Chapter 2: Review of Related Literature
Factors Affecting Decision and Perception towards Acquiring and Using
Cryptocurrency
Evolution of Payment
Barter System
Commodity Money
Coinage
Acquiring and Exchange of
Paper Money
Cryptocirrency
Roos, 2015.
Roos, 2015
Roos, 2015
can be traced back to the
colonists used barter
individual first trade
to obtain the goods
items that is more
were directly exchanged for
and services they
tradable. Some of
needed. Barter
these tradable items
continued even after
are pepercorns, castle,
money was invented
salt and shells which
are used as the
Roos, 2015
commodity money to
This was followed by the
exchange again into
development of paper money,
more value item.
which could be more easily
in 600BC. As Greek poet
Xenophanes and historian
Herodotus quoted and
ascribed the invention of
metal coins to the Lydians.
During this era, Lydian
coins are made from
Coinbase allowed respondents
Similar to non-pure metal
to buy cryptocurrencies such
coins paper currencies have
as Bitcoin, Ethereum and
no intrinsic value and can
Litecoin. Some people wanted
be exchanged into items
to buy other crypto assets
that have intrinsic values
using platforms other than
and are supported by
Coinbase (Binance, Coinfloor,
precious commodities
Blockchain Wallet, etc.), but
electrum, a mixture of silver
many failed to understand
and gold that occurs
how these things worked and
naturally, and the coins were
failed, or not at all.
stamped with pictures that
transported and stored than
Beattie, 2022
acted as denominations. The
coins evolution of payment
value of these coins was
systems can be traced back to
the barter system, where goods
Horesh, 2013
Metal coinage first emerged
barter system, where goods
other goods or services
FCA, 2018
Beattie, 2022
Evolution of payment systems
Zhang, 2015
were directly exchanged for
The element of trust
other goods or services
was an essential
Roos, 2015
determined by the metals
During 1260 CE, Marco Polo, a
used in production when
Venetian merchant, explorer, and
trading
writer who traveled through Asia along
Faturahman et. al, 2021
component in a
The Commodity items
the Silk Road, visited China and
Cryptocurrency is used to apply
introduced the concept of money. The
the currency to a digital form. Ferry
bartering system
are determined not only
Roos,2015
Yuan dynasty of China moved from
Mulyant (2015) released a diary on
because parties had to
by their popularity, but
also by favorable factors
Precious metal coins are
coins to paper money by the time, in
the use of cryptocurrencies as an
make a pre-
such as the product's
eventually replaced by non-pure
alternative to traditional currencies
commitment that the
approximately 1271 CE. The emperor
divisibility,
metal coins due to difficulty to
of China had a good handle on both the
in Indonesia, stating that people
goods that would be
need the freedom to transact
without facing limitations of
exchanged were of
transportability, and
create and to obtain precious
money supply and its various
suitable quality
durability. Commodity
metals as ingredients. These
denominations
monetary items such as
non-pure coins are now
livestock were poor
representing as money or
mediums of exchange due
commodity money with
to their enormous size,
different values. Although it has
portability, heterogeneity,
no intrinsic value it can
and in most cases
exchanged to other items which
indivisibility.
has intrinsic value such as gold
and silver
various payment systems.