BST: Money and Currency

Moving forward with the topic of money, we have now started to look at different kinds of money. How currency developed over the years; looking as well at why money is used now. As mention in the previous session of BST, we briefly looked at the trade and exchange that was used before the 'money' that we know now. The 'Bartering System' was used before 'money' was, in which the value of an object or several objects are examined and are exchanged for either goods or service. The bartering system was then, diminished over time and gold was a product, that was then used, meanwhile bronze figures and 'shells' were also used around those eras. It was then followed by coins, marks so that counterfeiting was more difficult. That continued for centuries and it wasn't until Marco Polo thought of why not using paper 'money' as well, which was disregarded for a while but then was a success. Then what we know now as being able to transfer 'money' online, via debit cards, credit cards, etc.

What is 'currency'?

To be simply put, currency if a system includes and focuses on money that is used, generally on a country. Currency, as such are different for each country, however, there are some exemptions; like the 'Europian' currency wherein can be used in any, or most Europian country.

Examples of money/currency:

• Ancient China (Cowry Shells)-16-18th BC
• Charge it card -1946
• Bitcoin - 2009

Cowrie Shells:

Cowrie shells were used in all parts of the world; however, what we would focus about is its use in Asia, the modern classical character in Chinese for money is actually a resemblance of a Cowrie shell. It was not only used in China in Asia but also in India, needing 3840 to make a singular rupee.

Charge it card:

To use a 'Charge it Card' is used much like debt and are to be paid by the month. Unlike how 'Credit cards' work in which the debt is carried on over, and coming also with an interest. Commonly 'Charge it Cards' do not set a limit to what it can be used for, these companies usually get their income from the transaction value from the merchant fee. 

Bitcoin:
It may be more familiar rather than the two options that have been given above, Bitcoin is a cryptocurrency that can only be used online. Unlike the "normal" currency it does not have a central bank. Being that it is highly used in illegal transactions it has been criticized a lot.