History Of Money Essay

History Of Money Essay-61
Grains, cloth, and other items were also used as money.While they all sound different, each had three major features in common: While the first two features could easily be found in items like shells, grains, and cloth, the third was a little trickier.Even in today’s world, that’s still quite a specialized task despite the abundance of tools at our disposal.

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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.

500 years later, larger cities like Athens started to catch on.

Unlike shells and grains, citizens couldn’t just go out and find more gold and silver to melt and shape into coins with intricate stamps.

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

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

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.

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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