Hello hello, thank you for continuously reading and offering us feedback. Growing up, almost everyone who was raised in a relatively middle-class conservative family would probably think of money as the root of all evil and had to always wait for pay day to have take-outs for the whole family. If you grew up in an upper-middle class home you knew that money gave you access to holidays and the latest playstation or collection of mindless behavior merch. Your parents spoke about importance of investing and the definitely had some type of walk-in closet. Yes yes, I am generalizing here but I do hope you get my point. Money carries different meanings from person to person. Let's look at money was, is and will be. 

The history of money is a story of human ingenuity, creativity, and innovation. It reflects evolving  human needs and aspirations as we have progressed from small, isolated societies to the interconnected global communities that we enjoy today. From the earliest days of human civilisation, we have exchanged goods and services through bartering, a system that worked well for small-scale transactions but became rather bulky as trade grew. For example in the early 1900s, my great grandfather settled in rural South Africa in a village called eMsinga. While they had excess cabbage they didn’t have enough time or terrain to breed goats, so the logical thing to do was to find a demand for the excess cabbage they had and trade the cabbage for the goats they needed.

Well, how did we get to dollar bills and coins? The need for a more efficient system of exchange is really what led to the development of any form of currency - including cryptocurrencies. The exact origins of money are not really fully known, but archaeologists believe that some form of trade and barter system existed as early as the Mesopotamian (modern day Iraq) civilization in 3000 Before Common Era. However, the first standardised currency was created by the Lydians (modern day Turkiye), around 600 Before Common Era. They minted the world's first coins made of gold and silver, which were then used as a medium of exchange for goods and services. Coins were a significant innovation because they allowed people to conduct transactions more efficiently and accurately without the need for heavy goats and crusty cabbages. It is interesting that the whole point was to conduct transactions efficiently and accurately, with the current monetary system, we seem to have strayed away from this.

Gold played a vital role in providing stability and confidence in the currency represented by silver and gold coins. Banks played a crucial role in introducing gold into the monetary system, backing paper and coins with gold reserves. This system, known as the gold standard, was dominant for most of the 19th and 20th centuries. However, it eventually came to an end. The gold standard has largely been abandoned by countries around the world in favour of a system  in which the value of a currency is determined by supply and demand in the foreign exchange market rather than being pegged to a fixed value of gold. Sus much? Well, maybe. When the gold standard was dropped, currencies began to derive their value from the faith and credit of the government that issued them. This system, known as fiat currency, is used by most countries today. Under the fiat currency system, the value of a currency is not backed by a physical commodity like gold, but by the trust that people have in the government's ability to maintain the value of the currency and its economy - almost just vibes, essentially.

It isn't all doom and gloom, the fiat system has advantages, such as greater flexibility in monetary policy, but it also comes with harsh disadvantages such as inflation - the greatest excuse we now all use to stay at home. Inflation is a rise in the general level of prices over time, which can erode the purchasing power of money. While some level of inflation is considered healthy for a growing economy, high inflation can be harmful, especially for the poor who have limited access to resources. This is what we have seen an many Africa and South American countries. The current monetary system has been a beacon of inequality and massive oppression. 

As the world becomes more interconnected and digital, new forms of currency have emerged. Cryptocurrencies such as Bitcoin offer a decentralized and transparent alternative to traditional fiat currency systems. They also provide protection against inflation, as the supply of most cryptocurrencies is limited - Bitcoin is capped at 21 million. This has made them increasingly popular and reliable as a store of value and means of exchange, especially in countries with unstable currencies. As cryptocurrencies grow, it is almost as if we are moving back to a time where we did not have to trust governments or any centralised institutions to help us manage our money. We, the people had all power and control over what we needed to buy and sell. Supply and demand was driven by our needs and wants and not some "invisible hand". We knew that the same amount of mealie meal that got me pumpkin today will do the same for me in 2 years time, our money was predictable. Crypto gives us our power back in a deeply meaningful way. 

In conclusion, the history of money reflects our evolving needs and aspirations as we have progressed from small, isolated societies to interconnected global communities. From bartering to cryptocurrencies, the way we exchange value has evolved significantly over time, driven by human ingenuity, creativity, and innovation. While each system has its risks and challenges, the pursuit of a stable and reliable medium of exchange remains a fundamental goal of human society and looking at history, the future certainly favours cryptocurrencies. 

I hope this has been a simple and valuable letter to you. Please do follow @nuudmoney on all social networks. I am looking to hearing from you, the team and myself love your feedback and questions.

mpumelelo, ceo

nuud, inc.