Money is the main factor in the economy of a society or country. The volume of money has a significant impact on the economy and affects inflation, interest, unemployment, and production. we will examine the evolution of money.
The concept of money
Any physical or non-physical device that is valuable and can be used for exchanges, purchases, and payments for services is a kind of money.
In early human civilizations, they often used commodity exchanges to meet their needs. That is, people exchange commodities for one another. At that time, because of the ease of exchanges, there was no need to record the transactions, and they did so mentally.
The growth of civilizations, the increase in population and human consciousness, led individuals in each region to choose the type or types of physical commodities for exchange and make it their source of exchange. In some places, for example, a horse-drawn device was used for monetary purposes, and in some areas, jewelry was used as money.
Ancient physical money was not universal, and in every country or region varieties of physical money were used. Merchants had great difficulty trading with other areas because the contractual currency of each region was different. Therefore, they made gold and silver metal as a world currency that could be used worldwide and recognized by all. So gold coins were first minted and later coins minted with other metals. Coins were used as money for many years until the first banks were created in contemporary times.
Fiat Banks and Currency
As the banks emerged, banknotes were printed and Fiat ‘s first currencies appeared. Fiat currencies are backed by gold and silver, meaning there must be as much gold or silver in the central bank reserves as possible, otherwise there will be many economic problems. The Iranian Rial is also a Fiat currency.
Online banking and intermediary companies
The phenomenon of the Internet was able to solve many problems. One of the uses of internet banking is online. Space where users can have their own personal bank at home or on their mobile without having to go to the bank to make payments. But the important problem was that in the early years of online banking, users could not easily make online purchases with other sites. So in 2001 PayPal officially launched a service that users could make their online payments around the world.
The emergence of bitcoin
But PayPal is an intermediary company and you need to register to use it. Born in 2009, Bitcoin has revolutionized the world economy. Bitcoin is the first decentralized digital currency to prevent inflation and preserve people’s money and assets in the long run, introduced in 2009 by a person named Satoshi Nakamoto.
Bitcoin began to evolve into money, sparking one of the human aspirations, a world without intermediaries and intelligence. After the bitcoin, different currencies were born. Many decentralized projects were created. Bitcoin is certainly the most important economic phenomenon of the 21st-century, without exaggeration.
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