Major Coin: Understanding Cryptocurrency for Safe and Effective Trading (Part III)

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The Gold Standard

From the bags of barley that were a pain in the ass to carry around, or seashells that sandy could collect from the seashore at unlimited supply, came the gold (or other precious metal) coin. This was an easier to carry around and rare enough object which met the new needs of a developing financial/mercantile system. It also had intrinsic value because of the desire that human beings had for it. The coin was the standard of wealth, that of which all items and services would be rated against. Additionally, people could easily trade and carry it and was impossible to flood the market with large amounts due to its scarcity. This made it value stable.

It was a great system until people realize how difficult it was to carry around large amounts of gold. Rich merchants, emperors and kings alike began to accrue large amounts of gold but found it impractical and risky to have it moving around the landscape. So they issued gold backed paper notes, which were like IOUs that could be traded back and forth for products and services and returned for their represented amount in gold. The flying money as the originators nicknamed it, was easier to carry around and more secure. The economy could still run the same way it did before and the precious metals held by these individuals with concentrations of wealth could rest easy.

Level up human civilization.

Fiat

Flash forward to about the 1970s, when it got really weird. The gold standard had been fading and seeing its last days in America and in the world. The value of the currency was no longer connected to the assigned value in gold. Fiat money was an evolution, (or devolution) in currency. It was issued by the government with it's value being tied to the intrinsic power and influence that the nation had over its people and the world. It could not be turned in for anything but a different number designation on another note. It wasn't backed by gold anymore, so you couldn't get that back. Its value, became speculative on the belief that people had in governments and the associated financial organizations which printed and regulated it. Some financial experts believe that these events were some of the most overt and large-scale robberies to have ever occurred in human history.

Level down human civilization.