A financial revolution is underway. It is going to change your life. Understand it. Embrace it. Change the world. That is the theme of my work here. At the core of the financial revolution is the reality that the very nature of money itself is changing, mainly due to advances in technology.
The very nature of money is changing.
What does that mean? Well, first of all we had better be clear on what money is. A popular definition of money is that it is a medium of exchange, a unit of account, and a store of value. That’s not accurate. Those are functions of money, but they do not define money what money is. Therefore, the definition of money must be broken down and clarified.
First, there is the item that is used as money. Throughout history, there have been many items used, from gold and silver, to tobacco, to cowry shells, and now electronic digits. If so many items can be used as money, then there must be a secondary definition that transcends the item used. There is.Read More