Day 198: Bitcoin, sweat, tide; meet the future of branded currency.

According to Paul Kemp Robinson, we should no longer be worried about the falling dollar or fluctuations in the Euro zone. Soon, we’ll all be using new currencies.
The world’s best performing currency is actually Bitcoin. Bitcoin is a virtual currency founded in 2008 by an anonymous programmer. Bitcoins are released through a process of mining; a group of computers are challenged to solve a complex problem and the one that does first, gets the bitcoins. Services such as Reddit and WordPress are accepting it as a currency now. It’s cheap, private, anonymous and fast.
Another micro- economy is loyalty schemes. According to the Economist, there are more unredeemed air miles than dollars in circulation. Amazon have recently relaunched their own ‘coins.’
Africa has its own interesting initiative. Noticing that shopkeepers often had an issue with small change, Vodafone created a currency of phone credit. Called Fakka, this enables stores to give patrons their change in mobile phone credit, a valuable commodity on the continent.
Kemp- Robinson points out that the number of different currencies available isn’t that far fetched, when one thinks that in America in 1860, there were 1600 corporations issuing banknotes. This was only stopped when the government stepped in and took control. So, now that trust in banks is at an all time low, is history repeating itself? Watch this space…


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