History Of Money Essay

History Of Money Essay-57
Domestication led to the emergence of farming, which centralized and increased population density.With centralized population density, it was no longer necessary to be the jack-of-all-trades that the hunting and gathering lifestyle demanded; instead, individuals began to start focusing on specialization.

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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.

Supposedly, it began with hunting and gathering, which dominates over 90% of modern human history.

While the invention of coins solved many problems for money, there were still disadvantages.

For one, coins were molded from precious metals including gold.

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.

Because people were using and holding the paper note rather than exchanging everything for the backed valuables, European banks started to issue more notes than could be all backed up at once, betting on the hypothesis that every individual holding their notes would not all come knocking on their door the next day asking for gold.

This became the first practice of the expansion of money supply in what we would consider modern money.

Rulers printed their faces or national symbols on them as guarantee that they and the civilizations they commanded would guarantee the worth of the coin; i.e., as long as their civilization existed, the currency would still be worth something.

The shift to using coins made the circulation controllable by the rulers and the currency more trusted by the citizens.

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