Market Money, Fiat Money,
& Cryptocurrency

Basic Monetary Theory and History

Money - Basic Definitions


Money is a resource having the following three characteristics.

  1. Medium of Exchange (MoE)
  2. Store of Value (SoV)
  3. Unit of Account (UoA) aka measure of value

    1. deferred payments (over time)

    2. transfer of value (over distance)

Important related definitions:

currency - a medium of exchange, not necessarily having the SoV (store of value) or UoA (unit of account) properties of money

Informally, the word "money" is often used to mean "currency."

commodity money (hard money) - currency which is redeemable by a commodity. Historically, silver and gold have been the main monetary commodities.

The redeemability of money is highly correlated with it being a successful store of value.

Currency Backing

Modern Money Timeline

The Origin of Money & Its Value

How Money is Created
in the post Bretton Woods era. PDF

Entrepreneurship in
Theory & Practice

Aleister "Hogeye" Crowley

What Has Government
Done to Our Money?

Definitive book on the history of money in the US - Murray Rothbard.

What is Money?
Classic essay by Frederic Bastiat.

Worst Ponzi Ever!
Don't fall for it!

Coin Bureau video.


What is Cryptocurrency?

Create Your Own Crypto Currency

Specie-backed Cryptocurrencies

The Ideal Cryptocurrency

The Satoshi Revolution
by Wendy McElroy
All about Bitcoin and blockchains.

Why the Future Money
Is Gold and Silver

The Coming Global Currency Reset


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