The Past and Future of Money

The Past and Future of Money is a work by Fariborz Raees Dana and Farrokh Ghobadi, in which they examine “from the coins of Lydian kings to Bitcoin and other digital currencies.” Money, whether in the form of shells, metal coins, paper notes, or a string of electronic code mined by computers, has experienced various forms throughout history. The global value of money depends on the importance people place on it as a medium of exchange, a unit of measurement, and a store of wealth. Money allows people to trade goods and services indirectly, helps inform prices, and provides individuals with a way to store wealth. Before money, people obtained and exchanged goods through barter. Gradually, a type of currency developed over centuries, including items such as animal skins, salt, and guns, which were easily traded. These traded goods acted as a medium of exchange; although the value of each item was often negotiable. This trade system spread worldwide and still exists in some parts of the world today. The exchange system evolved from bartering animal skins to minting coins and printing paper money, and now it appears we are on the verge of a major shift toward electronic transactions and digital currencies like Bitcoin. Fariborz Raees Dana and Farrokh Ghobadi in the present book explain “The Past and Future of Money” for readers, covering topics “from the coins of Lydian kings to Bitcoin and other digital currencies.”