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The question itself is not a simple value for money . The existing global financial system and in particular the national currency in the definition in which they now exist , the invention of the 20th century . Never before civilization did not use unsecured obligations .
What I mean . First of all, money - it's a means of payment , means of settlements . In the history of the world has always been a means of payment which is a specific -purpose goods , often they were gold and silver , although , in principle, there were also other examples but this fact is undeniable - means of payment has always been any goods , which itself had a certain exchange value and could be used not only as a means of payment but also direct its purpose .
Even today, in certain human societies can be found examples of use of the product as a means of payment , in particular in U.S. prisons until recently so versatile item was cigarettes . Not so long ago in U.S. prisons smoking was forbidden , and do you think that has become a new means of payment ? New means of payment steel cans. Obviously it means for payment is not universal as cigarettes, but in general it also satisfy the requirements of " users."
History of the emergence of calculations using paper , unsecured commodity money oddly quite simple.
First notes were backed by gold , ie in fact it was the obligation of the State to issue bearer notes on demand a certain number of goods ( gold). Time of general binding to the gold value of national currency called the "gold standard ."
Subsequently, the following steps were simplified Development banknote money :
gradually decreased availability of gold
Money continues to provide gold, but gold was canceled refund on presentation of banknotes
As a result, a particular stereotype was formed ordinary users of paper banknotes - money always be exchanged for goods , then paper money themselves are worth something , and the fact that the original notes were secured by all item just forgot , because this is the "goods" - nobody in my life and never seen .
As a result, it was found that users of banknotes can not in any way to verify whether security gold and furthermore they have not sought to do so. The current situation has led to the logical conclusion - the value of the national currency can not provide the gold and the "gold standard " has been canceled. It happened in 1976 at the Jamaica Conference.
The current world monetary system exists precisely since 1976 , and is not the result of a conspiracy against the Yankees of the world community , it is simply the result of the evolution of finance and globalization of the world economy.
In fact, in 1976 the world has recognized that the main function of money - to be a means of payment , and the function of the goods they can not possess.
The value of money is determined only by :
the fact that they are taken as a universal payment for goods or services ;
and the likelihood that in the future for the available money you can buy the same goods and services as now
Accordingly, if the probability increases ( or, more simply , increasing expectations ) that are available in the future on the money we can buy less goods , the real value of money begins to decline .
If all stop taking money as means of payment , they depreciate.
Over the past 100 years there have been many examples of how the real value of money in very different countries fell sharply . These fall in the value of currencies called " hyperinflation " , I recommend to read about this phenomenon to the wiki , there are interesting examples are given .
Accordingly, to strengthen their own national currency in many countries adopted a law that the principal means of payment in the country is the national currency with the ban on the direct use of the calculations for the acquisition of goods or services for foreign currency.
Release ( emission) of money and control over their turnover typically engage in " central banks " states. One of the main tasks of the Central Bank of deterrence or stimulate inflation in some countries and cost control of the national currency against major world currencies .
Of course , central banks with their tasks periodically fail , causing the national currency changes dramatically , " upsetting " its users.
Bitcoin itself was originally conceived as an alternative to the existing national currencies , which will be protected from surges and its course of depreciation due to fixed the issue and the lack of centralization.
Of course the idea that a universal , electronic, decentralized currency will be protected from sharp fluctuations could have imagined only idealists - techies who could implement such a unique project, but which in finance is by definition not much understand.