It cannot be denied that Money is a necessity, especially at present times. People work hard for it, steal it and even die for it. The use of money is usually taken for granted as just something one needs to buy whatever they need or want. But what really is money, how does it work and how has it evolved through the centuries? This article will answer these questions to make way for a better understanding and appreciation of Bitcoin and digital money.
A Brief History of Money
In the olden times, the barter system was used, in which tradable services and goods, such as salt, animal skin, weapons and other items that were in demand, are exchanged for goods and services needed. The first ever form of money came in cowry shells and was used in parts of Asia. Australia, Africa and Oceania. After about 200 hundred years, the Chinese popularised the use of what is now known as the first-ever standardized currency in the design of small spades and knives. This was later on innovated by King Alyattes of Turkey to a gold coin, which is similar to what is known today.
The first ever paper money was again introduced by the Chinese during the Tang Dynasty. It was only during the late 13thcentury when Marco Polo, impressed by the Chinese paper money he encountered in his travels, introduced the concept of paper money to Europe. In the 17thcentury, Stockholms Banco, a Swedish bank, released the first European banknotes, which were convertible to a certain amount of silver coins. Soon, the gold standard was established, where money is sustained by gold and other precious metals. And the rest, as they say, is history.
So, what is money and what are its uses?
Money is a medium of exchange that allows for the act of buying or purchasing to be possible. To buy something is to use money in order to acquire an item or service that one wants or needs. It being a medium of exchange means money is also a store of value, meaning it is an asset that can be stored and used at a later time, with little to no decrease in value. Money has also become a unit of account in that it has become a standard to measure what goods and services are worth. With this, some become more expensive than others.
The Shift to Digital Currency
Following the trend of the evolution of money, which has only become more lightweight and handy throughout the centuries coupled with technological advancements in computers and banking, it was not a surprise that banks have developed a way for mobile payments to be made possible. Nowadays, all one would need to purchase something or pay for services rendered is a gadget like a mobile phone or laptop computer.
With this progression, it is no wonder that the adoption of digital currency is on the rise. The emergence of Bitcoin SV is a bit controversial as it offers something new that deviates from the traditional concept of money. Bitcoin SV is “the fusion of data and money,” electronic cash that can securely be sent through peer-to-peer transactions without the need to use third party institutions like banks. All transactions done in the Bitcoin network are forever saved on a public and immutable database called a blockchain. The Bitcoin SV blockchain operates on a fixed and unchangeable Protocol that gives the system security, stability and validity. This prevents double spending and keeps criminals at bay.
Bitcoin SV has allowed developers to build a variety of business ventures, applications and projects on top of this rock-solid foundation called the Bitcoin SV Protocol, just like how countless enterprises built on the stable Internet protocol. And with Bitcoin SV being massively scalable, more and more transactions can be stored on the blockchain until it becomes next to unlimited that it will go way beyond the number of transactions made by Visa credit card network at 15 million per day. With the promise of security, stability, scalability and legitimacy, Bitcoin SV is the future of money.