Long gone are the days of bartering when people used to trade livestock to shop in the markets. Back then, you would take one of your chickens and exchange it for some fresh produce and vice versa. As international trade flourished and globalization started to develop, people realized the need for a standardized, more efficient payment system. If you would like to find out more about how money and currency have changed over the years, continue reading below.
From Gold Coins to Paper
After recognizing the shortcomings of the barter trading system, an official unified coinage system was introduced back in 1250 AD in Florence, Italy. However, walking around with pouches full of gold was neither efficient nor safe. When Marco Polo sailed toward the Far East, he went back to Europe with a peculiar invention at the time, paper money. However, it took more than a couple of centuries for paper money to be acknowledged as the legitimate payment system that we now know.
The Invention of the Credit Card
In 1946 the credit card was invented, revolutionizing the concept of “money”. Unlike the old times, money was no longer expected to be tangible. Banks started to gain more power as they were no longer thought of as a place to hold money, but rather the main intermediary in all money transactions.
As the internet took over all areas of our lives, it was only natural to invent a digital currency, like Bitcoin, that can be exchanged freely without the need for a central authority. Just like regular currency trading, many people are now making huge profits through a cryptocurrency exchange. What is most compelling about it, according to bitcoin loophole app developers, is that you don’t need to have any special skills to be able to trade in cryptocurrency. By adjusting the settings on your mobile app to the robot trading option, the system will be analyzing the cryptocurrency market and even invest on your behalf. Not only are you using this digital currency as you would normally money, but you are also actually using it to make real money.
As people have become more accepting of the idea of digital currencies, financial experts are predicting to see an exponential rise in the number of established currencies. Mogul companies like Facebook are planning on releasing their own cryptocurrency to be used as the main currency across its different platforms. Everybody seems to agree that cash will inevitably die and that it’s going to happen sooner than expected. China is taking big leaps on this front as it is preparing to launch its own digital currency “Yuan” and become the first cash-free state over the next few years.
The money and currency options that we have now are only befitting to the world that we are living in. The fast non-stop pace demands flexible and agile payment methods that can keep up. Still, some skeptics are rooting against the superiority of digital currency, claiming that the fact that it is decentralized is more of a hurdle than an advantage. However, we can only wait to find out what the future of money will look like.