Some people believe that bitcoin is the evolution of fiat money, I think that blockchain technology( the tech that is behind bitcoin) is the evolution of the databases, but bitcoin is not the evolution of money.
Let's go back few yearsm when there were not any money, and people was trading horses and food in exchange of other things, the problem we had is that there is not a big organization that is willing to accept it, and some people found out that they can't pay for everything with the horses/food they had, and either way, it was very hard to determine the price of the product you are trying to exchange, and sometimes you will be finding yourself getting less value.
So fiat was invented, and now it clears for everybody how much money they own, the problem in bitcoin that it's price very volatility and it's very hard to store value in it, as you can later find out that your money worth much less then the amount you stored at the first place.
Topic: Evolution of Money - page 10. (Read 1961 times)
There is an interesting article on LTB about Bitcoin and Rai Stones where the author calls these stones the primordial Bitcoin. The Island of Yap still uses Rai as their currency and this monetary system solely relies on trust, on oral history of ownership which is clear to everyone without the need to physically transfer or even physically access the Rai, limited and deriving value from its community, quite similar to Bitcoin.
The value of money is definitely built on trust, with the fiat system it's a matter of enforcement/assertion where we are forced to trust them or a sense of trust is build through money creation, debt, and qualitative easing which we have got accustomed to, but with Bitcoin/ Blockchain/cryptos this is changing. With Rai, trust was built by a small community on the basis of culture and oral tradition, but with Bitcoin it’s Blockchain/cryptography/encryption and that too globally.
https://letstalkbitcoin.com/the-island-of-stone-bitcoins
The value of money is definitely built on trust, with the fiat system it's a matter of enforcement/assertion where we are forced to trust them or a sense of trust is build through money creation, debt, and qualitative easing which we have got accustomed to, but with Bitcoin/ Blockchain/cryptos this is changing. With Rai, trust was built by a small community on the basis of culture and oral tradition, but with Bitcoin it’s Blockchain/cryptography/encryption and that too globally.
https://letstalkbitcoin.com/the-island-of-stone-bitcoins
No matter how it was, the era of new money has already come!
And cryptocurrency is what everyone now needs!
Just many politicians, high-ranking officials do not want their money to be visible!
But still ahead))
And cryptocurrency is what everyone now needs!
Just many politicians, high-ranking officials do not want their money to be visible!
But still ahead))
Technology makes our live become better and better. We cannot ignore the fact that using bitcoin for international transaction is much better than using the service of remittance agencies such as western union or paypal.
Money is an exchange that revised every decades and our currency was change every year of it.Its because people tend to replace every fiat money that was old ,the evolution of money starts with the needs of people,before, we use gold to pay everything we needs and wants ,but now we have a paper money that we use or a cash in our payment system.
During my bachelor's course I read how money came in to existence. It was created pure out of demand because the barter system was difficult to exchange with and people needed to have a common form of payment method which was served by goldsmiths or someone who holds gold. People accepted their receipts as money.
This is interesting but I believe it is missing a ton of meat. There are so many different cultures and mediums for money that have been used over the years. From rocks to digital assets. Metals to flowers. Meats and furs. Flour etc etc.
The history of money came through as a need for people to add what they want to what to what they need- meaning, people needed to get certain things and no means to get them. For instance, you could have plenty of harvested crops but no means of storage. So, one would trade storage for some of the crops and by this, the trade by barter system evolved.
Thus, the trade by barter system wasn't complete and there began a kind of money system that wasn't fiat like, cowries were used as money in some continent.
Further to this, there was the need to have a symbol that is general accepted in a geographical area and beyond as money, this was how paper money evolved to my understanding.
Thus, the trade by barter system wasn't complete and there began a kind of money system that wasn't fiat like, cowries were used as money in some continent.
Further to this, there was the need to have a symbol that is general accepted in a geographical area and beyond as money, this was how paper money evolved to my understanding.
Money evolved as the medium of exchange to buy goods and services, before when money doesn't exist they used the barter system. From the origins of bartering to modern money, this is how the system has evolved. At the dawn of humanity, bartering was used in lieu of money to buy goods. As early man began to rear domestic livestock, one of the earliest forms of barter included cattle, sheep, as well as vegetables and grain.
Some Newbies, don't know how to read. The OP didn't ask for a definition.
This is an interesting article. I'd agree with their statement that the invention of money is really a mental revolution. To create something that doesn't have any tangible value to serve as a utility between a community of people requires a commitment of trust...and at that time would have also required a mental revolution.
Being able to create and use a standard medium of monetary exchange across borders enabled culture and ideas to spread as much as sharing a common language.
Anything that is easily used as a medium of exchange in settling a trade is called money. Earlier demanded commodities like salt, rice wheat, weapons, livestock was used as money, it was called barter exchange. After that metallic money like gold, silver, copper come into existence. They were quiet popular. Soon this money was found inconvenient as well as dangerous to carry, so replaced by paper currency. Every country prints its own fiat currency as per their policy; generally these currencies are printed and controlled by the central bank of that country. After economic revolution paper money is accompanies by credit money, plastic money etc. The latest form of Digital money (bitcoin) gets introduced in the year 2009. Purpose of all forms of money is to make the trade simple and easy.
Money evolved as the medium of exchange to buy goods and services, before when money doesn't exist they used the barter system. From the origins of bartering to modern money, this is how the system has evolved. At the dawn of humanity, bartering was used in lieu of money to buy goods. As early man began to rear domestic livestock, one of the earliest forms of barter included cattle, sheep, as well as vegetables and grain.
Heyyy Guys , found this article really interesting :
https://medium.com/@arnoldmuimi/evolution-of-money-ba8609f5f198
What do you think ? This is how money was invented .
https://medium.com/@arnoldmuimi/evolution-of-money-ba8609f5f198
What do you think ? This is how money was invented .
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