Evolution of Money: Barter to Digital

Source: SekiApp

Nobody, including you and I, hears about Money (Kudi, Ego, Owo) and won’t get moved, because of how critical it is to our lives. Over time, Money has shown to not only be something you hold in your hand but a tool that allows us to do and have anything we desire. 

Money is a fascinating thing. It’s not just a means of exchange; it’s also an expression of our culture, history and values. Just like how growth is constant to every living thing, money evolves too and it has evolved greatly.

To get a glimpse of what has been obtainable so far in the evolution of money, let’s have the breakdown.

1. The first means of exchange was the barter system– You wanted something from someone, and you traded an object or service that you had for the object or service you wanted. This worked well when there were just a few people around, but as more and more people came along, it became difficult to keep track of who owed what to whom.

2. Then came coins made of gold, silver, or other precious metals. They were easier to carry around than cows and sheep! But they weren’t very convenient to use—you had to weigh them out into different denominations. And since they weren’t very portable compared to cows and sheep? It wasn’t long before people started using paper money instead.

3. Paper/Fiat Currency– This currency stayed the longest as a means of exchange. Even today, it is still used. It is the most common of all exchange mediums. Paper currency is easy to move and has different denominations which makes exchange (buying and selling) easier.

4. Blockchain digital currency– The future of exchange! It is fast taking over paper currency. It has become a global thing that no one should miss out on. It is called a cryptocurrency because it is created using cryptographic means. It is gaining widespread attention and usage due to its decentralization and encrypted mode.

The evolution of money to cryptocurrency is a sight to behold and what a lot of people can not envisage. It has grown so fast and we still don’t know what to expect in the nearest future. Money has evolved, and so should you!

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