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Showing posts with the label Time-based currency

Who needs dollars?... We have alternate money!

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History textbooks have spoken of the Barter system as our first medium for exchange of goods but paper money has been our medium of exchange for goods for over three to four centuries. While each country issues its own paper money, the US dollar has been globally accepted as a genuine currency and even countries have a demand for the US Dollar for their day-to-day transactions.  But a series of events that have occurred in the recent past might have just started shaping our new future. A future independent of US dollars, a future independent of national bank notes, a future that involves the use of alternate money.
Alternate money has been in use for a long time, mostly complementing regular money in the markets. Everyday, we collect units of alternate currencies in the form of loyalty points at fuel-stations, supermarkets and frequent flier miles on our air-tickets.  We are quick to use this alternate currency to buy more fuel, more groceries or get a free-trip, without much realizi…