BitNote is a concept trying to bridge the gap between physical money and the anonymous service, BitCoin. With physical money falling out of favour for digital payment services, there needs to be a modernisation of the physical side of money in order to boost usage.
The downside of BitCoin is not everywhere accepts the currency, and there's no current way of using BitCoin in stores as you would a debit card. In comes the idea of BitNote.
BitNote is a wildly fluctuating currency, as it follows the BitCoin currency market and is subject to the same movement of wealth. However, there are constants for the notes that will take into account these fluctuations. The notes themselves will represent the BTC, with notes carrying micro-thin bendable screens inside them. These notes can be changed by governments to match inflation/deflation rates meaning the need for 100,000 Yen (for example) notes would be a thing of the past. With a universal online currency running alongside local currencies, there will always be an alternative to local currency to normalise inflation and deflation.
However, with a radical idea such as this, there are many problems. Who would govern this currency as it would be in use worldwide? How would politics change the face of the currency? With the world so interlinked, how would wars and the like affect the currency?
Although this was an idea I had an interest in, I decided to be pragmatic and put this idea to the side.
Pacem
Pacem is an idea I had whilst researching communist currency and planned economies. With my concept being a united currency, I looked to communism for inspiration (although trying to avoid the pitfalls that occurred with the ruble, for example.) Pacem is the translation of "peace" in Latin, as with this currency I would intend to create financial peace across the globe. The notes themselves would be created to be polymer notes, to protect them from outside sources. The design would be extremely simple, as it would need to remain neutral and universal. No language would be printed on the note, as it would need to be transcribed in hundreds of countries. Instead of money being a currency, it would be a signifier of time. For instance, the 1 note would be 1 hour, the 10 note would be 10 hours and the 20 note would be 20 hours. These notes would be earned as usual, through work. However, this would completely eliminate capitalist culture and the premise of social classes. The people that worked more, would be "richer".
This idea could be seen as extremely left-wing and with good reason, but I believe adopting a currency similar to this would drive the world much further in the fight for world equality. Time based currency is not a new concept, as there have been attempts at implementing currencies many times. The problem is attempting to include the whole world in this same process, as it simply doesn't work unless a country completely isolates itself, or the world itself adopts the single currency.
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