8 ms·
>Its use as a money standard is arbitrary. But it is not. Gold is finite which is important for a currency. Gold is one of the easier metals to work with/coi
by throwaway_gold 7y ago
>Its use as a money standard is arbitrary.
But it is not. Gold is finite which is important for a currency. Gold is one of the easier metals to work with/coin, which is important, at least historically. And Gold is non-corrosive, which again is important in coinage.
Sure these unique characteristics may not seem important now that most fiat is digital, but we are talking about a system of money going back thousands of years. It has withstood the test of time, not because its arbitrary, but because gold will last thousands of years, something no digital or paper/cotton based bank note can claim. Plus you can counterfeit all paper/cotton based bank notes, to date no one has successfully reproduced Gold.