1/ Did you ever wonder where some of the most commonly-used terms in the world of finance and banking originated, like bank, algorithm, and million/billion/trillion?

Time for a thread! 🧵👇
2/ Many of these terms actually originated during the Renaissance, in which Italian bankers took a pioneering approach to push the practice of banking forward.
3/ Interestingly enough, the Renaissance didn’t begin as a movement in art, but rather as a practical revival of mathematics to help bankers and merchants perform the increasingly difficult tasks of converting money, calculating interest, and determining profits and losses.
4/ Renaissance-era bankers would set up tables and large benches in outdoor spaces from where they would conduct their activities. The word “bank” actually derives from the old Italian word “banca,” which means bench.
5/ As the Renaissance spread across Europe, French mathematician Nicolas Chuquet introduced a system to make zeroes more easily understood by grouping them into sets of three with a marker between each set.
6/ He gave each set of three zeroes its own name and, thus, million, billion, and trillion were born for the first time.
7/ And in 1487, Luca Pacioli, a Franciscan friar, published his 600-page masterpiece, Summa de aritmetica geometria proportioni et proportionalita, which introduced the concept of double-entry accounting, still used to this day.
8/ Mathematicians from the Arab world would go on to devise algebra, based on the work of 9th-century mathematician Muhammad ibn-Musa al-Khwarizmi. His work would help alleviate some of the problems of working with fractions by devising a system of decimals.
9/ This use of decimals, called algorism (a corruption of the name Al-Khwarizmi), eventually became the modern word algorithm.
10/ As you can see, many of the terms and concepts we still use to this day were set in motion centuries ago.

So if you want to understand where the future of money is headed, it's important to look back and understand how everything began.
11/ Hope this was a useful thread. If you enjoyed this content, make sure to subscribe to my newsletter, where I break down all of the latest major developments in the crypto ecosystem:

linkedin.com/newsletters/th…

#crypto #Bitcoin #BTC #Ethereum #ETH #money #banking #finance

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More from @HenriArslanian

May 12
1/ Ever wonder how the invention of coinage gave rise to two of humanity's biggest vices?

Time for a thread! 🧵👇
2/ Based on texts from the Greek writer Herodotus, it is now commonly accepted that the Lydians, who ruled over a vast kingdom located in what is today western Turkey, minted the first coins sometime around 630 BC.
3/ Many of the most innovative concepts in today's digital assets space - like fractionalization and tokenization - were actually introduced by the Lydians, who would mint their coins in various weights.
Read 12 tweets
Apr 14
1/ A major milestone in the history of money took place last week. On April 5, 1933, FDR signed Executive Order 6102, which placed extreme limitations on gold ownership in the U.S.

What catalyzed this move? And what was its broader impact?

Time for a thread 🧵👇
2/ Upon entering office, FDR attempted to dramatically increase federal spending so as to stimulate the economy, which was rapidly sinking following the 1929 stock market crash.
3/ Yet his hands were tied by the Federal Reserve Act of 1913, which mandated that each banknote had to be backed by 40% of gold held in federal reserves. So for every dollar printed, the government would need to hold 40 cents of gold.
Read 14 tweets
Apr 12
1/ Last week the UK government announced that they want the country to become a global crypto hub. What does this mean? Who are the winners and losers? And what is the broader impact this will have on the crypto ecosystem?

Time for a thread 🧵👇
2/ A big development occurred on April 4 when John Glenn, the Economic Secretary to the Treasury, gave a keynote at the Innovate Finance Global Summit that layed out in a detailed speech what the government is focusing on.
3/ First, they want to make stablecoins a recognized form of payment. There are now over $180 billion in global stablecoin assets, so the UK news could definitely have a major impact on their usage.
Read 15 tweets
Oct 19, 2021
Today is another historic milestone for #Bitcoin and the #crypto ecosystem with the listing of the first Bitcoin #ETF in the US.

What is the importance of this new Bitcoin ETF and what may be it’s impact?

Time for a thread 🧵
Today the Pro Shares Bitcoin Strategy ETF was listed on the NYSE under ticket #BITO

This is a moment the crypto ecosystem has been waiting for many years.
Is it the first Bitcoin ETF?

In the US, yes.

Globally no.

There are already many Bitcoin ETFs in #Canada for example and many other ETNs/ETPs in Europe and elsewhere.
Read 15 tweets
Oct 17, 2021
Whilst the future of money and #crypto is very exciting, the history of money is equally interesting.

For example, cattle played a very important role as a form of #money throughout history.

Time for a thread.
A good example of its impact is its use today in modern European languages.

The word pecuniary, which means "related to money," is derived from the Latin pecuniarias, meaning "wealth in cattle."
Chattel—any item of movable personal property—comes from the same source.

Cattle as a form of exchange ultimately remained in use in many parts of the world for many years so did other forms of livestock.
Read 7 tweets
Jun 6, 2021
El Salvador recognising #Bitcoin as legal tender is an important milestone.

Here are my personal thoughts on some the potential (including unintended) consequences of this news. Time for a thread!

#BitcoinMiami #BitcoinMiami2021 #cryptocurrencies
Background

Lets not forget that El Salvador has 6.4m ppl with 70% unbanked, 20% living in extreme poverty and 16% of GDP consisting of remittances, mainly the US.

Also, the country uses the U.S. Dollar as its legal currency since 2001 and ⅔ of exports go the US.
Some positives:

1- Bitcoin as a legal tender - this is a world first. Japan came close in 2017 when it recognized it as a means of payment but still treats it as an asset and not as legal tender which has a specific legal definition.
Read 7 tweets

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