Topic: The evolution of business transactions: from barter to crypto (Read 101 times)
It's really interesting to see how far transactions have come and no doubt there will be other inventions in the future to replace current ones. The possibilities are endless. this was an interesting read. thanks
There are many people who talk about the bitcoin bubble as if its purpose is similar with what happened to other bubbles (e.g.dotcom bubble). However, this does not really recognize the main purpose of cryptocurrency. In the case of the dotcom bubble, people thought they could make money out of the websites. So they bought websites, developed it and sold it (which still happens until now). Cryptocurrency is different.
In cryptocurrency, we are looking forward to an age where people will already use cryptocoins instead of fiat money. In the past, our ancestors used 'barter system' where they exchanged goods for goods. It was then replaced by commodity currency where people used golds, silvers and other such materials for the business transactions. Then we moved to the use of fiat money of which its first use was recorded to be in China (somewhere in 1000 AD). Fiat money only dominated the other systems of exchanges in the 20th century. National currencies were then established. Now, we are witnessing the evolution of our system of exchanges and we are looking forward to the time that cryptocoins will soon replace national currencies in the system of exchanges. Soon, cryptocoins will be used on a global scale.
The purpose of cryptocurrency is to replace the current system of exchanges that we have and not merely to give us something to profit from.
In cryptocurrency, we are looking forward to an age where people will already use cryptocoins instead of fiat money. In the past, our ancestors used 'barter system' where they exchanged goods for goods. It was then replaced by commodity currency where people used golds, silvers and other such materials for the business transactions. Then we moved to the use of fiat money of which its first use was recorded to be in China (somewhere in 1000 AD). Fiat money only dominated the other systems of exchanges in the 20th century. National currencies were then established. Now, we are witnessing the evolution of our system of exchanges and we are looking forward to the time that cryptocoins will soon replace national currencies in the system of exchanges. Soon, cryptocoins will be used on a global scale.
The purpose of cryptocurrency is to replace the current system of exchanges that we have and not merely to give us something to profit from.
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