US Dollar

The official currency of the United States of America was backed by gold until 1971. From then on, it has been referred to as a "fiat" currency, meaning that it is backed only by the government that issued it. Since 1913, the supply of the USD has been managed by an independent organization known as the Federal Reserve (The Fed). The Fed was created by the United States government to soften the effects of business cycles (recessions and expansions). Specifically it was tasked with stabilizing prices and maximizing employment, which is known as the dual mandate. One purpose of many cryptocurrencies is to avoid this centralized control, which can affect business environments, taxes, tracking, and who profits and when.