How Money Evolved? | Barter System to Cryptocurrency | Banking Awareness & Economics

Описание: How money Evolved? | Barter System to Cryptocurrency | Banking Awareness #parcham

This video will teach us about 'How Money has been Evolved'. We will start by understanding the 'Barter System' and its limitations that led to the evolution of 'Commodity Money'. Shifting to commodity money, was helpful for large transactions but was challenging in small transactions and to carry this money for long distances.
This led to the evolution of 'Metallic Money'. Metallic Money increased the role of government in the circulation of money, and people started understanding the economics of Metallic Money.

However, due to the low availability of precious metals, the economies shifted to Paper Money. Initially, the Paper Money was backed by the 'Gold Standard Era', where the currency was backed by gold. After the Great Depression, the economies and the failure of the Bretton Woods Conference, the economies switched to 'Fiat Money' with no backing of gold. With 'The third Industrial Revolution', the world started to become globalised and hence, the world observed the development of 'digital infrastructure' for the rapid transfer of information essential for electronic payment. This led to the initiation of 'Electronic Money'. With increasing internet connectivity and the development of Artificial Intelligence, people have started developing 'virtual currency' or 'Cryptocurrency'. In this way, money as a medium of exchange has evolved from the 'Barter System' to the 'Cryptocurrency'.
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