Since at least as far back as 1200 BC, people have been giving value to objects such as cowry shells, metals, paper and now, computer code to use as mediums of exchange. When considering the value of, let’s say, a cowry shell, a person today may wonder why his or her money had value. Well, actually it does not have inherent value: its worth comes from the implicit agreement between everyone using that form of money. As long as they believe their money has value, it does.
Infographic by: history