We’ve been hearing about global currency for a long time now. Some people think it’s a great idea, while others will argue nonstop about why it would never work. One thing I never thought about before today was what it would be like to have a decentralized digital currency system that operates on an open source software maintained by a community of open-source developers.
Bitcoin.org has actually created this system, and it has no central authority. Everything is anonymous. My first instinct was to reject this ideas since it’s so different than what we do now, but after thinking about it more, it’s definitely interesting. That fact that most of the global exchanges happening right now exist without actually trading paper money makes it not far-fetched to move from a paper money system to digital currency in the future.
However, the question still remains, would global currency itself be feasible? Out of $4.4 trillion dollars traded everyday, 98% of those transactions are purely speculative. The amount of money traded globally everyday is 16.5 times more than the trading volume of all the stock markets in the world combined. With theoretical money being exchanged daily, what does it look like for the future of the global economy and possibly a global currency?
In this infographic called The Future Of Money – A Global Currency by MoneyChoice.org, you’ll be able to see some of the benefits and downfalls that a global currency might encounter. There are many places (about 1,900 local communities in the world) that have already adopted electronic money or a different currency than their national money system. It’s very intriguing to me to explore these possibilities, especially from a technology standpoint when talking about a digital global currency. It will be interesting to see how all this develops over time.
The Possibility Of Digital Global Currency In Our Future
(Click Infographic To Enlarge)