A medium of the element was expected in return for any kind of service and goods. People started growing to live in a big community and do trading There was a need for a. Proper barter system
For trading, goods, or services as the medium of exchange in a barter system, some 10,000 years ago. Livestock, metals, grains were interchanged for cattle, pigs, goats among individuals within a small community. Observed as a better mode of exchanging things than tonight one another. Not viable when the volume of trading was high.
Need for an unbiased state-of-art system for trading higher volumes of goods like huge granaries of grains. Harnessing region’s offerings such as region’s minerals, precious metals ( copper and gold ) were used as commodity currencies as a medium of transaction. These forms of mineral, metal exchanges led to the invention of the coin system.
The first coin with a mixture of gold and silver known as “Electrum” was developed in the Lydia Kingdom ( now it is Turkey ). The coins were in irregular shape and size with the inscription on one side with weight ranging from 0.15 grams to 14 grams. Rulers started creating their coin currencies in metals which evolved into coin standardization. The simultaneous growth of the value of metals and their non-renewable aspect forced people to look for an alternate system.
Paper currency system
The paper currency system is a new beginning in the world Of Currencies. Wear and tear, fragility was the initial hiccups in the Paper currency system but it overcame all the issues. The availability of all kinds of denominations of currencies from smaller to higher enabled easy modes of transactions by people. The invention of electronic gadgets, internet forces the world to get into the digital mode and thus the need for digital currency.
Digital currency system
Money is stored in digital wallets and the transactions happen through the electronic form from the wallet. Payment of bills or any money transaction is processed digitally.No physical paper currency is required which is a great benefit. But this digital currency is still part of fiat currency, which is minted and controlled by the government. The problem of transparency across global still exists which led to the rise of incredible cryptocurrency System
The great invention of all time, cryptocurrency is the digital currency system. It is a Decentralised, Transparent, Blockchain-based currency System. The technologies used to provide a fair and unbiased from the early trading system. The artificial intelligent driven system prevents the transactions from being hacked or damaged. This has a higher potential in the economic growth for all.