WCP: Gold, Cryptocurrency and Global Monetary System

Looking back at the previous revolutions in money, in the 16th century there was a radical proposal to replace gold with gold certificates written on paper. Andreas Antonopoulos(A technologist and Bitcoin Jesus) from this Bitcoin videohere says,

“If you think people find Bitcoin weird, imagine a time when they told them gold is no longer the money, bits of paper are… they were like you gotta be kidding me. So that idea was so radical, it took 400 years before it became broadly deployed in mainstream society.”?—?Andreas Antonopoulus

Money does not possess intrinsic value. Money is just a ledger to keep track of debt. Whatever form of money exists, we give it value because of its utility as a ledger. Gold does not have value because you can make a chair or jewelry out of it, the chair is valuable because it’s made out of gold which is scarce. Gold had been the “Gold standard” for the last 5 thousand years. And until Bitcoin and the blockchain, gold had made for the best form of a ledger we have found.