Pay Attention: The evolution of global payments

Nine thousand years before Christ, people used sheep and cows to pay for stuff. Mesopotamia came up with the first coins, and then China perfected them. In the year 806 paper currency is created (although it would be made popular by the U.S. in 1861). Gold started being important in the XVII century as the standard value in England; and decades later, it is established as the Reserve backup for U.S. dollars.

The first bank card is created in 1946. Four years later, Diners Club creates the first universal credit card in the World. The 90s brought us teleshopping, online shopping, and “e-gold” — the first version of virtual money in history. Then, Bitcoin emerged in 2009 as the first cryptocurrency, and the rest is well covered by today’s media.

It’s 2018 now, and payments are all about mobility and flexibility. Only in the U.S., nearly 40% of consumers have now used at least one digital payment service, according to a recent study, while more than 60% are regular users of a mobile banking app.

So we went from trading big, heavy animals, to 100% virtual currencies. The concept of “value” -historically connected to size and prominence- now seems to be transcending the physical world and, now more then ever, we treasure convenience, freedom and immediacy. It’s only natural that payments eventually become totally virtual and mobile.

Cryptocurrencies are somehow a portal to that future reality, however, current offers fail to function as methods of payment because of their volatility. Stablecoins, a new type of cryptocurrencies promising to bring stability and reliability to the crypto market , could solve this problem using smart and elaborate economic models.

We believe it’s time for a payment network that fully takes advantage of all the benefits of the Blockchain and all new technologies; but at the same time serves as a protection for the possible risks associated with them. It should be a GLOBAL payment system, in its conception and applications, well-diversified regarding currencies. That means “moving” along with the World Economy itself, being useful and stable here, there, today and tomorrow.

If you want to know more about what GLOBCOIN is doing: www.globcoin.io

*Written by Eva — Globcoin CMO