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.
Barter – Exchange
Commodity money – Coincidence of wants
1 - Metallic money – Divisibility, durability, storage, and portability
2 - Paper money – Fungible
3 - Fiat money – Generally acceptable
4 - Cryptocurrency – Payments
5 - Bitcoin – First Successful Cryptocurrency
COMMON PAYMENT PROBLEMS:
Single Point of Failure
Higher Transaction Cost Slower Delivery Time
Informal Remittance Inflow
Inflation – The Great Devaluer
Cryptocurrency – THE SECURE CURRENCY
Cryptocurrency is digital money created with computer program, which stores the records of all transactions in a public database called a Blockchain.
It uses cryptography to secure transactions, and to control creation of additional units of the currency in a process called mining. Cryptocurrency is secure, scalable, fail-proof, innovative, and possess all the qualities of money, and also characteristics of an asset.
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