Far from coins and banknotes: Cryptocurrencies
We may be lamenting that there will soon be no more coins and banknotes. But the trend to pay cashless can anyway not be halted. In the role of ‘psychological forerunner’, a considerable contributor here has certainly been the cryptocurrencies.
The term cryptocurrencies may sound mysterious, but for all who have already dealt with them is the logical progression of what the Internet generally means to communication, transfer of information, items, goods etc. When somebody orders something on the Internet, why or how should they awkwardly pay in cash as they would in a shop? Nobody demands this requirement and digital debits or transfers are anyway common practice. A simple click and a transaction is made, whether it is to goods businesses or in other procedures. Since many users are already accustomed to this form of payment, that feeling of “aloofness” has long since disappeared entirely. Tangible as digital, or even reversed -? Perhaps this is how we can best transcribe the current standing.
Crypto is a currency just like the others
Cryptocurrencies are an invention that fit exactly into this digitally oriented and dominated era and landscape. The monopoly that banks have in the printing, issuing and thus volume of money available essentially seems somewhat antiquated in light of the worldwide transactions taking place online every day. Are payments all across the globe still involved with pounds and dollars? In the end, an equalisation is always the case, a balance between goods and payments. To express it differently, something has a variable value and how that will now be remunerated is essentially irrelevant. The important thing is that a transaction takes place rapidly and securely.
Inflation, the major horror
Crypto money has the ability to develop its own existence, since it functions remotely from many catastrophes, which have lead in recent years alone to considerable inflation. What today is worth how much and how much will be paid tomorrow for the same thing? These intellectual game shows that the monopoly on money and payment methods is also tied in with the phenomenon of fluctuations, which often damage the public rather than actually helping it. Entire national economies can be left reeling.
Different rules apply to crypto money, which allow it to exist, so to speak, alongside the normal systems and therefore national states and their inherent “wellbeing’s”. Those who have recognised this will gain something from the new ideas about currency.
Back to cashless payments: What is money anyway?
Grab the trolley in the supermarket; quickly transfer some money over to your cell phone. These procedures are essentially a facet of the system for which crypto money stands. All across the world sums are being transmitted and, when we break it all down, they relate only to the moment, to that which currently is. As impressive as a sack full of money may be, as we remember so from fairy tales, it may also be that it does not reflect reality. People will need to, or really ought to, get used to payments becoming invisible procedures. The question as to what money exactly is can only be answered in an abstract form: Money is the equivalent value of a good.