A variety of fun facts about money and banks you have to learn about

Read the short article below to discover some fascinating basic facts and statistics about banks and their history.

Banks have been around, in one form or another, for almost as long as money itself. The earliest banks most likely emerged because governments wanted a location to store the tax they levied in the shape of coins – a little world currency trivia. Temples in Ancient Egypt, Babylon, Greece and Rome were the very 1st locations to store the money of individuals and governments. Temples made for reliable places, since they were occupied by individuals like priests and temple workers who were there 24 hours a day, and were generally thought of as sincere. Slowly, these temples commenced offering other monetary solutions such as giving out loans, which led to the development of dedicated financial organizations, known today as banks. Presently we can find instances of many different banks, like the European Central Bank or the Bank of England, offering a number of financial solutions both to individuals and governments.

When thinking of banks, Switzerland is perhaps the country most related to this means of service. This small country in the Alps is now property to some of the world’s leading banks like UBS and Credit Suisse. The history of this country is full of fun banking facts. As an example, did you acknowledge that the national bank of Switzerland is not really owned by the government? Central banks are generally owned by the government they are located in, but in the case of Switzerland they are owned by the different Swiss cantons, cantonal banks, and private individuals and providers.

Money and banks go hand in hand. You will find that money facts and trivia is more exciting than you would anticipate. But first, let us comprehend what money really is. Money in itself is not anything, it is just a standardized unit to measure the value of any given good or service. Money does not have an intrinsic value, and is only valuable if everyone else agrees to its value. Money has existed for a minimum of 3000 years. This was a time before any systematic written records began which makes it difficult for us to measure the history of growth of monetary systems. These days, this job is done mostly by banks such as La Caixa and BEA. Before the technology of money, the barter systems was prevalent in evaluating the value of goods and services. If you were a farmer that needed their roof thatched, a thatcher might demand particular amount of vegetables or grain. This is very similar to how money functions, except for in a barter system there was no set value for anything and you would normally figure out how much and what would be exchanged. By using a standardised unit, like pound sterling or American dollars, we have the advantage of speed in any sort of financial transaction, which is likely perhaps one of the most indispensable facts about currency.

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