Future of Money. What money is and what will money be in YOUR future

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Financial services have undergone through a massive upheaval in terms of development in recent years. More people in the world have currently developed new ways of getting money on the internet through the use of “digital banks” whereby one does not need to make long queues waiting to be served. The growth of the digital economy has bought diverse and significant ways of storing and using money in the economic sector. Long ago, people transacted using different means such as buying and selling items manually without the use of electronic devices. Today, the world has evolved and people have developed different ways of storing and transferring as well as making money. Money has been made available in different forms unlike in the past whereby people could always carry money with them and make payments using manual ways such as giving cash. The recent development in e-commerce has enabled people to pay using the internet and, therefore, no need to carry money in its physical form. Computers can now change the transaction and money stored in the bank can be used to make payments (Surane and Cannon, 2018). The use of modern technology has enabled the government, e-commerce and other firms to transact with ease and, therefore, avoid unnecessary costs. Thus, what money is now and what it will be in the future is a significant area of concern.
There is a lot of convenience and automation in financial documents when using digital money. One does not require rounding off funds probably to the nearest possible coin in order to make a purchase. The use of modern technology has enabled people to use their electronic gadgets such as mobile phones and computers to transact money even after the purchase of goods from a certain shop or even a supermarket (Pollock, 2018). This gives convenience to the customer since it saves time and is less laborious, unlike the traditional system whereby one could go through long processes before making payments. The modern technological method is more advantageous since it makes one stick to their budget because they can adequately plan for all their financial transactions as well getting a quick overview of their expenditure.
Talking about the future of money without talking about cryptocurrency would be remiss. Many developed countries have made significant improvements in the financial infrastructure and cryptocurrency which can be said to be a kind of digital money is anonymous in many cases CITATION Dar18 \l 1033 (Pollock). This type of currency is mainly associated with the internet and involves a series of process for converting information into a form that can be used to make purchases. It has developed as a mathematical theory whereby information has been used to change theoretical currency into online money. While the introduction of decentralized cryptocurrencies such as Bitcoin has dominated in the ears of most people, the impact has a big impact on the central banks. According to many people, the electronic payment system has more advantages over the traditional system. Some of the modern systems such as Bitcoin may not be too effective especially when one invests with a small amount of money. To realize big profits, one has to invest a huge amount of money after which they can start earning almost a quarter of what they have invested. Bitcoins have recently been used as online financial institutions where those involved deposit their money and withdraw at their wish.
New financial technologies have made better access to a financial system with an easy way of making payments, and also they have lower transaction costs. Domestic payment systems have shown a notable improvement with the modern technological advancements with the increased cross-border systems of payment. The online modern money transfer has made it easy for the payment mechanisms since one can make money without fearing the risk for transmission. However, the use of new financial technologies has made it difficult to have enough customers since most of the people use modern technologies. The abandoned efforts in most parts of America have proved that cheques will be of less use in the future. Some of the successful payment systems such as the Android Pay and Apple Pay have succeeded due to the infrastructure already put in place by most states in America CITATION Jen18 \l 1033 (Surane and Cannon). Therefore, future innovations involving internet of money will be majoring on identified innovations which have not been implemented and developing new ways on how they can improve internet money transfer to offer more reliable services to consumers. As more businesses continue to come up, there will be more need for these firms to transact online and, therefore, the online money transfer will be at a higher demand. However, there may be a need to complement this in the form of tokens or another cryptocurrency. This online system posts a threat to banks which operate offline. The numerous digital transactions as well as the automatic payment system has helped these online financial institutions from converting money from the phy...