While Bitcoin is often criticized because it's not backed by a physical commodity, that's not an issue for Michael Lee, an economist in the New York Fed's Research and Statistics Group, who says that neither is the dollar and
most modern currencies.
Though now historically obscure, Jeremiah Hamilton, at his death, was the richest black man in America, worth more than $ 250 million
in modern currency.
Some of the development's units have already been sold
for modern currency, but the remaining residential properties are reserved for Bitcoin purchases.
What really gives
a modern currency, not backed by a physical asset (i.e. gold), value?
Having looked into economics and how central banks work, there are no pros, only cons of a common currency, let alone
any modern currency.
It just means «1 / 100th», and it is safe to assume that most (if not all) of
the modern currencies are divided into 1 / 100th.
A modern currency amongst our legal governance bodies is the «retention of women» in the practice of law.
Over time, we've seen the logical progression of futures trading, from American agricultural futures markets in the Midwest, all the way to
the modern currency trading and financial futures exchanges that started in the 1970s and has come to dominate the futures markets to this day.