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An overview on the story of money by Julio Marín
Story of Money
An overview on the story of money
by Julio Marín
An overview on the story of money by Julio Marín
The Concept of Money
Money is any item or verifiable
record that is generally accepted as
payment for goods and services
and repayment of debts in a
particular country or socio-
economic context.
An overview on the story of money by Julio Marín
Money functions
as:
● a medium of exchange
● a unit of account
● a store of value
● a standard of deferred payment.
Any item or verifiable record that fulfills these functions can be considered as money.
An overview on the story of money by Julio Marín
Medium of Exchange
When money is used to intermediate the
exchange of goods and services.
Measure of Value
Is a standard numerical monetary unit of
measurement of the market value of goods,
services, and other transactions. Money
acts as a standard measure and common
denomination of trade.
Standard of deferred
payment
Is an accepted way to settle a debt – a unit
in which debts are denominated.
Store of Value
Money must be able to be reliably saved,
stored, and retrieved – and be predictably
usable as a medium of exchange when it is
retrieved. The value of the money must
also remain stable over time.
An overview on the story of money by Julio Marín
Timeline
9000 BC
Barter System
650 BC
Gold Coins
950 AD
Printed
Currency
1998 AD
E-Currency
1717 AD
Checks
2008 AD
Bitcoin
An overview on the story of money by Julio Marín
9000 BC - Barter System
Logical system where every individual produces a good or service he specializes in
and exchange it for another good.
However had some problems:
● No common unit of value
● Goods are perishable
● Transportation of goods wasn't efficient
● No Secure
An overview on the story of money by Julio Marín
650 BC - Gold Coins
Solve some of the problems of the barter system like:
● Common Unit of Value
● Non-perishable
● Value keep it over time
● Transportable
However had some problems:
● Expensive to mine
● Heavy to carry around
● No secure - still can be stolen
An overview on the story of money by Julio Marín
950 AD - Printed Currency
In order to solve the security of gold coins people bring their gold to banks and
exchange it by "I Own You" (IOU) Notes. Several benefits:
● Lighter and cheaper to produce
● Initially backed in value by gold -> Later a Fiat currency backed by the
government.
But still having some issues:
● No secure - it could be stolen easily
● Fiat currencies were inflationary
An overview on the story of money by Julio Marín
1717 AD - Checks
Improves the security of the printed currency system since:
● Specified the sender and receiver identities
● Used Cryptography for validation (signatures and bank accounts)
● User could specify the amount
But has some problems:
● Still Not secure
○ Bearer checks could be stolen
○ Signatures can be faked
● Transaction verification is done later and can affect the receiver
An overview on the story of money by Julio Marín
1998 AD - E-Currency
In this year the concept of e-Wallets, e-Currency and Paypal surges supported by
the benefits of no need of paper and higher levels of security and being fast,
efficient and convenient while adding higher level of accountability into the
financial system.
However a problem still present:
Are Tied to the same financial system
An overview on the story of money by Julio Marín
2008 AD - Bitcoin
By 2008 the people lose faith in the existing financial systems, because of this as
well as massive withdrawals and the realization that there was a need for a new
system, motivates a person/group of individuals under the pseudonym of Satoshi
Nakamoto to publish a paper named "Bitcoin: A Peer-to-Peer Electronic Cash
System".
This revolutionary paper challenges the whole concept of money and set the basics
for this revolutionary technology.
An overview on the story of money by Julio Marín
Lesson Review
● Money is any item or verifiable record that is generally accepted as payment
for goods and services
● Money functions as a medium of exchange, a unit of account, a store of value,
a standard of deferred payment
● Money evolved through time from the barter system to the bitcoin
● Bitcoin challenges the whole concept of money as a revolutionary technology.

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Story of Money: An overview on the story of money by Julio Marín

  • 1. An overview on the story of money by Julio Marín Story of Money An overview on the story of money by Julio Marín
  • 2. An overview on the story of money by Julio Marín The Concept of Money Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio- economic context.
  • 3. An overview on the story of money by Julio Marín Money functions as: ● a medium of exchange ● a unit of account ● a store of value ● a standard of deferred payment. Any item or verifiable record that fulfills these functions can be considered as money.
  • 4. An overview on the story of money by Julio Marín Medium of Exchange When money is used to intermediate the exchange of goods and services. Measure of Value Is a standard numerical monetary unit of measurement of the market value of goods, services, and other transactions. Money acts as a standard measure and common denomination of trade. Standard of deferred payment Is an accepted way to settle a debt – a unit in which debts are denominated. Store of Value Money must be able to be reliably saved, stored, and retrieved – and be predictably usable as a medium of exchange when it is retrieved. The value of the money must also remain stable over time.
  • 5. An overview on the story of money by Julio Marín Timeline 9000 BC Barter System 650 BC Gold Coins 950 AD Printed Currency 1998 AD E-Currency 1717 AD Checks 2008 AD Bitcoin
  • 6. An overview on the story of money by Julio Marín 9000 BC - Barter System Logical system where every individual produces a good or service he specializes in and exchange it for another good. However had some problems: ● No common unit of value ● Goods are perishable ● Transportation of goods wasn't efficient ● No Secure
  • 7. An overview on the story of money by Julio Marín 650 BC - Gold Coins Solve some of the problems of the barter system like: ● Common Unit of Value ● Non-perishable ● Value keep it over time ● Transportable However had some problems: ● Expensive to mine ● Heavy to carry around ● No secure - still can be stolen
  • 8. An overview on the story of money by Julio Marín 950 AD - Printed Currency In order to solve the security of gold coins people bring their gold to banks and exchange it by "I Own You" (IOU) Notes. Several benefits: ● Lighter and cheaper to produce ● Initially backed in value by gold -> Later a Fiat currency backed by the government. But still having some issues: ● No secure - it could be stolen easily ● Fiat currencies were inflationary
  • 9. An overview on the story of money by Julio Marín 1717 AD - Checks Improves the security of the printed currency system since: ● Specified the sender and receiver identities ● Used Cryptography for validation (signatures and bank accounts) ● User could specify the amount But has some problems: ● Still Not secure ○ Bearer checks could be stolen ○ Signatures can be faked ● Transaction verification is done later and can affect the receiver
  • 10. An overview on the story of money by Julio Marín 1998 AD - E-Currency In this year the concept of e-Wallets, e-Currency and Paypal surges supported by the benefits of no need of paper and higher levels of security and being fast, efficient and convenient while adding higher level of accountability into the financial system. However a problem still present: Are Tied to the same financial system
  • 11. An overview on the story of money by Julio Marín 2008 AD - Bitcoin By 2008 the people lose faith in the existing financial systems, because of this as well as massive withdrawals and the realization that there was a need for a new system, motivates a person/group of individuals under the pseudonym of Satoshi Nakamoto to publish a paper named "Bitcoin: A Peer-to-Peer Electronic Cash System". This revolutionary paper challenges the whole concept of money and set the basics for this revolutionary technology.
  • 12. An overview on the story of money by Julio Marín Lesson Review ● Money is any item or verifiable record that is generally accepted as payment for goods and services ● Money functions as a medium of exchange, a unit of account, a store of value, a standard of deferred payment ● Money evolved through time from the barter system to the bitcoin ● Bitcoin challenges the whole concept of money as a revolutionary technology.