Our Money in the Future
We noticed how technology changes and disrupts almost everything in this world. On the opposite, the evolution of money took a longer time to reach its current place now. Metals were used as means of payment which later developed into paper money. With technology, it became very convenient for people to pay for their transactions through electronic payment and money. What kind of payment system will this world have in the future? What will be the future of money?
There have been many predictions on the future of money. Among these are predictions that there will only be one currency in the world and the disappearance of paper money through the sole use of electronic money. Are these predictions possibly attainable?
Some say that the idea of using one currency in conducting transactions across the world may not exactly happen but the number of currencies might fall as the world becomes more globalized.
For example, Canada and Saudi use American dollars and not Canadian dollars in conducting their business. The value of an American dollar against other currencies might also fall. In the case of the Philippines, at some point we may not notice that one dollar is already equivalent to one peso in the future.
Will the paper money completely disappear? Not exactly but sooner or later we may find the use of paper money very rare. It will only serve as a back up when electronic transactions fail in some point. Although we may really find the convenience of using e-money, the idea of going paperless poses a number of disadvantages like the very expensive cost of setting up technological needs and the problem of security and privacy.
We cannot exactly know what money the world will use in the future. With the...