Bartering (circa 6000 BC): In early societies, people traded goods and services directly without using money. This system, known as bartering, had limitations, such as the "coincidence of wants" problem (finding someone who has what you want and is willing to trade).
Commodity-based currencies (circa 5000 BC): As societies grew, people began using commodities like:
1. Cowry shells: Used in Africa, Asia, and Europe.
2. Salt: Used in Africa and Europe.
3. Cattle: Used in ancient Greece and Rome.
4. Grains: Used in ancient Mesopotamia.
These commodities were valued for their rarity, durability, and portability.
Coins (circa 700 BC): The first coins were minted in ancient Greece and Rome. Coins were made from precious metals like gold, silver, and copper. They featured official stamps to guarantee their value.
Paper money (circa 1000 AD): During the Tang Dynasty in China, paper money was first introduced. Initially, it was used as a receipt for gold and silver stored in temples.
Fiat currency (circa 1971 AD): The US abandoned the gold standard in 1971, and most countries followed suit. Fiat currency is money that has value because governments decree it, rather than being backed by a physical commodity.
Digital money (circa 2009 AD): The rise of cryptocurrencies like Bitcoin and Ethereum marked the beginning of digital money. These currencies use cryptography and blockchain technology to secure and verify transactions.#CryptoETFMania #GMTBurnVote #BitwiseBitcoinETF #CryptoRegulation2025 #CryptoRegulation2025 $BTC $ETH
