Closing Thoughts “Will Cryptocurrency be the Money of the Future?”

Closing Thoughts “Will Cryptocurrency be the Money of the Future?” We have looked at the history of money over time to help us better understand the future of currency. In general, we saw that usable currencies have three important characteristics:  they hold their value over time they are an agreed upon medium of exchange they […]

Who Loses

Chapter 11 – “Will Cryptocurrency be the Money of the Future?” According to Pew, 16% of all Americans have invested in, traded, or otherwise used a cryptocurrency. Black investors have been quick to adopt crypto in their portfolios. While only 13% of white Americans have invested in this asset, 18% of black Americans have.  Some […]

Cryptocurrency’s Viability as a Currency

Chapter 10 – “Will Cryptocurrency be the Money of the Future?” Depending on who you ask, cryptocurrencies and their variants like NFTs (non-fungible tokens) have been either a great failure or a great success. For our purposes, we want to assess crypto’s viability as a currency in the context of 2,000 years of the history […]

A Digital System of Currency

Chapter 9 – “Will Cryptocurrency be the Money of the Future?” There are problems with our current system of using receipts. People lose receipts and others forge receipts for stolen goods so they can return them for cash. But what if the receipt was impossible to forge or lose? What if every transaction that happened across […]

Collective Faith in Currency

Chapter 8 – “Will Cryptocurrency be the Money of the Future?” Today we are in a place similar to where we have been many times before. Our economy depends on trading pieces of paper that are both valueless and tremendously valuable at the same time. So, if there is nothing backing the dollar, why does […]

Challenging the Gold Standard

Chapter 7 – “Will Cryptocurrency be the Money of the Future?” So, there were goldbugs, greenbacks, and also a third group called the free silver advocates. They were kind of a mix between the two other camps. These people, who were typically farmers, were convinced by the arguments of the goldbugs that a species back […]

Goldbugs and Free Silver

Chapter 6 – “Will Cryptocurrency be the Money of the Future?” By this time, most Americans had experience with different types of currency. There was an understanding that currency could be many different things. Despite this realization, in 1873 the country went back on the gold standard and many people like this policy decision.  Supporters […]

The Free Banking Era

Chapter 5 – “Will Cryptocurrency be the Money of the Future?” This system worked well in America until the election of Andrew Jackson, the hero of the Battle of New Orleans after the War of 1812. Jackson believed that the Second Bank of the United States had backed his political opponent, John Quincy Adams, and […]

The First and Second Bank of the United States

Chapter 4 – “Will Cryptocurrency be the Money of the Future?” Pine tree money and tobacco receipts were the exception not the rule. In 1791 when the administration of George Washington established a national bank called The Bank of the United States, it had some $10 million in gold or notes backed in gold.  Like […]

Before the Dollar was Green

Chapter 3 – “Will Cryptocurrency be the Money of the Future?” Interestingly, there were problems with the gold standard. To make it work, it was necessary to have a lot of gold, which colonial America didn’t have. There was also a large trade imbalance, with more money going out of the colonies than coming in. […]