What if you could fulfill your transaction benefits (considerations) in various ways, including fiat money? Have you ever wondered what the consequences for your business would be if you could fulfill your benefits in ways other than cash? For instance, let’s say you are a shoe manufacturer. To make shoes, you must purchase raw materials like leather and process them into finished products known as shoes. At this time, if you can pay for raw materials with the finished shoes you made instead of fiat currency, you wouldn’t need to take out a loan with interest from the bank. However, the world’s economic system has limited the standard of value exchange to ‘cash,’ commonly referred to as fiat money. We need to understand precisely why banking is so important to entrepreneurs. This is one of the reasons the industry does not surpass finance. After all, money is among the goods whose value is determined by supply and demand. - Joseph’s “just my thoughts”
There is a country of 607 islands in the West Pacific, Micronesia. One of the islands, “Yap Islands,” used limestone as a currency. The monetary unit is “fei”. Big stones, oh no, big money, 3.6 meters in diameter and weighed 3.5 tons. The bigger and heavier is a more expensive price, because of the harder the carving. The peculiar thing was that when the people moved the stone for trading, they directly moved it with a canoe, and no one marked the money after the transaction. In the meantime, a rich man had to deal with someone and he met the storm while carrying the stone money in a canoe. Securing his survival, he had to throw his money out of the canoe into the water. When he met the counterparty with an empty hand, no sooner did they confirm the force majeure case than the counterparty confirmed that the villagers additionally recognized the value of the sunk money in the water and approved the transaction. Then, the existence of the sunk stone money was recorded on a wooden board,...