History of Money - Paisa Kesay Bana ?
History of Money - Paisa Kesay Bana ?
This Video is the detailed documentary on the Entire History of Money.
From Barter to Bitcoin.
How Money Became From Nothing To Everything
Latest Documentary : • LIFE OF ALIENS : Wo Kesay Rehtay Hain
How we created Money and How Money Works,
You are going to know everything about Money.
Barter system , Commodity money , Metallic money , Paper money , Digital money
Documentary in hindi by Science Extraction.
The History of Money
What is money? By definition, it’s something of value. But over the last 10,000 years, the material form that money has taken has changed considerably—from cattle and cowrie shells to today’s electronic currency.
In the Beginning: Barter System
Barter is the exchange of resources or services for mutual advantage, and the practice likely dates back tens of thousands of years, perhaps even to the dawn of modern humans. Some would even argue that it’s not purely a human activity; plants and animals have been bartering—in symbiotic relationships—for millions of years. In any case, barter among humans certainly pre-dates the use of money. Today individuals, organizations, and governments still use, and often prefer, barter as a form of exchange of goods and services.
2500BC: Commodity Money
The earliest commodities that were used as money were barley, wool, and silver in other places and times where people didn’t have access to any of these commodities, they sometimes used other things like oxen in ancient Greece, elephants in Sri Lanka or human skull in Brunei and sometimes even stones.
800 B.C.: Coinage
Outside of China, the first coins developed out of lumps of silver. They soon took the familiar round form of today, and were stamped with various gods and emperors to mark their authenticity. These early coins first appeared in Lydia, which is part of present-day Turkey, but the techniques were quickly copied and further refined by the Greek, Persian, Macedonian, and later the Roman empires. Unlike Chinese coins which depended on base metals, these new coins were made from precious metals such as silver, bronze, and gold, which had more inherent value.
1279: Paper Money
The Mongol Yuan Dynasty, founded by Kublai Khan , issued its own form of paper currency called chao; the Mongols brought it to Persia where it was called djaou or djaw. The Mongols also showed it to Marco Polo (1254–1324) during his 17-year-long stay in Kublai Khan’s court, where he was amazed by the idea of government-backed currency.
1816 to 1930: Start and End of Gold Standard
Gold was officially made the standard of value in England in 1816. At this time, guidelines were made to allow for a non-inflationary production of standard banknotes which represented a certain amount of gold.
The massive Depression of the 1930s, felt worldwide, marked the beginning of the end of the gold standard.
1980s: Digital Money
Digital money (or digital currency) refers to any means of payment that exists in a purely electronic form. Digital money is not physically tangible like a dollar bill or a coin. It is accounted for and transferred using online systems. One well-known form of digital money is the cryptocurrency Bitcoin.
00:00 Skip The Music
01:48 Who is Money?
2:46 What is Money?
3:24 The Journey
4:30 (1) Barter System
7:00 Origin of Accounting
7:58 (2) Commodity Money
9:35 (3) Metallic Money
11:58 (4) Paper Money
13:43 Origin of Banks
15:18 Gold Standard
17:00 1930s Great Depression and Fiat Money
19:11 (5) Digital Money
20:28 (6) Cryptocurrency
22:18 What is Real Money?
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Thumbnail Art : Sheila Terry
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Content
0 -> Want to Skip The Music Just go to 1:48
8.04 -> Agar Music Skip Krna Chahtay hain to 1:48 par jaye
121.466 -> MONEY
122.901 -> that has never been loyal to anyone
126.391 -> But from Beggar to Billionaire
129.055 -> Everyone wants to have it
131.222 -> It's not just a piece of paper
133.601 -> It's an Addiction
137.581 -> He transformed Hunters into
139.601 -> blacksmiths, merchants and kings
144.298 -> It was the Money
145.966 -> who forced these people who lived in the forests
149.001 -> to live in these tallest buildings
157.27 -> But where did the Power of Money came from ?
160.743 -> How it was made?
162.145 -> When?
163.248 -> Why?
164.384 -> And
165.221 -> What is Money?
173.338 -> Money
174.507 -> A piece of paper that has no value of its own
178.241 -> It just tells us the value of other things
182.079 -> We work day and night for it
184.721 -> But in the end we gave this to others
187.752 -> So that we can buy what he has
191.148 -> and then that person gives the same money to someone else
195.009 -> So that he can buy what he likes
197.841 -> And so the money goes around the world
200.605 -> from here to there
203.841 -> You know how much money is in the world right now?
207.968 -> Which is visible to you is
209.337 -> 40 Trillion $
211.338 -> And which was not visible to you
213.339 -> its
214.28 -> 1300 Trillion $
217.211 -> 1.3 Quadrillion $
220.739 -> Where did all this money came from?
223.272 -> Who made it?
225.638 -> So come with me
227.638 -> on such a miraculous journey
230.521 -> In which we will know the Story of Money
233.785 -> you never heard before
237.341 -> We're going to know all the things
239.342 -> you never thought before today
242.87 -> From stones to Gold and silver coins
246.276 -> to such money that is invisible
249.836 -> How did it become a language
253.465 -> that everyone in the world understands
256.496 -> How this Lifeless thing made us his slave
272.735 -> So let's go 17,000 years ago
278.207 -> When there was no sign of Money
298.024 -> This was the time when humans lived in small tribes
303.346 -> And they all had only one goal
308.793 -> Hunt and Survive
319.873 -> But prey is something that
322.372 -> not be found easily everyday
324.738 -> But hunger strikes everyday
327.721 -> It was the hunger that forced one tribe
330.785 -> to take and give something from another tribe
336.67 -> If you give us fresh meat,
338.671 -> we will give you our weapons
348.865 -> both has benefit from this transaction
352.343 -> Because if you take something forcibly
354.792 -> You will get it once
356.913 -> But not the second time
363.09 -> And so the Barter System was born
366.64 -> Giving or taking things
382.912 -> The barter system is said to have originated somewhere in
386.676 -> Mesopotamian Tribes
389.881 -> Mesopotamia is the name of a region in Southwest Asia
394.308 -> where Iraq is today
396.75 -> This is where the Mesopotamian tribes used to live
402.453 -> The barter system changed us
405.546 -> People who used to fight each other now started to live together
409.669 -> Everyone started trading with each other
424.451 -> And thousands of years later
426.451 -> When the population of people increased
428.68 -> And apart from hunting, they started farming now
432.4 -> Due to which the shortcomings of the barter system started to come to light
436.105 -> It was hard to remember when trading with so many people
440.675 -> From whom to take what and whom to give
446.163 -> To remember this, we started writing on small pieces of clay
451.57 -> Which started accounting
454.955 -> We started accounting for things
458.54 -> But the problems of the barter system were not going away
463.039 -> The biggest problem was that
464.771 -> Both parties had to agree to trade
468.933 -> You want what I have
472.368 -> But I don't want what you have
475.923 -> Because of this, the trade could not be done
478.655 -> It became very difficult to trade through the barter system
482.121 -> And now we wanted something that everyone wanted
486.742 -> And thus began money
489.939 -> It's not the money you're thinking of
492.627 -> it was commodity money
495.851 -> We monetized everything that was rare
499.346 -> Which we also use
501.973 -> And everyone was willing to trade by this
506.095 -> Like cow, buffalo, goat, ax, knife, thief, arrow, sword
510.721 -> Animal skins
512.333 -> Tobacco, Salt
513.825 -> Peacock feathers, Whale teeth
516 -> Alcohol, Cowry shells
518.568 -> And even humans
521.645 -> Yes, it was common to use slaves as money at that time
527.801 -> Or on the Yap Island, people used to use big donut-like stones
532.85 -> Who used to weigh up to five tons
536.307 -> They are called Rai Stones
538.36 -> Once it was placed, it stayed there forever
541.949 -> They just remembered who it belonged to
545.521 -> Commodity money made our life easier
548.718 -> But it had a big problem
551.585 -> It was very difficult to know what the value of what I had was
557.579 -> Each commodity seemed to have its own distinct value
560.44 -> And now we wanted something that had a certain value
565.419 -> and take long time to expire
567.862 -> Things like animals and alcohol deteriorate over time
580.519 -> 2600 years ago today
584.009 -> Metallic money started in Ancient Greece
587.841 -> Gold and silver were mixed to make coins with Lion and bull on them
594.12 -> People used to get only two coins after working day and night
598.641 -> They did not even get food from them
606.668 -> Look carefully
608.579 -> This is the first coin of the world
611.715 -> The Lydian Stater
614.284 -> It is said that the coins were first introduced by the
617.308 -> Chinese in 1000 BC
620.645 -> Who used to make brass and copper coins but
623.87 -> It was not necessary to use them like the Lydian Stater
628.39 -> After the Lydian Stater everybody started making coins
632.299 -> The king of each empire started minting coins of his own name
636.96 -> Everyone started using coins now
640.097 -> Because it became very easy to trade through them
643.443 -> But if you look at it in a certain way
645.622 -> So metal money was also considered a commodity
648.489 -> If the coins are less, it's not an issue
651.416 -> but if they are more, then their biggest problem starts to appear
659.559 -> *Sorry it's 500 BC*
661.739 -> It was a time when overseas trading was booming
666 -> And all this trade was done in coins
669.315 -> But the more coins, the more they weigh
674.031 -> And due to their heavy weight, they also took up more space in the ship
678.84 -> And it took a long time to transport them
682.214 -> Due to which the risk of coins being stolen increased a lot
686.636 -> It's easy to count coins
689.773 -> but who will count this much coins ?
692.759 -> Now we need something
695.058 -> light weighed
696.341 -> which we can easily shift, store and count
702.741 -> There is a very famous saying
704.95 -> Everybody likes progress but nobody likes change
709.671 -> Everyone wants to progress but not everyone wants change
714.18 -> And that's what happened with Paper Money
734.331 -> Emperor of Mongol China
736.63 -> And grandson of Genghis Khan
738.72 -> Kubla Khan
740.331 -> Who made the world's first paper money from the bark tree
746.396 -> And like I said
748.127 -> People don't like change
750.52 -> And why should they like it?
752.4 -> Kubla Khan used to give these people only a piece of paper
757.062 -> in exchange for their precious sparkling diamonds
767.857 -> But who refused to take the paper money of Kubla Khan
773.927 -> would have been put to death
782.843 -> Actually it was paper money
784.964 -> but it is called I.O.U
787.951 -> I OWE YOU
790.071 -> that I owe you a debt
792.46 -> You take this paper and come to take your gold coins whenever you want
798.568 -> And people thought why change it into gold and silver
803.169 -> Just trade this paper
805.26 -> And like the coins, this idea began to spread outside of China
810 -> But unknowingly, such a power was about to begin
814.362 -> Which was impossible to stop
817.408 -> And that power was the banks
824.371 -> Because of paper money, international trading increased to this extreme
828.553 -> I.O.U's mean paper money of that time is now available to everyone
834 -> And here are some people
836.149 -> who were hungry for money
838.369 -> They took their gold coins from the people
841.385 -> and give them I.O.U's
843.32 -> But the I.O.U was something they could print as much as they wanted
848.309 -> And people also started taking that paper money
850.908 -> Because they were afraid of gold coins being stolen
854.851 -> And you know how a bank makes money
859.212 -> By lending
861.213 -> And now that mini bank started lending IOUs to those people
865.217 -> Due to which paper money became abundant in the city
869.07 -> And because of the abundance of paper money, something came out
873.104 -> Which is called
874.596 -> Inflation
877.613 -> What was worth one I.O.U increased to ten I.O.U
882.513 -> That bank did not have as many gold coins as there was paper money in the entire city
887.862 -> And when people found out that the price of their I.O.U is going down
892.553 -> So they ran to that bank to get their gold coins
896.587 -> But that bank had nothing to give to all of them
901.535 -> People lost their trust on banks
904.241 -> And for many years no one even thought about the bank
907.886 -> Now they started hiding their gold coins in the house
911.521 -> Due to which the circulation of money was greatly reduced
914.867 -> And many problems started to appear
929.173 -> In 1816
934.64 -> Britain brought a new law
937.986 -> that we will print money as much gold as we have
943.099 -> Which will not cause inflation and debt also be given in a limit
948.001 -> This is called bringing paper money to the gold standard
952.304 -> And soon all the countries began to limit their paper money to the gold standard
957.771 -> And eventually the USA adopted the gold standard in the 1900
965.988 -> It cannot be denied that when money was made
970.44 -> It brought with it a thing
973.307 -> Which is impossible to avoid
975.516 -> And the thing is
977.157 -> Greed for money
979.128 -> Doesn't matter how much you have you always want more
981.517 -> If you have a 100 crores, why wouldn't you want to have a 1000 crores?
988.659 -> Doesn't matter how much money we have
990.272 -> we always want a little more , a little more, just a little more
999.777 -> And in this little cycle, paper money that was going to make such a turn
1004.676 -> After which it was impossible to stop
1008.201 -> If the country has more money inflation occurs
1011.666 -> Rise in Prices
1012.829 -> Which is harmful
1014.471 -> But If the country has less money, there is deflation
1017.488 -> Which is even more harmful
1022.123 -> 1930s
1023.884 -> The USA was in the Great Depression
1026.48 -> because of deflation ( Low Prices )
1028.48 -> Because things were so cheap
1030.689 -> And the companies were not making enough money to pay their employees
1036.92 -> Which caused the economy to crash
1039.064 -> People had neither money nor jobs
1042.481 -> and for the solution
1044.316 -> In 1933
1046.212 -> President Franklin D. Roosevelt
1049.05 -> Ended the relationship between the dollar and gold
1052.217 -> Now all that was there was paper money
1056.664 -> And now the banks had there power back
1060.189 -> And they know how to take there advantage from it
1063.414 -> and that power is
1064.846 -> Printing Money
1066.248 -> And you know what happens with more money
1070.32 -> Inflation
1071.662 -> And to control it, America created the Central Bank FED
1076.771 -> Which regulates that there is neither more nor less money in the country
1081.8 -> But the dollars you could convert into gold
1086.001 -> Which was an I.O.U for you
1088.839 -> And now it become only a piece of paper
1092.693 -> It is what it is
1095.112 -> It's just a worthless piece of paper
1098.001 -> It has no value
1100.401 -> And now it became Fiat Money
1103.299 -> You think that only Dollar is the Fiat Money
1106.195 -> NO
1107.179 -> All the currencies of the world
1109.717 -> Doesn't matter it's Pakistani or Indian
1112.281 -> All these currencies are Fiat Money
1117.311 -> All these pieces of paper are not backed by gold or any physical commodity
1125.349 -> If this piece of paper is nothing
1128.001 -> So how do we buy everything from it?
1130.778 -> Because we just believe that we will get something in return
1136.055 -> What lies in your banks, Wallets, lockers
1139.521 -> is only trust, not money
1142.598 -> The value of which is decreasing day by day due to inflation
1150.887 -> Paper money had eased many of our difficulties
1154.72 -> It could be easily counted, handled and carried anywhere
1160.509 -> But something that was much needed in this fast changing world
1165.916 -> That thing was speed
1168.155 -> Paper money can be easily carried but it also takes time
1173.322 -> Now we need something
1175.591 -> By which we can transfer money to another in a few nanoseconds
1180.192 -> And E - MONEY was launched in 1980s
1183.746 -> Digital Money
1185.298 -> Millions and Billions of transactions in just a few seconds
1188.64 -> No fear of being stolen, no need to count
1191.656 -> And so the banks don't even have to print anything anymore
1195.152 -> Just type some numbers on the computer
1197.869 -> and the money is made
1199.779 -> The truth is that we cannot live without digital money in the world of speed
1205.804 -> We can buy everything from the comfort of our homes with just one click
1210.64 -> Digital money travels from one corner of the world to another
1214.314 -> in less than a second
1217.599 -> But digital money also has a huge problem
1221.721 -> Hacking
1223.36 -> It is difficult to hack, but not impossible
1227.8 -> And far from this thing
1230.129 -> Such money launched in 2009
1232.278 -> which is impossible to hack
1236.601 -> I am talking about cryptocurrency
1239.678 -> You must have heard the name BITCOIN
1242.933 -> Credit cards, Checks, Online Payments
1245.561 -> All this is done according to the rules and regulations of the government
1250.013 -> But Bitcoin is a money that has nothing to do with the government
1255.301 -> Nor is it connected to any Fiat Money (Paper Money)
1259.574 -> What is there is just some numbers
1262.561 -> We know only the name of the creator
1266.01 -> Satoshi Nakamoto (Nothing else)
1268.967 -> Due to the non-applicability of any government rule on it
1272.761 -> It can be easily used in illegal transactions
1276.944 -> more illegal transactions means more crime
1280.978 -> And the more crime, the more damage to a country
1286.903 -> Whatever the Bitcoin is
1288.76 -> But its Blockchain Technology
1290.88 -> is thousands of years ahead from the technology of credit cards and online payments
1296.983 -> It is impossible to hack
1299.641 -> It may take a billion years or more to hack just one bitcoin
1306.423 -> You know when Bitcoin launched in 2009
1310.516 -> one bitcoin was worth zero dollars
1313.443 -> Its price was only 1$ in 2011
1317.596 -> And the price of one bitcoin today in 2021 is
1321.869 -> 60,000$
1324.259 -> 1 Crore 5 lakh PKR
1327.215 -> 45 lakh INR
1330.885 -> Now whether this is a scam or a real get rich scheme
1335.247 -> only time will tell
1338.234 -> But once
1339.487 -> Look back at this world
1342.474 -> How much this world has progressed in such a short time
1346.537 -> In just a few thousand years we went from gold and silver coins to invisible money
1354.589 -> We made this money for our own benefit
1357.666 -> But maybe we are losing it
1360.773 -> You work at some place from dawn to dusk
1365.614 -> What you get at the end of each month
1368.929 -> Just some pieces of paper
1371.168 -> Or some numbers that appear on the screen
1374.513 -> You have to understand that the world runs on trust, not money
1379.681 -> What we see is nothing but illusion
1384.939 -> Now the question arises that what should we do?
1389.001 -> Money is the part of our life
1391.509 -> First of all
1393.24 -> You have to recognize real money
1395.658 -> There is only one way to recognize real money
1400.001 -> Something that increases in its value over time
1405.469 -> is Real Money
1407.349 -> The value of paper money decreases every year due to inflation
1412.249 -> And truth be told, this cycle is never going to stop
1415.804 -> But you can avoid this thing
1418.043 -> By investing in real money
1420.103 -> Which has a value in itself
1422.312 -> You know that no matter how much money there is in this world,
1424.941 -> if all of it is shared equally among every person
1428.974 -> that money will go back to where it came from
1432.649 -> But Why?
1433.633 -> Because all the rich people in this world
1436.381 -> understand money and know it
1440 -> They don't work for money but money work for them
1445.05 -> And the day you understood it
1447.319 -> your life will be changed forever
1451.621 -> Before doing all this you need to educate yourself financially
1456.82 -> The time you waste in cursing the government and inflation
1461.421 -> Spend the same time on your financial education
1465.425 -> Because nothing is going to change
1467.425 -> You have to change yourself
1470 -> The more you learn, the more you earn.
Source: https://www.youtube.com/watch?v=6hM4oFNJumw