@ChrissCrypto
History of Currency - Introduction
Hello everyone! **To fully understand what Cryptocurrencies are**, what they are used for, but also why we use them, **it's necessary to know a little more about the History of the Currency**. The Money, the Currency as we know it, gives rhythm to our lives. **Virtual purchases** (on the Internet), **Cash transactions** (metallic money, banknotes), **Purchases more or less deferred** (bank transfer, cheques), but also the **brand new method of payment** : **Cryptocurrencies**. To understand this history, **we must go back 10,000 years in the past**. As for the ***Metallic Currency***, it is ***very young*** in this history, ***barely more than 2500 years old!*** The **first part shows us how the Barter has evolved**, but also that according to the parts of the world, the objects of Barter were not all the same. **These were based mainly on the Social Cultures and Rituals** in force in the countries or regions. But there was always the problem for small transactions, if **for example a Beef represented a 'great value' it could not be split**, or if it was, it lost a lot of its value. It was therefore **essential to establish an 'intermediary' who could satisfy everyone**. This is how **the first Currency appeared**, the ***'Cauris' Shells***, which were used in some parts of the world until the 20th Century.
As soon as the first **Metallic Currency appeared around 600 B.C.**, **the way in which trade took place gradually adapted**. This is the subject of the second part.
Each Region, each Empires, used **their own system of Metallic Currency**, ***either Gold or Silver or both***, in a **Bimetallic system**, others added **Bronze**, which gave birth to a **Trimetallic system**. While the **Money has enhanced trade**, allowing all parties involved in transactions to receive the fair value of their property, but the **Currency was also subject to propaganda and corruption**. The **monetary manipulations carried out by Emperors and Kings** to reduce the precious metal content of the Currency irremediably led to economic crises, as for example **in the 3rd Century**, the percentage of Silver contained in the 'Silver Denarius' went from 90% (in the 2nd Century) to end in 276 to a Silver part of 4%, which provoked the first inflationary crisis. We can't deny that the **Currency is intimately involved with** the : ***Corruption, Propaganda*** ***Wars*** ***Famines and Epidemics*** ***Monetary Manipulations*** ***Financial Crises*** ***Religions*** ***Politics and Government*** ***But also the Counterfeiters*** This long **history is also punctuated by beautiful innovations**, but be careful, *not all these innovations were made possible by exchanges or the Currency*, but these *innovations have allowed exchanges and the Money to develop*, to go beyond borders and continents. Thus giving **birth to Globalization**. ***Invention of the wheel, which improved means of transportation and exchanges over longer distances.*** ***Invention of Metallurgy, which made it possible to split blocks of precious metals and melt them down to produce and Mint certified and unified Coins.*** ***Invention of the printing press and then the printing press with movable characters, which allowed the development and use of 'Money Papers' (994).*** ***But also the invention of the Steam Locomotive*** ***The Telegraph, which allowed to send money via a Telegram*** ***Phone*** ***Computer*** ***Internet …***
The **creation of private banks allowed from the 2nd Millennium B.C.**, to develop **Credit with Interests**, but also what Albert Einstein described as the "***8th Wonder of the World***": **the Compound Interest**: Interest on Interest. And it is only **3500 years later that modern private banks appeared in Europe**. **Great Names** have also participated in all these changes in the history of the Currency such as : ***Hammurabi - King of Babylon (1700 B.C.)*** ***Croesus - King of Lydia (630 B.C.)*** ***Aristotle - Greek Philosopher (335 B.C.)*** ***Polyen - Greek Jurist (year 162)*** ***The Emperor Constantine (310)*** ***The Song Dynasty, famous Dynasty for its discoveries, technical and technological innovations ( Mobile Monuments, Weaving Machine, Mobile Printing Character, Black Powder, Civil and Naval Engineering, Metallurgy, Wind Energy ... but also the 'Paper Money'*** ***Leonardi Fibonacci, who introduced Indo-Arabic numbers in Europe (1202)*** ***Kanku Musa, the most famous and richest of the Kings! These stories became legends (1312 - 1337)*** ***Nicolas Oresme and his 'Traité des Monnaies' (1355)*** ***Marco Polo and Vasco de Gama, for the opening of trade routes between continents (1492 - 1498)*** ***American President George Washington (1792)*** ***Joseph Schumpeter and his "Creative Destruction" (1942)*** ***and so many others*** To be continued... See you soon **Christophe WILHELM** **Bitcoin Meister** https://bitcoinmeister.eu/ **© Bitcoin Meister** Source pics : **Google** http://www.google.com/
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