Barter

The first sales transactions were by barter ... a buffalo skin for three stone axes. Then, precious-metal specie was used as an intermediary.  Next paper money was invented as an a representation of this value to make commerce much easier and fairer. Then “good faith and credit” of central governments replaced precious metal backing. 

With the advent of electronics came on-line bank accounts, debit cards and  credit cards ... additional abstractions of hard currencies ... but still permitting the conversion into paper currency. Now, comes the ultimate ephemera, crypto currencies such a Bitcoin, an ultimate abstraction ... just an assumed bunch of electrons running around a computer.

So, where are we? We have abstracted sales transactions to the point where, if we have a prolonged power failure ... or worse yet, a nuclear electromagnetic pulse that knocks out all electronics ... resulting in all banking and commerce coming to a dead stop! Except, of course for specie, paper money and barter.

STAND UP FOR HARD CURRENCY!