Cryptocurrency: The Next Evolution in our Payment System

Source: https://truust.io/blog/the-evolution-of-payments-industry/

How did our Payments Systems begin and the breakthrough that comes with it?

Bartering: Essentially our Payment System begins around 6000 BC by Mesopotamia which introduced Bartering as a way of exchanging the things they own with the things they need. This system was then developed by the Fenisia Civilization and then adopted by Babylonian Civilization. At that time anything could be bartered and this established the system of Exchange in order to fulfill people’s demands. Although it also came with a flaw as it was quite difficult to find people who would like to exchange with the goods we have and secondly there is no measurement of value on the things we exchange such as a Cow will be much more valuable than Wheat. To tackle this problem, it led to the invention of a constant method of exchange for example which presented a uniformity in value.

Can Cryptocurrency solve the problem with our current payment system?

Throughout the evolution of our payment system, there have been breakthroughs that solved the flaws present in its predecessors. Our Fiat Currencies have been essential in the development of the economies and also our banking system but as mentioned before it suffers from debasement and centralization issues. This was what Cryptocurrency was built upon as its blockchain technology is laying its foundation to be the future of our payment system.

Source: https://www.imf.org/external/pubs/ft/fandd/2018/06/

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Nagaya Technologies

Nagaya Technologies

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NAGAYA (NGY) is a Gold-Backed Cryptocurrency with Subsidiary Projects. We aim to build Trust and Value through LEGALITY and TRANSPARENCY. https://nagaya.co/