Money as a medium of exchange has evolved alot under four different revolutions. So what are these revolutions and what happened in each revolution?
1. Revolution of Barter Trade
This revolution was marked out by direct exchange of goods or services without using a medium of exchange like money. Someone could come with cattle or chicken and you exchange for fruits or cereals. However as time progressed and economies grew it became challenging and so people sought out for another means which was easy to do trade.
2. Industrial Revolution
During this period, major industrialization and innovation took place. This was around 1700’s and early 1800’s. The major medium of exchange here was the Fiat Currency or what is common known as Paper money. As the economies continued to grow, it gave birth to the 3rd revolution.
3. Internet Revolution
The internet revolution commonly known as the third industrial revolution was marked by innovation like Mobile money, and use of visa cards. It is the shift from mechanical and analogue electronic technology to digital electronics. The medium of exchange is electronic money, commonly known as E-money.
4. Blockchain Revolution
And now the BlockChain; is the 4th industrial revolution. It is simply a public ledger or a data structure that holds transactional records and while ensuring security, transparency, and decentralization. You can also think of it as a chain or records stored in the forms of blocks which are controlled by no single authority. Operating in the BlockChain, one uses Cryptocurrencies such as Bitcoins and Ethereums as a medium of exchange to trade.
In summary that is how money has evolved. From goods to paper money to e-money and now to digital money or Cryptocurrencies.
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