Cash is king. Cash makes the world turn, for now. The way things are heading, it dawned that the cash-based financial system may be on its way out.
Why may you ask? The cash-based financial system has led our world into a “financial cardiac arrest,” it needs a financial ointment in the form of a barter system-laden financial system.
Look around! Cash has swooped into our daily lives to make matters worse. Why do we have to use cash to buy, sell and trade; goods or services?
Every one of us has all the necessary skills to trade value without an unnecessary layer of cash and fiat currency.
Cash itself has no value; it’s a mere medium of exchange that citizens use with governments around the globe.
A crucial question takes birth: why are only banks allowed to create money. Yes! You heard that correctly. Banks create their money into existence of their own will.
Let’s take a deep dive into the remark we mentioned above. When people in this economy go into debt – Borrowing money for car loans, student loans, overdraft limits, line-of-credit and mortgages, that’s when banks create new money into existence.
Apart from the federal government, chartered banks are allowed to create money into existence. In minced words, banks create money out of thin air.
There is one Canadian startup that’s been the flagbearer of the barter trade system. That company is barterpay.
Barterpay is a company that’s been on a mission for the last 20 years, trying to accelerate the world from a cash to a barter-based economy.
Barterpay lets businesses of all sizes offer their unused and surplus inventory, goods or services to the barterpay network.
That way, businesses can give or get things they may need to conduct business operations without being hampered by a lack of cash.
Full Disclosure: Yawar Abbas is an active member of barterpay. Barterpay did not compensate me for mentioning barterpay.
Photo by barterpay