The Mark is a subcutaneous chip, that will enable people to sell and buy with their hand! The chip is implanted under the skin of your palm and read with an RFID reader when making a payment. The symbolic number 666, will be tattooed on your hand over the chip. 666 is the symbolic number of the prosperity and light.
Let first ask what is currency?
Here is a concise but thorough background to what currency is form the Business Dictionary;
Tokens used as money in a country. In addition to the metal coins and paper bank notes, modern currency also includes checks drawn on bank accounts, money orders, travelers checks, and will soon include electronic money or digital cash.
Types of Currency
What gives currency its value? Depending on the type of money, there are many different ways that value is assigned and handled.
These are the types of currency.
Fiat currency is, at its core, money that is worth what the government and free market determine it is worth.
It gets its value through fiat. Every developed nation uses fiat currency, because the value can be controlled through monetary policies. Some examples of fiat currency include the American dollar, British pound, and Euro.
We live in a time when a tiny handful of people have their fingers on a button that can conjure trillions of dollars, euro, yen, and renminbi out of thin air. In the United States, it comes down to one man. Just one.
With a single decision, he controls the lever that dominates the entire economy. When you control the money, you control everything– financial markets, consumer prices, risk perceptions, investment habits, savings rates, hiring decisions, pay raises, sovereign debt, housing starts, etc. One man.
This irrational, arrogant system presupposes by design that a central banker is smarter than everyone else; that markets are incapable of determining appropriate risk and value; that he is more effective at allocating our time, capital, and labour than we are.
Future historians will probably also be dumbfounded when they see how long people allowed worthless, unbacked fiat paper to pass as money. It’s extraordinary that most people today happily accept a digital abstraction of paper currency controlled by a single individual as having ‘value’.
It was more than 5,000 years ago that primitive commodity money was used in Mesopotamia, and it’s been over 3,000 years since metal coins began circulating. For more than 99.2% of human civilisation, money actually meant something… right up until 1971 when Richard Nixon ended any remaining link between the dollar and gold.
Ever since, the US government has refused to acknowledge precious metals as money… yet if the Treasury’s financial statements are to be believed, Uncle Sam is still holding 261,498,900 troy ounces of gold. Let’s dismiss the tungsten possibilities for now and presume that it’s real gold. At today’s prices, the value would be about $437 billion.
Meanwhile, M2 money supply at last count was about $9.8 trillion as of March 12, 2012. This means that roughly 4.46% of US dollars in circulation are ‘backed’ by gold, the rest backed by false promises and goodwill.
Even President Vladimir Putin is planning to back his currency with Gold!
That means that for some of us will see our money become valueless in the near future.
Asset Backed Currency
Sometimes, assets like gold and silver are used to guarantee the value of currency. Often, asset backed currencies are made out of a precious metal, but this isn’t always the case.
Sometimes an asset backed currency can be exchanged for a given quantity of the asset, like the American dollar was exchangeable for gold prior to the 1930’s. But not anymore. Zimbabwe anyone?
Commodity Backed Currency
Commodity backed currencies are largely a relic of history. Commodities like tobacco were used to guarantee the value of currency.
Although they aren’t in use anymore, commodity backed currencies played a large role in the early days of capitalism. Their weakness is that there was often a shortage of a particular commodity due to yearly fluctuations, and that could wipe out or drastically increase the amount of wealth in any given financial system.
The final, and most modern, type of currency is digital currency. Digital currencies get their value through scarcity imposed on them by the need to solve difficult equations. For example, Bitcoins need to be ‘mined’ by computers that solve mathematical problems.
Digital currencies tend to be anonymous by design, and can only be spent by using computers to handle the transaction.
So why Digital Currency?
Wikipedia explains that Digital currency or digital money is an Internet-based medium of exchange distinct from physical (such as banknotes and coins) that exhibits properties similar to physical currencies, but allows for instantaneous transactions and borderless transfer-of-ownership. Both virtual currencies and cryptocurrencies are types of digital currencies, but the converse is incorrect. Like traditional money these currencies may be used to buy physical goods and services but could also be restricted to certain communities such as for example for use inside an on-line game or social network. Digital currencies such as bitcoin are known as “decentralized digital currencies,” meaning that there is no central point of control over the money supply.
Digital versus virtual currency
“Virtual” can be defined as “not based in physical reality,” and virtual currencies are those which are not intended for use in “real life,” or for expenditures on real assets. Consequently, most virtual currencies can be found in online gaming and are subject to centralized authority, with the control of the money supply resting in the hands of the virtual world’s developers. An example of a purely virtual currency is Amazon Coins.
In contrast, “Digital” currencies can be used to facilitate payment for physical goods and services in “real life,” thus, inhabiting similar characteristics to traditional physical currencies in that respect. Furthermore, digital currencies can be used to facilitate payment in-person at physical business establishments.
Bitcoin and now of new crpto currencies often classified as a virtual currency, when, in fact, they are digital cryptocurrency. This is exemplified by bitcoin’s ability to provide effective utility as a currency in the “real-world” for physical goods and services.
Digital versus traditional currency
Most of the traditional money supply is now held on computers. This is also considered digital currency. One could argue that our increasingly cashless society means that all currencies are becoming digital but they are not presented to us as such.
If crypto-currency is a concern for people, then they equally need to act on these concerns and withdraw their hard earned money from Banks, and chop up debit and credit cards and start using cash again??
Various cryptocurrencies are being touted as a step nearer to the mark. Some are whereas others are against the establishment.
We will have to wait and see…..
16 And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:
17 And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.