Money, cryptocurrency ,evolution of money into cryptocurrency and the Blockchain...WEEK 1
Greetings ladies and gentlemen, am starting a weekly lesson about cryptocurrency, so this week am going to start from the genesis which is MONEY!!!, I hope you get to learn a thing or two.
MONEY MONEY MONEY!!!
What is money?
According to Economist money is a medium of exchange,a store of value and a unit of account that is generally accepted.
Evolution of money.
Money exists as far back as human civilization,and it has constantly been evolving to meet the convenience of the society as it advances.
In the olden days history has it that transaction is done by a method known as "trade by barter" this method involves exchanging goods for goods or goods for services and vice versa, for example i have a sheep and all i need is some tubers of yam, i have to look for someone who has tubers of yam and is in need of a sheep to exchange with ,you can see its not easy as it sounds, the trade by barter system had alot of flaws which includes.
- Difficulty in finding someone in need of your goods or services.
- Inability to measure exact value of goods and services.
Later on humans evolved to using of precious metals as means of exchange, metals which includes gold copper, silver etc with time humans discovered that this metals are difficult to move around and also risky.then there came the vault, some people made vault and introduced it to the public to , you save ir metals with them and you are charged a little and you are given the IOU ,this entails the details of the goods secured and also contract of payment.the IOU is now used to transact amongst the general populace,while the gold with the vault owners are you to do business hence the genesis of banks.
Today, money has evolved from paper to plastic (ATM cards),and now its evolving to cryptocurrency...next week am going to make a write up about cryptocurrency and how evolving of money to cryptocurrency is advancing?...
THANKS FOR READING...
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