WHAT IS MONEY

 MONEY 

WHAT DO WE UNDERTSAND WITH THIS TERM 

DOES MONEY IS A MERE MEDIUM OF EXCHANGE OR IT CARRIES SOME OTHER VALUES

IN THIS ARTICLE  WE WILL DISCUSS ABOUT MONEY IN A VERY BROADER TERMS AND  I ASSURE YOU WILL GET A VERY DIFFERENT PERSPECTIVE OF MONEY .

EVOLUTION OF MONEY .

as said earlier , money is anything which is used to buy goods and services , it is  just a medium .

several years ago  barter system was there .

barter system simply means exchange of goods and services .

for example person A had tons of wheat and person b had tons of rice so they both can exchanged some wheat and some rice  with each other .

This was the barter system which was there .

but due to various drawbacks in this system ,like value analysis

yes value analysis was serious problem, people got confused and also irritate on the fact whether their exchange value is correct or not,

When problems and disputes increase amongst people , it was hard to  determine 

So we needed a  token or a sign which can clearly denote value.

 This is how currency evolved and come into picture 

Coins were introduced first by rulers all around the world as value.

Coins were widely used as  medium of exchange.

People can exchange goods and services against coins.

Fair price was also decided through this system as how much coins will be required to purchase how much commodity.

This era was  known as coin age era.

After that people  get into trouble in coin age era also as they have to  handle too much weight as coins are heavy .

Difficulty arises on buying expensive things.

Shopkeepers or vendors also face problem in handling and counting .

As We were evolving then humans have discovered paper money it was light on weight and can be handled easily and counted easily.

Paper money or currency notes as we say become widely popular all over globe and slowly coins become extinct and paper money took place 

Paper money is the best medium of exchange till date 

But our prime minister had created a new way , or rather a new currency that is digital money. As we see digital India schems were launched to educate and promote digital payments throughout the country .

This digital payments was highly succesful in India it is made possible due to one organisation NPCI , this organisation had done a tremendous in creating a unified payment interface which we acronym as UPI and it is widely popular.

Post COVID we can we can witness a sharp increase in UPI payment