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Published in:
2018 | OriginalPaper | Chapter
1. History of Money
Authors : Sarah Swammy, Richard Thompson, Marvin Loh
Published in: Crypto Uncovered
Publisher: Springer International Publishing
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Abstract
Money has been around for a long time, and some would argue since the beginning of time. Money is so common that everyone has experience with it and likely interacts with it on a daily basis. This familiarity does not, however, mean that money is universally understood. The International Monetary Fund describes money as anything that serves as a
(1)
Store of Value, which means people can save it and use it later
(2)
Unit of Account, that is, it provides a common base for prices
(3)
Medium of Exchange, something that enables people to buy and sell from one another
While crypto currencies do not necessarily meet all of the definitional requirements at the moment, they do represent a natural evolution of money. Additionally, many of the most appealing aspects of crypto currencies attempt to address many of the issues that have plagued money throughout history.