In the modern economy, individuals and businesses pay for
products and services using different forms of payments.
These come in the form of a pay now or pay later methods.
Traditional pay now methods include paper money of that
particular government (example, US Dollar), debit card,
check, alternative payment apps, or bank wire for larger
purchases where the money is changed in real time from buyer
to seller.
Traditional pay later methods include credit cards,
installments such as car payments, mortgages, other loans,
and lines of credits for personal and business use from
different institutions.
Both methods are a form of an IOU (I Owe You) because
products and services are being exchanged for a form of US
Dollars. The stored value does not matter of the particular
bill's ($1, $2, $5, $10, $50, or $100) or coin's (1¢, 5¢,
10¢, 25¢, or 50¢) because the actual money being exchanged
is an IOU to use anywhere else in the economy at a later
time. The US Government writes on all paper money "THIS NOTE
IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE" which
means the dollar is an IOU of the US government.
It is not the money itself that creates the value, because
the value of the money is not backed by any collateral.
Before 1971, paper money was backed by Gold, so the
government could only print based on their Gold reserves at
Fort Knox (because paper money could be converted into
gold). Nowadays, money is just paper, that when the
government wants to print more, it can do that at any time.
In essence, the only reason that money is worth anything is
because all the people in society accept it's stored value
and carry it's worth in exchange for products and services.
IOU Notes is a peer-to-peer credit and loan platform. To get
started, please visit
https://www.iounotes.com and open your free
account today!
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