What is our future money going to look like?

Well, let’s examine the past – before we got so fancy. Money.org tells us that in 600 B.C., the idea of coinage was introduced by the ancient kingdom of Lydia (modern day Turkey). The original coins were made of a mix of two precious metals, silver and gold, known as ‘electrum.’ There were no platinum coins, and many heavily refined metals, such as white gold, simply did not exist.

While coinage was being introduced, the common people still bartered for skills and services. One of the benefits of bartering was that it encouraged honor. There were no online marketplaces or digital currencies to provide anonymity. Instead, you had local markets, where you would look your neighbor in their face to facilitate a trade. By this practice, the community was strengthened and dishonesty would be bold and obvious – there was less to hide behind. I mean you wouldn’t want to cheat your neighbor – especially if they were standing right in front of you.

Fast-forward to the present, where we depend on technology for everything. This is not inherently a bad thing. It just means you have to be more mindful of who gets their grubby little fingers on your money. Whereas previously you were trading with a physical person, many trades now occur in online marketplaces with faces and names completely removed from transactions. While there is more room for mischief, it still looks like the future of money is trending towards digital.

I believe that eventually there will no longer be a physical dollar, and currency will be completely digital. We already see Apple pay; digital wallets; buy now, pay later Apps; and many other forms of digital transactions, but I believe this is the beginning to a complete paradigm shift. So, get ready people, we have now entered the future of money.