The history of paper money

Soo last night I was watching this mini series about the history of trade and how paper money came to be widely accepted, among the challenges it faced to recognition I found many if not most that the cryptocurrencies are currently facing . E.g:

• In the 1600's paper money was a relatively new concept in Europe, most people didn't see the value it could have and it didn't really matter to them as they already had their gold and silver which were more than enough to take care of their needs and wants.

But a man named Nicholas "If-Christ-had-not-died-for-thee-thou-hadst-been-damned Barbon"(his real name) argued that paper money would make it easier to carry wealth, facilitate small transactions, allow faster trade within and out of the community and hopefully cripple mercantilism (only trading with one's society and it's colonies to keep the wealth in said society) which he was fundamentally against.

He was one of the first proponents of a free market, even one of the first to facilitate it with his 'first land bank' which would issue loans in the form of mortgages against real estate.

And although his bank failed in the long run many people would go and do the same by improving on his idea.

• Another advocator of paper money was John Law(ironically an outlaw in 3 countries), he was the first to put the paper money doctrine into practice and also created the first central bank of France which failed but only due to poor execution and not the concept. Like Nicholas he was against mercantilism as he believed a currency can only be strong if it still has a value outside it's country. Which is why I personally believe steemit's incoming SMT'S will make it a success as more people will get interested in the platform whether or not they were into cryptos before.

Money is the value by which goods are exchanged not the value for which goods are exchanged.
-John Law

• Later money started appearing on a large scale because banks had figured out they could give people receipts of their gold and silver without actually giving them their gold and silver. So every bank started creating their own currency, soon enough there would be hundreds of banks with their own currencies in one country, this made it much harder to know which note was actually valuable, what would be the rate compared to other notes and would bank x accept said note?...

In the series below, there are more similarities in the challenges paper money faced that we are now dealing with in the crypto-world, maybe some of the issues will be solved the same way or maybe they wont. But although the series is pretty long(6 parts) I would encourage y'all to watch it as its really informative, entertaining and also easy on the brain :).

Video source: youtube
Author: Extra credits

And yes if the cryptocurrency era is to survive there will have to be a certain amount of regulations, not only to protect the overall economy but also the investor which would in turn make newbies like myself and skeptics more trusting and willing to invest in this new digital age.

If you liked this post's content I would appreciate it if you left an upvote, comment and a resteem :). Also what do you think? Will we have to take more or less the same measures as with paper money or are there better ones? If so I would like to know what you would propose to be done or what should be avoided.

HAVE A GREAT WEEK Y'ALL!!