In the previous article, I looked at money and the requirements for any good/item/commodity like cowrie shells, silver, gold etc to become money. A good or item does not become money overnight. Rather it has to go through multiple phases before it can be considered as money used for trading. In this article, I will look at the phases involved in the life of a good before it becomes money. It’s important to understand this so that we can evaluate which phase is Bitcoin in on this journey.
Bitcoin made simple - Part 4 - Phases of money
Bitcoin made simple - Part 4 - Phases of…
Bitcoin made simple - Part 4 - Phases of money
In the previous article, I looked at money and the requirements for any good/item/commodity like cowrie shells, silver, gold etc to become money. A good or item does not become money overnight. Rather it has to go through multiple phases before it can be considered as money used for trading. In this article, I will look at the phases involved in the life of a good before it becomes money. It’s important to understand this so that we can evaluate which phase is Bitcoin in on this journey.