We have been hearing of money from birth and wonder what this word is or we don't even bother to know the meaning of the name ( MONEY) . In my school's days we say. M - many shall get in problems because of me . O - on me many shall depend. N - nothing can be done without me . E - engage me in all things. Y - yet of still the root of all evil. Before the physical cash . Our fore father traded in barter . Simply given what you have to get what you want.
The History of Money: From Barter to Banknotes ,and digital money
No one knows for sure who first invented such money, but historians believe metal objects were first used as money as early as 5,000 B.C. Around 700 B.C.,Cowries were also used as money too. The Lydians became the first Western culture to make coins. Other countries and civilizations soon began to mint their own coins with specific values.The first coin ever minted features a roaring lion. Coins then evolved into bank notes around 1661 AD. The first credit card was introduced in 1946 .Now I define MONEY as a legal tender that is generally acceptable as a means of doing business. There are other types of money known as digital money e.g MOBILE MONEY and CRYPTOCURRENCIES .
MOBILE MONEY : These are digital form of money that are provided by the different MOBILE NETWORKS PROVIDER ( MTN,VODAFONE and others ).Its just like a mini bank account .
CRYPTOCURRENCYÂ (or crypto currency) : is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, . E .g Bitcoin,BTTC,ETHEREUM ,Monero ,USDT, BNB,DOGE, ADA AND RIPPLE
CATEGORIES OF CRYPTOCURRENCY
Payment Cryptocurrencies,
Tokens,
Stablecoins
Central Bank Digital Currencies.
which can be traded ( buying & selling ) through WWW.LOCALBITCOIN.COM, DESKCOIN.COM, CRYPTO.COM ,COINBASE and others. Most countries now are going digital . Facebook LIBRA ,china cryptocurrency junking too.The use of encryption technologies means that cryptocurrencies function both as a currency and as a virtual accounting system. To use cryptocurrencies, you need a cryptocurrency wallet. It eliminates the need to carry physical money. It exists only in digital form, and although people mainly use it for online transactions, you can make some physical purchases. you can buy as a form of investment just like the stock . Unlike traditional money printed only by the government, several companies sell cryptocurrency.
Kindly make your own research
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