In Economics 101, I learned that money is a commodity generally accepted as a medium of exchange. Britannica.com defined money as “the medium in which prices and values are expressed; as currency, it circulates anonymously from person to person and country to country, thus facilitating trade, and it is the principal measure of wealth.”
The Barter System PeriodLet us just take a short glance at the practice that likely dates back hundreds of thousands of years or even to the dawn of modern humans, that pre-dates the use of money - The Barter System - the exchange of goods and services. This is the period where one could even sense the inconvenience of carrying a bulk and heavy load of goods or commodities being carried on their back, or through a sledge if fortunately that they have one, going to a place where a barter for other needed goods or commodities was taking place.
The Use and Evolution of MoneyThousands of years later, comes the period when the use of money started. History reveals that over a period of more than 10,000 years ago, and up to the present, from the barter system, the form of money has evolved and changed considerably - so many physical forms to inward phenomenon - from cattle, cowrie shells and into fiat money, to today's electronic currencies - digital currencies - cryptocurrencies, virtual currencies and central bank digital currencies (Investopedia).
Around 9000 - 6000 B.C.: Cattle which includes not only cows but also sheep, camels and other livestocks are considered as the first and oldest form of money. Then in China, during the period from 1200 B.C., Cowries was widely used as money, and even in some parts of Africa.
The first Metal Money and Coins during 1000B.C; Modern Coinage during 500B.C.; the Leather Money during 118B.C.; the first Paper Currency appeared in China during 806A.D.; Gold was made the standard of value in England in 1816. But when the massive Great Depression happened worldwide in the 1930s, then also the end of the gold standard and the complexities of international monetary regulation began that included fiat money, with the central banking systems in each and every country around the world.
During the years starting from 1990, new payment products were developed and deployed, mainly by the existing payment providers. They were intended to replace the inconvenience of physical coins and banknotes, and the expectation was of rapid adoption, then Electronic Money was born.
Electronic Money in the Digital AgeThe first Electronic Money Directive (EMD) was adopted in the year 2000. In our digital age, where fast and convenient economic transactions are a must in order to go along with the trend and necessities of the present and future technology, the electronic banking system is the solution. Very useful and convenient. However, during the third quarter of 2007, and climaxed in the last months of 2008, another financial crisis which shocked the world occurred, the collapse of the venerable Wall Street bank Lehman Brothers. The impact of this fueled people here and there and throughout the world to feel some diminishing impact on the centralized banking industry.
The collapse of the iconic US investment bank Lehman Brothers in September 2008 shook people’s faith so much in the centralized banking system, that a new class of asset, which did not have the backing of any formal bank, came into being.
CryptocurrencyBitcoin was dubbed to be the most popular cryptocurrency before Pi Network came into existence, with its first mention in November 2008, about two months after the Lehman crisis.
Cryptocurrency, specially Pi Network which already launched its Enclosed Network Period on December 29, 2021, and with more than 30 million membership worldwide, and tens economic projects backing the Pi Economic system in more than 200 countries had been conferred as THE CURRENCY (MONEY) OF THE FUTURE.
