THE PHYSICAL MONEY DOESN’T EXIST
We are all familiar with the monetary system we use today, 2030. But what was the system our parents used? How did it become what it is today? What is our current monetary system, and how does it work?
If we go back in time, we can easily notice that the monetary system that was used most often was physical money, in particular coins. Later on, banknotes came into use, and much later credit cards. But at the beginning of the century, new payment systems began to be incorporated, such as cryptocurrencies or transfers via mobile phones.
At the time, many might have thought that these would be the methods of the future, but they were nowhere near what we use today; but that’s what we’ll talk about later.
And you may wonder why physical money stopped being used, what was wrong with the coins and banknotes that had been used for so long. Well, you see, banknotes and coins were bad for the environment, because resources were not there to be wasted and wasted on the paper and metals needed to make money. With credit cards it was even worse because they were made of plastic, which is very polluting. The problem with cryptocurrencies was very different because there were many loopholes when it came to trading with them, and they decided to discard them because it was going to be very difficult, if not impossible, for all the countries in the world to agree to create a law to regulate them.
The difficulty that arose when they decided to stop using physical money was what to do with the money that was not going to be used. The first thing they did was to tell the citizens of the world that they had to go to the bank and exchange all the physical money they had in order to introduce it into the new system. Once the banks had collected all the money they thought about what to do with it, because they couldn’t just take it and burn it because it would be absurd to have done all that for the environment and then generate a lot of smoke. So they decided to create a museum of money in Dubai, and you will say that for that you only need one banknote of each, but they built the museum with the banknotes.
There is one last question to answer, you see, nowadays, everyone has a small chip, like a credit card chip, on their wrist and that is what they use to buy and sell. In addition, each chip is connected to a mobile phone with an application that can be used to control all the money movements you make. Another novelty is that the same currency is used all over the world:Trixcoin, which has greatly improved our current system.
Microchips used as currency
In short, nowadays, we have stopped using coins, banknotes, credit cards, cheques… and we have started to use a new system in which there is no physical money as such, but money is all stored in chips. Have you ever thought that this could be like this? And if not, how did you imagine it would be?
Uxue Cortaberria / María Peña