A senior White House official has hinted at the possibility of the U.S. utilizing its gold reserves to acquire more Bitcoin (CRYPTO: BTC). What Happened: Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, ...
Gold is pretty damn “cheap” to use as a currency it’s a softer metal with a lower melting point which allows it to be easily minted and then since its properties are somewhat unique it makes it harder to counterfeit without more complex technology. It is also rare enough that small bits of it can be used for currency so you don’t have to use something like the giant stone discs of yap. Some places used food for currency like rice or cocoa beans but those had too little value per unit of currency which made them annoying.
I really suggest you read Graeber’s “Debt” to get a more complete picture of how economies can work. It’s not all giant stone discs.
Plus there’s tons of ways gold can be adulterated. Devaluing gold currency is incredibly easy, as is shaving or sweating the coins to get your own gold.
There are easier and cheaper means of exchange. Indigenous people all over the world had access to gold but used it for decoration and not trade.
Gold is pretty damn “cheap” to use as a currency it’s a softer metal with a lower melting point which allows it to be easily minted and then since its properties are somewhat unique it makes it harder to counterfeit without more complex technology. It is also rare enough that small bits of it can be used for currency so you don’t have to use something like the giant stone discs of yap. Some places used food for currency like rice or cocoa beans but those had too little value per unit of currency which made them annoying.
I really suggest you read Graeber’s “Debt” to get a more complete picture of how economies can work. It’s not all giant stone discs.
Plus there’s tons of ways gold can be adulterated. Devaluing gold currency is incredibly easy, as is shaving or sweating the coins to get your own gold.