The future of money after covid-19 and its impact

Money and its impact:

Everything at the right time. Everything is born, grows, wilts, and disappears. This is the life cycle and the same process applies to money and how you get it.

Our perception of money – how it is earned and its value – is undergoing a major change.

Open your wallet and look at a dime. Money is physical; you can take it and hold it in your hand, and you can be sure it’s really worth 10 cents. In a few years, you will probably have a small plastic object in the shape of a heart or star in your hand, or you may not even have a wallet and access only a virtual currency, which does not exist. do not. I don’t know what it looks like. You need to be prepared for a financial revolution in the next 10-15 years.

Money as we know it has been around for several years: the first banknote was printed in France in the 17th century. More recently, however, currencies have started to disappear; more than 500 in the past 30 years, and the trend continues.

What has been replaced?

Several experts point out that the current monetary system will undoubtedly undergo profound changes in the coming years, as it will be affected by factors such as inflation, the illegal economy, and counterfeiting, to name a few. At the Shambala Festival, held in England in August, Jem Bendell presented courses on how to create your own currency.

This situation offers innovative ways to structure an economic system. The current monetary system can also be an obstacle for people, countries, and governments to work together in an ideal way as now. The monetary system of the future does not depend on politicians or bankers but is run by communities and lending platforms, such as repayment and loan clubs.

Currency exchange companies and companies exchange money.  When money “was born”, the population of our planet was more than 2 million. Today we are more than seven billion. The system is under pressure due to the growing demand for money. Current growth has created an enormous demand for financing and this growth has led to a historic level of economic debt in the world, which is increasing inequality.

Money becomes mobile

The use of credit cards has exploded in the recent few years. VISA and MasterCard control 80% of the global credit card market and this situation can be considered a normal oligopoly (I disagree). However, a new and more complete system is evolving rapidly: mobile payment solutions. New technologies offer new ways to make payments and transfer money through cell phones, applications, Bluetooth solutions, and so on.

We still don’t understand the consequences of a cashless society. Even today, security is only a footnote in the recommendations of the European Central Bank. Payment networks like SWIFT, PayPal, and Western Union can close people’s accounts in a short period of time if there is a political disagreement with a Russian, Iranian, or politically active account holder. You could call it national security; however, you can also call it financial terror.

Israel and its many currencies

Israel is known as a growing nation in innovation and IT. Entrepreneurs are developing the currency of the future, as Israel is an excellent place to test these new ventures. American company Robocoin has created its own Bitcoin ATM, with which people can exchange their virtual currency for cash. Israel is currently the most active Bitcoin market in the world and offers hundreds of new companies focused on the development of technologies related to virtual money.

One of Israel’s leading economists, Galia Benartzi, known for her “monetary heart”, believes that the global economic system is highly unfair and unsustainable. He says it is an illusion to believe that money has value. That’s why she, along with millions of other people, is trying to do something about it. There are now no less than 87 acceptable alternatives “currencies” in Israel that you can use to buy real estate, books, clothing, food, and so on. These currencies compete directly with the country’s official currency, the Israeli shekel.

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