Why Whiskey Was Money, and Bitcoins Might Be

“The acceptance of whiskey as money was spontaneous, incremental, and voluntary. And, since its value was based on efficiency and not on political decree, the practice continued many years into the future, surviving then-Treasury Secretary Alexander Hamilton’s whiskey tax—an effective income tax passed off as an excise tax—long enough for Thomas Jefferson’s administration to repeal it. Experiments came and went as people grew familiar with the alcohol’s value, and many local businessmen offered their customers an even more convenient medium of exchange: coins. They would mint, engrave, and then distribute tokens redeemable for commodities at their stores.”

http://www.theamericanconservative.com/articles/why-whiskey-was-money-and-bitcoins-might-now-be/

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