Private currencies $\_\_\_\_\_\_\_\_\_,$ but $\_\_\_\_\_\_\_\_.$

Question $45$ options:

arise if the sovereign currency is not fulfilling a demand; the state consistently adopts the$$ innovations of the private currency

arise regardless of actions by the state; often fail due to lack of trust

did not exist prior to $1776$; have consistently outperformed sovereign currencies

were first used in the U$.$S$.$ in $1861$ to finance the Civil War; quickly spread to Europe