How has Money Evolved from Barter to Bitcoin? Are We Going Back to Bartering System?
Money is being used by humans from about 3000 Years, before it bartering system was used in place of money to buy good. Over its vast History, money has been central to developing our modern international trade network. However new research has revealed that history is repeating itself, with 80% Of people preferred bartering with a business over money.
Here is how Money has evolved with time:
9000 BC
Early man would barter goods they had in surplus for ones they lacked. Cattles and Grains were popular goods used for bartering. Egypt is believed to the first ever country to use bartering system.
1200 BC
Coastal regions around the Indian Ocean saw the use of cowrie shells in trade.
1100 BC
People of China started using of Small Copies(Replicas) of goods made out of Bronze in place of Grains and Livestock. Here is where “Coins” took birth. Largely for practical Reasons, those replicas were further shrunk into Rounded Coins.
600 BC
By 600 BC, A standardized Coinage allowed trade to Flourish across the Mediterranean World shortly after King Alyattes of Lydia(Turkey) introduced the First Official Currency.
1250 AD
In Europe, International Commerce Flourished after the acceptance of The Florin, A Gold Coin minted in Florence.
1290 AD
It was by 1290 AD that Paper Money started taking its roots. The idea of Paper money was introduced to Europeans by Marco Polo during is travels to China.
1661 AD
Paper Money was great for businesses because it could be Mass Produced without relying on raw metals like Gold, Silver or Bronze but paper money didn’t catch on for quite some time with the first bank Notes being printed in Sweden in 1661 AD.
1860 AD
It was 1860 when Financial Company like Western Union and other Industry giants introduced E-money with electronic fund transfer via telegram.
1946 AD
By 1946 paper replaced a Hard Plastic which is Now Known as Credit Card. It was John Biggins who invented this card with the name “Charg-it” which changed the system of Money.
1999 AD
By 1999, E-money was worldwide recognized. Banks introduced E-banking to its customers in which customers were able to perform basic banking transactions through internet or Mobile Phones. And by 2000, 80% of US banks were offering e-banking.
2008 AD
Contactless Payment system on Credit and Debit card was officially introduced in UK for the first time. However Similar but Basic technology was already under use by 1997 by Mobil Gas Stations as Speed Pass.
2014 AD
By 2014, Banking was made lot easier. Use of Intangible Currency all around the world was common. Many ways of Money and Banking were introduced.
- Barclays card tested “wearable” contactless Wristbands.
- Bitcoin entered the mainstream, the first fully implemented decentralized cryptocurrency
- Apple Pay was announced for iPhone users to enable them to pay for things with their handsets
- History started to repeat itself with BarterCard which enabled businesses to barter surplus goods and services worldwide.
With the Constant demand for ways to ensure businesses can trade easily new innovations are constantly being introduced and refined and even some are based on earliest system of bartering which is making us to think that maybe with time we are going to adapt bartering again.
Information and Image Sources:
www.mint.com
www.mdfi.com
www.bbc.co.uk
www.investopedia.com
www.telegraph.co.uk
infographic by Bartercard
https://www.patriotdirect.org/survival-hacks-things-you-can-barter/
https://codeburst.io/journey-from-barter-to-bitcoin-60ab926a6cc8
www,pixabay.com
www.wikipedia.com