People have traded gold for a really long time. With accurate measuring devices and the internet for variable prices, why do people use individual nations currencies and crypto which are often unstable?
In: Economics
Gold is impractical for large financial transactions.
Let’s say you manage to find an employer willing to pay you wages in gold, and other merchants who will sell you things like groceries using gold. Great.
Now you’ve saved up and you want to purchase a house. How are you going to do that? Typically you need a loan from a bank – would you want the bank to just hand you 30 POUNDS of gold for a $300,000 house?
Latest Answers