The cryptocurrency markets is still reeling from the botched roll out of Bitcoin as legal tender in El Salvador.
The post Bitcoin Is Now a Legal Tender in El Salvador appeared first on LUXUO.

Throughout financial history, what has been accepted as currency is a far more plastic concept than people living in that age often given it credit for.

At its core, currency is a medium of exchange, a unit of account and a store of value, but what has come to define human economic life is often in a state of flux and debate and what is ?value? is often dependent on who?s doing the asking.

Take the ancient Inca for instance, for whom gold was the sweat of the sun, and silver, tears from the moon.

So imagine the Inca?s bewilderment when the Spanish Conquistadors fought each other and the Incas for the latter?s considerable gold reserves.
While the Inca appreciated gold for its aesthetic beauty, the sheer abundance of the metal made it far from suitable as a medium of exchange.

Instead, the Inca used units of labour as a form of currency, while the Spanish carted as much gold as they could from the Incans to fund their wars of conquest back home in Europe, where gold was scarce.

But currency can be literally anything, from seashells at Club Med, to promissory notes in Hong Kong, what matters is not what someone says it is, but what someone else will give you in exchange for it.

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