Revolution of money.

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The use of money started thousands of years back though it was with a different method,thousands of years back people do swap shells,cattles but now it is with a different method we use now,we have improvised to using Notes and cryptocurrency as mode of making payment for goods and services.

With the evolution of money,payment has advanced drastically which now makes it easy for the buyer to pay the seller for goods and services bought,he can either pay with fiat or cryptocurrency which is advancing daily.

The mode of payment back then was totally different from the one we have now,years back people used to carry out trade with a bartering system,most of you might not know deeply what bartering system means let me give a brief explanation to expand your knowledge;

Barter system:This is a system whereby people exchange good and services in place of money,for instance if one person has an apple and needs pineapple he has to look for someone who needs apple for them to exchange,that’s how it works back then till the improvement began.

Making use of bartering system was kind of hard as people need to find another party who is in need of what they possess so they can make exchange and he gets what the other doesn’t need,it was time consuming and includes stress also,this was what brought about the existence of money to improve the mode of making payment.

Money was accepted by many people as it served as a way of making payment for goods and services rendered by two parties,it also act as a unit of account.

The money used at first for making payment is coins which has value according to the needs of trades back then,a confusion came when various coins came into existence which made it hard for traders to identify which one is low-valued and high-valued.

The scenario changed when china brought a revolution to change from coins to paper money which is the fiat we are using on a daily basis to make transactions at a fast pace.

With the new improvement people started trusting the paper money which made the government issue it and from then making transactions was faster and easier and much more convenient than the coins which was a little bit heavy in one’s pocket.

The future is here.

A new upgrade to our mode of making payment has been developed with new currencies.

Cryptocurrency has changed the world to become a digital world where users pay for their goods and services online which is more secure and safe,with cryptocurrency we have our privacy unlike paper money (fiat) where government can control us over our money.

Cryptocurrency changed everything when satoshi nakamoto decided to make an improvement in payment system when he released a white paper (Bitcoin)that was when Bitcoin was first created followed by others which are Bitcoin cash and others just to mention a few,transactions has never been faster before but with cryptocurrency taking it’s place making payment are safe and convenient for everyone.

Cryptocurrency can be bought,sold and kept in a wallet,it also offers peer-to-peer transactions without any mediator (intermediary) like the government.

Cryptocurrency is holding a groundbreaking possibility which allows buyers and sellers make transactions anytime and anywhere around the globe without any restrictions.

Most countries have accepted crypto as a way of making payment take for instance El salvador has made Bitcoin one of their mode of payment which looks really great hopefully all countries can also make crypto their mode of payment.

Author’s message.

The growth in crypto is really fast as most people are trusting in it and making it a mode of payment,Bitcoin cash would be the next revolution with its low-fees transactions and user privacy,with the massive growth in adoption in years to come Bitcoin cash would be the future.

Rest assured this article went through plagiarism checker,it’s for the safety of everyone you can find it here


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Thanks for reading and have a wonderful weekend aheadđŸ’šđŸ€—đŸ‘Œ.

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Comments

This just made me remember a similar topic like this in economics back in secondary school, I got to learn about the evolution of money and how we got to the system we are using today. The funny is that some of those old system of money still exist today (like the barter system)

$ 0.02
2 years ago

That’s right most people still involve in trade by barter but it’s not common nowadays like years back where it was the source of making payment.

$ 0.00
2 years ago

We still use barter system especially now with the help of social media. There are pages where you can barter. Indeed the way we trade has now come a long way.

$ 0.02
2 years ago

You’re right we still involve in trading by barter when swapping things to get another one but it’s rare nowadays as everyone has improvised.

$ 0.00
2 years ago

I was surprised too to see these pages but it was a huge help especially here in our city during the start of pandemic.

$ 0.00
2 years ago

Your article was really enlightening and educative. The trade by barter system you mentioned, reminded me of secondary school teaching back in those days. Things I had forgotten about it came crawling back into my memory after reading your write-up. Now, I also know about how paper money came into existence.

$ 0.02
2 years ago

Thousands of years back people use barter trader which is the hardest as it requires double coincidence of wants that is searching of the one who has what you want and as well want what you have. Crypto currency’s and money has made the world develop that one can make payments of goods digitally in a very convenient way.

$ 0.02
2 years ago

Well said,crypto has changed the world to be a better place where traders can trade easily and receive the equivalent amount of what they sell in crypto.

$ 0.00
2 years ago

Future will be cashless. Crypto will reign.

$ 0.02
2 years ago

That’s right future would be cashless as transactions would be carried out in the digital world.

$ 0.00
2 years ago

The evolution of bch and taught so much lessons and there will be More coming in terms of growth and development.. I love your write up

$ 0.02
2 years ago

There would be more growth in the aspect of onboarding of merchants and spreading BCH to the world.

$ 0.00
2 years ago

Even though the barter system was terminated centuries ago, until a few generations ago, people could live very comfortably for months without any money, especially in smaller settlements such as villages. By exchanging the surplus with another, in other words, in the form of a barter. And there was plenty of food and drink back then, but now it's impossible to even spend a few days without money. From this point of view, although it is difficult, my preference would be for the barter system.

$ 0.02
2 years ago

It is difficult to live without money for a day as it is the mode of making payment nowadays,hopefully everyone would adopt crypto so we advance to the digital world.

$ 0.00
2 years ago