An Evolution of Money Into the Digital Age
The story of cryptocurrency’s potential is the same as the evolution of money itself. Money has taken many forms through human history, but at the core of its utility is its ability to store and communicate human production.
In short, human production is a combination of our time and energy (calories). Time plus energy equals production. Thus, money is the representation of our time and energy.
Money is an idea. It is a collective agreement that an item or idea can represent our human production. We trade money to acquire goods and services we otherwise can’t, or won’t, produce on our own. We trade our stored production to others in exchange for these goods and services.
“Money is a shared cultural hallucination. It’s a shared delusion.” – Andreas Antopolous [Internet of Money]
Money could be anything, provided there is a consensus that a given community is also using it. However, as economies became exponentially more complex, the need for more suitable forms of money…