History of Money
Money historically represented by a shell, a coin, a piece of paper, or a string of codes electronically extracted by a computer. With total global value, currently estimated at around $420 trillion, value of it depends on the importance people place on it as a medium of exchange, a unit of measure, and a store of wealth.
Money is a multitude of tools that provide people with goods and services. The invention of money only It could be realized during the Lydian period in the 7th century. During the Lydian period, which was quite advanced in trade, coins were started to be produced in order to make trade easier. The first coins minted by the order of the Lydian King Alyattes were produced from precious metals such as silver and gold. Before money, people bought and bartered goods through barter.
The world’s earliest known, securely dated coinage was located in Guanzhuang, Henan Province, China, and paddle coins began to strike around 640 BC, possibly the first standard metal coinage.
Money is valuable as a unit of account. It is a socially accepted standard by which something is priced and payment is accepted. However, both the use and form of money have evolved throughout history.
Around 700 CE the Chinese switched from coins to paper money. Parts of Europe still used coins as their sole currency until the 16th century. The colonial acquisition of new lands through the conquest of Europe provided new sources of precious metals and enabled European nations to continue to mint larger quantities of coins. However, banks eventually began using paper notes to carry instead of coins for depositors and borrowers. The transition to paper money in Europe increased the amount of international trade. In the 21st century, two new currencies and payment units have emerged: Mobile payments and virtual money. Bitcoin was launched in 2008 by the pseudonymous Satoshi Nakamoto and quickly became the standard for virtual currencies. As of November 8, 2021, all of the world’s bitcoin was worth just over $1 trillion, or about 3% of the world’s money. Virtual currencies do not have physical coins. The appeal of virtual currency is that it promises lower transaction fees than traditional online payment mechanisms and is operated by decentralized authorities, unlike government-issued currencies.
One way or another, money has been a part of human history for 5,000 years. Prior to that time, historians generally agree that a barter system was most likely used. Money has evolved since its invention and still continues to be an important part of commerce and human life.
It seems that digital currencies will continue to play a very important role in the exchange of money in the coming years in terms of the emergence of Bitcoin in 2008 and the value it has gained in global markets until today.
The Birth of Cryptocurrency
The idea of cryptocurrency first started in the late 1980s, the idea was for a currency that could be sent in an untraceable manner and without requiring centralized assets (i.e. Banks). In 1995, American cryptographer David Chaum implemented an anonymous cryptographic electronic money called Digicash. It was an early form of cryptographic electronic payment that required user software to withdraw from a bank and require certain encrypted keys before being sent to a recipient. Bit Gold, often referred to as the direct predecessor of Bitcoin, was designed by Nick Szabo in 1998. A participant had to dedicate their computing power to solving cryptographic puzzles, and those who solved the puzzle received the prize. If you combine Chaum’s and Szabo’s concepts, you have something akin to Bitcoin.
But Szabo couldn’t solve the puzzle of the double-spending problem without the use of a central authority (digital data can be copied and pasted), and so it wasn’t until a decade later, when a mysterious person or persons used the pseudonym Satoshi. Nakamoto published a white paper called Bitcoin — A Peer to Peer Electronic Cash System and announced the beginning of the history of Bitcoin and subsequent cryptocurrencies.
On October 31, 2008, Satoshi Nakamoto published the white paper Bitcoin — A Peer to Peer Electronic Cash System describing the functionality of the Bitcoin blockchain network. Satoshi officially started working on the bitcoin project on August 18, 2008, when they bought Bitcoin.org. Although not the subject of this article, it is worth noting that Bitcoin and all cryptocurrencies would not be possible without blockchain technology.
The history of Bitcoin now continued. Satoshi Nakamoto mined the first block of the Bitcoin network on January 3, 2009. Satoshi placed the headline of The Times in the first block to permanently refer to the economic preconditions that led to Bitcoin technology. This first block of 50 Bitcoin is now called the Genesis Block. Bitcoin held almost no value in the first few months of its existence. Six months after they started trading in April 2010, a Bitcoin was worth less than 14 cents. Purchased pizza in May and rose to 36 cents in early November, settling at around 29 cents.
Market Begins to Form (2010–2014)
While not yet very valuable, Bitcoin was showing that it had real-world value. It rose to $1.06 before returning to 87 cents in February 2011. In the spring, the price soared, in part due to a Forbes story about the new “cryptocurrency”. From the beginning of April to the end of May, the cost of one Bitcoin rose from 86 cents to $8.89.
Bitcoin prices have risen steadily from year to year, from $434 in January 2016 to $998 in January 2017. In July 2017, a Bitcoin software upgrade was approved, aimed at improving scalability as well as supporting the Lightning Network.
A week after the upgrade was activated in August, Bitcoin was trading around $2700, and on December 17, 2017, Bitcoin reached an astronomical level just below its all-time high of $20,000.
At the same time, a new blockchain project called Ethereum was making a buzz in the cryptocurrency space and was the number two cryptocurrency on the market. It brought smart contracts to cryptocurrency, opened up a wide variety of potential use cases, and spawned and increased over 200,000 different projects. All of them use the Ethereum blockchain. All these projects have their own cryptocurrencies with their own goals and objectives, which are often different from Bitcoin. There are now other blockchains trying to compete with Ethereum, such as Cardano or Tezos, and the cryptocurrency world continues to expand and grow in market cap.
The Future of Cryptocurrency
While the volatility of cryptocurrencies is both attractive and potentially devastating, the underlying technology of them all, blockchain, has the power to transform many sectors of our society. Whether it’s providing accessible and affordable financial exchange options, securing your own funds out of the reach of anyone else, or providing accurate data for your insurance offer, blockchain technology can be used in almost every aspect of our daily lives. As the market becomes more stable with increased knowledge and the introduction of concepts like stablecoins and decentralized finance, it’s easy to get excited about the investment and technological potential, whether it’s Bitcoin or any other blockchain project you think is interesting. It looks like the cryptocurrency is on its way to more widespread adoption. While there are some changes and bumps on the way, it looks like the popularity of cryptocurrencies and blockchain technology will continue to grow.
Bitcoin is not the only player in the cryptocurrency. For the popularity stage, nothing more is considered than the modern design stage. The most notable Bitcoin alternative is Ethereum, which is the second largest market. Still, there are many others who choose to collect. The following list shows the largest market-available coin segment available for 2022 popular market exchange Coinbase:
1.Bitcoin (BTC)
2.Ethereum (ETH)
3.Ethereum 2 (ETH2)
4.Tether (USDT)
5.USD Coin (USDC)
6.BNB (BNB)
7.XRP (XRP)
8.Cardano (ADA)
9.Solana (SOL)
10.Binance USD (BUSD)
Sources:
https://www.investopedia.com/articles/07/roots_of_money.asp
https://www.thebalance.com/history-of-cryptocurrency-5119511
https://www.coinbase.com/tr/price
The Birth of Crypto on Social Media
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