Today, we tend to associate “money” with dollars / euros / quids, depending on how to pay for your pizza, or invoices. In general, the money is just a unit of measure or medium of exchange to exchange goods or services indirectly. In today’s society, do not necessarily have to be coins or cash, but a credit / debit card, an electronic wallet or even cryptocurrencies. However, the value of money depends on what the item is deemed valuable for the trade and how to interpret their value in a given society during a particular season. Due to these reasons, money has taken different physical forms throughout the story to finally reach this point of technological advancement.
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The Origin of the Money
It is known that the barter is the earliest form of trade, which includes the exchange of cattle, grain, leather, wool and shells. As people became more civilized in later times, began to use spices, silk, and arms, as well as different forms of money. Eventually, the trade of goods throughout the world becomes more efficient when the currency format was upgraded from metal coins to bank notes at the beginning of the decade of 1660. Finally, in the second half of the TWENTIETH century, the digital disruption of the economy gave rise to two forms of currency, with which we are familiar: the mobile payments and digital currency.
Reaching the Age of Digital Currency
Invented in 2008 by the pseudonymous Satoshi Nakamoto, Bitcoin is the first digital currency in the world to burst the bubble of the monetary system, regulated by the government, and transform it into a format that is decentralized, that is not linked to any organization in the world, or even with the governments. Thanks to the popularity fast-paced Bitcoin, since then there have arisen many cryptocurrencies alternatives, and their market values have been on the radar of financial analysts, investors and enthusiasts of the technology around the world. Currently, there are more than 2,300 types of cryptocurrencies that are traded in the market with a total capitalization of market of approximately $ 267 billion through August of 2019. Among them, ten cryptocurrencies that dominate the market today are: BitcoinEthereumBitcoin CashLitecoinXRPDashNEMMoneroIOTAneo Bitcoin remains the criptomoneda stronger since its invention and is leading the competition with almost 70% of the total limit of the market of cryptocurrencies. That’s nine times more than the second criptomoneda’s largest market, Ethereum.
Use of the Cryptocurrencies
The cryptocurrencies are no longer considered an active monetary exclusive and, instead, its uses have been slowly penetrates in our daily life. The machines criptocomercio as atms, Crypto, and kiosks of Bitcoin have been invented to increase the use of these digital currencies in the real life. Currently, there are more than 5,400 atms, Crypto, and can be found in 75 countries around the world. Up to now, 62% of them are located in the united States, making it the country with the largest number of atm Crypto at this time. From buying a cup of Starbucks to book flights, and maybe even buy a Lamborghini, you can easily do with tokens these days. Thanks to the cryptocurrencies, leisure activities online, such as online gambling, have led to a higher level and have become “criptojuegos” as a growing number of online casinos have begun accepting payments from cryptocurrencies. As you can see, different societies at different times have determined the value of money, and the money or the criptomoneda, as we know today, is giving way to the modern society and the future of its economy. Does the criptomoneda decentralized revolutionize our spending behaviour or the formats of currency regulated by the government, will continue to dominate the world? Only time will tell. The following two tabs change content below. I am a student of economics, interested in innovation and technological development, always faithful to that tomorrow will be a better day.