What is the Future of Money?
The creation of money is possibly one of the greatest accomplishments of human civilization. Since the beginning of humanity, individuals have used money as a way to pay for goods and services. Over the years, money has been used in various forms and continuously changes to best fit modern society. Our society no longer has to depend on gold coins, cocoa beans, or anything else of intrinsic value that has been used in the past. In today’s society, we use paper currency, which is fairly convenient and easy to carry around with us. Over the past decade, our economy has experienced tremendous changes due to the introduction of new cutting edge technologies. Millennials are accustomed to a digital world and most likely will experience the transition from paper money to digital money. The advancements in technology over the past several years has allowed consumers the opportunity to buy and sell goods over a computer network known as the Internet. The internet is a
…show more content…
Apple Pay allows users to pay with their debit and credit cards with just a simple touch. Since its introduction in 2014, Apple Pay has experienced several necessary changes that provide users a safer, more private way to pay for their goods and services. By using the Touch ID, users are able to easily access their mobile wallets which can contain many different types of debit and credit cards. The Touch ID is a fingerprint identity sensor that makes it easy for users to access their devices. Apple Pay is still in the early stages of its product life cycle and has the potential to make substantial changes to the financials industry. When making a purchase with Apple Pay, it uses a device-specific number and unique transaction code. “It’s simple for you, and it’s built with integrated security in both hardware and software, making it a safer way to pay than with your credit and debit
money.In the line “To be made of it !” Gioia uses a hyperbole by referring to rich people as being
The topic that I’m going to write about in this paper will be on the electronic currency released in 2009 known as Bitcoins. Bitcoins is a type of currency that entails computer software to be used with one person exchanging with another person for a different kind of trading option such as the US dollar, products or services. There is a fourth reason why Bitcoins can be exchanged which is done when a person is mining, that occurs when a participant acts as a mediator for transactions whereas mediator approves and documents. Bitcoins is one of the largest and first electronic currencies ever created by any developer including the makers Satoshi Nakamoto. Bitcoins doesn’t meet the characteristic guidelines to be considered an actual type of currency, though the US Treasury recognizes it as a type of decentralized currency in that no person or organization including governments oversees the transaction of Bitcoins.
As we can see now-a-days, there are many replacements to card payments such as MOBILE PAYMENT options like Apple and Samsung Pay. Recently, Apple has launched finger print (TOUCH ID) payment option in its new Mac-book Pro. Almost every application has its own wallet to pay. But still, as we know that technology is any day not secured. It might not be vulnerable today. But, we cannot predict its non-vulnerability because one day or the other, it becomes vulnerable to any type of attack.
getting compromised. This technology is going to extend beyond just Apple Pay; it will be a
The world is becoming increasingly more accessible due to the internet; specifically for monetary transactions such as shopping and banking. In 2009, a group of people under the name “Satoshi Nakamoto” created the Bitcoin, a form of digital currency that can be used to conduct transactions on the internet. In the past six months, there has been a sudden spur of popularity for the Bitcoin, which increased the coin’s net worth, as well as stock prices for investors. Its stocks started accumulating investors in September 2013, at roughly $130 a share. Now in 2014, a share of the Bitcoin, sits at approximately $600. On a purely economic level, the Bitcoin may appear to be a promising investment of both money and hope for the economy in the future as technological advancements make improvements in our day-to-day lives. However, the very thing that is attracting investors is also sending red flares to government officials – uncertainty. A virtual currency is innovative and a very new concept to the society which we have today that is caught in a limbo between holding onto the old and transitioning into the new. The Bitcoin generates an interesting outlook on global politics and economy in the 21st Century. The virtual currency analyzes the threat of a foreign currency within a state, the possibility of a potential global currency and the technological economy of the future.
Bitcoin has been compared to the internet of the early 90’s by many people in that it has the potential to become a huge global peer to peer payment system allowing people to exchange currency value over the internet without a 3rd party bank. Much like the internet in its infancy was the basis for global commerce, Bitcoin has the potential to become a huge global payment network that operates outside of banks and government control.
Money has evolved with the times and is a reflection of the progress of man. Early money was a physical commodity, grain, gold or silver. During the vital stage, more symbolic forms of money such as certificates of deposit, bank notes, checks, letters of credit, bonds and other forms of negotiable securities came into prominence. Social development transformed money into a trust, “In God We Trust' it says on the back of the ten-dollar bill.” (The Ascent of Money, 27)
Bitcoin is a digital currency, similar to cash due to the fact it is instant, however, is not managed or controlled by a central government or organization. Instead, the network is run on thousands of independent user’s computers. None of these computers have more control over the network than any other computer. The network that Bitcoin was founded upon is based on 40 years of research in cryptography and over 20 years of research in cryptocurrencies; by thousands of researches around the world.
Michael Rodriguez James Maughn English 1A 20 May 2015 bitcoin fantasy. The Nation. The World. The World. ARE DIGITAL CURRENCIES THE FUTURE OF MONEY?
Four years ago, the idea of buying a pizza with a digital currency was a foreign concept. Most people hadn’t heard of Bitcoin, a mysterious digital currency that cropped up in 2009, created by the pseudonymous “Satoshi Nakamoto.” Today, almost 13 million bitcoins exist in circulation, valued at approximately $8 billion USD (1 BTC = approximately $600 USD) [1]. With the surge of popularity in the product, several spin-offs have been created, namely “Ripple” and “Dogecoin.” What do Bitcoin, Ripple, and Dogecoin have in common? They are all classified as a “cryptocurrency,” : a medium of exchange by which principles of cryptography are used to create a distributed and decentralized economy [2]. Bitcoin was the first cryptocurrency to be traded, and thus has the largest following and valuation.
According to Zakary M. Seward (2013), “Virtual currencies have been viewed as a form electronic money or area of payment system technology that has been evolving over the last past 20 years” (Seward, 2013). Virtual currency such as Bitcoin are not issues by central bank; instead they are created or mined by a group of anonymous programmers under the name Satoshi Nakamoto (Barry, 2014). Bitcoin can be sent and received through the internet, similar to sending cash digitally. The currency is exchange through the decentralized Bitcoin network, without going through an external financial institution or government. Virtual currency is a big problem. People from all over the word can exchange virtual currencies for traditional currencies through the online services. Many clients exchange goods and services by using virtual currency such Bitcoin. If people buy bitcoins, they don’t physically purchase goods by handing notes or tokens to the seller. They are used for electronic purchases and transfers. A lot of big companies use the form of virtual currency. For example, Apple provides iTunes users the option of buying prepaid iTunes gift cards that contains credits that can be redeemed for music and movies. You...
Due to the increasingly common act of smartphone payment, to protect yourself, be sure to have a password on your phone, and don't leave personal information easily visible on your phone.
The invention of money was a major improvement in peoples’ lives. In the past, people usually had to travel all day to find the person who is willing to exchange their goods. In addition, the goods people want to exchange did not have the standard value of measurement. This led to unequal exchanges. Furthermore, it is not convenient to carry heavy goods from one place to another for an exchange. To solve these issues, money will be the only solution. Later, people tend to develop money from cowry shells to credit cards for the convenience and to improve their society.
The invention of money is perhaps one of the greatest achievements of human civilization. From the very beginning of society, people have used money to circumvent the difficulties of bartering and to foster trade and commerce. Since then, money has come a long way. No longer do we need to rely on silver coins, cocoa beans, or even anything of intrinsic value to conduct our business; today, we use paper currency, which is convenient and easy to carry around. But slowly, we are moving into the digital age of money, an age in which less of our money is actually tangible and more of it is just data on a computer server.
To what extent will crypto-currencies affect the worlds economy? Introduction Firstly, an insight into crypto-currencies, what they are and how they can benefit the worlds economy. A crypto-currency is ‘digital medium of exchange’(RhettandLink) - managed through extensive encryption techniques known as cryptography. Comparable with fiat money, no group or individual can stunt, increase or abuse the production of crypto-currencies.