“Money in modern capitalism is no longer just a commodity like gold but instead is a ‘fiat currency’, either in coins or notes, or now mostly in credits in banks. Such fiat currencies are accepted because they are issued by ‘fiat’ by governments and central banks and subject to regulation. In contrast, bitcoin, conceived by an anonymous and mysterious programmer Satoshi Nakamoto just over a decade ago, is not localized to a particular region or country, nor is it intended for use in a particular virtual economy. Because of its decentralized nature, its circulation is largely beyond the reach of direct regulation or monetary policy and oversight that has traditionally been enforced in some manner with localized private monies and e-money.”