Money Madness

The adage 'money made man mad' goes into the Guiness book of records as a true copy of the world real facts. Maybe it is not recorded, but that is a fact. People scramble for money like the mad people they really are. Money seems to be the spice of the world. Those who have look for more and those who don't have are busy struggling to get it.

Am sorry if you belong to these two groups. You can tell me the third group if you have it. Money! Did someone say it is the source of all evils? No wonder Jesus Christ was betrayed for only thirty pieces of silver.

How Money Came Into Existence

Am sure barter trade will be still thriving Upto now. Yes, we will be still trying to calculate how many goats equals to one cow.

A difficult equation indeed!

As if that be not problem enough, we should be pondering how to carry the same cow to Dubai or even America to get one of their own commodities.

So all concerned agreed that barter trade was posing some hiccups. They settled on choosing any other thing to stand as a medium of exchange. Cowrie shells were used.

Wait! Did I say cowrie shells? You mean these shells which were once the home of snails? Yeah! Those ones. I thought they were useless and could easily be found on lake shores. You are right. They were useless before they came to be used as money. They could easily be picked on the shores of water masses before they were consessusly agreed to be money. They became scarce.

Then coins and notes were made. These were controlled by countries and central banks of countries. They became fiat and were used as medium of exchange, measure of value and store of value respectively.

Money, just like a catalyst, speed the process but remain the same. So, money has no value.

Cryptocurrency

Fiat money just like cowrie shells, started developing hitches. We still use them but are limited to countries. Kenyan money cannot buy commodities in America. You have to exchange them into that country's currency. Carrying them around is unnecessary too.

Sunce the world was going digital, we needed digital currency to go with it. Cryptocurrency sprang into life. Bitcoin, Ethereum and many others came into existence. This was a great idea. Cryptocurrency is not controlled by central banks but they are created and exchanged through blockchains. However, these coins have shortcomings. They need great machines to mine. They are a threat to the environment. Only few can mine it.

Pi Network

There is a new cryptocurrency being developed known as pi. The crypto is mined on the phone. It will be used to directly buy goods like fiat once developed.

Thank you for reading