Any kind of money allows people to directly trade or transact any kind of goods and services. It helps determine the price of goods and it provides a way for people to store their money.This is about the fact that Who Created The Money That Runs The World?
The most convenient thing to run the world is money. Today a total of 420 trillion money is used to run the entire world. This money can be a coin, a note, or an electronic code issued by a computer. At the same time, the value of any money is determined based on the medium through which it is being exchanged. Any kind of money allows people to directly trade or transact any kind of goods and services. It helps determine the price of goods and it provides a way for people to store their money.
Are money and currency the same?
Money is a socially accepted standard by which the value of things is determined and with which payments are accepted. However, both the use and form of money have evolved throughout history. Often we use the words money and currency interchangeably. However, there is a lot of difference between the two. Money is an abstract concept that cannot be felt by touch, whereas currency is a physical concept of money.
How was trade done before the use of money?
The use of money has been around for about 5000 years in human history. Historians believe that before that there was a system of bartering i.e. exchange of one good for another. For example, a farmer might exchange a sack of wheat for a pair of shoes. However, this was problematic and time-consuming.
A person who wanted shoes had to find a person who needed wheat. With the development of society, a type of money gradually evolved over hundreds of years. This included easily traded goods like animal skin, salt, and weapons. This system of trade is spread throughout the world and still exists in some parts of the world.
How did currency come into existence?
If we go into known history, we get information about the first coin as a currency, which was found in China in 770 BC. Similarly, the origin of the first paper currency i.e. note is also considered to be in China in 700 BC. The first official currency was introduced by King Aleuts of Lydia in 600 BC. The first circulating notes, called jiaozi, were introduced by the Song dynasty in 960 but failed to replace coins. Thus, Kublai Khan, the founder of the Yuan Dynasty, was the first person to introduce paper currency called 'chao' (paper money) into circulation.
The Future of Money:
With the rise of digital currencies such as Bitcoin and Ethereum, the future of money is constantly evolving. Blockchain technology is revolutionizing the way we think
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