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BLOCKCHAIN AND CRYPTOCURRENCY.

In my effort to start a movement called " Blockchain and Cryptocurrency " , I have decided to start this series with the very first foundation and motives behind BTC and BLOCKCHAIN development.

You can not get the full picture and the paramount importance of CRYPTOCURRENCY and BLOCKCHAIN without the knowledge of evolution and history of money.

Evolution of Cash/Money : Part 1

1. Barter : In the early phase of human civilization, people depends on the barter system for trade. Goods and services were directly exchanged for other goods and services e.g giving some quantity of rice that is directly proportional to some quantity of beans or working for a farmer in exchange for some Salt, Beans, Rice and/or any type or precious metal (Gold and Silver).

However, barter suffered from the lack of a standardized medium of exchange, making transactions inefficient and complicated.

That is what led to the introduction of Commodity as money.

2. Commodity as money : To fix the shortcomings of barter, societies began using commodities with intrinsic value as a medium of exchange.

Items like seashells, livestock, grains, and precious metals (e.g., gold and silver) were adopted as forms of money. Commodity money had value beyond its role as a medium of exchange and could also be used for other purposes, e.g jewelleries, designs. one of the reason it became the perfect standard as means of exchange .

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To be continued tommorow until we get to BTC and it's lineage that connects it to what it is today and what money or exchange of value once was thanks, I will see you tomorrow.

Continuation in comment section below 👇👇

Author: Abubakar Tanko

Topic : Blockchain and Cryptocurrency ( currently at Evolution of Cash/Money).

#btc #crypto #blockchain