Evolution of Money - Part 2

Evolution of Money - Part 2

The previous topic discussed the definition of money and the primitive system of trade. The ineffectiveness of the barter system of trade therefore led to the invention of money.

Money since then has been evolving from one form to another. Money medevian old age is not the same as money in the modern age. Money in this digital age and future is going to be quite different from all other forms in which money has ever existed.

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The Evolution of Money

Money, ever since the creation of central trade has witnessed several changes. It's sometimes said that money changes as man changes. The industrial revolution as well was a key factor to the evolution of money, especially in this age.

The evolution of money has moved from commodity money to cryptocurrency. In between are other forms of money. All these are explained below;

Commodity Money

This is a monetary system created within the barter system. They are generally accepted by the community and majorly used for goods exchange. Various commodities used in this system include cowries, shells, salts, leathers, pearls, and cloths.

These things are considered valuable and worthy of exchange. However, there was no central value and measurement for this type of money.

The commodity money can be traced to China during 1200 BC. The Pacific and the Indian Ocean were hosts to the shells that were used.

Coinage

The use of coin can be traced back to 640 BC. The Lydians were the originator of this monetary system. The coins were made from an alloy of gold, silver, or metallic chunks. The use of coins began to spread to other Asian kingdoms through Lydia. This was because Sardis was the capital of Lydia, the commercial center for the Asian cities and the Aegean Sea.

Although, historians say it is difficult to really trace the main origin of coinage. This is because old coins do not have the inscription of value, places, or people. Unlike the relatively recent coins which are said to have originated from Greek.

Paper money

The first occurance of the paper money can be traced to the Ming dynasty of China as far back as 1368 AD. However, it wasn't generally accepted at then. Paper money began to gain wide acceptance in the year 1794 when it resurfaced in Pennsylvania. The United States Government issued the first Penny note in 1789.

Banknotes/ Fiat Currency

The banknote also known as transactional money is the extension of the paper money. This came to play as money gradually becomes generally acceptable. Independent nations of the world through their Apex bank started printing out customized notes as their official legal tender.

The history of Banking and the banknotes can also be traced to the Roman money-changing system of the 16th century. It was detected that this system enhances societal and industrial growth.

Credit and debit cards

The credit and debit card monetary system is also known as electronic money. It is part of the inventions of the 3rd industrial revolution. This system of money can be traced to the last quarter of the 20th century.

The electronic monetary system can be said to be the most convenient monetary system. It enhanced the ability to send and receive money easily.

Cryptocurrency

Cryptocurrency can be traced to 2008. The first cryptocurrency known as Bitcoin was created by an unknown person under the guise name of Nakamoto Satoshi. This monetary system, however, does not have the support of major governments of the world. Despite this, the currency is gaining wide acceptance and growing steadily by the day. As at April 2021, the Cryptocurrency market cap was valued at 1 trillion US Dollar.

What do you think about Cryptocurrency? Drop us a comment below

References
Wikipedia - History of money
Your Article Library - The history of money

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Comments

johnjummy1945 15 Apr '21
Am very sure that soon crypto currency will dominate
osak 15 Apr '21
???????? crypto!!
ayakaterver01 14 Apr '21
Very educative
jstar 14 Apr '21
Crypto has come to stay since...
ioryenge 14 Apr '21
Cryptocurrency is the way out of poverty and should be encourage by the whole world though it will soon be accepted by all governments of the world... What the bible said of one currency will soon come to pass
idowu_omohu0001 14 Apr '21
Highly educative
saunobele 14 Apr '21
Is not yet supported by Nigeria's govt
adedeji 14 Apr '21
Crestway trade will never crash ijn.. More wisdom to the management
mega 14 Apr '21
Sincerely Crestway trade has really help me
bimak 14 Apr '21
It's just awesome and liberating
smeg 14 Apr '21
Every government will want to regulate and be in control of their economy. Every government wants their currency to be in high demand. We just have a government that instead of preferring better regulatory policies decided NO to Cryptocurrency. It's well
adebiyi 14 Apr '21
I hope our government realize that cryptocurrency is the future of money
chosenboy 14 Apr '21
Our country should encourage cryptocurrency
ijebs 14 Apr '21
Enlightening...
adebayo 14 Apr '21
Cryptocurrency is the next and future of money....
valentine1413 14 Apr '21
Educative article
umoh 14 Apr '21
God bless crestway
julies 14 Apr '21
Nice one crestway
tosyn 14 Apr '21
The days of commerce, thanks for bringing back memories
enipeace 14 Apr '21
Very nice article
enipeace 14 Apr '21
Very nice article
necessity 14 Apr '21
Very educative
evedyne 14 Apr '21
Thats a nice info about money money is what makes the world go round...
bamanga 14 Apr '21
Crypto offers a unique solution that renders fiat currency obsolete. Cryptocurrency empowers people to be their own bank and payment method. The primary challenges are regulatory and technical. The deciding factor on whether crypto will replace cash is user-adoption. But, once fully booted Hmmmm.
samsono 14 Apr '21
Well to me sooner or later, cryptocurrency will just have to be widely accepted worldwide considering cashless policy and its investment values.. Cryptosystem is just cool! Nice article Crest, God bless you more
bamanga 14 Apr '21
According to Deutsche Bank the current money system is fragile. Deutsche Bank sees that by 2030 digital currencies will rise to over 200 million users. In the “Imagine 2030” report, Deutsche Bank suggests that digital currency could eventually replace cash one day, RESPECT to the brain behind CTWT.
omolejerome 14 Apr '21
Educative.
missgenius 14 Apr '21
Thanks crestway. Nice one
dareakins 14 Apr '21
Thanks for the update
ajuluchukwu 14 Apr '21
Crestway surest way
maceke 14 Apr '21
Crypto currency should be encouraged because it is easily generated.
mamahilda 14 Apr '21
Thanks alot crestway
phemmy 14 Apr '21
Getting better day by day
olaknight 14 Apr '21
If you know you know
thesecondson 14 Apr '21
Great article
ofure 14 Apr '21
Amazing. Thanks 4 sharing
nasiru 14 Apr '21
Crest Crest Crest Aren't you just a blessing to this generation? Very Educative Long live Crest....
aliwa 14 Apr '21
I need money o. Money evolve into my pocket biko
michael95 14 Apr '21
Nice information!
amodumujeeb 14 Apr '21
Cryptocurrency is the way out of poverty and should be encourage by all nations.
oladiti 14 Apr '21
Nakamoto Satoshi . The realest . nice article
bolurepublic 14 Apr '21
Cryptocurrency is the way.
kenhinde 14 Apr '21
This is educative
fagbohun 14 Apr '21
Very soon government will support cryptocurrency.
op3y3mi 14 Apr '21
Cryptocurrency is a freedom. It's a store of value. Ease of exchange. It's a movement too. Decentralized Finance DeFi.
vychthur 14 Apr '21
Crypto currency will soon by accepted by all governments of the world
egbuonye 14 Apr '21
Crest - education
ishola1706 14 Apr '21
Good to be here
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