Money and Payment
Money and Payment EconS320
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This 4 page Class Notes was uploaded by Natalie Evangelisti on Monday February 9, 2015. The Class Notes belongs to EconS320 at Washington State University taught by Bui in Fall. Since its upload, it has received 247 views. For similar materials see Money and Banking in Economcs at Washington State University.
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Date Created: 02/09/15
Money and Payment 02092015 Money Currency Printed touchable Us Dollar treasury has the power only worth a few cents itself doesn t have value but it represents value Euro most used in the world 5 is the smallest denomination Yen the second largest economychina New york state created their own currency private money denominations are in hour based on hourly wage called Ithaca hour currency Exam Material Money Checks Much safer to carry checks than cash Losing popularity Money Debit Card Just like checks Money Digital Debit card was very popular in 805 and 905 Everything still depends on US Dollars Is there a possible way to make everything digital Yes It s a computer code represented by a yellow circle with a B in the middle quotbitcoinquot Money Bitcoin It s a decentralized digital currency Decentralized no central authority authorized by community itself Present only in softwaredigital form Maintained and operated by peertopeer computer system all over the world No one knows who created bitcoin but a mysterious unknown gure Satoshi Nakamoto Released as open software in 2009 He developed an algorithrhythm Satoshi disappeared in 2011 cant be found whatsoever Method 1 You can mine bitcoin on computers How do you mine You sove math puzzles I would be forever poor in bitcoin s Method 2 You can buy and sell at bitcoin at bitcoin exchange Ex Mt GoxJapan Ex BTC ChinaChina Bitcoin is great for black market stuff got shut own by gov for a while it gives lots of opportunity for illegal activity ATM Depsoit for Bitcoins READ THE ARTICLE BAI WILL POST Money Past Stone Shells Cigarettes in world war trading Money can take many forms Money History and Types 1 commodity money Has intrinsic value Gold coins cigs in POW camps 2 Fiat Money Has no intrinsic value The paper currency we use 3 Checks and Debit Cards 4 Digital Money We don t know but there are attempts Money Functions Unit of account the common unit by which everyone measures prices and values Store of Value transfers purchasing power from the present to the future Medium of exchange we use it to buy stuff Ex we buy coffee so we give them dollar bills not hamburgers Money Supply Measures as of December 2014 Ccurrency1258 Billions can also be quotM0quot M1 C demand deposits travelers checks and other checkable deposits gtchecking account 2852 biions M2 M1 small time deposits savings deposits money market mutual funds money market deposit accountsgt Small savings account 11562 Billions Payment System We can always use money to pay for stuff However the payment is often done in other ways Credit card Online system PayPal Mobile payment using their smartphone Credit Card Three big companies Visa and Mastercard Issue cards through intermediaries Chase Bank etc American Express Direct issuance of cards to customers Mobile Payment Mobile payment becomes increasingly important due to the spread of the smartphones Some companies offer apps for the instore payment Some companies provides general mobile payment Google Wallet by Google Apple Pay by Apple bundled to Apple devices Softcard by ATampT Tmobile and Verizon Apps Starbucks cards Uber Ride Google Wallet Apple Pay need a ngerprint to work Currently mobile payments are linked to the traditional credit card companies Q Can Goodle and Apppe control the credit card companies in the future Platform provider vs content provider iTunes vs musc companies Amazoncom vs publishers
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