AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
4min chapter
Basics_02: Monetary History & The Rise of Bitcoin
Blue Collar Bitcoin
The History of Money
Adam Smith came up with the idea that money evolved from barter, which is basically where we're swapping our specific skill sets. But then people started to seek out commodities like shells and glass beads as a transactional instrument because they were scarce in their local community. The problem was when settlers from other areas would come into these foreign lands and they would realize why are they transacting this thing that is very abundant in my area? And all of a sudden it would become diluted or wreck havoc in these local communities. That's what we would call seniorage. Seniorage is when you can produce a monetary good at a much lower cost to you than the good is actually valued in the marketplace.
00:00
Transcript
Episode notes
Get the Snipd
podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any
moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share
& Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode