From Barter to Bitcoin: Evolution of Money
Money is a matter of functions four: a medium, a measure, a standard and a store. Introduction Before the medium of exchange - that is, "money" - came into the picture, there was no standard for the trade. The primitive humans, who were primarily hunter-gatherer socities did not require any medium of exchange. Since these socities were typically small and highly mobile, with individuals and groups relying on hunting, gathering, and foraging for their sustenance. The social organization of hunter-gatherer societies was relatively egalitarian, with individuals working together to ensure the well-being of the group. Constitution of Nations As the human socities became more sedentary and settled, the need for more complex social and political structures emerged. The development of agriculture and the establishment of permanent settlements allowed for the growth of larger communities and the emergence of social hierarchies. The need for exchange of goods and services aro...