Currency: The Journey from Barter System to Digital Currency
In ancient times, when the concept of currency was not even in existence, the system of exchange of goods for transactions was prevalent, this system is called “barter system”.
Such as rice for cotton or pulses for wheat. Before the eighth century AD, rice and other commodities, arrowheads and gold bars were used as money in Japan.
Gradually, heavier, lesser grains, metal items and other heavier items became out of priority and small pieces of various metals became the norm. Apart from iron and copper, other metals were also used in the barter system. Shortly after, people got tired of the weight of the metals and thus light pieces of gold and silver took their place. In fact, this was the beginning of the currency that had become customary in the form of coins.
Gold And Silver Coin
Gold and silver coins were first minted in 600 BC in Lydia, a business town in the Turkish province of Manisa. With this, the need for weighing was eliminated and only counting was done. The seal engraved on these coins was the guarantee of authenticity and value.
Earlier, the value of coins was equal to the value of the metal, that is, the value of the metal used was engraved on the coins. But gradually coin-issuing governments began writing on coins worth many times the value of metal. Nowadays, the value written on coins is much higher than the value of used metal. But in most countries the value of coins written is 20 to 30 times higher than the value of metal. If the metal used in the coins is more than its value, people melt it and use it for other purposes.
Ancient Chinese Era
Coins had a square hole that could be easily twisted into a thread or rope. In China, these coins were called “cash”. At that time, both the US dollar and the British pound were made of silver. The first US dollar was made in 1794, using 89.25% silver and 10.75% copper. While the British pound used one pound of pure silver.
At the time of independence in 1947, Pakistani currency was not made, so in the beginning, the British Indian rupee was stamped with the seal of Pakistan. In 1948, Pakistan also printed its own notes and minted coins. At that time there were sixteen annas in one rupee and four paisa in each annas and three pais in one paisa.
Currency In Ancient Times
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When the currency was still in circulation in the form of coins. People would sometimes leave it for business with an influential rich man or businessman. Who would give them a slip of paper equal to its value? He used to give them the slip as per his requirement. And if he had to give this money to someone else, he would hand over the same slip to him. This method of paper slip was first introduced by the Chinese in 650 AD and gradually spread to other areas. People found this method of transaction very easy and for a while it continued as it was, in fact, the earliest form of “paper currency”.
After China, Japan was also influenced in this way and introduced paper currency at the governmental level in the 14th century. Sweden was the first country in Europe to legalize paper notes instead of receipts. The British then issued regular notes to India on 5 January 1825 through the Bank of Calcutta in 1695. Pakistan first issued currency notes on October 1, 1948. And so by the early nineteenth century, paper money came under direct government patronage around the world.
Cryptocurrency Is A Digital Currency
A cryptocurrency is a digital currency that is free from the rules and regulations of governments and banks. It has to be created and used individually. It was first introduced by Japan in 2009 as an alternative to the traditional currency. The main purpose was to keep the rupee free from government scrutiny. Whether you call cryptocurrency a digital currency or a source of commercial transactions. In any case, it is a fictitious thing that you call ivory. You can say something like that.
There are many digital currency companies operating on the Internet today. It has also been heard that many of the world’s largest banks have accepted the currency and registered it. And in many countries, online shopping through digital currency has begun.
Education Packages
First, the company invites aspiring members who usually have to take a single package ranging from 100 euros to 28,000 euros. Companies usually call these packages education packages. Upon receipt of this package, the company issues a token to this member. The number of these tokens varies from package to package. The company doubles the number of these tokens after a certain period of time (usually 90 days). After receiving double tokens, members have the option to convert these tokens into digital coins.
Which the concerned company does without any charges. The user now has the option to sell the coin. This way the user can get almost double the benefit. There are currently a number of cryptocurrency companies operating, including Bitcoin, Ethereum, Dash, Classic and Bitcoin Gold. However, the future will tell what the future of this modern currency will be. However, according to a spokesperson of the Ministry of Information Technology of Pakistan, there are doubts about the corrupt currency all over the world. Perhaps this is why the government of Pakistan is neither openly banning nor encouraging digital currency.
