Today’s Crypto Challenges are Just Like Our History Repeating Again! Think!
From bartering to the blockchain, the world full of money and the ways we transfer it has never stood still. It is very easy to take the financial system for granted, but over the centuries there are many changes takes place and a lot of them are getting used to it.
Cryptocurrencies carry a great potential but still have a lot of problems and new crypto challenges. History tells us that this is something expected and we can solve them with patience and with new thinking’s.
We are going to understand where money transfer began and how we reached the place we are today. Whatever the issue is facing by crypto this time have been seen throughout the century.
Flashback yourself and Imagine that time when everything is in black and white. The barter system is one of the first forms of trading when good is exchanged for food or many other things.
Imagine carrying our cattle and so heavy sacks of grain whenever you want something from someone. It took a few years to get better ideas that improved our method of trading.
Around 1200 BC, the Chinese merchant started to use a cowrie shell which was mostly found in Indian and Pacific Ocean. They were later imitated in bronze and copper. Metal knives were also popular as a substitute for the items but before trading their sharp edges were removed to avoid any accidents and holes were drilled in the middle so that they could be linked together – and it’s from here the inspiration for coins was born.
Moving 500 years ahead we get our first money in the form of coins are ringing inside our pocket. Around 500 BCE, coins popped up in Persia, Turkey, Greece, and Macedonia and later Roman Empire also joined the queue.
At the same time, paper currency was beginning to come along in leap and bounds and bounds, but they did cause immense amounts of price wavering. As we go back to the history the story of price wavering found to be similar to the bitcoin price which first went high and then crashed in 2018.
In a previous time when banknotes evolved it was tied with an exchange of commodities like gold and silver. Moving further Invention of checks and telegraphs helped in transactions.
The Modern Era
Now in the middle of 20th century it brought us to the credit cards and the late 1960s saw the launch of ATM machines, and this is where we left the black and white world behind us and the traditional financial system we have all grown with.
The cryptocurrencies and blockchain are expected to deliver a systematic change in money transfer. Distributed ledger at every stage is expected to prevent fraud and money laundering, speeding up the transfer while driving down the cost of consumers.
These are several platforms who are working to make cryptocurrency practical and also minimize the currency losses. For example, Piixpay enables users to settle bills and transfer the money to friends and family using Bitcoin, Bitcoin cash, lite coin.