Amazing ! Why Was Gold Used As Medium Of Exchange
It is highly illiquid but could eventually be converted to money. Gold has all the best moneyish qualities. Comparison Between Gold And Bitcoin As An Investment Gold Exchange Gold Ounce Gold Cost Gold as wealth reserve. Why was gold used as medium of exchange . But currently well over 95 of the worlds gold is held as a wealth store - either in bullion vaults or as jewelry which is generally. Cigarettes were used during WWII. Serve as a store of value. Physical gold has been used as a medium of exchange for about 6000 years while silver has been used for the same purpose going back around 4000 years. I dont think it was the first currency but it is certainly the world time tested choice for a medium of exchange if they arent forced to use government paper. The barter system lacks a universal medium of exchange to simplify the process. It serves as a store of value. By making exchange easier money allows people to specialize and become more productive. Gold is not c...