Money is historically an聽emergent market phenomenon聽establishing a聽commodity money, but nearly all contemporary money systems are based on聽fiat money.[聽Fiat money, like any check or note of debt, is without聽use value聽as a physical聽commodity.

It derives its value by being declared by a聽government聽to be聽legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for “all debts, public and private”.[Counterfeit money聽can cause聽good money聽to lose its value.

The use of barter-like methods may date back to at least 100,000 years ago, though there is no evidence of a society or economy that relied primarily on barter. Instead, non-monetary societies operated largely along the principles of gift economy and debt. When barter did in fact occur, it was usually between either complete strangers or potential enemies.

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