Review: “Layered Money” By Nik Bhatia

“Those willing to accept bills and other forms of deferred settlement demonstrate to us that money is fundamentally hierarchical. If a merchant demanded gold payment upfront for the delivery of goods, it was his right to do so. But if another merchant accepted a bill that represented a promise to pay gold later, his willingness to defer final settlement is proof alone that the layers of money are not a construct of bankers but immanent in the human tendency to keep tabs with each other.” Nik Bhatia, “Layered Money: From Gold And Dollars To Bitcoin And Central Bank Digital Currencies” With....