Museum Of Money

Just an ATM Machine in LondonWe are moving towards a world without cash, which is great: no coins in your pocket, semi-instant transactions with the tap of your card or phone (means no queue at the bar!) and easy tracking of where your money has gone.“Your” money?Digital transactions are fantastic, but unfortunately, their advent means relying more and more on intermediaries that manage and control what we can do. Nothing wrong with that, until something actually goes wrong. Remember 2008?In the evolution of money, the benefits should not only lie in the technical properties, but also in the ownership rights.Because money should be:1) DurableSo it can be used over and over again. Just like notes:2) PortableEasy to carry. So watch out for this spade-coin when you put your hands in your pockets.Source: British Museum, Bronze money in the form of a spade. China, 5th century BC.3) DivisibleDid you know that cattle were used as currency? Now good luck in getting some change when the price is 3.50 cows…Source: https://storyarchaeology.com/cows-as-currency/Image from: https://www.britannica.com/animal/cow4) UniformEvery unit should be identical to each other, but hard to counterfeit.Shells were one of the first monetary tool used all over the World: https://www.thevintagenews.com/2018/01/21/cowry-shell-coins/5) Limited In SupplyMoney is only valuable if it is in limited supply. Otherwise, you would end up with kids playing with it on the street.See: Hyperinflation in the Weimar Republic6) Generally AcceptedNo, merchants do not like to be charged to accept your form of payment.Image from: https://www.mybanktracker.com/credit-cards/faq/why-some-stores-dont-accept-american-express-1289387) …YoursBecause just like cash in your wallet, you should be able to manage it and transfer it at your wish, without an intermediary. Like handing something to the person in front of you.ATM machines getting very creative.Welcome Cryptography. Private Keys. Proof Of Work.Own your money again.Because we still need cash, just a better form.Digital, to be easily portable.Stored on thousands of computers, to be durable. If one fails, the others will cover-up.Divisible, but limited in supply. By math!Interoperable to be universally accepted. Read about atomic swapping.Programmable to be fair.Go figure.Altcoin Magazinehttps://medium.com/media/4b37fd61c8660dc2cbfe8232dfa683e2/hrefMuseum Of Money was originally published in ALTCOIN MAGAZINE on Medium, where people are continuing the conversation by highlighting and responding to this story.
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Author: Massimo Lomuscio

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