As money developed and people opted to place it in secured storage, banks started issuing banknotes which represented a client’s deposit at the bank and the promise to redeem each note for the amount of gold it represented at a 100% reserve rate. Market exchange rates of the coins were defined by their metal content. […] The post Christophe Cieters: Monopoly Money appeared first on Bitcoin News.
As money developed and people opted to place it in secured storage, banks started issuing banknotes which represented a client’s deposit at the bank and the promise to redeem each note for the amount of gold it represented at a 100% reserve rate. Market exchange rates of the coins were defined by their metal content. […] The post Christophe Cieters: Monopoly Money appeared first on Bitcoin News.
Share this Article
Comment on this Article
Recommended
Please to comment