A common story we are told is that money arises from the insufficiency of barter. Known as the “double coincidence of wants” problem, it is said barter was too limiting and a more flexible medium of exchange was needed. According to anthropologist David Graeber in his book, “Debt: The First 5000 Years,” this story is not true. To summarize his findings in ancient societies, what was found as “money” was delayed barter. For example, I don’t need item A now but I may need it in the future. I will give you item B and ask for A when I need it. This was the first creation of credit.
About The Author
We are always looking for quality content, news, and analysis about cryptocurrencies. If you have an article you'd like to have published to our audience please reach out to https://www.coins.group/submit-press-release/.