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So far, we have discussed cryptocurrencies and how they measure up as
‘money’ as we currently define it. But has money always been the same?
In order to understand where cryptocurrencies might fit in, we should try
to understand the history of money itself—its successes, failures, and
technological innovations. It is a fascinating topic, as there are so many
interesting tidbits and common misunderstandings to straighten out.
The definitive writing on the subject is A History of Money from Ancient
Times to the Present Day by Glyn Davies17 who spent nine years
researching the book as Emeritus Professor of Banking and Finance at
the University of Wales. His work is summarised by his son Roy Davies
on the Exeter University website18. Much of this section is based on the
timeline outlined by Roy, used with his permission. Errors and omissions
are mine. I hope you’ll find this section as fascinating as I did while
researching this book.

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