Origins and evolution of money

Human civilization flourished in times and places where sound money was widely adopted, while unsound money all too frequently coincided with civilizational decline and societal collapse  — Saifedean Ammous

 

COLLECTIBLES: 

STORE OF VALUE and MEDIUM OF EXCHANGE:

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Terms:

Summary:

The poor verifiability, storability and transferability of coins fomented the use of receipts representing metals that were accumulated in a centralized way, which made easy for governments to monopolize the system and abuse it by creating receipts without any backing of metal.

That situation led to pure fiat money. 

In 2009, bitcoin appeared, a digital gold that improves greatly the verifiability, storability and transferability of physical gold.