment, at least ostensibly. They are interested in concepts like Bitcoin not only for financial reasons but also because it is not a creation of the state.

Their concerns do go into other areas, such as central bank digital currencies (CBDCs), and it leads them to see the fiat currency system as one of control. How valid are those concerns about CBDCs? We would be foolish to dismiss them, and there should be perhaps a sense of frustration that the mainstream media is broadly ignoring the threat. At the moment, the official line from Canada is that there are no plans for a CBDC – yet. However, and this is important – the BoC is apparently researching the “need” for one in the future.

What would that “need” be? Could it be the control of citizens’ finances? There is an all-too-scary suggestion that this could be the route that governments take, where fiat currency becomes less money and more like social credit. You drink or gamble too much? Well, the government will freeze the money in your account until you prove you are spending responsibly. If we go into a situation where fiat currency becomes a system of control, then inflation is the least of our worries.

For some, there is a sense of a tipping point on the horizon. We have this situation where governments are constantly printing money – and taking on huge amounts of debt – and we have the specter of CBDCs. You can, therefore, understand the allure of Bitcoin and other decentralized forms of currency, although those systems in themselves are not perfect. The
question, though, is whether we meet these challenges before the tipping point is reached?

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Things have been changing in Alberta. The province isn’t just about oil and cattle anymore. Along with the wide-open skies, there’s a growing sense of invention. Just taking a walk through Calgary or Edmonton, you can see a difference from a few years ago. You’ll see people tapping away on laptops in coffee shops and talking about new ideas. 

The workplace also looks completely different compared to a few years ago. Times have changed, with people being able to work from home, coffee shops, or any remote setting. Boring old offices have changed into relaxed lounges and coffee corners, which help to inspire creativity. Instead of traditional classrooms, learners can now do a lot of their lessons online. 

But it’s not all about work. How people relax and unwind has also changed. Streaming their favourite show, gaming, and online entertainment have definitely become a part of everyday life. When the weather gets too cold or the schedule becomes too busy, entertainment is just a click away.

Online gaming has grown into a favorite digital pastime. Much like the best online casinos in the country, the fun comes from having variety. Some players chase the excitement of high-stakes games, while others prefer slower, social ones that let them chat with friends. There are games to suit every style and mood. There are also great incentives to look out for, like huge welcome bonuses, free spins, and VIP and loyalty points (source: https://www.pokerstrategy.com/online-casinos/canada/). These are especially great if you play regularly. 

This trend of enjoying digital downtime also connects with Alberta’s working culture. The same traits that make Albertans great at building and problem-solving also show up in how they play. Whether they’re testing a new game feature, trying out a bonus offer, or experimenting with different apps, it’s all about curiosity. This habit of trying, learning, and adjusting is shaping a generation that’s both playful and ambitious. They treat technology as a tool for creativity and connection.

You can see this mix of work and leisure in everyday life. Someone might take a break from a remote work project to stream a show and then go right back to brainstorming ideas with colleagues. The old ways of separating work and play have changed. While people work just as hard, they’re finding new ways to relax and recharge. Young professionals are creating lifestyles that value flexibility as well as personal balance.

Alberta’s economy has always been resilient, but having this new digital layer has added something new. Ideas, skills, and online habits are becoming the province’s newest source of energy.

This wave of change matters because it’s not limited to one industry or age group. It’s happening in living rooms, classrooms, and working spaces. Alberta’s people are showing that progress can begin anywhere you open a laptop or pick up a phone. Innovation is not just about inventing something new. It’s about how everyday choices include blending the digital world into the real world. Alberta still holds onto its hardworking roots, but now it’s combined that with imagination and digital confidence. This is helping to shape a future that is full of possibilities.

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Why Casinos Use Cryptocurrency

Online casinos like Rabona betting use cryptocurrency because it transfers funds faster than traditional payment systems. Bitcoin and Ethereum transactions don’t rely on banks, so transfers complete within minutes.

Players from countries with financial regulations use crypto wallets to send or receive funds without card rejections or blocked transfers. Casinos also cut costs since they don’t pay high processing fees to banks or card companies.

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Casinos that accept Bitcoin or Ethereum attract a wide range of players who prefer anonymity. Traditional payment systems require full identity checks, while crypto transfers use wallet addresses.

Players still need to pass KYC checks under legal standards, but crypto wallets give more privacy since they don’t require your bank data.

How Bitcoin and Ethereum Shape Casino Payments

Bitcoin is the top choice for online gamblers because most payment systems already integrate it easily. It allows deposits and withdrawals in similar amounts to bank transfers.

Sites like Rabona betting often provide it for high-volume transactions because cryptocurrency networks handle large sums safely and quickly. Digital currencies stands out because they allow smart contracts.

These contracts handle payouts automatically when a condition is met. For example, a casino game that uses an Ethereum contract can send a payout as soon as a winning combination appears, without manual approval.

Players deposit money and the casino automatically exchanges it to CAD. Thus, users can play bets in a currency they’re used to, and withdraw via the same crypto system that converts CAD to BTC, ETH, etc.

What’s Next for Bitcoin and Ethereum in Gambling

Future development aims to increase transaction speed and reduce fees. Bitcoin developers work on the Lightning Network, which processes microtransactions instantly through off-chain channels. That system suits online casinos since it handles many small bets quickly.

Ethereum’s developers improve scalability through updates that raise network capacity and lower gas costs. That’s one of the reasons why Ethereum switched from PoW to PoS.

Conclusion

Casinos like Rabona betting and others keep expanding payments to include more currencies like Solana, Cardano, Avalanche, or stablecoins like USDC, EURC, EURQ, and more. Most cryptocurrencies process transactions faster and provide some sort of anonymity, so players will continue using them at online casinos.

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