The Idea Meritocracy | Principles of Bitcoin Series | Episode 1 (WiM254)
The "What is Money?" Show
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The One Thing Gold Lacked Was Portability
The one thing gold really lacked was portability. Gold is physical, it's heavy and risky to secure and move around. A money that can't move rapidly across space constricts the ability of the economy to produce new ideas and wealth. So what do we do? Humans being human, we innovate around it. We put all the gold with a central custodian which was originally a warehouse but would later become a bank. And we issued a paper redemption certificate on top of it Originally called a warehouse or seat later called a bank note today called a Federal Reserve bank note.
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