Before fiat money existed, currencies were usually backed by a commodity such as gold or silver. Read more about bits to usd converter here. Currency is a universal medium of exchange for goods and services in an economy, and it is believed to have been used as such dating back at least 3,000 years. Before this, it is assumed that bartering, which is the exchange of goods and services without the use of money, was likely used. Some examples include coins, barley, gold, silver, squirrel pelts, 8-ton carved limestone rocks, salt, knives, cowrie shells, stamps, potato mashers, peppercorn, tea bricks, and cheese. The Satoshi price page is just one in Crypto.com Price Index that features price history, price ticker, market cap, and live charts for the top cryptocurrencies. Bitcoin is a peer-to-peer e-cash system that removes the need for a middleman when it comes to doing international transactions and online purchases.