Money has taken many forms over human history. People have used everything from rocks to cheese as currency! But most societies eventually switched to some form of coin or bill.
The first coins were used in Asia around 700 B.C. Paper bills were invented in China around 1000 A.D. Paper made money light and easy to carry.
Credit cards, which allow people to buy something and pay for it later, started being widely used in the 1950s. Debit cards, which take money directly from a person’s bank account, became popular a few decades after that. Today, apps like Venmo and PayPal allow people to make payments with their phone.
Kenneth Rogoff, an economist at Harvard University, thinks Americans will use even less cash in the coming decades. China and India now have systems where people can pay with a fingerprint or face scan. “You don’t bring a card. You just put your finger down,” says Rogoff.
Money has taken many forms in human history. People have used everything from rocks to cheese as currency! But most societies eventually switched to some form of coin or bill.
The first coins were used in Asia around 700 B.C. Paper bills were invented in China around 1000 A.D. Paper made money light and easy to carry.
Credit cards started being used in the 1950s. They allow people to buy something and pay for it later. Debit cards became popular a few decades later. They take money directly from a person’s bank account. Today, people use apps like Venmo and PayPal. They allow people to make payments with their phone.
Kenneth Rogoff is an economist at Harvard University. He thinks Americans will use even less cash in the future. China and India now have systems where people can pay with a fingerprint or face scan. “You don’t bring a card. You just put your finger down,” says Rogoff.