| json_metadata | "{"app":"Musing","appTags":["World"],"appCategory":"World","appTitle":"How would the world be without money?","appBody":"<p>I'm assuming that by money, you are referring to Fiat Money like the US dollar and other similar currencies. In that respect, without money, the world will have to resort to other ways of carrying out transactions by using other mediums of exchange. </p>\n<p>One of two things could happen. The first possibility is that transactions could revert to the more primitive type of bartering system. Prior to the modern monetary system we use today, transactions were carried out through bartering. Thus, without Fiat Money as a medium of exchange, trade around the world could be done by exchanging various goods and services with equal value. </p>\n<p>While this might sound primitive to some, bartering has actually become one of the means that Venezuelans have used to conduct basic transactions as a result of hyperflation and lack of cash cash circulating in their economy. The problem with this system, however, is that it is inefficient. For example, it is not always guaranteed that you will find an individual who will want the products you have on hand and vice-versa. And as a result, the value of the goods you have on offer are likely to fluctuate depending on the goods that others are willing to exchange for yours.</p>\n<p>A second possibility, however, is that individuals might be inclined to explore new and unfamiliar mediums of exchange like cryptocurrencies. One of the reasons why there is not enough adoption of cryptocurrencies among the mainstream population is the fact that most people are content with using Fiat money. However, if the world is without Fiat money, then people might be more inclined to cryptocurrencies, since it is a much better alternative to bartering. After all, cryptocurrencies are easier to transfer and it could also provide a more equal means of exchange than bartering. It is also more secure and safe because exchanges are recorded in an immutable ledger and protected by cryptography. </p>\n<p>Another reason that cryptocurrency could serve as an effective means of exchange in place of Fiat money is the fact that it resolves the question of how to print money. Thus, even if the world is without Fiat money, circumstances will not be dire because it can be used to print and distribute money, in a decentralized manner. </p>\n<p>Sources: </p>\n<ol>\n <li>History of money. https://en.wikipedia.org/wiki/History_of_money</li>\n <li>Fish for flour? Barter is the new currency in collapsing Venezuela. https://www.reuters.com/article/us-venezuela-barter/fish-for-flour-barter-is-the-new-currency-in-collapsing-venezuela-idUSKBN1JT1UM?il=0</li>\n</ol>","appDepth":2,"appParentPermlink":"fkq5ect8x","appParentAuthor":"mayamieko","musingAppId":"aU2p3C3a8N","musingAppVersion":"1.1","musingPostType":"answer"}" |
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