The use of money started thousands of years back though it was with a different method,thousands of years back people do swap shells,cattles but now it is with a different method we use now,we have improvised to using Notes and cryptocurrency as mode of making payment for goods and services.
With the evolution of money,payment has advanced drastically which now makes it easy for the buyer to pay the seller for goods and services bought,he can either pay with fiat or cryptocurrency which is advancing daily.
The mode of payment back then was totally different from the one we have now,years back people used to carry out trade with a bartering system,most of you might not know deeply what bartering system means let me give a brief explanation to expand your knowledge;
Barter system:This is a system whereby people exchange good and services in place of money,for instance if one person has an apple and needs pineapple he has to look for someone who needs apple for them to exchange,that’s how it works back then till the improvement began.
Making use of bartering system was kind of hard as people need to find another party who is in need of what they possess so they can make exchange and he gets what the other doesn’t need,it was time consuming and includes stress also,this was what brought about the existence of money to improve the mode of making payment.
Money was accepted by many people as it served as a way of making payment for goods and services rendered by two parties,it also act as a unit of account.
The money used at first for making payment is coins which has value according to the needs of trades back then,a confusion came when various coins came into existence which made it hard for traders to identify which one is low-valued and high-valued.
The scenario changed when china brought a revolution to change from coins to paper money which is the fiat we are using on a daily basis to make transactions at a fast pace.
With the new improvement people started trusting the paper money which made the government issue it and from then making transactions was faster and easier and much more convenient than the coins which was a little bit heavy in one’s pocket.
The future is here.
A new upgrade to our mode of making payment has been developed with new currencies.
Cryptocurrency has changed the world to become a digital world where users pay for their goods and services online which is more secure and safe,with cryptocurrency we have our privacy unlike paper money (fiat) where government can control us over our money.
Cryptocurrency changed everything when satoshi nakamoto decided to make an improvement in payment system when he released a white paper (Bitcoin)that was when Bitcoin was first created followed by others which are Bitcoin cash and others just to mention a few,transactions has never been faster before but with cryptocurrency taking it’s place making payment are safe and convenient for everyone.
Cryptocurrency can be bought,sold and kept in a wallet,it also offers peer-to-peer transactions without any mediator (intermediary) like the government.
Cryptocurrency is holding a groundbreaking possibility which allows buyers and sellers make transactions anytime and anywhere around the globe without any restrictions.
Most countries have accepted crypto as a way of making payment take for instance El salvador has made Bitcoin one of their mode of payment which looks really great hopefully all countries can also make crypto their mode of payment.
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