(read more)Ĭurrencies have existed for several millennia they arose primarily as a replacement for the ineffective barter trade. The functions that a currency took on (means of payment, value storage, unit of value) were essential to the development of an efficient economy with division of labor. In the beginning, different items were used as currency, including metals, pearls, shells or agricultural products. Minting of coins from precious metals was developed about 2500 years ago in ancient Greece paper money has existed for about 1000 years. Today, almost every country has its own currency, with the exception of countries with a common currency (such as the Eurozone) or countries that have adopted a foreign currency (such as the euro in Kosovo).
Thus, there are worldwide more than 160 official currencies that can be traded on the currency market at constantly changing exchange rates. On the currency market, there is a larger trade volume than on the credit or the stock market.
