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The evolution of payment methods

Money is an economic unit with which exchanges for goods and services are made, which can be backed by the trust granted by the issuing entity, in this case, the central bank of a State, due to the fluctuation of its value in the market, or by the value of the reserves of some mineral protected by the entity that issues it.

There’re 182 usable physical currencies in the world, most of them considered FIAT since 1971 when by decree of the President of the United States Richard Nixon, the support for the federal reserve was taken away. Which left the Dollar as the first currency backed by the confidence generated by the US economy.

It’s from that date that one by one, most of the money in circulation was converted into FIAT currency, the most important being the Euro, the Yen, the Yuan, and the Ruble.

Incorporation of cards

The globalization of financial transactions forced world banking in 1940 to undergo the greatest update in its operations infrastructure, where the use of bank cards was conceived, in this case, issued by private banks, in which people they stored their money, and it was available to be used in certain places.

The use of cards has evolved to date, going through various phases, that of the security code, the magnetic stripe, the use of the chip, and the latest innovation with the adoption of NFC technology.

In principle, transactions were carried out manually, until the arrival of the magnetic stripe, when equipment capable of reading them and transmitting said information to the bank was developed, which responds immediately if the operation is approved or not.

To date, it’s one of the most popular forms of money, as its portability and ease of multi-currency transactions have placed it on a throne that’s difficult to topple.

Electronic money

Since the conception of the internet, banks have looked for a way to join little by little in the digital world, through which, billions of dollars per hour are traded around the world.

Other companies such as Paypal, Payoneer, Payza, Neteller, and Perfect Money have seen the light in the last century, leaving aside physical bank branches, offering completely online banking services, without the user moving outside their home or office.

P2P payments

Per to Per payments are the latest financial update, with this tool if it allows making payments through electronic devices with its system, in some cases outside of banking institutions, where you can find multiple currencies to carry out transactions, including traditional options like the use of FIAT money and unconventional ones like cryptocurrencies.

One of the most important updates to this payment method is the use of QR codes, which are read by next-generation cell phones, which allow transactions without even having an account number or an email.

Cryptocurrencies

Crypto assets have gained popularity in recent years, as the value of currencies such as Bitcoin (BTC) reached twenty thousand dollars, which made them easy but at the same time complicated ways to invest in financial futures.

Cryptocurrencies are decentralized financial assets without any type of physical backup, which gains or loses value, depending on their activity in the exchange market and the capacity to process transactions.

They’re based on Blockchain technology, made up of chains of blocks that describe financial operations through electronic equipment capable of processing data in record time, which is known as mining.

Although buying and selling cryptocurrencies can be a very lucrative form of investment, it is also one of the riskiest that exists, due to the volatility of prices, which in a matter of minutes can vary exorbitantly.

However, the notable losses or rises suffered by the asset have had to do with sanctions imposed on its use in Asia, or adverse or positive opinions on the part of large Wall Street investors.

Cryptocurrency availability

Cryptocurrencies are available to anyone in the world, simply enter a website and exchange money for units of the desired cryptocurrency.

Portals such as Localbitcoins, Cryptobuyer, Coinbase, or Cex.io offer their users the possibility of exchanging cryptocurrencies for more than 127 local currencies in more than 130 countries, which speaks of the globalization of the crypto asset market.

Countries such as Russia and the United States maintain the highest purchase-sale margins in the world, accumulating between them about 35% of total transactions in Bitcoin, the most widely exchanged currency.

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