The Past and Future of Money
I was reading a blog by Chris Skinner on the myth of money and the first thing that came to my mind was the money evolution. Back then that I used to teach about money evolution and cryptos in general. I do start with: “God never created money but men used their initiatives to exchange goods.” The first initiative was the barter system, which was in something 6000 B.C. It moved to shells and physical things in 1000B.C. Then to gold and gold coins. The first place paper money was used was in China during the Tang Dynasty (618–907 AD). Then in 1950, we have the first card money, which is the credit card and down to electronic transfer before the decentralized money BITCOIN in 2009.
The emergence of cryptocurrency is when I started to think about the money evolution since we have been using paper money for a long time. Even the evolution of card money was not as important as the change of cryptos. The card is still controlled by the bank and it only reduced the amount of money you move around. Cryptos came and everything changed. The government and banks have had issues with it since its inception.
None of this evolution actually came to stop another, it only reduce the usage of the former. Till date, people still transact in trade by barter but in a fashionable way. We give an object and add a little money based on which one is most valued. Some rich folks transact in Gold and so on. The barter system is beyond exchanging goods. There was something called community currency which was helping each other and this still remains to date. Even the growth of cryptocurrency will only grow to reduce the rate at which we use the fiat and banks but that will not end the reign of paper money.
As one of the people that got the info and believed in Bitcoin and cryptocurrency early when many people were calling it a scam, it feels really good today to see the exponential growth in the adoption. I listened to one of the interviews with TIM COOK and he said he owns some Bitcoins because he sees it as a diverse economy. Tim Berners Lee the inventor of the world wide web is still having issues with the invention but he said Bitcoin still have its uses. Well, not everyone like volatile assets and that seems to be his issue.
In the last 24hrs, over $60,628,860,383 has been traded through cryptocurrency and I believe before the end of the year we will see Trillions of dollars. But I have a question: do you think money will still evolutionized?. I know there is no limit to technology but I can only think of massive improvements in blockchain protocols to make cryptocurrency to be more efficient. It feels like we have all we need now. Technologies like DAOs is even making the trust in some blockchain protocol to be stronger.
Do you see another currency anytime soon or later in the future?
My name is @tykee (Michael B), a software developer/content writer. I use my content to share my opinions on tech, lifestyle, and finance.
Contacts
Twitter
Discord: tykee#8770
Posted Using LeoFinance Beta