Money Changes

Money is changing. Although you may not be aware of the changes, they’ve been happening for a while. Think Venmo. Think Zelle. Although one was a way to send money without using a bank account, and the other was deployed within the banking system, they both represent the digitization of money transfer. And they are just a first step toward what will be a much longer transition in the nature of money itself. Bankers know this, and if they were smart enough, they’d be quaking in their boots. But since most of them are narcissists, they think they will escape. Long term, they will not.

In my first post on this subject, called “Coming to Crypto,” I talked about how I accidentally stepped into the world of cryptocurrency and how I intended to help others come on the journey with me. Here I want to backtrack a bit and talk about tokens, and about the blockchain as a technology on which we store them.

Tokens

Before we go on, we should talk about the token economy in general. It’s nothing new. It has been all around you for years.

Ever go to Vegas? You go to the cashier, give her a $100 bill, and get back tokens. That’s what you use to make bets. In Vegas they are called chips.

If you are a gamer, you may already know tokens as RP (Riot Points). That’s the currency of League of Legends.