Money: The past,Present,Future
The word money derives from the Latin word moneta which means "coin"
The invention of money goes way before the beginning of written history.
The significant evidence establishes many things were bartered in ancient markets that could be described as a medium of exchange.
These included livestock and grain–things directly useful in themselves – but also merely attractive items such as cowrie shells or beads,were exchanged for more useful commodities.
However, such exchanges would be better described as barter
Years ago (1000Bc) money was in form of small knives and spades. These were made of bronze.. they seemed to have appeared separately around China and India and other cities around the Aegean Sea... these where the first coins
In the late 20th century, payment cards such as credit cards and debit cards became the dominant mode of consumer payment.
The Bankamericard, launched in 1958, became the first third-party credit card to acquire widespread use and be accepted in shops and stores all over the United States, soon followed by the MasterCard and the American Express.
Since 1980, Credit Card companies are exempt from state usury. laws, and so can charge any interest rate they see fit.
The development of computer technology in the second part of the twentieth century allowed money to be represented digitally. By 1990, in the United States, all money transferred between its central bank and commercial banks was in electronic form.
By the 2000s most money existed as digital currencies. in banks databases.
In 2012, by number of transaction, 20 to 58 percent of transactions were electronic.
The benefit of digital currency is that it allows for easier, faster, and more flexible payments.
In 2008, Bitcoin was proposed by an unknown author/s under the pseudonym of Satoshi Nakamoto. It implemented the same year. Its use of cryptography allowed the currency to have a trustless, fungible and tamper resistant distributed ledger called a blockchain.
It became the first widely used decentralized , peer-to-peer,cryptocurrency. Other comparable systems had been proposed since the 1980s.The protocol proposed by Nakamoto, solved what is known as the double-spending problem without the need of a trusted third-party.
Since Bitcoin's inception, thousands of other cryptocurrencies have been introduced.
It’s no COINcedence that the world,has returned to the use of coins as a generally accepted mode of payment for transactions.
‘Moneta’ over the years,has evolved and passed through Various stages. from barter to the coin age, to paper,digital,crypto.
Just like other systems it must’ve taken time to finally dominate as the primary mode for transactions.
With the way cryptocurrency is moving, it’s safe to say that I’m a few years, it’ll totally dominate other forms of payment.
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