Topic: History of Money (Read 117 times)
Strongly believe that cryptocurrency is a payment tool of the future that is designed to be more secure and free to use anywhere. We don't know what people will design in the future, but I have faith that cryptocurrency will be widely adopted by people in the future.
I am thinking cryptocurrency would be the last world medium of exchange before the final end of this age. It will be accepted by all tongues and nations and the world reserve could be bitcoin in the far years to come. Since bitcoin is owned by no nation or individual.
Think the history of money takes different versions, depending on what you view as money. I know these days there are people who consider karma points and similar arbitrary "internet points" more valuable than any recognised legal tender. And while I don't, I do "get it".
There's also some very interesting stuff out there on the history of today's version of fiat too which I thought was very interesting (and perhaps relevant to some Bitcoin discussions) tied to the time post Bretton Woods when the dollar (and thereafter fiat globally) was no longer backed by any underlying asset.
There's also some very interesting stuff out there on the history of today's version of fiat too which I thought was very interesting (and perhaps relevant to some Bitcoin discussions) tied to the time post Bretton Woods when the dollar (and thereafter fiat globally) was no longer backed by any underlying asset.
History of Money
Came across this article which has been posted 13 years back, and I don't know whether it has been edited. I was astonished to see discussion about bitcoin and cryptocurrencies added to the article during those days.
Came across this article which has been posted 13 years back, and I don't know whether it has been edited. I was astonished to see discussion about bitcoin and cryptocurrencies added to the article during those days.
It's definitely been edited because when talking about cryptocurrency it links to:
Your Intro Guide to Cryptocurrency
published on June 2021.
Not bad your summary about money. Money has been constantly evolving and I would argue that with technology the evolution has accelerated. I once heard Musk say that he was one of the people who best understands how money works because he created paypal. We also have gift cards, for example, which are not money but work as if they were in certain areas.
Today we are on a path towards the disappearance of cash, partly because new forms of payment (e.g. with cell phones) are more convenient, and partly because governments and banks are interested. This was the wet dream of banks and governments until Bitcoin appeared, and then privacy coins were created.
Now they have counterattacked by planning the creation of CBDCs, but no matter what they do, whoever wants a space for privacy will always have it.
Already digital currencies have been into existence for years like normal fiat currencies, many people misquotes digital currency when we made mentioned of it, some people thinks that digital currency is Bitcoin alone, but not knowing that digital currency comprises Gold, and other electronic Money, so from the base the experiencing all this digital currencies or asset comes to be reality or manifest today, is because of ancient means of exchanging, and it's what brought light to fiat currency, Gold currency and cryptocurrency,
The evolution of money have taken different forms. In the early days people traded goods and services for what they needed. One having livestock will exchange its products in exchange for vegetables with the person who have been into cultivation. Apart from this people used to work on the livestock and agricultural farms for food. This practice have served as the building blocks for the present system.
Going through history it is possible to see different coins being used in different regions. The first round coins stamped with gods and emperors for authencity were created around 500 BC.
The first paper money was created in China in 700 to 800 A.D. China is the first country to use paper money. The lighter weight of paper money allowed for international trade. Same time it created problems and led to currency wars. Upon the same coins once again came into usage.
What is Currency Wars
When leaders of different countries attempt to devaluate their own currency there happens currency wars. This increases demand and helps stimulate their economy. Even in today's forex market this can be experienced. Currency Wars have negative consequences for the countries involved, including currency volatility.
Roman Empire started the first bank around 1800 B.C and these banks allowed deposits and provided loans. When the empire fall, the banks used to collapse. Later the banks turned to be more respectable and started provided loans and ran successfully. Further the first bank in the US got established back in 1791.
The Gold Standard got into usage by the year 1816. Gold was made the standard of value in the country of England. With this system each bank note is backed by certain amount of gold. Now money has taken the form of everything from the U.S. dollar to cryptocurrencies like Bitcoin.
The banking system further got its usage through credit and debit cards. Credit cards were first issued to the consumers during the year 1920s. Money with its different forms got used physically. With the boom of internet, everything started to happen on the go. However for every transaction the banks started to charge.
Digital Currency
In the 90s, digital currency tried and failed to get off the ground, but in the 2000s things have changed, allowing it to grow in popularity and in widespread use. Digital currency allows individuals to invest in potentially growing currencies and spend money in a way that’s more convenient. Finally the history have driven us towards the era of cryptocurrency which is going to be the future of money.
History of Money
Came across this article which has been posted 13 years back, and I don't know whether it has been edited. I was astonished to see discussion about bitcoin and cryptocurrencies added to the article during those days.
Going through history it is possible to see different coins being used in different regions. The first round coins stamped with gods and emperors for authencity were created around 500 BC.
The first paper money was created in China in 700 to 800 A.D. China is the first country to use paper money. The lighter weight of paper money allowed for international trade. Same time it created problems and led to currency wars. Upon the same coins once again came into usage.
What is Currency Wars
When leaders of different countries attempt to devaluate their own currency there happens currency wars. This increases demand and helps stimulate their economy. Even in today's forex market this can be experienced. Currency Wars have negative consequences for the countries involved, including currency volatility.
Roman Empire started the first bank around 1800 B.C and these banks allowed deposits and provided loans. When the empire fall, the banks used to collapse. Later the banks turned to be more respectable and started provided loans and ran successfully. Further the first bank in the US got established back in 1791.
The Gold Standard got into usage by the year 1816. Gold was made the standard of value in the country of England. With this system each bank note is backed by certain amount of gold. Now money has taken the form of everything from the U.S. dollar to cryptocurrencies like Bitcoin.
The banking system further got its usage through credit and debit cards. Credit cards were first issued to the consumers during the year 1920s. Money with its different forms got used physically. With the boom of internet, everything started to happen on the go. However for every transaction the banks started to charge.
Digital Currency
In the 90s, digital currency tried and failed to get off the ground, but in the 2000s things have changed, allowing it to grow in popularity and in widespread use. Digital currency allows individuals to invest in potentially growing currencies and spend money in a way that’s more convenient. Finally the history have driven us towards the era of cryptocurrency which is going to be the future of money.
History of Money
Came across this article which has been posted 13 years back, and I don't know whether it has been edited. I was astonished to see discussion about bitcoin and cryptocurrencies added to the article during those days.
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