In everyday language, the word 'money' is commonly used to describe the currencies we all spend in our daily lives. In a broader sense, however, the term can also refer to any asset that is used as a means of storing value and exchanging products and services.
Money as we know it is currently the fundamental unit of measure, which is used as a store of value and as a universal commodity to exchange products and services on the market. This was not always the case, however, and other commodities, such as gold or pearls, were used instead. Today, we may be facing a new paradigm shift, as blockchain and Bitcoin are becoming potential alternatives to central banks and classic cash, which are used as a commodity of exchange.
Bitcoin is becoming increasingly well-known, but most people do not really understand what it is, they are not aware of its advantages, and understand neither its potential, nor its shortcomings. In his book, The Bitcoin Standard, Saifedean Ammous analyses the arrival of Bitcoin and explains the entire process of evolution of the various forms of money, which have been used as commodities of exchange and store of value throughout history. In order to fully understand the current situation, we must first learn more about the past, and how we got to where we are today.
This book is a journey through the centuries to discover the evolution of ‘money’, and the roles its various forms have played over time, moving on to explain why Bitcoin is so popular, and the problems it aims to solve.