The United States Dollar (USD) is a fiat currency with a genesis date of April 2, 1792. At its inception, computing power limitations led USD to be transacted solely using “paper wallets” and physical coins. Now, USD has an extremely long confirmation period due to a small number of nodes that lack incentive to upgrade their consensus mechanism, which currently requires multiple layers of clearing and settlement to prevent double spending.
USD was originally created as a stablecoin with a price pegged to gold, but the decision was made to move away from that during a contentious hard fork decision in October of 1971. Since then, the uncapped supply has led to endless inflationary issues and a new religion among the leaders of many governments called “Modern Monetary Theory”. Supply is now controlled solely by a central node called the Federal Reserve, which uses supply increases to fund wars and devalue savings of hodlers. Government "fiat" currencies such as USD and EUR still exist today but face external threats from Bitcoin and other next generation crypto assets in the near future.