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Author Topic: Genealogy of currency  (Read 105 times)
Beehives
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January 27, 2018, 10:22:57 AM
Merited by AGD (1), vintages (1)
 #1

Money/ currency never come without a scrutiny.

1.   Barter system (900BC)
The first trading has been established to buy goods.  Goods in exchange of goods, such livestock in exchange of grains. The first trading of barter system was recorded in Egypt. But there is no system that will unify and limits the currency. The value depends on both parties.

2.   Goods replica  or Figurines System   (1000 BC)
China developed the replica of goods such as cattle, chicken and other things in exchange of other products.   The hassle of carrying thing of buying has been lessened.

3.   Coins System (600BC).
Because of political reason King of Turkey started coin which made of gold and silver. The influence of coinage spread all over Middle East and Israel.  In this trading more flourish because it is more lighter that carrying anything for an exchange of other goods.
In 1250 Gold coins introduce in in Florin and widely accepted in Europe.

4.   Paper Money (1290 AD).
China introduced the paper money and Marco polo introduced the paper currency to Europe. The Idea of paper currency was from China.
This gave more advantages to traders they can carry for money take home more goods. The paper money then realized that it more profitable and lightens the load for the businessmen or traders.  In 1860 the Western Union started the E-money with electronics fund transfer through telegraph.   1946 Credit card started and flourished so fast.  1999 European Banks offer a mobile banking.

5.   Cryptocurrency.
The Cryptocurrency started on 2008 and implemented on 2009.  Currently we are in the transition of Paper money to cryptocurrency and people are quietly embracing the system.

It could be the Cryptocurrency will flourish of just left behind on the pavements?
Please note that transition of Money never come an easy it was a bloodbath. Fight been done to established a new system.

Bitcoin/Cryptocureency suffers lots of scrutiny.There are always a hard line for transition.

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January 27, 2018, 10:30:01 AM
 #2

As you said every changes suffers scrutiny. All of the currency you have indicated receive tons of hindrance before the community totally accepts it. That will also happen to the cryptocurrency but soon these challenges will be nothing as soon as the mass adoption starts.
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January 27, 2018, 10:37:25 AM
 #3

We could as well see the merge of the centralized FIAT and decentralized crypto in the future. Adaptation is needed every time when the new system of the payment is represented. Those who ain't accepting the progress are usually staying behind. Progress should be accepted if the individual or a group wants to advance. Even if the crypto market established the new standards I don't believe that it will replace the paper money because the physical presence of the payment asset has become a habit through the years. People are in most cases believing in the something that they can see so the adaptation to the crypto will last for years. Technology is evolving rapidly. This genealogy that you mentioned has evolved slowly but today the progress is made faster and we can even see something new in the next 15 years that will try to overtake the FIAT and crypto positions( taking in consideration that they are still in the battle for position for the lead payment asset). A community is, in the end, deciding about the positive and negative sides of the certain payment system and about the prevailing of the one of the mentioned in a present world of the democracy.

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January 27, 2018, 10:44:40 AM
 #4

Nice article OP. It kind of interesting to see that China has really been making impact in the evolution of currency right from the onset. What I seems not to understand is wihy they have this different mindset for cryptocurrency. From what I have learnt so far, they really contributed much to it, why preventing it from their citizens? Some times, I tend to think is because of the decentralized nature of bitcoin; I guess been a communists state, then tends to centralize everything that has to do with their citizens.
hoodi
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January 27, 2018, 10:47:30 AM
 #5

I think there is something missing in your report, what will be the next step after blockchain ? Smiley

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January 27, 2018, 10:58:05 AM
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I think there is something missing in your report, what will be the next step after blockchain ? Smiley

His report doesn't mention blockchain, but cryptocurrencies. So it can include cryptocurrencies which uses a blockchain and these without one.


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Beehives
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January 27, 2018, 11:11:37 AM
 #7

I think there is something missing in your report, what will be the next step after blockchain ? Smiley

There is no yet prophesy after the next step of the blockchain. It could be take a decade or century before the blockchain will be considered as obsolete.

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January 27, 2018, 12:26:54 PM
 #8

Nice article OP. It kind of interesting to see that China has really been making impact in the evolution of currency right from the onset. What I seems not to understand is wihy they have this different mindset for cryptocurrency. From what I have learnt so far, they really contributed much to it, why preventing it from their citizens? Some times, I tend to think is because of the decentralized nature of bitcoin; I guess been a communists state, then tends to centralize everything that has to do with their citizens.

I agree with you buddy. Freedom in communist country is limited. Decentralized I think is one of the reason why they try to limits the cryptocurrency. If I'm not mistaken Chinese need to give there 40 % percent income to the government. The decentralization broke that rule that why the government try to ban or limit the cryptocurrency in Main land China.

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January 27, 2018, 03:13:15 PM
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Thanks for this interesting post. You can see the influence of technology advances, the Asian influence in general within the Bitcoin programmer, but it should be noted that all these "collaborations" received have been accepted in different parts of the world, but the Asian countries or economic "powers" have not he accepts it, why? Any particular reason besides being considered illegal?
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January 27, 2018, 03:40:26 PM
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3.   Coins System (600BC).
Because of political reason King of Turkey started coin which made of gold and silver. The influence of coinage spread all over Middle East and Israel.  In this trading more flourish because it is more lighter that carrying anything for an exchange of other goods.
In 1250 Gold coins introduce in in Florin and widely accepted in Europe.


There was no King of Turkey in 600BC, there was no Turkey at all at that date.
Those are coins from the Lydian Kingdom minted by Croesus (or so some argue).

And the Florin was not the first gold coin introduced to Europe.
Both the Greek Cities and the Roman Empire followed by the Byzantine Empire had been using gold coins for centuries.


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January 27, 2018, 04:28:02 PM
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Every new system introduced into our society took some huge amount of scrutiny before being accepted by the people, and so did our current monetary system. I agree that we're slowly and quietly transitioning into using cryptos since the banks and the government are researching about their own cryptocurrency and how would that be implemented on their established networks. I feel that it would only take us a decade or two before getting full-blown crypto into our current monetary system. Researching about the tech is a great start, and one can only hope for a better world with a better monetary system that doesn't fuck with people's own money.

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January 27, 2018, 04:41:16 PM
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The genealogy of the currency, every new system introduced into our society gets a lot of attention before it is accepted by the public, I agree that we are slowly and secretly resorting to crypto because the banks and the government are researching on their own grips and how it is applied to their established networks. I feel that it only takes a decade or two before we get full crypto into our current monetary system. Researching on technology is a good start, and one can only hope for a better world with a better monetary system
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January 28, 2018, 04:57:45 AM
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3.   Coins System (600BC).
Because of political reason King of Turkey started coin which made of gold and silver. The influence of coinage spread all over Middle East and Israel.  In this trading more flourish because it is more lighter that carrying anything for an exchange of other goods.
In 1250 Gold coins introduce in in Florin and widely accepted in Europe.


There was no King of Turkey in 600BC, there was no Turkey at all at that date.
Those are coins from the Lydian Kingdom minted by Croesus (or so some argue).

And the Florin was not the first gold coin introduced to Europe.
Both the Greek Cities and the Roman Empire followed by the Byzantine Empire had been using gold coins for centuries.



Thanks buddy for correction. Lydia is west part of Turkey or Asia Minor anyway.  I must say King of Lydia.
** I just say Turkey cause most of the people know about Turkey instead  of old name.
The Florino d'Oro was the first gold coin introduce in Republic of Florence. Prior to that Romans used Silver bars. It could be the Romans flourishes the use of gold coins in Europe since they are the superpower on that time. I just assume.

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June 20, 2018, 07:13:58 PM
 #14

If you review the history seems btc or cryptocurency will be the future. Though there is a hard line to implemnet it.
In every transition of of currency there’s always an opposition but comfort of usage for currency is always won. Cryptocurrency gives a lot of advantages in term of payments and transaction.

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June 20, 2018, 09:03:32 PM
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If you review the history seems btc or cryptocurency will be the future. Though there is a hard line to implemnet it.
In every transition of of currency there’s always an opposition but comfort of usage for currency is always won. Cryptocurrency gives a lot of advantages in term of payments and transaction.
It is always difficult for a new innovation to survive if it already had serious competitors before its introduction. It only takes a better substitute to survive such competition and that is what cryptocurrencies are facing now. Until everyone one gets a good encounter with cryptocurrencies, they will always be given a blind eye.

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August 04, 2018, 12:16:31 PM
 #16

I agree with you brother. New innovation will face lots of difficulty.
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