Ever heard of the deathbed strategy which laid the foundation for banking? ‎

[Cryptomultiplier]

‎The deathbed strategy as the topic reads, shows  how the fear of seizure of asset and the literal end of life dynamically changed private wealth into what we know today, as the modern fractional reserve banking system.
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‎Overtime, the system created around the deathbed strategy had no option than to rely on the data from statistical probability that, not everyone would die at once or request for their assets simultaneously.
It was how gold deposit turned stagnant wealth into flowing credit with the 17th-century Goldsmith receipts leading to the creation of paper currency, then we now have debit and credit cards today and ultimately crypto currency or digital currency as part of the evolution of the process.

‎The deathbed transition definitely helped to evolve the world from a commodity-based economy where we acknowledge money as a thing, to a now credit-based economy where we see money as an idea based on trust.

Visit links for better understanding.
https://www.instagram.com/reels/audio/26053845940920061/
‎https://www.researchgate.net/publication/256056664_Money_Creation_Genesis_2_Goldsmith-Bankers_and_Bank_Notes
‎https://econarchive.medium.com/goldsmiths-create-fractional-reserve-banking-c4314ac48a65?hl=en-US

* Ever heard of the deathbed strategy which laid the foundation for modern banking and now Bitcoin as a currency and digital gold?

What's your opinion on the subject matter?

[BADecker]

So, now we have the IRS.     

[NotFuzzyWarm]

Actually it was Marco Polo who introduced the idea of paper currency (fiat) to Europe when he returned from China. The Chinese created it to minimize the need to move heavy loads of metal coinage or bars from commerce between cities.

The idea of not having actual hard money always on-hand to be able to convert 100% of the fiat notes into 'real money' (reserve banking) came much later.