The evolution of currency was an unseen surge in the market. No one saw the need for Crypto but it has gained a significant place in everyday life. Advancements in technology shall become an additional burden on other forms of currency.
Currency does not just define the power of standing, it also decides the future of all countries. Some countries still prefer the feel of paper in their hand but time will decide the worth of the same.
The debate about currency will continue for the next decade, will cash remain the desired form? Digital currencies be most accepted? Will Crypto gain be standing in all markets? Or are we headed to a sweet form of Barter system?
“Is currency the ultimate answer or skills can provide a better reform”
The Simplest Choice: CASH
After the Barter system, coins of different metals became prominent in the olden era. The prominence of metals became invaluable as the supply became short. It took a long time for the paper form to become invaluable. The usage of paper in currency reduced the hoarding of gold and silver coins.
Cash flow system was one of the most preferred method until technology disrupted the flow. Collecting currency from all over the world might be a passion project or an invaluable asset as in the future some can become invaluable and some redundant.
Cash is a tangible unit and recognized globally but the cost of production can become a burden for the governance. It is trusted but fake currency has broken the economic hold.
Cash Perks-
It has some major perks, before the digital age, most cash transactions were untraceable. Black currency flow was much higher compared to the accounted one.
Cash had no tech dependency till ages and surely had made some major money heist stories.
Global acceptance kept the cash standing strong for many years and still many countries prefer cash over other forms of currencies.
Cash Loss-
Loss is seen in cash form, theft became an easy form of operation for unsettling minds.
The overall maintenance for cash becomes expensive, production, storage, transport, etc.
The untraceable form of currency imposes a major challenge for countries to tackle illegal activities.
“Cash is the original favorite, but not the ultimate way”
The New Age Choice: Digital
The modern form of currency is a convenient method for everyone to account. Math may not be everyone’s strong suit and digital currency makes it thorough and easy.
Managing the wallet can be done via a small phone and no one needs to keep track of all the transactions. The fast-paced era has made acceptance of the digital age a part of daily life.
Digital Perks-
The digital form is considered secure with encryption and fraud detection. Cyber crimes are easily reported and can minimize the load of theft.
The ease of digital form is seamless, nothing can beat the touch-click form of currency usage.
All digital transactions are traceable and none can be hidden. This can help trace the fraud, manage the finances, and keep long records.
Digital Loss-
Technology can sometimes ditch the real purpose. Need of connectivity, electronic issues, device management can be another level of load. Nothing comes without problems but the ease of technology beats all the loss.
Privacy is no more a real thing. It is potentially the biggest threat and equally a boon. Digital footprints may be erased but it can never really lose the path.
The risks of cybersecurity are visible in all transactions. Hacking, cyber-attacks, cloning, and other forms of vulnerability make it difficult to keep faith in the system.
“Digital form can only be as efficient as the technology.”
The Invisible Choice: Crypto
The Crypto form of currency is still not acceptable in all areas. Some countries have made it as the only form of currency but most have it banned. Is this going to wipe out other forms or will it create another? This can only be seen in the coming times.
This is accounted as a secured form of digital currency, it is not the same as regular digital currency. It is a completely different system. It has its own analysis market, growth-fall radar, and a dark side of usage. The dark web has the maximum benefit of cryptocurrencies. It has changed the way transactions occur.
Crypto Perks-
No interference from any government makes the currency most sought after. Everyone had a small chunk of crypto and it is usable for various work matters, legal or otherwise.
The Blockchain system provides ultimate security and reduces the risk of any interference. It has proven to be an enhanced method for users to have faith in.
Crypto is accessible to all and can be bought with online presence. Anyone can buy and sell the currency at any time.
Crypto Loss-
They are equally volatile to keep for the long term, as price fluctuations are commonly seen. You need to be well-versed in Crypto to gain benefit from the same. Some mint crypto as a business whilst some play with the pricing, it is similar to a share market system.
As it does not fall under any regulations, no one can be accounted liable, unless you can prove the deceit. It is seen as an uncertain commodity and a threat by government as it can bring down a whole system.
Technicality of the currency form doesn’t allow it to penetrate deep in the market.
“Crypto is the block needed on all the chained currency systems.”
The Original Choice: Barter
We use barter in daily life, some seek barter for help, barter for time, and barter for things but all in small and short variations. In original manner, barter was to help each other with unique skill sharing and gain the need for the time.
Barter made things possible, people exchanged hard work with each other and life went on. Change came in demand when comparison of work took over the human minds. Importance to certain work in comparison to other made it difficult for one to barter.
Stamped Coins changed the scene, which path the way to paper products. Barter now has become a small form of currency, but can it take over the future?
Barter Perks-
It is the simplest form of direct exchange and requires no commonality.
It sees the value as needed and not as per the demand. No inflation factors come into the picture.
All things can be efficiently used and exchanged to help reduce the wastage of goods and services.
Barter Loss-
It is difficult to transact all goods, as we humans value things differently. It is challenging to have rules around barter unless they are standardized by the governing country.
For large-scale transactions, barter can be challenging, but it can overcome the same with proper regulations.
Finding a proper match of exchange is the challenge and Barter can be time consuming. This system can only work in fairness and kindness.
“A Smile can be the best barter for todays’ mental health need.”
Banking system:
The banking system gave the credit currency a new life. In before times it was not popularized but frowned upon. Traditional systems of lending were common to all cultures, but it became a lifestyle with the rise of banks.
To seek money in form of credit, was a failure to one’s family but now it is common to buy digital products on credit. This has made countries prone to fraud and breakdowns. Companies use this perk as a way of personal funding till bankruptcy.
Money became volatile due to such cases. The world system of lending and borrowing has made some rich whilst some dependent. Digital currencies cannot transform this as banks continue to follow the same form of work, from paper to paperless. Cryptocurrency broke the chain of dependency and has allowed some countries to reform this form of currency.
“Banks are no more the proof of safety, they commit to nothing in broad daylight.”
What is the future of Currency?
We all should have the system reformed, from barter to digital, crypto to none. Humankind needs a hybrid system of incorporating new ways for work to be carried on. All forms are prone to some level of fraud. Content and satisfaction can only define the right form of currency.
“Future is hear, present is unclear and past can overcome all fears.”
Right Form-
Cash is burdening our taxes and complete digitization can be helpful in some form. It negates the fake currency, reduces the burden of producing paper money, and coins, and manages the system around it.
Integrations of traditional currency with Digital currency with efficient tech can add faith in the system.
Cryptocurrency and any new form of personalized currency can work for personalized choices. It should be given a flag of existence as people are blocking a load of paper value in the blockchain method. Regulating can allow a good flow, unregulated market will creep into the dark web.
The modern system of Barter can be seen as acceptable. Humans enjoy a good exchange of goods and services as it becomes easy at their convenience. Systematic algorithms can allow this process to complement the other currencies.
Transactions can happen when there is a demand, a need, and someone to provide and satisfy the same. If not the need for any currency has no value. Independence from all sort of needs can create another level of disruption.
A combination of all systems is the only way forward as no one form can satisfy the present scenario. The daily transactions have gone beyond human imagination and controlling the same has become a test of time.
“A Human need will carry on the transactions, content will change loop of want.”
The need for cash to be stored in a secure form is a basic human need. It can gradually disappear in the dominance of digital currencies but the value shall remain the same. The combination of hybrid systems can help navigate through the probable situation.
The changing societal needs and values can bring rhythm to the system. The global world should be one and a single form of currency can bring back the barter of life.
Humans can regain the ideas to acquire skills, use them, and barter them for another form of love. Money should not be assumed as a skill, it is the outcome of all the skills. A reminder to reason with transactions can make times simple. No one needs more than a few things in life to survive, we just need simplicity in all styles. All currencies will keep transforming till we exist as humankind.
“Nothing lasts forever, currencies will become air and water.”
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