15 July 2025 The Future is the Product of the Past

Rai Stones and Bitcoin Similarity

Human civilizations tend to assign monetary worth to goods based on scarcity, among other factors. This is unquestionably true in the case of Yap’s massive money stones. On the island of Yap, there is no limestone, so imagine the effort required to move a 9000-pound stone “coin” over hundreds of miles of open ocean in canoes and rafts.

The stone circles are carved from limestone slabs and can be as large as 4 meters (12 feet) in diameter, however, they range in size from an Oreo to a cartwheel or a truck.

According to local, about 500 to 600 years ago, a man named Ana Gumang led an expedition from his hometown of Yap Island to the remote island of Palau 300 miles away. The Yap people were immediately fascinated by Palau’s rich limestone resources. The indigenous people of Palau allowed the people of Yap to mine the rock in exchange for goods and services, establishing a remarkable economic exchange between the two islands. Though initially new, these stones quickly took over as the actual currency on Yap. First, the stones were carved into fish shapes, but later a slightly more practical disc shape was adopted. The stone remained the main currency until the 20th century.

Like a huge coin, Rai stone is exchanged as a symbol of value in ceremonies of important cultural significance (such as marriage, inheritance, conflict resolution, or political transactions). Although cash is usually used in daily life on the island, Rai stone is still used for ceremonial exchanges today.

Rai stones

The knowledge about who owns what is recorded in the public oral tradition, the transfer of gems is carried out in public ceremonies, and everyone can see it.

Archaeologists and economists from the University of Oregon researched this money system in 2019 and concluded that it resembles cryptocurrencies such as Bitcoin.

Key among those parallels: Both bitcoin and rai allow people to own and use money without physically possessing it, and both systems accomplish this through a community ledger system that ensures transparency and security without the help of a centralized bank.

Yap island, Micronesia - Local Micronesian woman sitting on the porch alongside three rai stones. Photo: maloff/Shutterstock.com
Yap island, Micronesia – Local Micronesian woman sitting on the porch alongside three rai stones. Photo: maloff/Shutterstock.com

“As with the rai stones, information about bitcoins’ value and ownership is managed collectively; it’s a distributed financial system as opposed to the more familiar, centralized systems involving third-party financial institutions,” Stephen McKeon, an associate professor in the Department of Finance at the University of Oregon, who worked on the project, said in a statement.

“History often repeats itself, and this is a case in point. It’s reasonable to infer that the Yapese model was the impetus for a digital means of doing something very similar,” added  Scott Fitzpatrick, an archaeologist who led to study. “Either that, or it’s a case of cultural convergent evolution, where two temporally and geographically distinct cultures develop a remarkably similar system, which would still be pretty intriguing.”

Fundamentally, the rai stones demonstrate how ephemeral and enigmatic the concept of cash is. Anything that is utilized as a medium of exchange for goods and services is referred to as currency. Nations in the twenty-first century employ fiat money, which has no inherent value (you can’t eat or wear a banknote) and isn’t linked to the price of any precious metal, such as gold. In reality, it’s all just abstract.

Our money only has worth because we’ve all decided it does, much like a gigantic stone in the Micronesian forest or a bag of old beads.

Source: University of Oregon

Related Articles

The Oldest Basket in the World was Found in Israel

16 March 2021

16 March 2021

The Antiquities Authority announced on Tuesday that a large, well-preserved woven basket was found in the Jude Desert, with a...

The Most Important Works of Achaemenid Persian Metalwork “Oxus Treasure”

21 May 2021

21 May 2021

The Oxus Treasure is a collection of 180 precious metal objects unearthed on the north bank of the Oxus River...

5,700-Year-old Ancient “Chewing Gum” Gives Information About People and Bacteria of the Past

4 April 2021

4 April 2021

Researchers at the University of Copenhagen have successfully extracted the complete human genome from “chewing gum” thousands of years ago....

The World’s First Pet Cemetery May Have Been Found in Ancient Egypt

2 March 2021

2 March 2021

Hundreds of animal skeletons found in Berenice harbor in 2011 made researchers think that this place was used as a...

Ancient ‘hangover cure’ found at Israel winery excavation

11 November 2021

11 November 2021

Israeli archaeologists have unearthed an ancient amethyst ring thought to have been worn to stop hangover at the world’s largest...

“Dholavira,” the settlement with the world’s oldest signboard

16 August 2021

16 August 2021

Dholavira, also known as Kotda (which means “big fort”), is one of the islands in Kutch’s vast desert. The city...

The Worst Torture Device in History “Brazen Bull”

2 February 2021

2 February 2021

Agrigentum Tyranny today is in the provincial borders of Agrigento in the Sicily Autonomous Region in the southwest of Sicily....

Al-Ula, The Living Museum of Ancient Arab Civilizations

12 February 2021

12 February 2021

Al-Ula oasis is located in the lush Wadi Al-Qura, or “valley of villages”, about 110 km southwest of the modern...

World’s First Pregnant Ancient Egyptian Mummy has been Discovered

29 April 2021

29 April 2021

Experts from the Polish Academy of Sciences aim to research all mummies in museums as part of the Warsaw Mummy...

China’s 4300-Year-Old Ancient Pyramids

26 March 2021

26 March 2021

Shaanxi Province in Northwest China is famous for its rich archaeological treasures. Among the many sites discovered in Shaanxi, the...

The Earliest Evidence of a Domesticated Dog in the Arabian Peninsula

9 April 2021

9 April 2021

Dogs have been the best friend of humans since ancient times. Although it is not known exactly when dogs were...

Michelangelo, the artistic giant, was actually rather short

3 September 2021

3 September 2021

The legendary Michelangelo Buonarroti left huge works behind as an artist. But Italian researchers found that the shoes of this...

Interesting from Each Other 7 Amazing Historical Discoveries

21 April 2021

21 April 2021

Archaeologists signed interesting from each other and magnificent discoveries with their work in the last 20 years. Let’s take a...

The Historical Building Next To The Million Stone Will Sell

6 February 2021

6 February 2021

Everyone has heard of the Million Stone, which was built during the Byzantine Empire and accepted as the zero points...

7500-year-old cursed city of Iran

17 March 2023

17 March 2023

Sialk Hills, located in the southwestern part of Kashan city in Iran, was known among the locals as a ‘cursed...