The History of Money & the Future of Bitcoin and the Cryptocurrency Economy
This article examines the historical and current use of money and how Bitcoin or other cryptocurrencies can fit into the future of money.
Money was created many times in many places. Its development required no technological breakthroughs — it was purely mental revolution. It involved the creation of a new inter-subjective reality that exists solely in people’s shared imagine.
Money is not coin and banknotes. Money is anything that people are willing to use in order to represent systematically the value of other things for the purpose of exchanging goods and services.
Sapiens (2011) by Yuval Noah Harari
Bitcoin’s value proposition is not digital currency — 90% of existing money only exists as digital currency; Bitcoin’s value proposition is its methodology in guaranteeing the trustworthiness of digital currency.
Act 1: The History of Money
Supposedly, it began with hunting and gathering, which dominates over 90% of modern human history. During…
