What Is The Real Future Of Money?

Right now the way in which we perceive money is changing, including value and how it is earned. In 10 years now we have no idea what the value of one dollar is and we do not even know if the shape of money will be the same.

According to leading experts, the monetary system we use right now is going to change in the near future. This is because it is compromised due to counterfeiting, illicit economy, inflation and many other things. Structuring economic systems is a huge focus of many responsible for money so we should be ready for the future.

Unfortunately, it is hard to predict the future. However, there are some trends that are now visible in regards to the future of money. These will most likely have the biggest impact in a few years.

Money Will Be Mobile

Credit cards are much more used now than ever. MasterCard and VISA now share over 80 percent of the market. At the same time, we see brand new system rapidly evolving through mobile payment solutions. We have access to new technologies that allow us to transfer money and make payments through Bluetooth, apps and mobile phones.

Having a society that does not use physical money is a scary prospect and we cannot properly understand what consequences this would have. Various payment networks, like Western Union, PayPal and SWIFT can close an account when some problems appear. This can lead to some sort of financial terror. Massive IT breakdowns are surely going to happen and we do expect future wars to be fought with computers. When everything is connected with computers and mobile devices, more problems might appear.

The Rise Of Cryptocurrencies

Bitcoin is definitely changing the way in which we look at money and this is just the most popular cryptocurrency of thousands that exist right now. Boris Dzhingarov, Cryptoext founder, declared:

“If we are to look at the future of money, we need to look at cryptocurrencies and at Israel. Israel is now a trendsetter for financial innovation and IT use in financial markets.”

It is hard to argue with this fact since in Israel we saw the first launch of the RobocoinBitcoin ATM. Although it was considered to be a fail, this was the first step towards a network of such ATMs that appeared around the world.  Israel is now a hugely active Bitcoin market and cryptocurrencies have to be considered whenever discussing the future of money.

Growing Demand For Transparency

When transparency is low, people start to worry. Denmark is a great example of this. In the country, the National Bank controls much of the financial market, together with central banking. It is the central bank that decides if you can borrow and the interest that is to be paid. This opens the doors to manipulation and speculation. Younger people now demand transparency as they want to be sure that everything is handled in an honest way.

Final Thoughts

Generally, the main indication about the future of money is that the traditional transactions, currencies and banknotes are surely going to eventually disappear. The only factor that can vary istime. Younger generations are pretty much against what is happening now. Physical money and currencies can die out and more and more indicators that this will happen are seen every year.