Money is a Shared Belief

Photo by Josh Appel on Unsplash

What is money? In the dictionary, money is defined as coins and banknotes, or equivalent medium of exchange, and a measure of value. We are rapidly moving to a cashless society, which will soon make this definition obsolete. What is so powerful about physical money is that it is a tangible representation of a shared belief.

The value assigned to a coin is not intrinsic; that is, we do not give the coin its worth based…