The Future of Money

in cryptocurrencies •  7 years ago  (edited)

The only reason why fiat money have a value because we've all decided they should. And because we've decided that, they do.
Money is about the exchanges and the transactions that we have with each other.

Money isn't anything objective. It's about a collective story that we tell each other about value. A collective fiction. And that's a really powerful concept. In the past two decades, we've begun to use digital money. So we get paid via direct deposit, pay rent via bank transfer. And every month, a small amount of money is deducted from a paycheck and invested in mutual funds/insurance for a retirement account. All of these interactions are literally just changing 1's and 0's on computers.

There's not even anything physical, like a stone or a coin. Digital money makes it so that we can pay someone around the world in seconds.

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