Money — Man’s Creation to Solve a Problem

Money is anything that is generally accepted by a group of people for payment of goods and services rendered, and repayment of debts.

The first form of money was invented by man, to solve the problem of coincidence of wants in barter trades. Making the buying and selling of goods and services easy.

Throughout history, we find that money has evolved over time, from barter to the current money in use.

i. Barter
ii. Commodity money
iii. Metallic money
iv. Paper money
v. Fiat money
vi. Cryptocurrency

Each new form of money was created to solve an existing problem with its predecessor. Commodity money solves the problem of coincidence of wants in barter.

Metallic money solves the problems of divisibility, durability, storage, and portability, inherent in commodity money. Paper money, which were promissory notes backed by gold deposited with goldsmiths, solved the problem of fungibility in metallic money.

Fiat money, which consists of bank notes and coins, impose the obligation on every merchant operating in a given country to accept the currency as the mode of payment. This successfully gives money the characteristics of general acceptability, durability, divisibility, portability, difficult to counterfeit, and fungibility.

Cryptocurrency is digital money that solves money transfer problems associated with today’s financial system. It removes any form of centralized authority or middlemen involved in the
money transfer process. Cryptocurrency provides a cheaper and faster platform, using a very secure storage system called Blockchain.

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