Document two is a picture that comes from the British Museum, which should work to educate people in an unbiased manner. The document is a picture of artifacts and, more importantly, coins from China that were found in the Swahili coast. Because it is only a picture, it shows nothing but pure factual information. The use of coins suggests that trade was not quite important or common enough to use paper money instead. China started using paper money instead of coins once trade was so important and common that coins often were too heavy for traders to carry in large quantities.
Exchanges like these are the basis of trade. For centuries, most people got what they want by exchanging goods and services. Money Even if they buy and sell for money, it’s not the money that people want but what they can buy with it. Money is a medium of trade.
• Fiat money, paper money that does not have a backing in gold or another precious object, is a relatively new concept. • Functions of money- medium of exchange, measure of value, store of value • Medium of exchange o Accepted
How has paper currency evolved throughout history in United States? The lecture of this Unit will begin by introducing the importance of existence of money throughout history, how it was designed, evolved and printed. The existence of money as a medium of exchange and as means of buying and selling goods or services dates back to at least 3000 BC when Sumerians began using metal coins in place of bartering with barley. Interestingly, the use of paper money originated in China during seventh century; conversely it is an uncertain value as opposed to the more universally accepted value of silver and gold coins led to widespread inflation and bankruptcy.
“We’re not keeping this in our house.” My father nodded. “But we can’t destroy it. We have to safeguard it—for all we know, this might be the last coin of its kind in the world” (Lu 232-233).
Using paper money made people very fond of it especially the farmers. The farmers liked that they could repay their debts with depreciated
In the 13th century he travelled to China where he was overwhelmed with how paper money was made, used and valued in China. He brought back to his country the first paper money. This paper money was sealed with the paper emperor; they had full value of gold and silver. Until today, the 20th century money keeps on changing, the texture, the length and especially the value of the
We understand that the birth of the coinage was invented not so much as a convenient but more of a necessity. The economic system was in shambles Debt, as it is even today is increasingly common. For maritime trade especially barter seems to be the most common form of exchange as the problem with coinage in the ancient world was that the value of coins between city-states was often different. Still, for the citizens of a particular city and surrounding territories coinage became a very useful way to buy and sell goods, and to pay for public services. Through out our reading we have learned of the roll the elephant played in the ancient world.
Why Investing Into Bitcoin is a Bad Idea Bitcoin is a virtual currency that has gained popularity in recent times because of its easy stricture and chance to gain a big profit. With many risks laid out in the road of investing into it, many amateur investors have taken a liking to it. But through this, investing into the cryptocurrency Bitcoin is a bad idea BACKGROUND Bitcoins. Everybody has heard of them. A virtual lottery where you put your money into a string of numbers in hopes of gaining a very big sum of money.
There is little start up elements. One big problem for Cisco would be companies taking over and merging other companies into one. However it is extremely important for these companies to have the technological information and know how that Cisco has to be as successful as they have been throughout the years. It would be very hard for every company to come out of an economic global downturn like Cisco did and say that they have learned from their mistakes and have turned this crisis into an opportunity and have in fact gained more market share. Cisco is one of the main dealers in the area of revenues therefore it minimises any new competition even if the barriers to entry are
For example, the Chinese used printed paper notes as money and Marco Polo had always used coins before
Theories, Concepts, and Blockchain in real life Deloitte estimates the value of global transactions at $26 trillion annually with billions of dollars in fees, and the systems that facilitate this volume of payments are inefficient, antiquated, and incapable of satisfying worldwide demand (Elison). Greater efficiencies combined with heighten care for consumer experience is where the impact of competition will be felt. Traditional firms have real concerns around the prospects they may lose control as the collision of digital technology increases. Accenture has estimated that the biggest investment banks could save $10bn by using blockchain technology to improve the efficiency of clearing and settlement. The first place there will be impact
In recent years Bitcoin has invaded the internet giving people the chance to earn money without lifting a finger. II. Thesis: Every year since 2009 Bitcoin has been growing its own international economy without any government regulations. III. Preview: Today we are going to talk about what bitcoin is and how it works, why people like/don 't like it, and the possible regulations of cryptocurrencies.
Cryptography is a technique or method to secure personal data from unauthorized user. In cryptography two types of operation are performed. (i) Encryption and (ii) Decryption. To encrypt and decrypt data a secret key is used. After encryption original data is converted into another format known as cyphertext, which is not easy to understand.
Introduction “Companies today are rushing headlong to become more digital… This often results in piecemeal initiatives or misguided efforts…[regarding their use of social media platforms]” (Dorner and Edelman, 2015:1) In a society where social media has a profound impact on businesses we ask ourselves just how effective can it be? And if not effective, what are the negative impacts?
