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Story Of Money
A brief history of currencies to help you better understand the Cryptocurrency
**THREAD**
A brief history of currencies to help you better understand the Cryptocurrency
**THREAD**
1. Exchanging Goods
Prior to the use of money, goods and services were procured through exchanging:
People offered what goods and services in exchange for those that they needed.
While it worked, it was not always effective.
Prior to the use of money, goods and services were procured through exchanging:
People offered what goods and services in exchange for those that they needed.
While it worked, it was not always effective.
2. Commodity Money
In each economy, there was a highly demanded commodity which was trade for all of the goods.
Various commodities were used as commodity including wampum, maize, iron nails, beaver pelts, and tobacco.
In each economy, there was a highly demanded commodity which was trade for all of the goods.
Various commodities were used as commodity including wampum, maize, iron nails, beaver pelts, and tobacco.
3. Coins
The emergence of iron, steel, bronze and gold coins.
The first standardized coins were created in Turkey. They were made of electrum, a naturally occurring amalgam of gold and silver.
The emergence of iron, steel, bronze and gold coins.
The first standardized coins were created in Turkey. They were made of electrum, a naturally occurring amalgam of gold and silver.
Precious metals made better money than commodities because they were:
- Scarce
- Durable
- Hard to fake
- Visually striking
- Divisible (by breaking into smaller quantities)
- Scarce
- Durable
- Hard to fake
- Visually striking
- Divisible (by breaking into smaller quantities)
4. Banks And Printed Paper Money
Banks printed paper money equal to a fixed amount of gold (banknotes).
At first, a banknotes were just a promise that the bank would give the bearer a certain amount of coins.
Eventually, the banknotes began to be used as money.
Banks printed paper money equal to a fixed amount of gold (banknotes).
At first, a banknotes were just a promise that the bank would give the bearer a certain amount of coins.
Eventually, the banknotes began to be used as money.
5. Fiat
A government-issued currency that is not backed by a physical commodity.
Most modern paper currencies are fiat currencies, including the U.S. dollar, the euro, and other major global currencies.
A government-issued currency that is not backed by a physical commodity.
Most modern paper currencies are fiat currencies, including the U.S. dollar, the euro, and other major global currencies.
6. Digital currency
Using computers or electronic wallets connected to the internet.
Today, there's a wide variation in how consumers make online payments including credit cards or bank cards, Paypal, eWallets such as AliPay or Skrill, and etc.
Using computers or electronic wallets connected to the internet.
Today, there's a wide variation in how consumers make online payments including credit cards or bank cards, Paypal, eWallets such as AliPay or Skrill, and etc.
7. Cryptocurrency
Cryptocurrency is a type of digital currency that generally only exists electronically.
Bitcoin and Ether are well-known cryptocurrencies, but there are many different cryptocurrency brands, and new ones are continuously being created.
Cryptocurrency is a type of digital currency that generally only exists electronically.
Bitcoin and Ether are well-known cryptocurrencies, but there are many different cryptocurrency brands, and new ones are continuously being created.
Cryptocurrencies are still at their first steps, and there are a lot in front of them.
This means a lot of opportunities.
It is a great time to invest in your future.
This means a lot of opportunities.
It is a great time to invest in your future.
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