This is What You Need to Know – History of Money and Future of Bitcoin

This is What You Need to Know – History of Money and Future of Bitcoin

Money is something that cannot be expressed in words. But, for ages, it is the only thing that is helping us make the advancements. Everything depends on the financial structure of the world. If you are sick and need a doctor, you will first make the appointment and then pay for his/her services. This is the general rule of the world. Those who have abundances of money can buy themselves the most luxurious goods for a comfortable lifestyle.

This Is What You Need To Know - History Of Money And Future Of Bitcoin
This Is What You Need To Know – History Of Money And Future Of Bitcoin

While those who don’t have much will live under the poverty line trying to survive somehow. With this, I am trying to say that money is the only thing that drives us to work every day, and it is the only thing that will ensure our children’s futures. Hence, our object should evolve as money always has, and most surprising now, is at its peak with cryptocurrencies.

Before we start talking about the bright future that bitcoin is looking at, let’s climb down the time of money. This is helping us notice the essential changes that the money market has brought.

A brief history of money

Even before money was invented, people used a system called barter that involved goods against services or other products. The first time the world saw money was through the European industries manufacturing coins that were treated as currency in Europe. This was produced in the area called Lydia (Western Turkey). This was approximately 600 BCE. ON the other hand, paper money was first introduced by the Chinese people, probably in the 770 BCE.

Money is a valuable object as everyone treats it as a form of payment. The past experiences have changed. Instead, they evolved money-making over centuries. Many times’ currency’ and ‘money’ are used synonymously, but many theories pointed out otherwise, drawing a line between their definitions. Some theories suggest that money is a concept that is intangible; on the contrary, the currency is a tangible or physical demonstration of money, the elusive concept.

The theory says that money is something that cannot be smelled or touched. However, the currency is the note, coin, asset, etc. displayed as money. The ample space of money is numbers. In today’s date, the general form of currency is coins, paper notes, or synthetic cards (such as debit or credit cards).

The end part of the money establishment

The colonial North American Government initially released the first currency in a paper issued by Europe’s government. AS the shipments between North American colonies and Europe took so long, as a result, the colonists exhausted cash as the proceeding increased. However, not looking back to the barter system, the government of colonies issued IOUs as currencies for trade. This is how the world slowly changed to using cash instead of other coins.

The Modern Era

The 21st century showed us two of the most eventful and efficient methods of payment. One being mobile banking, and the other is digital currencies that can be used to make purchases in our daily lives. The mobile payments are connected with the banks that allow us to pay for commodities using online gateways. These methods help us to pay cashless and save us from the long ATM lines. On the other hand, the online currencies enable you to protect your fiat currency and pay in virtual currency for making payments and investments. This system being easy to use, helped many unbanked get a banking solution.

The Future of Bitcoins

The success that bitcoin is doing is evident that it will reach billions in value in a few years. The reason behind this is the increasing scarcity and the rising number of traders. As cryptocurrencies were launched in 2009, many people thought that they had found a ray of light. That serves as a new asset that could be kept on a network of blockchain. The security of this service has been attracting more and more of the population to invest. Plus, the people are also looking into the convenience of sending money overseas without paying any exchange fees. If you are interested in starting trading bitcoins, you can visit btc blueprint for making profits instantly.