Greetings Steemit!

I had a post planned for today, but it's taking a lot longer than I thought to do the research and write it... So I'll probably just put it on the air tomorrow.

The post and the continuation of the [overview of what markets are](https://steemit.com/trading/@phgnomo/assets-markets-what-they-are-where-they-live-how-they-reproduce-part-2), where I am writing about the history of financial markets. I'm finding a lot of interesting stuff...

But to create a little hype, I'll leave here a piece of what I've already written. Just look for me again tomorrow and I'll publish it.

Hugs to all!

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#### Once Upon a time...

A long long time ago, in the year 1581, seven northern provinces joined in an alliance, forming a Republic of the Seven Provinces of the Netherlands, today known as Netherlands.

It was a region without many physical resources, so its economic development ended up happening through commerce. With some specific laws in practice with regard to payment of debts, in which I will not extend much, began to occur a situation where foreign currencies entering the country with high amount of valuable but low legal metal were being used to mint coins with less and less precious metals in them. There were several mints of coins, so because of the competition, each of them sought small incremental reductions of precious metals on the coins to increase their profit margin.

In 1609, the Dutch government, seeking a solution to the problem of this incremental devaluation, created the Wisselbank, also known as the Bank of Amsterdam.

The main function of this bank was to work as a currency exchange, where merchants could deposit (paying a fee every 6 months) their metal coins that met a certain standard, and in return they would receive a bank certificate (banco shillegen).

This certificate gave the right to "withdraw" the coins as its owner wanted to, and that right belonged to the one who held the certificate, and the certificate could therefore be exchanged for any other merchandise (provided the other party accepted).

Basically, they invented the basis of modern fiat currency, and the central bank.