Thursday, January 27, 2022
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The truth ever citizen should know

Money has been part of human history for almost 3,000 years.

The first known currency was created by king Alyattes in Lydia, now part of turkey in 600BC

The evolution of money

The first stage of money is commodity money: this is the era where goods are exchanged for Goods, known as barter exchange/system like, furs, skins, salt,rice, wheat, utensils, weapons e.t.c.

The second stage of money is metallic money: with progress of human civilization, commodity Money changed into mentallic money. Metals like Gold,silver, Copper, e.t.c. the first coin ever minted features a roaring lion.

The third is paper money:it was found inconvenient as well as dangerous to carry gold or silver coin from place to place so invention of paper money came into existence around 1661 AD and it is regulated and controlled by central bank of the country.

The fourth is credit/Plastic money: this is the invention of debit and credit cards, cheques, mobile payment point of sale payment (POS), it was introduced in 1946

The fifth is vitual currency: this is the evolution of Bitcoin, Pinkoin, XRP, Litecoin, e.t.c but come to think about it when Bitcoin came out in 2009, 99% of people in the street don’t even understand it. Now pinkoin came in 2019 and bridged the gap between the crypto learned and crypto unlearned.

Its Merchant onboarding and we have LAGOS, OYO, EDO, KANO, FCT

That all for today, enjoy the rest of your day

Inksupdate team.

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