What is the true nature of money? Let’s explore this fundamental question as we take you through the history of money, from ancient civilizations to modern-day cryptocurrencies.
) inception in 2008, cryptocurrencies have challenged the fiat currency system. The widespread adoption of mobile payment technologies and the upcoming nature of cryptocurrencies have transformed how we interact with money and are indicative of the evolving nature of money and its role in society. was used in many countries until 1971.
Moreover, abolishing the gold standard has harmed the middle and lower classes. Inflationary pressures from the lack of financial discipline have disproportionately affected those with less financial means, leading to greater economic inequality. The barter system was the earliest form of trade, while the monetary system is a central system in which money is used as a medium of exchange. Fundamentally, the barter and monetary systems are shared fictions created by humans to facilitate trade. Both approaches require the trust and acknowledgment of all parties involved in the transaction.
In contrast to both systems, cryptocurrency is open to anyone, offers fast peer-to-peer transactions without trust, and offers a better security and privacy system. Monetary policy is the central bank’s process of managing the money supply and interest rates to achieve particular economic objectives. If central banks set low interest rates, they make too much money available for lending, causing inflationary pressures on consumers’ wages and prices or vice versa.
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