Will there be #credit-money in the crypto sphere?
If there are presentations about what is money, then we usually hear, that money has to be durable, portable, divisible and fungible. We fully agree with this discussion.But there is a bigger picture. The money doesn’t have only one dimension, but it has two dimensions — there is base money and there is credit money. The notes and coins in your wallet are the base money. The money what you have on your bank account is actually credit money.This article:• Analyses how the base money and credit money work today• Analyses how the base money and credit money worked in the last 5’000 years• Discusses what will happen with the credit money in the crypto sphereBelow is the picture of the first known credit money, from Mesopotamia, from ca 2’500 B.C., now in the possession of the British Museum in (...)