Some History

Many things have been used as medium of exchange in markets including, for example, livestock and sacks of cereal grain (from which the Shekel is derived) – things directly useful in themselves, but also sometimes merely attractive items such as cowry shells or beads were exchanged for more useful commodities. Precious metals, from which early coins were made, fall into both categories. After the domestication of cattle and the start of cultivation of crops in 9000-6000 BCE, both livestock and plant products were used as money.

In modern times the broader concept of “money” includes other forms of money such as bank accounts and credit cards. It is also interesting to note that as of August 15th, 1971 the US Dollar has not been backed by gold. From that moment, money was created as credit.

Throughout the ages, many forms of currency and exchange practices have evolved. The latest is cryptocurrency. The most common example is Bitcoin. Cryptology is used to ensure trust & fundability in a theoretically tamper-proof decentralized ledger called a BLOCKCHAIN. The first successful cryptocurrency is Bitcoin, and since its inception hundreds of other crypto-backed coins have been introduced, many of which use the symbology of former metallic currencies, such as silver for Litecoin . The system is more akin to tally sticks and other types of ledger-based money than to coinage, despite the name.