Topic: Evolution of Money: From Barter system to Bitcoin (Read 458 times)

Not necessarily will bitcoin take over the world,even the acceptance and usage this season is even overwhelming compared to other season's.Bitcoin is not combating fait at all,with all these revolution,I think the banks are looking forward to revitalize their procedures and methods.Bitcoin is gaining more acceptance and attention,its left for the banks to recognize their failures and innovate better measures to conduct transactions with ease.
Getting rid of fait currencies wouldn't be that fast and easy at all,that will require so much factors,time and efforts to eliminate fait currency.As the world will continue to expand and advance,technologies pertaining to bitcoin emergence will continue to evolve rapidly.

you're absolutely right that digital payment methods have been around for quite some time before Bitcoin's emergence. But as you know world is changing day by day and thousand of invention are coming.  And new forms of money and financial systems are emerging. The existance of the barter system in some areas and the introduction of digital payment methods like you mentioned (MPesa) show that financial innovation takes various shapes and serves diverse needs. As technology continues to advance, we can expect even more changes in how we exchange value and conduct financial transactions. we are living in a exiting world .

Bitcoin is one of thousands of payment options and investment assets. The Bitcoin system is not always accepted in some countries, and governments strongly reject it because Bitcoin has the opposite function to fiat. Bitcoin is too complex and free to make it difficult for governments to do more to control it. With decentralization, the government is unable to implement regulations that have been implemented like fiat.

You might be surprised that the barter system are still alive and well in some rural areas in 3rd world countries and even flee markets in 1st world markets. (People still exchange goods and services)

Then you will be more surprised that digital payment methods have been developed before Bitcoin existed, like MPesa in Africa. (Yes, it is a centralized payment method.... but it was revolutionary at the time) 

Although I agree that the future of paper money is going away and will be completely replaced by digital money or cryptocurrency, I believe that this process will not happen anytime soon. The world is developing very fast but that doesn't mean everyone can use digital devices. There are still limitations to completely eliminating paper money from our world. For example, in my family, my parents are both elderly and even they have difficulty using smartphones. How can they use online payment tools, let alone cryptocurrencies? What about people with disabilities?...there are a lot of problems and I think it's very difficult to get rid of paper money.

Your analysis of the current shift from paper to digital is very sharp. People are rightly looking closely at the standard banking system, which has a lot of obvious problems, like the high fees for sending money between countries. Then came cryptocurrencies, which are supposed to save us. But lets take a moment to think about this critically.

As you correctly pointed out, Bitcoin isnt always our first choice for popular payments. Its main purpose is to protect value, similar to gold. Because it changes quickly, it cant be our daily business savior. This is why steady coins like the USDT are important. But the change to an economy based on crypto isnt going smoothly. Its full of risks and unknowns, mostly because there arent enough strong rules. Cryptos wont really be able to take off until there is a complete system in place for regulating them.

For cryptocurrency to be generally adopted there is need for exchanges to start ensuring that almost everyone have the knowledge of cryptocurrency, the lack of knowledge by everyone is one of the major impediments to the general adoption of cryptocurrency. I know exchanges like Bitget and Binance has a learning academy and you can also learn through their YouTube pages. Also Bitget has an initiative called Blockchain4Youths initiative which is geared towards ensuring that everyone have the understanding of cryptocurrency by giving physical education to them. The initiative has help physical enlightenment session in different countries in this year.

You have made an important point concerning the high commission fees that are connected with traditional banking systems for foreign money transfers. Because of these expenses, cryptocurrencies are frequently a more appealing choice than traditional banking systems. It is without a doubt thrilling and encouraging to look into the future of digital payments. I think, regulations will play a significant part in molding the future of cryptocurrencies and the use of these assets within payment systems. 

Their something we don't understand in bitcoin and fiat currency, a fiat currency is an ancient kind of money and its a centralized currency used by any country, while bitcoin is a decentralized currency that's virtual and is meant to help fiat currency..the objective of satoshi nakamoto to introduce bitcoin is not that bitcoin should be in competition with a fiat currency, but people thinking and mindset is something that is making them to feel that bitcoin is in challenge with fiat currency

Do you know that before existence of bitcoin their is other digital currencies that's is trying to intercept fiat currency...already gold was in existence and people also trade gold, A gold was a currency and it was tradeable too, so even those people you said that needed a decentralized currency instead of fiat currency was aware that gold is a digital currency...the thing is that since the existence of bitcoin many people who understand the usefulness of bitcoin began to embrace bitcoin and also compare it with other currencies.

I agree, Bitcoin is gaining recognition and attention, the path to global acceptance and legalization is undoubtedly challenging. Established financial interests and regulatory hurdles pose significant barriers. but as more people recognize the benefits of Bitcoin and blockchain technology, the momentum for change continues to grow. It's a journey that holds the promise of reshaping the future of money and finance.

As more people recognize the benefits of this digital currency and governments adapt to the changing financial landscape, we may see a future where Bitcoin becomes a more universally accepted form of payment

Barter System to Bitcoin hmm, I think I had encountered many of such topics OP, Tokenization of every asset is today's trend but for the Payment mode, I think Bitcoin only holds that legendary mastery. From time to time exchange modes are revolutionizing. Still, the era of Paper currency aka fiat money to digital fiat money was so disappointing in the timeline where money lost its worth. It was no longer reliable for gaming transactions.

Although Bitcoin is getting more attention and recognition worldwide still we are far away from the emergence of this payment mode to a globally acceptable one in the context of legalization. This model is efficient so it will be a hard journey because it brought transparency, integrity, scalability, and decentralization all we needed together, so it is hard for those who always manipulated the payment mode for personal convenience for various purposes and who are those we all better know.

No fiat electronic money is still leading in the issue of digital money.  Only a small percentage of the population makes use of Bitcoin.  In terms of technology probably blockchain technology is the most recent atm.


Not entirely true, other countries see Bitcoin as a mode of payment, while El Salvador sees it as legal tender, China sees Bitcoin as legal personal property and others are still in a neutral stance without labeling Bitcoin of anything while many still banned it and labeled it as illegal currency.

I understand that summarizing complex historical topics can be challenging, and it's important to acknowledge the depth of these narratives. My intention is to highlight the emergence of Bitcoin. The comment that I have made wasn't meant to complex the subject but rather to highlight the profound impact of historical history on the emergence of Bitcoin

Hi,ScoobyDu (pàpà)

You managed to synthesize thousands of years of history in 1510 characters, the topic is extensive, very complex, in fact loaded with political bureaucracy, evil, impositions, opportunities, in the same way the appearance of bitcoin is not as simple as an open source that has allowed the empowerment of the people's financial thinking like never before, there is a lot of blood, sweat and tears that reflect economic losses and financial abuse in the 20th century.

 It's true that even after Bitcoin has made significant progress is term of payment, it primarily functions as a commodity and for just investment vehicle.

But as we know recently Ferrari has started to accept payment in cryptocurrency.

The journey to widespread adoption as a legal payment alternative is still underway, but it's fascinating to witness the transformation of money in this digital era, and Bitcoin's role in that transformation is undeniable

The barter system is a condition where we exchange goods because at that time there was no money that could be used as a means of purchase even though this was one of the reasons for the creation of money. As for bitcoin, it is indeed a new innovation that proves that technology and the times continue to advance. Even though there are still a lot of people who don't recognize bitcoin as a legal tender but in the end when talking about development and innovation, bitcoin is currently leading in the issue of digital money which makes this one of the good innovations.
But on the other hand until now bitcoin remains only as a commodity and investment tool rather than a payment system because after all, to equate this as money is also now still not possible because even though a lot of adoption is happening but there are still very few who make bitcoin a legal payment alternative.

You've made a valid point regarding the current status of Bitcoin and its potential evolution as a widely used currency. Bitcoin has not fully realized its potential as a medium of exchange yet.



The potential for Bitcoin to become "expensive" in the future is driven on supply and demand dynamics.
 
Bitcoin becoming a widely accepted and used currency is on a journey that involves various technological, regulatory, and societal factors.

The goal is to reduce the cost by eliminating all the intermediaries that charge extra fees for their services. The idea was to promote the usefulness of the P2P trading system and the risk of using centralized authority for any financial movement. Paper cash is old-fashioned, and electronic currencies will take over the financial system one way or another. This can be done by CBDC or BTC but it is the future of our finances.

What has been attempted is a method through which suspicious entities and transactions can be detected, and that method, initiative, or software is AML, through which all suspicion activities can be monitored, including large fund transfers and continuous flow of funds. Good luck in one account and cross-check watch vs. watch lists. Apart from this, this software is not only limited to cryptocurrency; this measure can be applied to all assets under AML. But unfortunately, despite all this hype, cryptocurrency has become a nightmare for some countries. In fact, the reality is that their current currency will be on the brink of death with the adoption of Bitcoin. And the government doesn't want anyone to have such a job that they can't put the necessary demands on the people.

Moreover, when the fiat currency ends, the government will stop paying those big bucks that these corrupt banks are preventing the government from adopting cryptocurrency to protect their positions.

So the meaning of saying this is that those people who had a big claim that Bitcoin is used for suspicious activities or money laundering, now that there are measures to detect it, why don't they adopt Bitcoin? This will always be a question mark; these people have nothing but lame excuses to adopt Bitcoin except false promises.

I think that with digitalization, paper money will soon be out of circulation. The development of digital payment methods, the development of the banking system and the emergence of cryptocurrencies prove this. In this period we are living in, digital fiat money is already widely used, but even though it is used digitally, it has inflation due to its fiat feature and is used physically. Cryptocurrencies have become inevitable for payment systems at this point.

Even the high commission fees charged by the banking system for international money transfers are an important reason to use cryptocurrencies. We can include bitcoin in payment systems, but for me, bitcoin is digital gold. Because btc is much closer to gold in terms of value retention and inflation protection. To realize a payment system that will be very common in the market, we will need usdt style coins. With the regulations that will take place in the crypto markets, crypto will be permanent for the payment system.