The Future of Money

The Future of Money by Gabrielle

We use money everyday to pay for goods and services. Money did not however begin as coins and notes. People used bartering instead of exchanging coins and notes. Bartering was the way people exchanged goods and services from the earliest days of human beings on Earth. If you grew rice, for example, you could trade bags of rice for the other goods and services you needed. Bartering had many problems leading to people using commodities such as shells, shark teeth, animal skins, tobacco and salt as a form of money. After that silver and gold coins were used as a currency before paper money was introduced. These days we have coins, notes and credit and EFTPOS cards but what is the future of money?

Money needs to have five characteristics 1. Must be divisible 2. Portable (easy to carry and move around) 3. Durable (must last and hold it’s value) 4. Recognizable (easily identified as money) 5. Scarce (A limit to how much there is so it holds it’s value). In the future there will be money robots that tell you how much you have in your bank account and how much you have spent and they can transform into a wallet with real cash in side. Also if you forget your robot you can just use an app called ‘my money robot’ and use your robot on your phone and you don’t even have to charge your robot. There will also be metal money so you can tap on the item you want to buy and it automatically takes the money out of your bank account.

I think money is really important because if we did not have money we would find it hard to survive because we would struggle to find food shelter and even friends.

The Future of Money by Caleb

We use money everyday to pay for goods and services. Money did not however begin as coins and notes. People used bartering instead of exchanging coins and notes. Bartering was the way people exchanged goods and services from the earliest days of human beings on Earth. If you grew rice, for example, you could trade bags of rice for the other goods and services you needed. Bartering had many problems leading to people using commodities such as shells, shark teeth, animal skins, tobacco and salt as a form of money. After that silver and gold coins were used as a currency before paper money was introduced. These days we have coins, notes and credit and EFTPOS cards but what is the future of money?

Money needs to have five characteristics 1. Must be divisible 2. Portable (easy to carry and move around) 3. Durable (must last and hold it’s value) 4. Recognizable (easily identified as money) 5. Scarce (A limit to how much there is so it holds it’s value). In the future money could become obsolete and instead will become a chip that is inserted into your brain and can be accessed via computer. You will only need to stare at the item for a couple of seconds then the money will be transferred to the shops virtual till. This is possibly easier but could get hacked. We will have a single world currency because it doesn’t become confusing switching between currency when you’re going to different country on holiday.

Overall money is important to have and everyone should use as something might happen to your credit card balance, or you might need to pay for someone to come and do some plumbing. It is also apart of our history and culture.