All You Need to Know About the Barter System

The barter system is one of the oldest economic systems known to man. According to historians the first barter system was used 6000 BCE in Mesopotamia (currently Iraq). The consensus is that the barter system was never the only existing economic system at any point of time. In fact, there were several systems working simultaneously including using certain commodities such as salt or shells or white weapons as a currency.

Was the barter system the only system they used back then?

The basics of the barter system

The barter system depends on both parties reaching an agreement on the value of the goods or services being bought or sold. It depends on social connections and it requires trust between the buyers and sellers. The barter system also depends on compromise and haggling. If you are clever enough you can barter an item for a higher value or service. Something we all try to do to this day.

“In smaller communities or during times of crisis the barter system becomes an unofficial alternative currency

Can we go back to the barter system?

The barter system never really disappeared but nowadays people mainly depend on currency however in smaller communities or during times of crisis the barter system becomes an unofficial alternative to currency.

Which is exactly what happened during the Great Depression in the 1930s and up to this day smaller communities still use the barter system to save up their money.

Now that Bitcoin is emerging as a new currency many consider it as the next evolution of the economic systems.

Want to try bartering?

People use sites like Craigslist, Swapup, and Trader to barter goods or services. All you need to do is set a value for your items and wait for a return offer.