Commerce increased and the medieval seasonal fairs were replaced by permanent centers of exchange.
This required an increase in the velocity of money that #gold and #silver simply couldn't provide.
A problem solved by bills of exchange and notes of credit.
This inability of #gold and #silver to cope with increased velocity lead to these market-driven derivatives.
Which were eventually abused (of course!), leading to #fiat currencies.
#Bitcoin combines the best of both worlds.
nostr:note1qadtuufewtjjwk2z7pydkyzm4v9g37cl2u5phgzc44srwqm7e28qslm8vg
