Acknowledgements

The inspirational spark for Bitcredit came during the 2015 monetary and banking crisis in Greece. The protocol combines Satoshi Nakamoto’s radical take on decentralisation with the almost forgotten, age-old bills of exchange mechanism, which allows maximally decentralised credit money creation, redeemable in bitcoin commodity money.

The concept was solidified with ideas from F. A. Hayek’s explorations of stable free-market monetary systems in Choice in Currency and The Denationalisation of Money.

Finally, the project owes a debt to Prof. Antal Fekete’s lucid neo-Austrian take on modernised real bills, and his insistence on clearing with gold instead of banknotes: the final confirmation for the principle of clearing exclusively on the Bitcoin mainchain. No other chain is needed.