PRIMEBLOG ACADEMY
PRIMEBLOG ACADEMY 2 minutes reading from Bitcoin

Bitcoin Evolution: From Commodity Money to Payment Methods

Engaging with emerging tech and trends is key to survival for any business right now. One such trend in the payments space is the potential of cryptocurrency.

Just in: McDonald's in Lugano, Switzerland now accepts BTC & USDT as payment methods...

Look around you everything changes. Everything in this world is in a continuous state of evolving, refining, improving, adapting, enhancing…changing.

Money has evolved through different stages which started from;

1.Commodity Money:

Goods like furs, skins, salt, rice, wheat, utensils, weapons etc. were commonly used as money. Such exchange of goods for goods was known as "Barter Exchange"

2.Metallic Money:

With progress of human civilization, commodity money changed into metallic money. Metals like gold, silver, copper, etc.

3. Paper Money:

The

invention of paper money marked a very important stage in the development of money. Paper money is regulated and controlled by Central bank of every country.

4. Credit Money:

People keep a part of their cash as deposits with banks, which they can withdraw at their convenience through cheques. The cheque (known as credit money or bank money), itself, is not money, but it performs the same functions as money.

5. Plastic Money:

Plastic money is a very recent context replacing the traditional concept of paying though cash in the form of Credit cards and Debit cards.

6. Digital Money

This brings about Decentralization. Bitcoin is a cryptocurrency, a digital currency designed to act as money and a form of payment outside the control of any one person or entity, and removing the need for third party involvement in financial transactions.

Ps:Take your time to reflect on this and share with someone ready for the Money Evolution

This post is based on this twitter thread.

Comments

Please login to comment.
PRIMEBLOG ACADEMY PRIMEBLOG ACADEMY
read at 1 minutes

0 0 0
BEARBIGS BEARBIGS
read at 34 minutes

0 0 0