The dollar isn’t what most people think it is. It’s a trojan horse draining away your savings, purchasing power, and spies on you. The US dollar isn’t money- it’s a currency. That distinction matters because not knowing the difference is how we allowed the dollar to destroy our wealth in the first place.
To know the difference between money and currency check out my article A Beginners Guide: Is it Money or is it Currency?. Most people don’t even realize they aren’t the same thing and incorrectly use the words interchangeably. How could we replace the dollar with better alternative currencies if we don’t know the difference?
Defining Currency and Money
I’m going to drive this concept home because people really struggle with this. So let me start by saying the following:
- “Money is money. Currency is currency. A money can be a currency but a currency isn’t money.”
- “Currency is the thing you use. Money is the thing.”
Here’s a great analogy:
Think of money as a car, and currency as a vehicle.
- All cars are vehicles, but not all vehicles are cars. (All money is currency, but not all currency is money.)
- A car (money) has specific features: Four wheels, an engine, seats, a steering wheel, brakes, fuel system, safety features. These represent the various properties of money.
- A vehicle (currency) is anything that transports people or goods from one place to another. This represents the basic function of facilitating exchange.
- While a car can definitely be used as a vehicle for transportation, other things like bicycles, boats, or skateboards can also serve as vehicles without having all the features of a car.
More simply:
- Money (car) is a specific type with defined properties.
- Currency (vehicle) describes the primary function.
- Money can always act as currency, but not all currency has the full properties of money.
Keep the above in mind as we go. In order for us to understand the power of currency we have to understand its nature.
Currency is the thing you use for everyday transactions. It’s the thing you use to buy gas, food, entertainment, pay your debts, and everything else in your daily life. It’s the “medium of exchange” you use to power your life.
Think of an electrical current which carries energy -> “current”cy -> currency
Currencies are necessary for trade
Let’s start from first principles.
A simple transaction is the meeting of two parties in an adversarial environment. The two parties need something they can use to transfer value as quickly as possible with as little friction as possible. People need the convenience of a quick trading monetary asset above everything else.
We know this to be true because of how difficult it is to use anything that isn’t the US dollar to try and make a purchase.
For example…
- If we try to use gold, in the form of, say, Goldbacks, we have to find a participating business and there aren’t many, although it’s growing. The lack of participating businesses make it difficult for the average person to use Goldbacks.
- If we try to use cryptocurrency, again, we have to find a participating business and then find a crypto that is actually useful for everyday purchases (no easy task). The lack of participating businesses compounded with the difficulty of finding a cryptocurrency that is actually fast enough to be a currency is next to impossible for the average person.
- If we want to use a Pesos instead of US dollars we need to find a currency exchange.
- If we want to barter something instead of using US dollars, we have to plead the case of how the thing is valuable to the potential trader because it’s value might not be readily apparent.
In general, if it’s not easy to use, people just won’t use it. For example, there was a time when bitcoin adoption was exploding. Corporations like Microsoft, Steam, Overstock, and more all accepted bitcoin because it was easy to use, quick to settle, and convenient. That changed when bitcoin failed to scale. Then those companies removed bitcoin as a payment option because it just wasn’t convenient any longer. It didn’t matter that bitcoin was gaining in value to these companies. It didn’t matter that bitcoin was becoming a household name. What mattered was convenience. This is still true.
Most businesses do not accept cryptocurrencies because most of them are so difficult to use. That’s an utter disappointment.
Meanwhile, Goldbacks are on the rise among small business owners in the states where they’re accepted. Head over to the Goldbacks Featured Utah Business’s Page and scroll down to see how many small businesses are accepting them (keeping hitting ‘show more’ to get a sense of the scale)! Goldbacks are as easy to use as cash so there’s no learning curve for users. This is a real advantage for the currency. That said, I’m not certain of the future of Goldbacks but I feel like they’re occupying a real niche that has been mostly reserved for US paper cash and, to my mind, anything that can replace the dollar with better monetary properties is absolutely worth pursuing.
Yes, there are people who do use metals and cryptos as every day currency, but they’re the extreme exception because they don’t represent the average person- which is the most important part of an asset being a currency. They still can’t use crypto to pay important things like mortgages, rent, taxes, anything that uses ACH, debts like loans, and most recurring plans for everyday things like internet and cell phone (there are some companies like Spritz Finance and Zypto that allow you to do these things but at this point they’re still niche and don’t always work as expected, although that has less to do with the companies and more to do with the regulations surrounding them- I do hope they proliferate and can reach the masses.).
If the average user can’t use it for every day life, then the medium is useless to them.
Let that sink in.
We know the power of money in terms of its ability to be a currency and protecting value, but if the average person doesn’t have access to it or can’t easily spend or earn it… then those assets are better used as monetary investments. What’s the point of a currency that can’t be utilized other than as an investment?
I know there’s probably some gold bugs or btc maximalists who are yelling at me now but the reality is that if your neighbor, who knows nothing about metals or crypto, can’t easily use them for every day use, then understand that they probably aren’t going to adopt them as a currency.
Recently, bitcoiners have changed their narrative from crypto… currency… to store of value. bitcoin has essentially become a Non-Monetary Store of Value asset. Regular people aren’t adopting it to use and spend- they’re using it to save in terms of dollars. It’s essentially about accumulating more dollars than it is about being useful as a currency.
There’s nothing wrong with a savings technology (unless it spies on you like most cryptos) because the world could use more assets like gold and silver. This means bitcoin, as is, will never become a true currency for the world- it’ll only ever be something you invest in to save in terms of government dollars. Like I said, there’s nothing wrong with that, but that means it’ll never separate money and state like so many in the freedom movement strive for.
It’s not just theory anymore- the world just isn’t adopting metals or cryptos for currency as they once were for bitcoin before it was hijacked and became a speculative asset in 2017. Here’s a real world example showing this to be true:
Popular financial educator, George Gammon, made a trip to Argentina starting from Columbia with the expressed goal of only using gold, silver, or cryptocurrency as a form of payment along their travels. He and his small crew documented this in a series of videos. The outcome of which was a big eye opener for many in the crypto-space.
You can watch the summary of the trip here:
Later, he then did another trip where he tried to use Bitcoin Cash in the Caribbean island St. Martin where it was advertised to be relatively ubiquitous and ran into the same problem: there was no actual adoption of crypto as a currency.
You can see his live streams where he struggled to use metals and cryptos on his channel The Rebel Capitalist.
To summarize the results of his challenge, he discovered that places that once accepted cryptocurrency no longer did because there was no demand for it and thus maintaining the crypto Point-of-Sale systems to accept them just wasn’t worth the cost and effort. Additionally, many vendors would rather take US dollars instead of their local currency. In one instance, a vendor did accept cryptocurrency but it was a crypto pegged to the dollar. Needless to say, they went hungry for much of the trip.
The big takeaway was that almost no one wanted metals or crypto at all. They didn’t just NOT accept them, they actively rejected them.
So what can we learn from this?
People only want a convenient currency
It’s as simple as that. If it’s not simple and easy to use, people won’t use it no matter how valuable it is.
This is exactly why people choose USD over transacting with gold or bitcoin core. The sad truth is that convenience beats ideal monetary properties for the average person. Gold, Silver, and Monero are better than USD by every conceivable monetary metric except convenience and yet get almost no real traction among average people.
To my mind, this insight is the most disappointing thing about the crypto space. There’s almost no effort to make cryptos more convenient. This is why average crypto users are pushed to using centralized exchanges and parasitic layer 2 solutions.
Companies understand what customers and users want… most open-source crypto developers don’t… and don’t care.
If the dollar is so convenient… then why would we want to replace it?
Currencies and more currencies
The world runs on currencies. From the tiny 0.25 cent transactions at a gum-ball machine (do those still exist?) at your local convenient store to a multibillion-dollar multinational oil trade deal, the US dollar facilitates almost all trade globally. When it comes to the US dollar it’s ubiquitous, it’s easy to use, and it’s nearly everywhere. For good or ill, the US dollar is the global reserve currency, which means almost all trade happens with respect to the dollar.
People don’t really consider the shear scale of the dollar. It’s everywhere despite all it’s problems. Yes, it’s lost 99% of it’s purchasing power since 1913. Yes, inflation is a wrecking ball on the global economy. Yes, it’s being weaponized by our government against nations who don’t tow the empire-building line. And yet, very few countries have managed to walk away from the dollar successfully. The only one that comes to mind at the moment is Russia– but even now there’s rumors we’ll be trading with them again… in dollars. Despite that, even other supposed boogeymen nations such as Iran and China still transact in dollars for foreign transactions. The dollar is extremely hard to escape at scale.
The biggest reason for this seems almost trivial. The dollar, you guessed it, is quite literally the easiest currency to use and obtain. The dollar has the most infrastructure to support moving it across the globe. And then with apps like Venmo, PayPal, CashApp, Apple Pay, Google Pay, and more moving the dollar is so easy software companies sometimes put child protections in place to prevent children from using it. That ease-of-use, ubiquity, and global infrastructure is the silent power of the dollar.
To those that do pay in alternative currencies such as crypto or gold, ask yourself this, “are you converting to the USD in order to pay for it? Or are you paying in crypto or gold directly?” Most likely, and most often, the answer is conversion to USD.
Again, we get back to the dollars convenience. So if it’s so convenient, why would we even want to replace the dollar in the first place?
Why Replace the Dollar?
There are a number of reasons why replacing the dollar is the right thing to do morally and ethically.
The Usual Suspects
These aren’t fresh gripes; they’re the same culprits critics have been calling out for decades. Inflation’s damage is plain as day- back in 1913, 25 cents got you a decent meal; now it’s a gumball if you’re lucky. The Fed’s policies keep chiseling away at what your money’s worth. Debt’s another slow-motion disaster. With the US national debt topping $35 trillion in 2024, the dollar’s resting on a foundation that’s looking shakier by the minute. What happens when that bubble pops? Then there’s monetary mismanagement, like the 1971 Nixon Shock that ditched the gold standard, unleashing today’s fiat free-for-all. These aren’t abstract worries- they hit your savings, your plans, and the world’s stability right where it hurts.
There’s real long-term risk to your wealth in holding dollars.
Dollar Weaponization
The dollar isn’t just a tool for trade; it’s a weapon in Uncle Sam’s arsenal. Sanctions are the go-to move, hammering nations like Iran and Venezuela by locking them out of global commerce. When Iran got booted from SWIFT in 2018, its oil exports tanked, gutting its economy. SWIFT, the dollar’s enforcer in international payments, bends to US will. Russia felt the sting in 2014 with a partial cutoff, pushing it to ditch dollars where it could- though it still leans on them sometimes.
And looming ahead are Central Bank Digital Currencies (CBDCs), which could turn every purchase into a government-tracked data point (don’t think Trump’s executive order to prevent them made them impossible to implement- they’re still on the table in a different form now… more on that in a different article). That’s not sci-fi; it’s a privacy nightmare already in motion, nudging countries and people alike to look for an exit.
Your Right to Choose
Here’s the kicker: you didn’t pick the dollar- it picked you. In the US, legal tender laws say debts have to be settled in dollars, no ifs or buts. Globally, its reserve status strong-arms nations into line, curbing their freedom. Try to opt out, and the system bites back. Take Bernard von NotHaus, who launched the Liberty Dollar, a gold-backed alternative. In 2011, the feds nailed him for “counterfeiting,” threatening years in prison for daring to offer a choice. If people could freely pick other currencies without risking a crackdown, plenty would. Just look at the crypto crowd or folks using Goldbacks– millions are already testing the waters, not just as investments but as quiet revolts against a rigged game.
Furthermore, you have a natural right to print your own money/currency under the 9th Amendment. There’s nothing that says you don’t have the right to create one and put it out there in the free market. Sure, the government might say you don’t, but they want the monopoly as part of their terror scheme to weaponize the dollar against anyone that stands in their way.
Breaking up with the Dollar
I believe, that if we’re serious about moving away from the dollar then whatever that replacement is, must, first and foremost, at least do what the dollar can do.
Reread that last sentence again. And then again.
History backs this up- shifting from the British pound to the dollar as the world’s reserve currency took decades, driven by necessity and infrastructure, not just desire. Any contender has to match the dollar’s global reach, speed, low cost, and ease- otherwise, it’s dead on arrival. Gold’s too slow for digital deals, bitcoin’s fees and delays kill its shot, and most cryptos are just speculative toys, not tools for trade. The dollar’s network- built over a century- means any rival needs a massive adopter base to even dent it, not just a slick idea.
The World Needs Alternative Currencies
So many people get why the dollar’s a problem- its purchasing power’s crumbling, and it’s a geopolitical cudgel against anyone who steps out of line. But here’s the rub: nothing’s ready to take its place. Gold works for some small-scale trades, like with Goldbacks in parts of the US, but it can’t keep up with the digital world’s pace. Bitcoin’s a slog- imagine global trade waiting years for settlements if everyone jumped in. Even promising tech like decentralized finance (DeFi) or blockchain stumbles on scalability and ease.
Central banks are tinkering with digital currencies, but those could just tighten the surveillance noose. Right now, no alternative checks all the boxes: fast, scalable, cheap, private. Grassroots efforts- think Goldbacks or niche cryptos- show us that people want out, but scaling that to global trade’s another beast entirely.
Cryptocurrencies like Monero, Zano, Pirate Chain, and Beam fill in gap for privacy in transactions. Physical Goldbacks are also great for private in-person transactions. Coins like Solana, Bitcoin Cash, Tron, SUI make transactions fast due to their onchain speed. The cryptocurrency Nano has no transaction fees.
None of those suggestions are financial advice. Instead, it’s up to you to find what works best for your needs. And the only way to know for sure is to use them.
What’s the ultimate solution?
There’s no perfect fix yet, but we’re not helpless. Crypto, I think, will eventually provide the answer even if it doesn’t exist yet. To my mind, we need a decentralized crypto that has the monetary properties of Gold and Monero, is faster and more scalable than Solana, and is so easy-to-use the dollar feels like dial-up. It’s gotta be better, cheaper, quicker, and available everywhere- or it’s not worth it.
Until we get there, use Goldbacks where they work, spend cryptos built for it, and push businesses to jump in. It’s gritty, but adoption grows from doing, not dreaming. The dollar took years to rule; its replacements will too.
What the world looks like post-dollar
In a post-dollar world, we’ll witness the global financial landscape transform into a dynamic, multi-currency ecosystem where regions and individuals wield the freedom to choose the currencies that reflect their unique preferences, needs, and values. No longer bound by the dominance of a single currency, people might favor cryptocurrencies for their privacy, regional tokens for their cultural resonance, or stablecoins for their reliability- creating a diverse monetary tapestry.
Enabling this shift are decentralized exchanges, the technological backbone of this new era, which facilitate seamless, permissionless swaps between any currency pair imaginable. These platforms empower users to trade without intermediaries, dismantling the barriers of centralized control and fostering a fluid, accessible exchange system. This multi-currency reality isn’t a radical departure but a return to historical norms- global trade has long flourished under systems where multiple currencies coexisted, driving resilience and adaptability across civilizations. From ancient trade routes to medieval markets, history shows us that economic strength lies in monetary diversity, not uniformity.
The post-dollar world isn’t chaos- it’s choice. It’s the free market doing its thing, letting the best ideas slug it out and come out on top. In that world, currency isn’t about some governments lording over you- it’s about handing you the reins. The dollar rode on coercion; whatever takes its place will stand on liberty.
And that’s a future worth raising hell for.
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Beam Address: 8WWUkQiqiJgTwDE5gcNR3cUoSfKhexdaUNjnhFE5CtVTT3KPwQaKxhQt4qqBxvg5wvESztxUPcbnjJC7CxQUNfGgp4e86hWFeATE3pvVENGetdC9kjQX84WLe91SsPmjgiNgDxTmEr9vKxNi8vVFuaX9j4wZvvnV9MPZNTgroDCC9oatrvRd7PvvhtppPEkm2BhPQHsU4pwjB5vQZBWZyibaG6D3gWk2iG1DEL5dTmgkc7TCCJME8TxCy1yTu2HfFSjhQTdWqPP5rkEtNoEby31MivV5S9w2uaeoanTcfEnN4FUVRWKhCGmRehqVwXU1wiWBw8etVDgorC9CcAVKYiNNpUqXHCxrKPvPHvZ9zwtbhXH2uLCJ2rZW2ukWFfCrftiHsLkR1M6HmR3CiTyVuW8FgcWzdfDDwLgc77t66wKq6Pp3sPHLwNehv4T6Qm6g2XX
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