Historians theorize that the idea of state-backed fiat currency dates back to the period between 11th and 12th Century. Earlier paper money which arose around 7th Century was traditionally redeemable for physical assets like gold. Governments soon understood the value of being able to print money and by 1120 that paper money evolved into promissary notes. As more of them were printed without notes being retired, inflation became evident and the currency soon fell out of favour.

The history of fiat currency continues throughout history - most significanlty with the introduction of the fiat Dollar when the gold standard died.

This would all change in 2009 with the introduction of Bitcoin. The first decentralized, sovereign money.

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