Why is there no single single payment system?

2016-07-15 00:00:00:

Once upon a time no one believed in the possibility of the emergence of a worldwide information network, but the Internet has become a reality. Is it possible to create a unified payment system? There is no denying that there is a chance of its appearance, because there are more than enough prerequisites for this.

Judging by how the virtual money world is changing, transforming and developing, it is quite possible to expect the formation of new standards in the foreseeable future. A huge number of electronic payment systems have emerged that interact with each other. Not only electronic money appeared, which is the equivalent of ordinary national currencies, but also cryptocurrency - a unique invention, the result of joint painstaking work of programmers and cryptologists.

The emergence of cryptocurrency: prerequisites for a unified monetary system

A completely new type of means for mutual settlements has entered the arena of the virtual financial space - digital money, which has developed into the Bitcoin payment network. Perhaps they will go through some stages of transformation and turn into a single electronic payment system. After all, they represent not just virtual money, it is electronic cash. They are capable of performing all the basic functions of fiduciary money, moreover, no one controls them due to the application of the principle of decentralization. The system is so unique that it is regulated by its own laws and operates according to unique principles that have no analogues.

An important factor that speaks about the prospects of the Bitcoin currency is its immunity to any political or military conflicts arising in different countries. They are not able to influence the fluctuations in the exchange rate of the alternative currency. It can be used by anyone with access to the Internet, regardless of citizenship. This feature may be quite acceptable for a unified electronic money system. Even in countries where Bitcoin is practically banned, or its use is limited, it is physically impossible to ban it. After all, each user is confidential, and all transactions are made without identification.

Another valuable quality of cryptocurrency is the impossibility of counterfeiting. First, it is intangible and has no physical form, but even in virtual space, falsification is impossible. After all, digital currency is a continuous chain of blocks, its functioning is based on innovative blockchain technology. By the way, it is likely to be used to create a unified system of electronic currencies.

Secondly, the impossibility of additional emission also characterizes Bitcoin as a completely new type of currency, this protects it from inflation. The openness and transparency of all monetary transactions, while respecting the confidentiality of users, is also an important factor that distinguishes it from other types of money.

Its popularity can be envied by any of the currencies existing on earth and in the virtual world. A clear indication of this is the high cost. About two months ago, one Bitcoin cost about $ 400, today (07/08/2016), it is almost $ 700.

Arguing about the likelihood of the emergence of a single payment system, it cannot be ruled out that it may not be Bitcoin, but, perhaps, a similar money network or any of the forks.

What prevents the creation of a unified payment system?

The traditional banking system around the world represents a huge number of banks and payment services:

State.
Industry-specific.
Private.
Internet banking.
Virtual payment systems.
Business that is based on monetary relationships is widespread. Each structure fights to attract money in order to get profit from its turnover. All this creates significant obstacles to the creation of a unified electronic payment system.

There are many different national currencies in the world, electronic equivalents of many types of money have been created. But there is no single center that would manage the worlds cash flow. With so many currencies, it is hard to imagine how this could have been done. This requires a truly unique, completely new technology.

Each national currency develops according to the laws of its country, has different intentions, different values, the appearance of banknotes and coins.

There is a competition between payment systems, which clearly hinders the creation of a unified electronic money system. Each network tries to win back its client by providing him with a wide range of services. The competition makes them more distinguishable from each other. But still, their close interaction cannot be denied. More and more often, many payment systems cooperate with each other, introduce new functions that simplify the use of electronic money. Exchange services are being created to facilitate the handling of currency.

The likelihood of creating a unified payment system

Is it possible in such conditions to create a unified payment system for electronic currencies, it is still difficult to answer unequivocally. However, it should be said that this is likely, but not now. There are prerequisites, but they are not enough yet. The time must come when the need for fiduciary money will be minimized. Perhaps they will not completely disappear from everyday life, but the scope of application will clearly decrease. Nowadays, electronic money systems are rapidly developing, which create more comfortable conditions for people.

Many financial transactions can already be carried out without leaving home. It is easy to imagine a unified payment system in the image and likeness of virtual payment systems. Some of the functions of such services have been brought to perfection in terms of transaction speed and significant simplification of exchange processes. How could people some 10 years ago imagine that it is possible to make a money transfer from one corner of the earth to another in a few moments.

In addition, for the same moments, you can also convert into the desired type of currency at a favorable rate. Such examples can be considered a huge achievement, and this gives confidence that sooner or later a single electronic payment system will be created.

Digital money is the currency of the future

The largest payment systems of electronic money:

WebM
Qiwi.
Yandex money.
PayPal.
This is not the whole list of modern types of virtual money that are developing, improving and interacting with each other. Their features are of interest, because many of them may well correspond to the new single currency, the inevitability of which is obvious.

The creation of a unified system of electronic money should be preceded by a deep study of existing virtual currencies. You should understand their essence and capabilities:

Settlement system, representing a complex of subsystems of cash and non-cash money.
A special electronic mechanism allows you to save users funds in virtual accounts. At the same time, they are guaranteed complete safety.
You do not need to have access to deposits to make payments.
An electronic signature confirms an indefinite monetary commitment.
Making direct payments with the participation of only the sender and the recipient.
They started talking about creating a unified system of electronic currencies for a reason. Indeed, such events are taking place in the financial world that such thoughts seem quite realizable. The widely developed network of virtual payment systems, the emergence of the Bitcoin cryptocurrency - all these are serious prerequisites for the emergence of world money. Each of the new types of payment networks is developing so rapidly that it may soon reach the pinnacle of perfection. This can become the starting point for the integration of monetary systems, as a result of which a completely new currency with new qualities inherent in it can appear.

A wide range of services provided by modern payment systems gives a person maximum comfort, significantly saves his time and effort. A single global system can be created on their basis. If it possesses all of their positive qualities plus updated additional features, it will become a great new invention. Such a phenomenon will turn the entire financial, monetary world and radically change the quality of life of people.

According to experts, to create a single global currency and a payment system, it would be ideal to choose the option of a profitable symbiosis of cryptocurrencies and modern virtual platforms that carry out online transactions. The future of financial relationships is definitely not fiduciary monetary units.