Guides

Ever wondered how a sack of potatoes could evolve into a Bitcoin? The journey of money and remittances is a tale as old as time, but don't worry, we've got the story. From the Lydians minting the first coins to the digital revolution, knowing the past can help you navigate the future. Did you know that telegraphs once changed the game in international transfers? Or that wars influenced how soldiers sent money home? Fast-forward to today, and platforms like Sendrater are the new sheriffs in town :) - offering you the best rates in this ever-changing landscape.

TL;DR:

• Money has evolved from barter systems to digital currencies.
• The Lydians are credited with introducing the first standardised coins.
• Remittances have also transformed, and sendrater.com offers modern solutions.

How Did Money Start?

Knowing how money evolved helps you navigate today’s diverse remittance options. From ancient coins to blockchain, understanding the history informs your current choices. Initially, ancient societies used barter for direct trade—say, exchanging a sack of potatoes for a basket of apples. However, the barter system had its limitations, especially for something as essential today as remittances.

The Lydians and the Birth of Coinage

It was the Lydians, around 600 BC, who are credited with introducing the first standardised coins. These metal coins not only held intrinsic value but also made long-distance remittances more convenient.

The Advent of Paper Money

Carrying metal coins had its drawbacks, leading to the rise of paper money. Initially, these notes acted as promises to pay in precious metals but later became trusted on their own merit. Paper money made remittances easier and more widespread.

Plastic and Digital: The New Age

Fast-forward to the era of credit cards and digital currencies like Bitcoin. These innovations have revolutionised remittances, offering frictionless, cross-border transfers.

History of Remittances

• Pre-Modern Era: Ancient civilizations, such as Mesopotamia and Egypt, had systems in place for sending goods and valuables back to families and communities, often facilitated through trade routes.
• Colonial Period: The colonial era saw the establishment of formal financial systems, including the beginnings of international banking. Remittances were often resources sent back to colonial powers.
• 19th Century: The invention of the telegraph in the 19th century was a game-changer. Telegraphic transfers, facilitated by banks, became a common method for international money transfers.
• World Wars: Remittances were often sent by soldiers through military postal systems and sometimes even international organisations like the Red Cross.
• Late 20th Century: Increased labour migration led to a surge in remittances, becoming a crucial part of many developing economies. Banking systems began to evolve to handle these international financial transactions more efficiently.
• 21st Century: Digital technology has revolutionised remittances. Online platforms, mobile banking, and digital currencies have made it easier than ever to send money across borders. Companies like Western Union and PayPal became prominent players, but newer platforms aim to offer more competitive rates, like Sendrater.com.

Sendrater: Your Modern Remittance Navigator: In this complex landscape, Sendrater is your guide. We offer a money transfer comparison platform platform to help you make informed choices, combining historical wisdom with modern convenience.

Action Plan:

1. Know Your Options: Before your next remittance, visit Sendrater to compare real-time rates and fees from various services.
2. Educate Yourself: Briefly explore the relevant sections on our guides to understand the evolution of money transfer methods and appreciate the options you have today.
3. Monitor Trends: Keep an eye on currency exchange rates to identify the most cost-effective windows for sending money back home.