Title: Monetary evolution: how societies shaped money from antiquity to cryptocurrencies

Authors: Mahya Karbalaii

Addresses: LUISS Data Lab, LUISS Guido Carli, Viale Pola, 12, 00198, Roma, Italy

Abstract: With the growing popularity and rising value of cryptocurrencies, scepticism surrounding this groundbreaking innovation persists. Many financial and business experts argue that the value created in the cryptocurrency realm resembles the generation of currency from thin air. However, a historical analysis of the fundamental concepts that have shaped money reveals striking parallels with past transformations in human society. This study extends these historical insights to the present era, demonstrating how enduring monetary concepts are once again redefining our understanding of money and reshaping its form. Additionally, we offer novel interpretations of cryptocurrency by linking the intrinsic nature of money, the communities it fosters, and the cryptographic technologies that have provided the infrastructure for this transformative shift.

Keywords: cryptocurrency; blockchain technology; history of money; Bitcoin; cryptography.

DOI: 10.1504/IJBC.2025.147783

International Journal of Blockchains and Cryptocurrencies, 2025 Vol.6 No.2, pp.132 - 159

Received: 07 Apr 2025
Accepted: 09 Jun 2025
Published online: 31 Jul 2025 *

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