Digital Revolution - Digital Civilization

It is possible to define money as a means of exchange that is generally accepted by people, a measure of common value, a tool of value change. On the other hand, money also has various functions such as payment, value storage, economic policy tool. In order for anything to be defined as money, it is sufficient for it to be a generally accepted exchange tool, a common value measure and a value storage tool.

Digital Revolution - Digital Civilization

The vast majority of modern economists argue that the general acceptance of money can be provided by the state or by itself without such a power.

The most important features that users want to have in a currency are; being portable, divisible, durable, uniform, difficult to be made, reliable, rare and recognized by all. Before the invention of money, humankind was exchanging goods and services. This application (barter system) is not common but is still applied in some sectors.

When we look at the history of mankind, some goods such as sea shell, ivory, iron and salt were used as a means of exchange. Later, the instruments used like money and money itself changed constantly. These are; commodity money (Gold-Silver), representative money (Paper Money), currency (money used by banks and financial institutions), virtual currency (plastic cards; VISA-Master-Access), Digital-Electronic money which is stored in an electronic form and transferred digitally (transfer money used by countries, central banks and banks) and the most recent crypto-private encrypted money (Bitcoin in the beginning and altcoin for 1500 mines now).

The commodity money system, which has been used for centuries by the civilizations established in the world, has been transformed into a representative money system over time. States have issued representative currencies, which are equivalent to commodities and which can be converted into commodities upon request, and in exchange for the total value of the currencies they stored commodities in the treasures/central banks (various precious metals including gold and silver). In the first quarter of the 19th century, the rapid growth of the world population, the insufficient world gold and silver reserves, and the more important political and economic reasons led to the abandonment of the implementation of indexing the value of money to gold or silver and limiting the money supply to the gold reserves.

After the abandonment of the implementation of the money supply as gold and silver, the United Nations Money and Finance conference held in 1944 decided that many countries would make their own currencies based on US dollars, and solely the US Dollar would be indexed to gold. In other words, gold was put in exchange for each US dollar, while other countries placed US dollars in exchange for their own currency. Anyone who took the dollar in his hands could buy the gold that was equivalent. This application has made the US dollar the dominant currency in the world. However, the bill of this application has caused the US to lose 12,000 tons of gold out of 20,000 tons. Later, The US abandoned the delivery of gold in exchange for the dollar and even took this practice a step further in 1971 and halted the necessity of the gold equivalence of the US Dollar. In short, there are only 8,500 tonnes of gold in reserve for the dollar circulating in the US and the world. That's about $ 500 billion. The countries in the world have around 170,000 tons of gold in total. Taking into account the currencies of other world countries indexed to the dollar, we are faced with a big question about the equivalence of the paper money of both the dollars and the currencies of other world countries.

Nowadays, the lack of equivelance of reputable money, the uncontrolled and unrestricted printing of the money and the unknown amount of the printing, the thought of 2008 Mortgage crisis to be solved by printing more money, and the world's trust problems about various financial, political and social issues pushed people to turn to the non-centralized Blockchain technology and the use of encrypted crypto coins, which cannot be changed or broken and predetermined to be 21 million in amount.


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