Correct, and this is important.
Let’s analyse Ludwig Mises’s writing:
“…before the development of the bank-of-issue system, especially in England, bills circulated to a greater extent than afterward; that in Lancashire, for example, until the opening of a branch of the Bank of England in Manchester, nine-tenths of the total payments were made in bills and only one-tenth in money or banknotes.”
Note that with “money” Mises means gold. In @nprofile1q..., the base money is Bitcoin, not gold.
Payments can be made in e-bills, although Wildcat mints will reissue them fungible and dividable as non-custodial e-cash.
There will be no banknotes, the Bitcredit mechanism works with verifiably 100% backed and over-collateralised e-cash, denominated in #Bitcoin.
Let’s analyse Ludwig Mises’s writing:
“…before the development of the bank-of-issue system, especially in England, bills circulated to a greater extent than afterward; that in Lancashire, for example, until the opening of a branch of the Bank of England in Manchester, nine-tenths of the total payments were made in bills and only one-tenth in money or banknotes.”
Note that with “money” Mises means gold. In @nprofile1q..., the base money is Bitcoin, not gold.
Payments can be made in e-bills, although Wildcat mints will reissue them fungible and dividable as non-custodial e-cash.
There will be no banknotes, the Bitcredit mechanism works with verifiably 100% backed and over-collateralised e-cash, denominated in #Bitcoin.