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In the fourth entry of the Future of Money series, we dive into the difference between money and currency. Though often used interchangeably, these concepts are distinct.
Money allows for a universal medium by which society can attribute value. Put another way, money is a story which only humans believe, and paradoxically, it has value precisely because we attribute value to it.
Most believe money was invented to facilitate trade, but because preserving wealth through inheritance and marriage both predate trade, transferring wealth was more urgent than trade. Therefore, the need to transfer wealth led to man’s creation of money.
Money makes the world go ‘round, and we’re all trying to make more. But when was the last time you stopped to ask yourself the question: What IS money?