Bitcoin and farm tokens: a historical link to the decentralization of money

Abstract

This paper analyzes the relationship between farm tokens, which were used in the 19th and 20th centuries, and their comparison with digital currencies focused on cryptographic technology. The paper stresses on the similarities that have existed since its conception between farm tokens and cryptographic currencies, specifically bitcoin. Farm tokens presented a quest for decentralization of the traditional financial system with the aim of addressing a lack of supply within due to currency limitations. On the one hand, this presented a possibility for haciendas and farms to create a decentralized financial system that would allow exchange based on trust. On the other hand, the growth of crypto-currencies which began in 2009 due to the consequences of a financial crisis that, according to those who promoted bitcoin, was based on the impact of the traditional financial system and its relationship with the printing of currency. due to the change from a gold standard system to a fiat money system [World Gold Council, 2022]. The consequences of the impact of fiat money, that is, money based on various currencies instead of gold, created a demand focused on the decen-tralization of money with the purpose of being able to make sovereign decisions.