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 11,942 other followers

Categories

Follow @britishmuseum on Twitter

British Museum on Instagram

A bit of Tuesday fun: #woodpecker and #weasel by Thomas Bewick A rare Christian tattoo was found on this naturally mummified woman #MummyMonday 
Discover more hidden secrets in our exhibition #8mummies, until 19 April 2015
#mummies #exhibition #tattoo #history On #StDavidsDay, here’s an allegorical representation of Wales from 1798
#Wales #art #history #March is named after Mars, the Roman god of war. Here’s an engraving from 1698 of him sitting on a cloud.
#art #history #months #print #engraving #Mars Born #onthisday in 1820: Sir John Tenniel, who illustrated the first edition of Lewis Carroll's Alice's Adventures in Wonderland in 1865. Here's Alice and the Cheshire Cat
#books #history #illustration Every ‪#‎PayDay we're sharing a ‪#‎MoneyFact!
The first coin issued with the dollar denomination was not in the USA, but in West Africa by the British Sierra Leone company in 1791.
You can explore the history of money around the world in the Citi Money Gallery (Room 68): britishmuseum.org/money
#history #money #coins #coin #fact
Follow

Get every new post delivered to your Inbox.

Join 11,942 other followers

%d bloggers like this: