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Barter System (Prehistoric Times - 3000 BCE)

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Barter System (Prehistoric Times - 3000 BCE)

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• People exchanged goods and services directly (e.g., wheat for livestock).

• Challenges: Inefficiency, lack of standard value, difficulty in storing wealth.

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• Societies used valuable commodities like gold, silver, salt, or cowry shells as money.

• Advantages: Durability and widely accepted value.

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• The Lydians (modern-day Turkey) introduced the first standardized metal coins around 600 BCE.

• Coins spread across civilizations (Greece, Rome, China).

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• The Tang Dynasty (China) first used paper money in the 7th century.

• By the 17th century, European banks issued banknotes backed by gold reserves.

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Banking System & Checks (17th - 19th Century)

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Banking System & Checks (17th - 19th Century)

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Banking System & Checks (17th - 19th Century)

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• The rise of banks led to the creation of checks as a written promise to pay.

• The first banks (Bank of England, 1694) facilitated financial transactions.

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The Gold Standard (19th - Early 20th Century)

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The Gold Standard (19th - Early 20th Century)

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• Countries linked their currency value to a fixed quantity of gold.

• Collapsed after the Great Depression and World War II.

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• Governments issued currency not backed by physical commodities but by trust and regulation.

• Examples: US Dollar, Euro, Yen.

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• The first credit card (Diners Club, 1950) allowed cashless transactions.

• Debit cards followed, linked directly to bank accounts.

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Digital Payments & Mobile Banking (1990s - Present)

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Digital Payments & Mobile Banking (1990s - Present)

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• Internet banking, PayPal (1998), and mobile wallets (Apple Pay, Google Pay) emerged.

• Faster and more convenient transactions worldwide.

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Cryptocurrency & Blockchain (2009 - Future)

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Cryptocurrency & Blockchain (2009 - Future)

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• Bitcoin (2009) introduced decentralized digital money.

• Blockchain technology ensures security and transparency.

• The rise of other cryptocurrencies (Ethereum, Solana) and central bank digital currencies (CBDCs).