Is crypto the final stage in the evolution of money?

teosanru

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Quote from: Rruchi man on April 11, 2022, 08:36:23 AM

I don't know if perhaps i'm overthinking this, but considering the evolution of money from the beginning of time where different things have served as a medium of exchange and now currently banknotes.

On same trend, we are slowly witnessing the evolution of money to crypto and i can't help but wonder if crypto is the final stage or there may perhaps be another revolutionary idea to replace crypto as money after crypto has been accepted.

What do you think?

No not at all, this is not at all possible, see evolution Means evolving and ever evolving. There can never be a stop to evolution as we will progress further there definitely be something which would be more advanced and more efficient than Cryptos too. If you feel there can be an end to humans evolving this is a really big mistake. But yes to be honest it'll be interesting to see how humans evolve further. Because we have already reached a very advanced stage.

worldtraveller321

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The thing with crypto is most of this money system was created in the private sector (business) vs public sector (government)

more less we see this switch of money created in the private sector. However do you have the confidence in the private sector with a new money system. Some of these private sectors are also corporations.

More less we are changing hands from one to another, that is one thing one must determine
do you have confidence in the private sector of creating a money system. this one might deserve a stand alone post

goldkingcoiner

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Of course crypto is not the final stage of money. Evolution is the process of perfection! In the far future or perhaps even the near future, we could develop something much better than crypto and that would phase out crypto as the old money. As things currently are, crypto is the next generation of money. We are finally taking back control from governments and corrupt bankers. And everything is on a public ledger so everything is fair and transparent. Thats what was missing from the old version of money, aka fiat...

I do wonder what the next stage of money could look like.... Or the web 4.0.

Exciting times ahead!

Renampun

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Quote from: RealMalatesta on May 11, 2022, 05:24:18 PM

Quote from: kapalmabur on May 09, 2022, 04:36:06 AM

Quote from: Wong Gendheng on May 09, 2022, 02:17:12 AM

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So, what I understand as final here is before I die, and I believe that it is the final evolution for the time being until I die. I mean for the next 50-60 years at max (probably won't live that long) I can't see anything better to come along. I am sure that bitcoin will grow to be in every shop, but nothing else will come out.

60 to 100 years into the future, crypto will be the final evolution of money...

I don't know if CBDC is included in crypto because I heard that some CBDCs adopt blockchain technology but for crypto currency itself, currently it has advantages and conveniences that far exceed fiat. Humans can send large amounts of cryptocurrency (bitcoin) across continents in just seconds and without a third party. surely no more money (evolution) will be created.

RealMalatesta

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Quote from: kapalmabur on May 09, 2022, 04:36:06 AM

Quote from: Wong Gendheng on May 09, 2022, 02:17:12 AM

I still remember when the ATM was found, many experts at that time said that the ATM connected to the bank was the best and last payment system, but the world continued to grow and then SMS banking appeared, internet banking and so on, I'm sure crypto is also not a final stage in the evolution of money.

That's the way it is, because as long as technology continues to develop, I think the evolution of money will continue to exist.
indeed for now crypto is one of the good breakthroughs which we never imagined,
but anyway it's not the final stage and let's see in the future later

I do not agree this for the time being. Here when we are talking about "final" it doesn't really take into consideration how final. Like we may live another 2 billion years on this planet as humanity, does that mean we are going to use bitcoin for another 2 billion years? Or will humanity stop existing in 200 years? I do not know.

So, what I understand as final here is before I die, and I believe that it is the final evolution for the time being until I die. I mean for the next 50-60 years at max (probably won't live that long) I can't see anything better to come along. I am sure that bitcoin will grow to be in every shop, but nothing else will come out.

Mahanton

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Quote from: jootn2kx on May 11, 2022, 04:07:34 PM

Crypto definitely represents the next level of evolution of money, but it's also definitely not the last. As much as we love crypto, it's still too imperfect to be considered the end product of economic evolution.

If we do really tend to look closely and have some in depth analysis then you could really say that this isnt the last or end product which same as you said.
Its better not to be that hopeful nor being too optimistic on how far crypto could go because no matter what fiat would really be still the best of things
but at least we do really have some options for us to take aside from fiat which is something that we do really appreciate on.

jootn2kx

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Crypto definitely represents the next level of evolution of money, but it's also definitely not the last. As much as we love crypto, it's still too imperfect to be considered the end product of economic evolution.

tardezyx

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Quote from: Agbe on April 22, 2022, 06:57:55 PM

Crypto and barter trading has some similarities.
Barter is a decentralized system of buying and selling of goods and services. The individuals own their goods and exchanged it with another person goods. As that the government can not control the barter system of trading and that the same method is applying to Crypto Currency trading.
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I still believe that barter system might still come back again from the evolution point of view.

Karl Polanyi's student George Dalton (1926-1991) demonstrated in 1982 that barter did not play a role in the beginnings of market society.

Furthermore, barter itself is an instant transaction while buying/selling is a debt contract with a scheduled pay date.

Assuming barter would be the origin of an economy or "money" ignores their foundation of power and legislation. Instead of acknowledging money as a child of the legal sphere it is reduced as a thing whereby all those barter fairy tales arose.

19Nov16

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The development of technology is very fast, we never thought that the technology that we are currently proud of will be abandoned by people, of course 10 years ago we did not think that BlackBerry would die, even at that time many people said that BlackBerry was the last communication technology that could last up to hundreds of years Again, but it only took 5 years after that they stopped.

tardezyx

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Quote from: Rruchi man on April 11, 2022, 08:36:23 AM

I don't know if perhaps i'm overthinking this, but considering the evolution of money from the beginning of time where different things have served as a medium of exchange and now currently banknotes.

In fact, you are way underthinking it.

Quote from: Rruchi man on April 11, 2022, 08:36:23 AM

On same trend, we are slowly witnessing the evolution of money to crypto and i can't help but wonder if crypto is the final stage or there may perhaps be another revolutionary idea to replace crypto as money after crypto has been accepted.

What do you think?

Crypto is not "money". "Money" is not crypto. "Money" is not "a medium of exchange" and "money" itself basically did not evolve since it has been established.

Nevertheless, up to this day, many economicians still do not recognize the findings of ethnologists made around 100 years ago and still think about "money" as a thing instead of acknowledging that it lies in the legal sphere.

In order to create a "money"-equivalent crypto at all, it needs - as with "money" - creditors and debtors, which clearly runs counter to the premise of decentralized verification and anonymity, since it involves contractual modalities with mutually liable parties who must of course know each other in order to ultimately be able to legally enforce their contractual claims, which only these two parties mutually negotiate and determine and not tens of millions of anonymized users who are legally intangible.

kapalmabur

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Quote from: Wong Gendheng on May 09, 2022, 02:17:12 AM

I still remember when the ATM was found, many experts at that time said that the ATM connected to the bank was the best and last payment system, but the world continued to grow and then SMS banking appeared, internet banking and so on, I'm sure crypto is also not a final stage in the evolution of money.

That's the way it is, because as long as technology continues to develop, I think the evolution of money will continue to exist.
indeed for now crypto is one of the good breakthroughs which we never imagined,
but anyway it's not the final stage and let's see in the future later

MiF

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Quote from: Rruchi man on April 11, 2022, 08:36:23 AM

I don't know if perhaps i'm overthinking this, but considering the evolution of money from the beginning of time where different things have served as a medium of exchange and now currently banknotes.

On same trend, we are slowly witnessing the evolution of money to crypto and i can't help but wonder if crypto is the final stage or there may perhaps be another revolutionary idea to replace crypto as money after crypto has been accepted.

What do you think?

I think crypto it is very early to say that crypto is maybe the final stage in the evolution of money. I can say that many people used crypto now a days and many people also start believing on crypto, there are a lot of new crypto wallets that can easily convert crypto into fiat but still i can't say that crypto is the final stage of money, there are still a lot of unexpected things that can happen very soon and i think it is very early to predict about it.

Wong Gendheng

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I still remember when the ATM was found, many experts at that time said that the ATM connected to the bank was the best and last payment system, but the world continued to grow and then SMS banking appeared, internet banking and so on, I'm sure crypto is also not a final stage in the evolution of money.

bangjoe

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I don't think money will stop evolving (let's say that). Because we know the changing times are getting more advanced coupled with the ease of access that now exists. I think it is possible that this crypto will become a part of history later because new innovations are created by the generation after us. Isn't it doubtful that the creator of Bitcoin first will bring about change? But look what's happening now, Bitcoin has stolen the world's attention. So nothing is impossible for the next evolution of money.

Freeesta

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Quote from: Fivestar4everMVP on April 22, 2022, 07:37:31 PM

Quote from: Rruchi man on April 11, 2022, 08:36:23 AM

I don't know if perhaps i'm overthinking this, but considering the evolution of money from the beginning of time where different things have served as a medium of exchange and now currently banknotes.

On same trend, we are slowly witnessing the evolution of money to crypto and i can't help but wonder if crypto is the final stage or there may perhaps be another revolutionary idea to replace crypto as money after crypto has been accepted.

What do you think?

Well, In as much as crypto looks like it will likely be the last evolution of money, I honestly do not think it will be the last, this is because, 30 years ago, we never thought there would one day be crypto which would want to replace paper money which was the dominant form of exchange back then, but here we are today, itz happening.

In the same vain, we are currently not thinking of anything that can or could possibly replace crypto in the future, but then the world is a crazy place, someone whom isn't even formed in his or her mother's womb yet, might be given birth to with a new fresh idea which might turn out phasing out crypto, so we never can really say never.

Yes, we could not imagine such a situation. But I believe that today cryptocurrency and paper money do not replace each other. They exist in parallel. It is very difficult to predict what will happen in the future, but we understand that a person can produce many different options for payment systems and means of payment. As I already wrote, only time will tell if the cryptocurrency has an evolution.

Bitcoin2009

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Change will continue to happen because every moment someone thinks and acts, the world's scientists who keep experimenting will continue to make better things, and I'm sure that soon we will have a payment system that is better than crypto which currently has transaction fees. to more expensive.

Fortify

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Quote from: Rruchi man on April 11, 2022, 08:36:23 AM

I don't know if perhaps i'm overthinking this, but considering the evolution of money from the beginning of time where different things have served as a medium of exchange and now currently banknotes.

On same trend, we are slowly witnessing the evolution of money to crypto and i can't help but wonder if crypto is the final stage or there may perhaps be another revolutionary idea to replace crypto as money after crypto has been accepted.

What do you think?

It makes a lot of sense to have a decentralized currency handled purely electronically and outside the control of any central banks. Existing payment networks and financial institutions are already pretty efficient and tie in with physical currency which people use daily without the need of electronic systems, that redundancy is always good. At the end of the day currency is just a way to store and trade a unit of value. However the amount of currency in circulation may need to change over time even with crypto and someone has to make that choice, which involves a lot of trust. The energy usage in proof of work is also quite high, so it'd be better to use a proof of stake model.

minime0105

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Quote from: Desmong on April 23, 2022, 04:45:07 PM

Since the world is revolving, more innovations are still ahead of us so I don't think cryptocurrency and blockchain will be the final stage of money. Everything is revolving to more suitable and easy way to make transaction. The blockchain world has come to stay and we are expecting more creativity that will change the way we use money. Science never stops so we are moving to somewhere.

I believe that revolution is rotational and exceptional. Years introduce what will happen for it next year. No body knows that they is some thing call bitcoin for the world but when life permit we experience good and bad. Blockchain technology is not for the end product money. I can agree with you. Because creativity is taking over the world and new day new change it is time we are in this century

Pejoh Asu

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I think it's too much if we say that Cryptocurrencies is The Stage in the Evolution of Money, as we know that the presence of the internet makes everything unexpected and I'm sure that someday there will be a better system substitute for Crypto, then there is a new system again etc.

Desmong

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Quote from: forward_habit_9365 on April 22, 2022, 12:09:24 PM

There's nothing finite when it comes to innovation, so this is pretty much impossible to answer.

Since the world is revolving, more innovations are still ahead of us so I don't think cryptocurrency and blockchain will be the final stage of money. Everything is revolving to more suitable and easy way to make transaction. The blockchain world has come to stay and we are expecting more creativity that will change the way we use money. Science never stops so we are moving to somewhere.

Topic: Is crypto the final stage in the evolution of money? (Read 695 times)