10 Interesting Fact About The history of money and currency exchange

Transcript:

Languages:

• Initially, humans used a barter system to exchange goods. However, this system is less effective because it is difficult to determine the fair exchange rate.
• Paper money was first created in China in the 7th century. The paper money is used to replace the Barter exchange system that is less effective.
• In ancient Greece, the currency used is a coin that has various sizes and shapes. The coins are usually made of metal such as gold, silver and copper.
• In Roman times, the coins used were Denarius, Sesertius, and Aureus. Denarius is the most widely used coin and is usually made of silver.
• Modern banknotes were first introduced in Europe in the 17th century. The paper money was originally used only by banks and large traders.
• Foreign Exchange Exchange System first appeared in Amsterdam in the 17th century. The foreign exchange exchange allows people to buy and sell foreign currencies at prices determined by the market.
• In the 19th century, paper money began to be used widely throughout the world. This happens because paper money is more practical and easy to carry than coins.
• During World War II, many countries print large amounts of banknotes to finance war. This causes high inflation.
• Along with the development of technology, now many people do financial transactions online using credit cards or digital payment applications.
• Bitcoin is a digital currency created in 2009. Bitcoin does not depend on the bank or government, and transactions using Bitcoin can be done anonymously and safely.