British Museum blog

Bitcoin: how do we display the intangible?

bitcoin minerBenjamin Alsop, curator, British Museum

The Citi Money Gallery charts over four millennia’s worth of monetary history. The Department of Coins and Medals cares for over one million objects in the Museum’s collection and like any museum with a growing collection, the most pressing questions are what should we collect and where should we put it all? Yet a recent concern for me as the curator of the Citi Money Gallery is not which objects should I select from our vast collection for a new display, but whether we had any suitable objects at all. This may sound like the murmurings of an eccentric curator, but let me explain myself.

Bitcoin token, designed by Mike Caldwell (CM 2012,4040.4)

Bitcoin token, designed by Mike Caldwell (CM 2012,4040.4)

If the gallery is to be a record of the changing nature and form of money through the ages, then it is just as important to reflect the modern world as it is ancient Greece or Rome. Modern technologies, and in particular their application, are having huge effects on the world of finance but also on society in general. As a result it would be remiss of the gallery not to discuss a particular current monetary phenomenon. I speak of course about ‘cryptocurrencies’, digital de-centralised currencies which began with the invention of Bitcoin in 2009. Since its opening in summer 2012, the Citi Money Galley has always had a bitcoin token on display, made by the software developer Mike Caldwell.

However this is really just a token for the collectors’ market, a physical manifestation of something which was never intended to exist in a tangible way. So the display at first did seem rather tricky, tricky but not impossible. Objects are at the very heart of everything we do at the Museum and while we couldn’t display a real ‘bitcoin’, there was a wealth of other material culture which could help tell the story.

The paper ‘Bitcoin: A Peer-to-Peer Electronic Cash System‘ published in 2009 seemed to be the sensible place to start. Written by the unknown (although not so unknown if you are to believe an article in Newsweek magazine) Satoshi Nakamoto, it brought to the world’s attention a possible new form of currency and so is included in the display.

Bitcoin miner USB stick

Bitcoin miner USB stick

Record of the first bitcoin block mined

Record of the first bitcoin block mined

While Bitcoin is the most well known of the cryptocurrencies it has spawned over one hundred other purely electronic cash systems since its creation. The major thing that these currencies have in common is that they are created using complex computing. To this end a bitcoin mining machine (pictured above) is displayed in the gallery with a record of the first Bitcoin block mined on 3 January 2009.

Dogecoin logo, designed by Christine Ricks

Dogecoin logo, designed by Christine Ricks

Bitcoin Magazine Issue 16: To the Moon (November)

Bitcoin Magazine Issue 16: To the Moon (November)

One of the most interesting aspects of cryptocurrencies is that at the moment their use is as much a lifestyle choice as an economic one. You only need to look at the logo of ‘Dogecoin‘ to see that while Bitcoin and its descendants are a serious attempt to offer alternatives to traditional currencies, there is playfulness at work. Attempts to popularise and promote Bitcoin use similarly arresting graphic designs and so the inclusion of Bitcoin Magazine into the display adds colour and imagery.

For all the evident ingenuity at play, much of the negative press surrounding Bitcoin is as a result of its unpredictability. A look at its price from a height of over US$1000 in December 2012 to its current price hovering around US$450, is evidence of this fluctuation. The final object on display is at first glance rather straight forward. It is a Smile Bank account document recording the transfer of pounds sterling from a British bank account to a Bitcoin exchange in Japan. The exchange was called Mt. Gox, the largest exchange in existence in 2013, handling around 70% of all bitcoin transactions. However, in February 2014 Mt Gox filed for bankruptcy after declaring the loss of over 650,000 bitcoins. How this vast amount was lost, an amount worth hundreds of millions of dollars at the time, is still being investigated. The plainness of the document hides a cautionary tale about the volatility of all financial investments.

The Money Gallery is supported by Citi

If you have any thoughts on what other objects would help tell the story of Bitcoin or cryptocurrencies generally, please tell us about them in the comments. To leave a comment click on the title

Filed under: Money Gallery, , , , , ,

Receive notifications of new posts by email.

Join 14,364 other followers

Categories

Follow @britishmuseum on Twitter

British Museum on Instagram

For our final #MuseumInstaSwap post we’re highlighting the 'Make Do and Mend' campaign of the Second World War, as told by our partner @ImperialWarMuseums in their #FashionontheRation exhibition.

The campaign was launched to encourage people to make their existing supplies of clothes last longer. Posters and leaflets were circulated with advice on subjects including how to prevent moth damage to woollens, how to make shoes last longer or how to care for different fabrics. As the war went on, buying new was severely restricted by coupon limits and no longer an option for many people. The ability to repair, renovate and make one's own clothes became increasingly important. Although shoppers would have to hand over coupons for dressmaking fabric as well as readymade clothes, making clothes was often cheaper and saved coupons. ‘Make Do and Mend’ classes took place around the country, teaching skills such as pattern cutting. Dress makers and home sewers often had to be experimental in their choice of fabrics. Despite disliking much of the official rhetoric to Make Do and Mend, many people demonstrated great creativity and adaptability in dealing with rationing. Individual style flourished. Shortages necessitated imaginative use of materials, recycling and renovating of old clothes and innovative use of home-made accessories, which could alter or smarten up an outfit. Many women used furnishing fabrics for dressmaking until these too were rationed. Blackout material, which did not need points, was also sometimes used. Parachute silk was highly prized for underwear, nightclothes and wedding dresses.

We've really enjoyed working with and learning from our friends at @imperialwarmuseums this week. You can catch up on all our posts and discover many more stories from London’s museums with #MuseumInstaSwap. © IWM (Art.IWM PST 4773 For #MuseumInstaSwap we’re discovering the street style of the Second World War in the #FashionontheRation exhibition at @ImperialWarMuseums. In this archive photo a female member of the Air Raid Precautions staff applies her lipstick between emergency calls.

In wartime Britain it was unfashionable to be seen wearing clothes that were obviously showy, yet women were frequently implored not to let 'standards' slip too far. There was genuine concern that a lack of interest in personal appearance could be a sign of low morale, which could have a detrimental impact on the war effort. The government's concern for the morale of women was a major factor in the decision to continue the manufacture of cosmetics, though in much reduced quantities. Make-up was never rationed, but was subject to a luxury tax and was very expensive. Many cosmetics firms switched some of their production to items needed for the war effort. Coty, for example, were known for their face powder and perfumes but also made army foot powder and anti-gas ointment. Make-up and hair styles took on an increased importance and many women went to great lengths to still feel well-dressed and stylish even if their clothes were last season's, their stockings darned and accessories home-made. As with clothing, women found creative ways around shortages, with beetroot juice used for a splash of lip colour and boot polish passing for mascara.

Discover more stories from London’s museums with #MuseumInstaSwap © IWM (D 176) In the @ImperialWarMuseums exhibition ‘Fashion on the Ration: 1940s street style’ we can see how men and women found new ways to dress while clothing was rationed. Displays of original clothes from the era, from military uniforms to utility underwear, reveal what life was really like on the home front in wartime Britain.

Despite the limitations imposed by rationing, clothing retailers sought to retain and even expand their customer base during the Second World War. Britain's high street adapted in response to wartime conditions, and this was reflected in their retail ranges. The government intervened in the mass manufacture of high street fashions with the arrival of the Utility clothing scheme in 1942. Shoppers carefully spent their precious clothing coupons and money on new clothes to make sure their purchases would be suitable across spring, summer and autumn and winter. Despite the restrictions, the war and civilian austerity did not put an end to creative design, commercial opportunism or fashionable trends on the British home front.

#FashionontheRation exhibition runs @imperialwarmuseums until 31 August.

Discover more stories from London’s museums with #MuseumInstaSwap. For our final day of #MuseumInstaSwap we’re learning about the Second World War @ImperialWarMuseums, and discovering the impact of the war on ordinary people. 
Clothes were rationed in Britain from 1 June 1941. This limited the amount of new garments people could buy until 1949, four years after the war's end. The British government needed to reduce production and consumption of civilian clothes to safeguard raw materials and release workers and factory space for war production. As with food rationing, which had been in place since 1940, one of the reasons for introducing civilian clothes rationing was to ensure fairness. Rationing sought to ensure a more equal distribution of clothing and improve the availability of garments in the shops.

As this poster shows, the rationing scheme worked by allocating each type of clothing item a 'points' value which varied according to how much material and labour went into its manufacture. Eleven coupons were needed for a dress, two needed for a pair of stockings, and eight coupons required for a man's shirt or a pair of trousers. Women's shoes meant relinquishing five coupons, and men's footwear cost seven coupons. When buying new clothes, the shopper had to hand over coupons with a 'points' value as well as money. Every adult was initially given an allocation of 66 points to last one year, but this allocation shrank as the war progressed. © IWM (Art.IWM PST 8293) This week on @instagram we’ve joined up with other London museums to highlight our shared stories. Our partner is @imperialwarmuseums, whose incredible collection brings people’s experiences of modern war and conflict to life. Follow #MuseumInstaSwap to discover some of the intriguing historical connections we have found, as well as insights into everyday life during wartime. As part of our #MuseumInstaSwap with @ImperialWarMuseums, we’ve been given special access to the Churchill War Rooms – located deep below the streets of Westminster.
This is Prime Minister Winston Churchill’s bedroom, which includes his private desk, briefcase and papers, his bed and chamber pot and even an original cigar! The bedroom is located close to the Map Room, keeping Churchill as close as possible to the epicentre of Cabinet War Rooms.
Following the surrender of the Japanese Forces the doors to the War Rooms were locked on 16 August 1945 and the complex was left undisturbed until Parliament ensured its preservation as a historic site in 1948. Knowledge of the site and access to it remained highly restricted until the late 1970s when @ImperialWarMuseums began the task of preserving the site and its contents, making them accessible to as wide an audience as possible and opening them to the public in 1984.
Discover more stories from London’s museums with #MuseumInstaSwap
Follow

Get every new post delivered to your Inbox.

Join 14,364 other followers

%d bloggers like this: