Assignment on Future of Money 2022
Added on 2022-10-19
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Future of money1
FUTURE OF MONEY
By [Name]
Course
Professor’s Name
Institution
Location of Institution
Date
FUTURE OF MONEY
By [Name]
Course
Professor’s Name
Institution
Location of Institution
Date
Future of money2
Acknowledgement
Acknowledgement
Future of money3
Declaration
Declaration
Future of money4
Abstract
The paper describes the future of money. It defines money as anything that is accepted generally
in the payment of services and goods as well as settlement of debts. The paper describes how
money exists in different forms. The paper describes these forms to be physical and virtual. The
virtual form of money consists of crypto-currencies, virtual dollars, virtual pounds which are
used in the exchange of goods and services. The physical form of money consists of commodity
money, commercial bank money, fait money, and fiduciary money. The paper identifies that the
future of money is characterized with the use of crypto-currencies, end of use of cash which
means that different individuals will be carrying out transactions without hard cash. One of the
countries which mostly carries out transactions without coins and papers is Sweden. According
to the research conducted within this paper, South Korea is planning to phase away cash entirely
as well as other European countries. The future of money will also involve the use of online
payment preprocessors. Some of the preprocessors involved are debit cards, PayPal, visa card,
and others. The research identifies that the future of money would be associated with different
types of currencies because of Globalization. The future of money according to the research
would be characterized with the use of robots so as individuals could easily multiply their
money. The report identified the different reasons why the study of money and its future is very
important. The paper describes how money is differentiated. Money is differentiated as fait
money, fiduciary money, commodity money, and commercial bank money. The methods
undertaken when carrying out this research are qualitative in nature.
Abstract
The paper describes the future of money. It defines money as anything that is accepted generally
in the payment of services and goods as well as settlement of debts. The paper describes how
money exists in different forms. The paper describes these forms to be physical and virtual. The
virtual form of money consists of crypto-currencies, virtual dollars, virtual pounds which are
used in the exchange of goods and services. The physical form of money consists of commodity
money, commercial bank money, fait money, and fiduciary money. The paper identifies that the
future of money is characterized with the use of crypto-currencies, end of use of cash which
means that different individuals will be carrying out transactions without hard cash. One of the
countries which mostly carries out transactions without coins and papers is Sweden. According
to the research conducted within this paper, South Korea is planning to phase away cash entirely
as well as other European countries. The future of money will also involve the use of online
payment preprocessors. Some of the preprocessors involved are debit cards, PayPal, visa card,
and others. The research identifies that the future of money would be associated with different
types of currencies because of Globalization. The future of money according to the research
would be characterized with the use of robots so as individuals could easily multiply their
money. The report identified the different reasons why the study of money and its future is very
important. The paper describes how money is differentiated. Money is differentiated as fait
money, fiduciary money, commodity money, and commercial bank money. The methods
undertaken when carrying out this research are qualitative in nature.
Future of money5
Table of Contents
Chapter 1: Introduction...................................................................................... 6
Background........................................................................................................... 6
Research objectives............................................................................................ 8
Research questions............................................................................................. 8
Significance.......................................................................................................... 9
Chapter 2: Literature review.............................................................................9
Importance of the future of Money...................................................................9
Knowledge about crypto currencies...............................................................10
Differentiation of Money...................................................................................12
Chapter 3: Methodology...................................................................................15
Research Methodology..................................................................................... 15
Research design................................................................................................. 15
Sampling design................................................................................................ 16
Data collection techniques............................................................................... 16
Questionnaire..................................................................................................... 17
Research Procedure.......................................................................................... 17
Analysis of the data collected.........................................................................17
3.7. Reliability and validity of the research.................................................................18
3.7.1. Security of the collected Data..............................................................18
3.7.2. The validity of the collected information...........................................18
Chapter 4: Findings and Discussions..............................................................19
Importance of future of money.......................................................................19
Differentiation of money according to the respondents.............................19
Knowledge about crypto currencies according to respondents................21
4.3 Conclusion.................................................................................................... 22
4.4. Limitations.................................................................................................. 23
4.5. Future consideration.................................................................................24
References.......................................................................................................... 25
Table of Contents
Chapter 1: Introduction...................................................................................... 6
Background........................................................................................................... 6
Research objectives............................................................................................ 8
Research questions............................................................................................. 8
Significance.......................................................................................................... 9
Chapter 2: Literature review.............................................................................9
Importance of the future of Money...................................................................9
Knowledge about crypto currencies...............................................................10
Differentiation of Money...................................................................................12
Chapter 3: Methodology...................................................................................15
Research Methodology..................................................................................... 15
Research design................................................................................................. 15
Sampling design................................................................................................ 16
Data collection techniques............................................................................... 16
Questionnaire..................................................................................................... 17
Research Procedure.......................................................................................... 17
Analysis of the data collected.........................................................................17
3.7. Reliability and validity of the research.................................................................18
3.7.1. Security of the collected Data..............................................................18
3.7.2. The validity of the collected information...........................................18
Chapter 4: Findings and Discussions..............................................................19
Importance of future of money.......................................................................19
Differentiation of money according to the respondents.............................19
Knowledge about crypto currencies according to respondents................21
4.3 Conclusion.................................................................................................... 22
4.4. Limitations.................................................................................................. 23
4.5. Future consideration.................................................................................24
References.......................................................................................................... 25
Future of money6
Chapter 1: Introduction
Background
Money is defined as any item or any verifiable record which is generally acceptable in the
payments of services and goods as well as repayment of debts(O'Byrne 2013). Money is
distinguished as store of value, unit of account, a medium for exchange, as well as standard for
deferred payment. Therefore, any verifiable records or items which satisfy these functions are
always considered to be known as Money. Money exists in different types and forms. Money can
be virtual or physical; virtual Money is sometimes known as electronic Money, electronic Money
can exist in form of virtual real currencies for example virtual dollars, virtual Euros, and virtual
pounds as well as in form of gifts, crypto-currencies, and so many other types. Physical Money
can take the only way. It could be commodity money, fiduciary Money, commercial bank
money, as well as fait money (Uittenbogaard2014). Payment can also be real Money for example
notes, commodities, and coins; as well as can even exist in the form of digital currencies or vital
Money most especially used online trading and play stations (Finley 2018).
Most forms of Money are considered to be legal tender while others are not. Legal tender refers
to that type of Money which is declared by the government and should be regarded as by all
members within the country as something acceptable for the exchange of goods and services.
The supply of money within the country is governed by the central bank to overcome financial
problems. While discussing money, there is a need of talking about counterfeit money, the one
disadvantage of counterfeit money is that it causes the excellent money to lose its value. For
quite a long period, money has undergone different changes.
Chapter 1: Introduction
Background
Money is defined as any item or any verifiable record which is generally acceptable in the
payments of services and goods as well as repayment of debts(O'Byrne 2013). Money is
distinguished as store of value, unit of account, a medium for exchange, as well as standard for
deferred payment. Therefore, any verifiable records or items which satisfy these functions are
always considered to be known as Money. Money exists in different types and forms. Money can
be virtual or physical; virtual Money is sometimes known as electronic Money, electronic Money
can exist in form of virtual real currencies for example virtual dollars, virtual Euros, and virtual
pounds as well as in form of gifts, crypto-currencies, and so many other types. Physical Money
can take the only way. It could be commodity money, fiduciary Money, commercial bank
money, as well as fait money (Uittenbogaard2014). Payment can also be real Money for example
notes, commodities, and coins; as well as can even exist in the form of digital currencies or vital
Money most especially used online trading and play stations (Finley 2018).
Most forms of Money are considered to be legal tender while others are not. Legal tender refers
to that type of Money which is declared by the government and should be regarded as by all
members within the country as something acceptable for the exchange of goods and services.
The supply of money within the country is governed by the central bank to overcome financial
problems. While discussing money, there is a need of talking about counterfeit money, the one
disadvantage of counterfeit money is that it causes the excellent money to lose its value. For
quite a long period, money has undergone different changes.
Future of money7
The future of money is characterized by several things. One of the characteristics of the future of
money is the end of use of cash, and individuals will be in a position to make transactions
without involving cash. Within the countries that are developed for example the United
Kingdom, a percentage of 30% for the payments is done using notes as well as coins, and this
percentage within the future is expected to reduce to at a rate of 10%. The most cashless society
in Europe is Sweden where the percentage of using coins and notes accounts to only 2% of the
total transactions carried out. In 2020, there is phasing out of cash entirely by South Korea. The
creation of cashless economy will call for the use of crypto-currencies, use of online payment
systems, for example, PayPal, VISA cards, debit cards, and other types of payment
(Uittenbogaard, 2014). The most difficult part of digital payment infrastructures, which are
replacing cash, is that they are subjected to technological outages and cyber-attacks. The
financial Times identifies that countries characterized by high proportion of cashless or
electronic payments are related to those with the most or highest debt levels. The primary reason,
according to experts is that there are always high consumer debts whenever there is increase in
cashless payments. These payments are continuously rising from the use of debit cards and credit
cards. These cards are quickly credited.
The future of Money, according to different economist, will be associated with a lot of currencies
because of Globalization. Currently, the currency market is dominated by a few dominant
currencies, and these currencies are Euro, Pound Sterling, US, CANA, and AUS Dollars, Yen as
the main currencies (Uittenbogaard, 2014). As the world is shifting away from the transaction-
based currencies to the contract-based currencies, consumers will be subjected to different
currencies besides the ones which are mentioned. The future of money is characterized by Open
The future of money is characterized by several things. One of the characteristics of the future of
money is the end of use of cash, and individuals will be in a position to make transactions
without involving cash. Within the countries that are developed for example the United
Kingdom, a percentage of 30% for the payments is done using notes as well as coins, and this
percentage within the future is expected to reduce to at a rate of 10%. The most cashless society
in Europe is Sweden where the percentage of using coins and notes accounts to only 2% of the
total transactions carried out. In 2020, there is phasing out of cash entirely by South Korea. The
creation of cashless economy will call for the use of crypto-currencies, use of online payment
systems, for example, PayPal, VISA cards, debit cards, and other types of payment
(Uittenbogaard, 2014). The most difficult part of digital payment infrastructures, which are
replacing cash, is that they are subjected to technological outages and cyber-attacks. The
financial Times identifies that countries characterized by high proportion of cashless or
electronic payments are related to those with the most or highest debt levels. The primary reason,
according to experts is that there are always high consumer debts whenever there is increase in
cashless payments. These payments are continuously rising from the use of debit cards and credit
cards. These cards are quickly credited.
The future of Money, according to different economist, will be associated with a lot of currencies
because of Globalization. Currently, the currency market is dominated by a few dominant
currencies, and these currencies are Euro, Pound Sterling, US, CANA, and AUS Dollars, Yen as
the main currencies (Uittenbogaard, 2014). As the world is shifting away from the transaction-
based currencies to the contract-based currencies, consumers will be subjected to different
currencies besides the ones which are mentioned. The future of money is characterized by Open
Future of money8
Application Programming Interfaces (APIs) as well as Artificial intelligence which is responsible
for transforming banking and Investments. There possibilities that the different individuals in
order to multiply there money, they would involve the use of bots. The reign of electronic Money
though, is increasing currently, and shortly, it will replace real Money or cash, it started some
years back (Michael et al., 2016). The electronic currency, which is a very recent invention
denoted type of Money whose real value can be exchanged with the actual amount of the
traditional cash. Electronic cash is entirely digital or virtual. Electronic money is recent within
the history of commerce and Money. Electronic Money is used on smart devices, the internet, or
smart cards. The other names for electronic Money are digital Money, digital cash, digital
currency, electronic cash, and e-money. The age or generation of computers has increased the
possibility of using as well as the creation of Money. The primary purpose of the research is to
search for the future of Money.
Research objectives
The objectives of the research are considered to be SMART (Specific, Measurable, Attainable,
Time-bound). The following research objectives are considered:
To find the importance of Money and its feature
To search the knowledge concerning Money
To find out different trends of Money
To see the differentiation of Money
Research questions
The following research questions are answered when researching the future of Money.
1. Why are Money and its future significant?
Application Programming Interfaces (APIs) as well as Artificial intelligence which is responsible
for transforming banking and Investments. There possibilities that the different individuals in
order to multiply there money, they would involve the use of bots. The reign of electronic Money
though, is increasing currently, and shortly, it will replace real Money or cash, it started some
years back (Michael et al., 2016). The electronic currency, which is a very recent invention
denoted type of Money whose real value can be exchanged with the actual amount of the
traditional cash. Electronic cash is entirely digital or virtual. Electronic money is recent within
the history of commerce and Money. Electronic Money is used on smart devices, the internet, or
smart cards. The other names for electronic Money are digital Money, digital cash, digital
currency, electronic cash, and e-money. The age or generation of computers has increased the
possibility of using as well as the creation of Money. The primary purpose of the research is to
search for the future of Money.
Research objectives
The objectives of the research are considered to be SMART (Specific, Measurable, Attainable,
Time-bound). The following research objectives are considered:
To find the importance of Money and its feature
To search the knowledge concerning Money
To find out different trends of Money
To see the differentiation of Money
Research questions
The following research questions are answered when researching the future of Money.
1. Why are Money and its future significant?
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