Banks have been around for hundreds of years. The first banks started out as places that held gold in deposit and gave you a receipt that you could use to get your gold back. From there, some banker got the wild idea to make the note itself transferable to other people. Paper money was born.
What is digital fiat and how does it work? Does it compare favorably with cryptocurrency?
We are used to money being issued and controlled by the state – but if we look at its history we see that money originates from the free market. Without money, a reasonable division of labor would not be possible.