Today gold is the dominant monetary metal with silver often thought of as the junior partner. However it hasn’t always been that way throughout history. Silver has a long history of use as money and it could be argued that it has been even more influential than gold. Many famous silver coins, such as the […]
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The history of fiat currency is a history of failed experiments. Authorities have sought to utilise the flexibility it gives their finances, but have often mismanaged it and brought catastrophe. While fiat currency is the norm today, it has been less common in the past. Throughout much of human history, society has used some form
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The development of Monero was a significant evolution in the world of cryptocurrency. However, unlike unlike Bitcoin, the history of Monero is not very well known. Monero (XMR) is a private by default Proof of Work cryptocurrency that was created in April 2014 as a fork of Bytecoin, using the CryptoNote protocol. The key value
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For most of human history societies have used some form of hard money. The definition of hard money is a form of money were it is difficult to produce new units and therefore it is difficult to increase the supply. This is also known as sound money. Easy money, by contrast, is money that is
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The world’s first cryptocurrency was Bitcoin. In October 2008 Satoshi Nakamoto published a white paper online explaining his concept of a decentralised peer-to-peer payment network. Shortly after, in January 2009, Satoshi released the Bitcoin software and mined the first block. The concept of cryptocurrency actually predates Bitcoin by a few decades. There were several efforts
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Bitcoin has changed the history of money, the history of finance and the history of the world. It is a revolutionary development that has evolved into a global phenomenon that challenges the status quo of the fiat currency system and forces us to ask the very simple yet profound question, “what is money?” It is
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The origins of money are murkier than many would have you believe and the oldest form of money is not entirely clear. The standard story is that we moved in a gradual process from barter to using commodity money such as cows, shells and ultimately metal coins. But that is not universally accepted. David Orrell,
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These famous silver coins either have historic significance or are well known and popular bullion coins of the modern era. Some of them are the most beautiful silver coins in the world. Silver has been money for thousands of years, although it has always played second fiddle to gold as a store of value. But
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The end of the gold standard was not a single event. It happened in stages. The beginning of the end was in 1914, with the outbreak of World War One. The European powers ended convertibility of paper money into gold in order to finance the war through the printing press. This concluded the international monetary
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The Renminbi translates to “people’s currency” and is the currency issued by the Communist Party of China. The term Renminbi refers to the name of the currency in the broad sense, while yuan is the name of one unit of currency. The Renminbi was first issued towards the end of the Republic of China in
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