You are on page 1of 5

The Journey from Barter to Bitcoin

https://coinscapture.com/blog/the-journey-from-barter-to-bitcoin
The Journey from Barter to Bitcoin
 In the era of the digital world, plenty of things turned digitalized the
games we played and the money we use these days. But ever
wondered how this evolution occurred?
 To understand, let’s flashback the journey of Money.
 Around 3000 years ago, it started with a barter system - a system in
which people mutually exchanged goods and services.
 For example, if you wanted wool and found a sheep owner who was
willing to trade that wool for some kgs of wheat or rice, you would
have to own either wheat or rice to trade.
 But as time passed the complexity of the Barter system also increased
which turned into a need to reduce it and for that various other the
medium of exchange like seeds, shells, metal, and coins used.
 Each of these had its own advantages and disadvantages.
Finally, there was evolution of money- the Fiat currency that we use
today for our daily activities.
The Journey from Barter to Bitcoin
 Further, in the 21st Century, two disruptive forms of currency
like Mobile payments and virtual currency were introduced.
 Mobile payments included the bill payment of various products
or services through portable electronic devices like cell phones,
smartphones or tablets or sending money to relatives or
friends.
 Later, in 2009, Bitcoin the first virtual currency was introduced
by the pseudonymous Satoshi Nakamoto.
 This digital currency offers the lowest transaction fees as
compared to the traditional online payment.
 Also, it is operated by the decentralized authority and has no
government authority involved in between.
The Journey from Barter to Bitcoin
 This phase of complete digitalisation or digital money can change the
entire traditional financial system because:
 1) Cryptocurrency can be accessed everywhere across the globe
 2) Being built on peer-to-peer network it is not under the control of any
government or single entity
 3) It offers the cheapest and the fastest transaction with a speed ranging
from 4-10 seconds.
 4) This virtual cryptocurrency can help to buy a house or a burger or an
expensive Penthouse.
 Due to the above mentioned advantages, there is moving of big
money into cryptocurrency these days and many sectors has begun
adopting it.
 Blockchain of various cryptocurrencies is used to power the decentralized
applications and as the main functional unit in different software and
operating systems.
The Journey from Barter to Bitcoin
 Apart from these, many other companies like FedEx, Burger, King
Russia, Walmart, Microsoft and Mastercard have adopted it and
growing their business tremendously.
 Apart from these, many social media platforms Sapien, Steemit, Sola,
and Indorse are also taking advantage of these innovative technology.
Facebook- the platform used by millions of us is all set to unveil its
own digital currency (Libracoin) the digital currency equivalent to the
U.S. dollar
 Physical currency (Money) has definitely made the world spin for
centuries and till today it represents power and the success of an
individual, but now it’s time for digital currency to make the world
spin with its unique features.

You might also like