The World’s First Universal Currency
Money is money! That’s a fact regardless of what situation any given person finds themselves in at any given moment. Money can change hands rapidly (sometimes even more quickly than that) from one hand to another, and money has a tendency to flow when you least expect it.
Money, then, is any verifiable account or typically accepted in exchange for goods and/or services and payment of debts, including taxes, in a specific political context or socio-economic framework. Money is also known by different names throughout the world (such as “hard-money” and “interbank” money) and can be measured either in terms of currency or weight. The value of money is primarily determined by demand and supply in the market, but money and its role in society have long been an important part of social organization and the process of learning and communicating. Money has become an essential and often valued, even revered, part of our lives, making it a necessary part of nearly every transaction we make.
Modern civilization, however, has rarely if ever had a money system based on anything other than barter exchanges. Bartering, which was once a major mechanism of exchange throughout the history of most of human commerce, has largely been replaced by the development of money and the ability to transfer it through various mediums, most commonly including the Internet. Although money has played an important role in all aspects of human society throughout recorded time, the present day, with all of its technological advances, money tends to become the “facilitator” rather than the direct agent in most transactions. Most transactions within modern society are either contractual relationships involving a “selling” party and a “receiving” party, or peer-to-peer transactions with no defined exchange parties. Because of the role money plays in society, and especially in the modern economy, money, and specifically, the monetary currency is considered to be the root of all evil, a “swarm of thieves” roving around the earth “stealing” wealth from unsuspecting victims. Cryptocurrencies, like money, make transactions easy and safe.