TLS72: Vijay Boyapati on The Evolution of Money, Bitcoin's Role as Money, and the Lightning Network
The Kevin Rooke Show
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The Role of Money in the Economy
Gold started as a collectible something that was just valued for its own sake. Humans recognize that other people wanted it and so they held it as savings. They said, I'm going to keep some of my savings in gold because then in the future I can maybe exchange it for something else. Now when something becomes widely accepted as a store of value, when it's widely recognized that people value it, then you can start using it as a medium of exchange. This is the role of money that we're familiar with today. The last stage is unit of account when you expect to see all economic goods in a society priced in terms of one economic good: money.
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