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MONEY

how-money-works-english

How Money Works?

In our daily lives, money acts as a medium of exchange in almost all transactions. Through money, we purchase goods and services and repay debts. The primary functions of money are: serving as a unit of account, storing value, and acting as a medium of exchange. For anything to be considered money, it must fulfill several conditions, such as recognition, portability, stability, durability, and uniformity. Today, we commonly see three types of money: physical, digital, and cryptocurrency.

history-of-money-english

From Barter to Bitcoin: The Evolution of Money

Since the dawn of human civilization, people have engaged in trade through barter. However, around 5,000 years ago, humans gradually abandoned the barter system and began using metallic coins. These coins were made from copper, silver, and gold. Around 1260 AD, the first paper currency was introduced in China and eventually spread throughout the world. In the 1930s, the first credit cards were issued by commercial establishments, and by the 1950s, banks began issuing them as well.

what-is-money-english

What is Money? History, Functions, and Types Explained

Any item used as a medium of exchange or transaction between two or more individuals is called money. It is also recognized as what we give to a seller in return for goods or services. Although paper money is primarily used in modern times, the concept of money originated with the use of cowry shells and metal coins. Today, we encounter various forms of money across the world, such as commodity money, fiat money, banknotes, demand deposits, etc.