Member Article

The history of money

The origins of money date back to 9000 BC when man would barter goods they had in surplus for ones they lacked – creating the first business transactions which have evolved over the years. Huge developments in technology and society have meant that new and radical ways of exchanging money have come to the forefront, and within business specifically, some can be seen to be a rejuvenation of those used in pre-historic times. With money and transactions continually developing throughout time, there have been many changes from when the first coin came into use (600 BC), evolving into using bank notes (1661 AD), and then followed by the first credit card being introduced in 1946, changing the monetary landscape and creating new possibilities for the future. The rise of mobile banking and apps, and the introduction of the first cryptocurrency, Bitcoin (2008), it suggests that there is a constant demand for ways to ensure that trading is convenient, and effective. Recently, there has been the call for small businesses to look at ways in which they can ensure they are profitable and a return to the days of bartering has been suggested as being the most effective way to barter surplus goods and services worldwide. Research of 2,000 British adults by Bartercard has revealed that nearly 8 in 10 respondents have admitted they have approached a business and bartered with them, and a further 72% believe it is common practice in business to barter for goods for the modern day. Brian Whitford MBE, from Bartercard, explained the reasons for this: “Businesses can become part of a trade exchange, which finds a way to utilise their spare capacity. Whether this is empty tables in a restaurant or empty rooms in a hotel, things that are usually written off or discounted can add value to your business by providing a platform to barter, giving you a huge business advantage. It’s a good way to ensure your company has security and is managing transactions in the most cost effective way.” Whilst radical ideas have been introduced for consumers, such as Barclaycard trialling ‘wearable’ contactless wristbands and Apple users being able to use their iPhone to make transactions, it’s clear that the history of money is turning full circle, and evolutions of initial popular techniques are on the rise for many consumers and businesses alike.

This was posted in Bdaily's Members' News section by Independent Media News .