Wednesday, September 25, 2013

Could pay for a product of anything other than the official currency ?

Ago and about a month , I noticed a news among all he was reading : French Basque country was beginning to print a currency, called Eusko that it would begin to enter circulation in that region. Then I wondered, and why would they want the citizens of the French Basque country a new currency, as it would not serve either to buy or to sell ? Well, actually this question that I, and many other people , we asked ourselves , is not properly performed. We assumed that we pay our purchases with our currency (euros in Spain , U.S. dollars or yuan in China) , but what if pre-menopausal with something else other than the official currency ? I answer, and advancement is ... the same as if we bought in that currency.

Can we create means of payment other than cash?

Money is the medium of exchange par excellence of any economy , but does not have to be the only one. As any economy evolves, so do her payment methods, including some that we do not consider them as such. Take an everyday situation . You are about to buy bread at the bakery of life but then you realize you're not wearing anything on top . As you know the seller , tell him you 'll pay tomorrow and he obviously accepts . Actually , at that time we paid by issuing a promise that , because of the relationship of trust that exists , has accepted . However, it is quite possible that the same seller does not accept that promise for a person who is the first appearance of the store , especially since unknown whether that person will buy back in that store and so you will pay .

 In the first case , the seller and the buyer have agreed on the payment method used because of the trust relationship that unites them and created a new payment method other than hard cash as we know it ; however, this relationship does not occur in the second case , so that the seller does not allow the buyer to pay that way. This promise to pay equivalent to writing on a sheet of paper:

    Worth fifty cents to pay tomorrow .

We may never pay that loaf of bread and the promise to pay only be recorded in the memory of two ( or, in the book of defaulters from the bakery ) but has served as a means of payment as well as money. In other words , we all have the ability to issue IOUs to our name.

The means of payment , based on trust and guarantees

In short , the power to create change methods is based on the relationship of trust that exists between buyer and seller and the ability we have to pay. Another thing is that the other people or businesses we accept it. Perhaps the same payment method used in other bakery would not be accepted by the seller. But what determines that promises a person will finally be fulfilled ? Basically in one element: the guarantees offered that promise.

If acudiƩsemos to a store, and promise to pay tomorrow what we buy today , what we are really saying is that we will do everything because that promise is fulfilled . For sellers , not just rely on our good intentions , but also on our ability to pay . For us to be very kind , if not having enough money to pay , nobody is going to trust a sale. Therefore, it is common for payment promises they incorporate a number of specific guarantees to strengthen the credibility of the buyer; thanks to these guarantees, the fulfillment of the commitment does not depend on the good will of the debtor. That is, in some cases , the seller asked the buyer to guarantee payment.

Indeed, the currency has no longer those payment methods that are backed by the Government and serve as official payment method . In this case, money gives us the confidence that we can use it in any other trade differently. That is, the money continues to be a method of payment that all sellers accept as valid and , therefore, all use in our daily life . If not , we would have to seek alternative means of exchange to give us confidence to all . Therefore, although it sounds a platitude , we can always use alternative payment methods to money , as long as the seller will accept us .

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