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. <\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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? <\/p>\n\n\n\n
Every one of us has all the necessary skills to trade value without an unnecessary layer of cash and fiat currency. <\/p>\n\n\n\n
Cash itself has no value; it’s a mere medium of exchange that citizens use with governments around the globe. <\/p>\n\n\n\n
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. <\/p>\n\n\n\n
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. <\/p>\n\n\n\n
Apart from the federal government, chartered banks are allowed to create money into existence. In minced words, banks create money out of thin air. <\/p>\n\n\n\n
There is one Canadian startup that’s been the flagbearer of the barter trade system. That company is barterpay. <\/p>\n\n\n\n
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. <\/p>\n\n\n\n
Barterpay lets businesses of all sizes offer their unused and surplus inventory, goods or services to the barterpay network. <\/p>\n\n\n\n
That way, businesses can give or get things they may need to conduct business operations without being hampered by a lack of cash.<\/p>\n\n\n\n
Full Disclosure:<\/strong> Yawar Abbas is an active member of barterpay. Barterpay did not compensate me for mentioning barterpay. <\/p>\n\n\n\n Photo by barterpay<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Cash is king. Cash makes the world turn, for now. The way things are heading, it dawned that<\/p>\n","protected":false},"author":2,"featured_media":40,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,5],"tags":[34,23,28,35],"class_list":["post-39","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-technology","tag-barter","tag-investing","tag-technology","tag-trade"],"_links":{"self":[{"href":"https:\/\/longtrepreneur.com\/index.php\/wp-json\/wp\/v2\/posts\/39","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/longtrepreneur.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/longtrepreneur.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/longtrepreneur.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/longtrepreneur.com\/index.php\/wp-json\/wp\/v2\/comments?post=39"}],"version-history":[{"count":1,"href":"https:\/\/longtrepreneur.com\/index.php\/wp-json\/wp\/v2\/posts\/39\/revisions"}],"predecessor-version":[{"id":41,"href":"https:\/\/longtrepreneur.com\/index.php\/wp-json\/wp\/v2\/posts\/39\/revisions\/41"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/longtrepreneur.com\/index.php\/wp-json\/wp\/v2\/media\/40"}],"wp:attachment":[{"href":"https:\/\/longtrepreneur.com\/index.php\/wp-json\/wp\/v2\/media?parent=39"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/longtrepreneur.com\/index.php\/wp-json\/wp\/v2\/categories?post=39"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/longtrepreneur.com\/index.php\/wp-json\/wp\/v2\/tags?post=39"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}