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6000 BCE
Barter
Since prehistoric times, humanity has consciously and unconsciously sought ways to improve their quality of life. Among these forms is the exchange of products, that is, what one person had and did not need was exchanged for what the other had and did not need either. -
600 BCE
From Barter to Money
It was necessary to find a reference good that was easily transportable, durable, divisible and with an established value: precious metals. -
600 BCE
Precious metals
Gold and silver were the most widely used precious metals as money because their value is accepted worldwide.
To guarantee or certify that a piece of metal or coin contained a certain amount of gold and / or silver, the minting was started, as a guarantee or certification, by recognized and respected entities (kingdoms, governments, banks), that endorsed the weight and quality of the metals they contained. -
400
Minting of Coins
The term currency refers to “moneta”, the name of the goddess Juno in whose temple coins were minted in the Roman Empire. -
618
Creation of Paper Money
The history of paper money has its origin in China in the 7th century, being the creation of merchants during the Tang dynasty, between 618 AD and 907 AD. -
812
Official use of Paper Money
Chinese merchants used a document containing a promise of repayment, similar to the current promissory note. This paper had a value and could be exchanged for products.
Paper money was not established as official use until 812. -
Period: to
Gold Pattern
Over time, the coins were made with less noble materials (and that weighed less in the pocket), but backed by a tangible good that sustained the confidence of the issuer. This model was in force for centuries and was institutionalized in the 19th century with the gold standard as the reference metal for establishing the value of money. -
Gold Pattern - Fiat Currency
The fiat coins and banknotes do not base their value on the existence of a counterpart in gold, silver or any other noble metal or values, nor on their intrinsic value, but simply on their declaration as money by the State and also on the credit and the confidence (faith in your future acceptance) that inspires. Without this declaration, the coin would have no value. -
Electronic Payment Methods
This type of money can be used to pay for goods and services over the internet or other electronic means. Once the buyer's authorization for payment is received, the seller contacts the issuing bank and receives the transfer of the corresponding amount. -
Cryptocurrencies
It is a digital medium of exchange. It is a virtual currency that uses digital encryption in its operations, such as money transfers or the payment of a certain product or service. The first cryptocurrency, and the most popular for now, is Bitcoin, in operation since 2009. Since then, many others have appeared, with different characteristics and protocols such as Litecoin or Dogecoin.
