Arguably, we're still in the era of easy money. But of a different kind.
According to the standard definition, easy money refers to a monetary policy characterized by low interest rates, abundant credit, and loose lending standards.
I will extend this definition to also include the remarkable technological advancements that have made money more accessible and easier to acquire, especially compared to previous generations.
Of course, the notion of "easy" is relative here, but the digital age has undoubtedly transformed the way we access and manage our finances.
In many ways, this age has transformed the way we access and manage our finances.
The emergence of new platforms and tools(i.e social media and online marketplaces) and FinTech applications, have provided individuals with unprecedented opportunities to earn, save, and manage their money.
For instance, social media and online platforms have enabled people to monetize their skills, interests, and creative talents, which greatly lowers the barriers to earning income.
On the management side, fintech solutions have given online residents the ability to take more control of their financial lives.
Fiat currency, or national currency, has long been the predominant form of money, until the emergence of cryptocurrencies, which has introduced a new global digital asset class.
Crypto's Dual Role
Interestingly, I don't think crypto needs to completely replace the traditional fiat system.
Rather, it can serve as a whole financial layer (which is able to stand on its own) that people will naturally gravitate towards, much like how we let ourselves be pulled by the new, rather than forcing ourselves out of the old.
Part of the premise behind this thinking is the relevance of fiat currencies is on a decline, and their eventual "demise" is simply part of the natural evolution of money.
Nowadays, there are a lot of cryptocurrencies, with different use cases across different sectors. Crypto is inherently a global currency, which means these various cryptocurrencies are not bound by national boundaries.
The issue, however, is that many of these cryptocurrencies are still like a small stem that hasn't borne fruit yet. Their true potential and widespread adoption are yet to be fully realized.
A Unified Platform?
For me, observing this kind of fragmentation on currencies has been both fascinating and challenging.
The fascinating part is witnessing the emergence of this new, global financial layer that is not constrained by traditional barriers.
I think the extend of it, like some tech enthusiasts have pointed out, is quite similar to the early days of the Internet, with a proliferation of new platforms and protocols vying for adoption.
But the thing is, if one decides to join in this new adventure, then juggling across multiple forms of money, especially in the digital realm, can be really challenging.
In a way, this is uncharted territory for us all, and it may take time to get fully accustomed to it.
Sometimes, I find myself wishing for a unified platform that could bring everything together, a one-stop-shop to manage the various facets of my digital financial life.
On the management side, moving across different digital currencies has become a lot easier now with the proliferation of exchanges and various conversion services.
The process isn't seamless yet or fully inclusive, but I'm hopeful that it will continue to improve as cryptocurrencies become more integrated into the mainstream financial ecosystem.
The irony is that the new system needs the old system (for some time?) to facilitate the on-ramps and off-ramps for the digital assets!
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