Bitcoin and Island of Yap Rai Stones :Bizarre Historical Similarities of Shape and Usage

Umme Haani
Umme Haani is a writer for Thecoinrepublic. she contributes a researched piece on cryptocurrencies and updates. Umme is an aspiring engineer who immensely enjoys writing and technical writing brings the best of both worlds under one roof for her.
  • Bitcoin is a cutting-edge cryptocurrency but the technological concept is maybe too old.
  • The Island of Yap Rai is the analog version of Bitcoin. These stones were a symbolic form of money that was used on the Micronesian island of Yap.
  • According to archaeologist Scott Fitzpatrick, the University of Oregon the symbol form of money is the most intriguing coin around the globe.

You may think that Bitcoin is cutting-edge cryptocurrency but the technological concept is maybe too old. This seems strange to you but Bitcoin has its historical analog system in ancient times. The Island of Yap Rai stones is the analog version of Bitcoin cryptocurrency. These stones were a symbolic form of money that was used on the Micronesian island of Yap.

According to archaeologist Scott Fitzpatrick, the University of Oregon the symbol form of money is the most intriguing coin around the globe. People used Rai stone for generally gifting, paying ransoms, political enticements, etc.

Similarities between Rai Stones And Bitcoin

The first similarity is its structure. The structure of these stones is similar to the Bitcoin symbol. Alike Bitcoin, the analog version rai stones were also dependent on the public and community ledger system. This ledger system provided transparency to the transaction of stones without any control of the government. BTC is also a public ledger which is the blockchain and there is a centralized bank structure of bitcoin. This is another similarity between the island of yap rai stones and bitcoin.

Ancient people maintain oral ledgers in the case of rai stones for transparency and security. They pass down the oral ledger over generations to communicate and record changes. Ancient people collectively manage the ownership and value of the rai stones.

A Few dissimilarities between Rai Stone And Bitcoin

There are a few dissimilarities between the Island of Yap’s Stone and the crypto king. Ancient people did not move Rai stones after being placed in a particular region as their size was huge. The diameter of these stones could be more than six feet. Hence, the sizes of these mammoth stones were more than the height of their owner. They were extremely valuable and their value was dependant on their size and weight. One the other hand, we can move BTC  from one wallet to another wallet easily. However, these bizarre historical similarities of shape and usage are really interesting.

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