Hey all.

If you're in the UK, you can't buy bitcoin on a centralised exchange until you pass a test. The FCA calls this an "appropriateness assessment", and it’s supposed to prove you understand how risky and volatile it all is. This is a routine bit of friction that UK stackers will be familiar with.

But last week a thought struck me: what if they made you pass a test before opening an ordinary fiat bank account? Prove you understand where your money actually goes, who legally owns it, and how much of it is really protected?

So I built that test. Here’s a taste:

Questions include: “Of every £1,000 you deposit, how much is your bank legally required to keep in reserve?” The answer, of course, is zero. On top of this you’ll be grilled on who legally owns the money on your account, where the money for loans actually comes from, and which currencies and forms of money are preferred by money launderers and criminals.

You can take the fiat appropriateness test today. Every answer cites Bank of England, the FSCS, or the courts:

👉 https://bennet.org/blog/fca-knowledge-test-fiat-banking/

If it makes you laugh (or cry), forward it to someone who still thinks fiat's the safest option.

Thanks for reading, keep stacking.

— Bennet