We have looked at the history of money over time to help us better understand the future of currency. In general, we saw that usable currencies have three important characteristics:
- they hold their value over time
- they are an agreed upon medium of exchange
- they are easy to use, handle, and exchange.
If a currency meets these criteria it means other people want to use it.
However, cryptocurrency does not currently meet these criteria, and as we have seen, there are other issues with the currency aside from the criteria such as added pollution. That is not to say that this will never be a viable currency option in the future.
We have seen that currencies have changed a lot through time. We saw how different mediums of exchange have been used, and often many were used at the same time. People may claim that their money or their idea will be the future of currency but the future is impossible to predict.
For every success story you may have heard about crypto, there have been ten or twenty people who have lost some, or a lot, of real viable dollars investing in this space. Before you put viable dollars into any type of new or exciting currency or any other medium of exchange you should think about how much money you could potentially lose.
Before you invest in anything claiming to be currency, make sure it meets the three criteria of a viable money. Think about the history of currency and how or why some currency worked well and ended up being very valuable while others didn’t. Think about times when changes in currency happened, and think about why these changes took place.
If the crypto seems risky, then avoid it, or don’t put more money into it than you can afford to lose. You don’t want to end up on the losing side of history.
“Will Cryptocurrency be the Money of the Future?”
- Listen to Cryptocurrency e-book podcast – read by Keith Dunford, Voice Over Productions
- Cryptocurrency ebook by Morgan Franklin Fellowship
- Read blog series – “Cryptocurrency – Money of the Future”
A Journey to Personal Financial Success
At Morgan Franklin Fellowship (MFF), we support the concept of financial freedom – by teaching participants how to save by paying themselves first, invest for their future and grow their net worth.
Learning how money works and how to talk about money with others are the first steps towards recognizing an individual’s lifelong financial goals. Our online programs, podcasts, blogs, and book reviews and resources are designed to help you learn the concepts, rules and vocabulary of money, finance and investing.
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Our Standards of Financial Literacy – Learning about money series is engaging, full of interesting information, and easy to navigate. Adapted from the National Standards for Personal Financial Education developed by the Council for Economic Education (CEE), this robust curriculum features six short lessons on such important topics as earning income, understanding the value of saving and using credit. When completed, this program lays the foundation for becoming an MFF Fellow.
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Interested in learning more about cryptocurrency? Order your free copy of MFF’s full e-book “Will Cryptocurrency be the Money of the Future? – Learning from the Past” written by Dr. Jason L. Newton. Jason is an alumni member of the Morgan Franklin Fellowship Foundation class of 2022. To receive your free copy take a moment to __XYZ___.
