Money, as we know it, is a tool to facilitate transactions and store value. Yet, it has evolved into a commodity, traded for profit, and has become a measure of one’s worth. It is a centralised system, controlled by banks and governments, and its scarcity is artificially maintained to ensure value. This system creates inequality and fosters competition rather than collaboration.
Blockchain technology, underpinning cryptocurrencies like Bitcoin, offers a decentralised alternative. It allows peer-to-peer transactions without intermediaries, creating a transparent and democratic system. However, cryptocurrencies are still treated as commodities, and their value is speculative, not based on their use as a medium of exchange.
Reimagining money involves creating a system where value is based on the utility of the currency, not its scarcity. This could be achieved by using blockchain technology to create a digital currency that rewards collaboration and contribution to the community. Such a system would promote equality and sustainability, moving away from the competitive, growth-driven model of the current monetary system.
This radical shift requires a change in mindset, from viewing money as a commodity to seeing it as a tool for facilitating exchange and promoting social good. It involves embracing the potential of digital technology to create a more equitable and sustainable economic system.
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