Overview#

Money is Currency and both are a form of a Commodity and can be used as Medium of exchange that is verifiable

Some folks imply that Money is a Store of value and Currency is a Medium of exchange.
So if Alice takes Money and exchanges it with Bob then Money is Currency

Many modern references list only three functions, that of

Money is Any Entity or verifiable record that fulfills these functions.

When Money is used to intermediate the exchange of goods and services, it is performing a function as a medium of exchange and thereby avoids the inefficiencies of a barter system.

Money's most important usage is as a method for comparing the values of dissimilar objects.

The History of Money#

Start of Barter#

  • 9000 BC - Humans grew crops and raised cattle to service. They exchanged these items for other items they needed at the time.
  • 2279 BC - The Ancient Babylonians established a form of measurement for money called "shekel.” It was based on the weight of different items and that measurement was used for trading goods like barley to gold.

Shell Money TO Coins#

  • 1300 BC - Africa, South Asia, Australia, Oceania and parts of Europe used Shell Money.
  • 1000 BC - Chinese civilizations used a standardized currency in the shape of miniature replicas of knives and spades. These eventually evolved into round shaped coins with holes in the middle.
  • 687 BC - The first ever official currency ever was made in modern day Turkey by King Alyattes of Lydia. It was a coin that featured a roaring lion's head and it was minted out of gold.
  • 300 BC - The Roman Empire issued its own currency called Denarius. These coins were minted out of silver and featured symbolic images about the Roman Republic.

PAPER MONEY#

  • 118 BC - The Chinese issued the first ever leather banknote, made out of deerskin and painted with bright colors.
  • 700 -1000 - A copper shortage during the Tang Dynasty in China introduced the first use of paper banknotes.
  • 1290 - Marco Polo is credited for introducing the idea of paper money to Europeans after he discovered the Chinese using it.
  • 1661 - The first ever European banknotes were printed in Sweden.

GOLD STANDARD#

  • 1800 - The gold standard combined the best aspects of paper money and coins. This allowed banks to create money while backing up its value with precious metals.
  • 1879 - The United States adopts gold as its official standard of value. Americans were allowed to trade $20.67 for an ounce of gold.
  • 1933 - The Great Depression forced the US to abandon the gold standard and the government soon pumped money into the economy to stimulate recovery. Other countries followed suit.

CREDIT CARDS AND Mobile BANKING#

  • 1950 - The Diners' Club releases the first ever credit card. More than 20 restaurants in New York paid for bills without using cash.
  • 1967 - England received the world's first ATM.
  • 1999 - Mobile banking begins in Europe.

Bitcoin AND Cryptocurrency#

  • 2008 - Satoshi Nakamoto posted a paper titled "Bitcoin: A Peer to Peer Electronic Cash System." It promised lower transaction fees compared to traditional payment systems. The first Bitcoins were mined by computers performing mathematical equations.
  • 2018 - Bitcoin SV (BSV) was created out of the hard fork of Bitcoin Cash (BCH) on November 15. Businesses and developers migrated from BCH to Bitcoin SV's ecosystem because it seeks to emulate the proposed original vision of Bitcoin through emphasis on scaling onchain as fast as possible.

WHAT'S NEXT#

It is expected that blockchain technology will continue to positively impact change at economic, social and governmental levels.

Bitcoin SV as designed by Satoshi Nakamoto, is the only blockchain with a stable protocol and scaling roadmap to become the world’s new money and global public blockchain for enterprise.

More Information#

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This page (revision-7) was last changed on 29-Nov-2024 16:16 by -jimTop