Amount of years before fiat banknotes became accepted for payments?

Question

For all the haters of Cryptocurrency stop and think, it took 160 years for monopoly money to become law. Wikipedia Banknote: The first bank to initiate the permanent issue of banknotes was the Bank of England. Established in 1694 to raise money for the funding of the war against France, the bank began issuing notes in 1695 with the promise to pay the bearer the value of the note on demand. They were initially handwritten to a precise amount and issued on deposit or as a loan. There was a gradual move toward the issuance of fixed denomination notes, and by 1745, standardized printed notes ranging from £20 to £1,000 were being printed. Fully printed notes that did not require the name of the payee and the cashier's signature first appeared in 1855.^[39]  In a small number of countries, private banknote issue continues to this day. For example, by virtue of the complex constitutional setup in the United Kingdom, certain commercial banks in two of the state's four constituent countries (Scotland and Northern Ireland) continue to print their own banknotes for domestic circulation, even though they are not fiat money or declared in law as legal tender anywhere. The UK's central bank, the Bank of England, prints notes which are legal tender in England and Wales; these notes are also usable as money (but not legal tender) in the rest of the UK (see Banknotes of the pound sterling).

Comments

Interesting article about Medici Family Banking https://bigthink.com/culture-religion/how-the-medici-family-created-and-lost-their-banking-empire/

Answer 1

Fiat is a latin word meaning "Let It Be Done" finished, civilisation has evolved no more clipping coins double spends or cartels of middlemen playing Kings.

New Money isn't Paypal and Elon is not your friend. Please learn all you can about how the world has arrived at this state of financial affairs.

 Bitcoin may not be the final answer,

and it sure won't be the last, but it did open the door to owning your own money. For this we should all be grateful banks are obsolete.