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Press Release: If you are familiar with the term “fintech,” then you may already be part of a group of cutting-edge optimists who see great potential in the advancements of financial technology. You may even be a Bitcoin miner or a cryptocurrency trader, but more likely you are still watching from the sidelines to see what brave new world this technology will usher in. You are in the right place if you believe that financial technology can make the world a better place.
Imagine a world where money flows easily to the important tasks of health care, education, infrastructure, planet care and so on, creating good paying jobs that help us put back more than we take. If this sounds utopian, that’s because of our conditioning. The laws of physics are on our side, as anyone in the manufacturing industry can tell you. Every day engineers find ways to create more product with fewer resources and in less time. We have almost unlimited capacity to solve our own problems; we just need to figure out how to pay for them.
Money, as we know it, comes from one place—debt. Banks create the money when they make loans. This works well for sectors of the economy that are profitable, like delivering goods and services. But it does not work so well for other sectors of the economy like healthcare, education, infrastructure and so on. These sectors depend on leftovers from the for-profit sector in the way of taxes and charity. The flaw of the system is self-evident in a bad economy when workers have no jobs and much-needed infrastructure projects go undone because of insufficient funding.
In a debt-based economy, recessions and growth periods follow a predictable cycle. When banks lend money, they make a profit. When bankers create a new financial product that appears to create profits at no risk, banks have an incentive to make more loans, giving the economy a boost by putting more money into circulation. As we saw with the subprime lending that created the 2008 financial crisis, this lending can easily get out of hand, building a bubble that will take down the economy when it bursts.
When the crisis hit, banks stopped lending, effectively turning off the money supply to the entire economy. Irresponsible lending led to the crisis, but no lending was the cause of so much pain. It is this method of creating and injecting money into the economy that makes it possible to have millions of unemployed people sitting around while roads and bridges crumble all around them.
It is easy to forget that money is just a tool invented by man when it is so central to facilitating action. And a tool invented by man can be reinvented by man. The goal is to make money work for the common good. How can we deliver a better quality of life to more people while putting back more than we take? How can we have a thriving economy while reducing consumption?
At eQuid we believe the answer lies in the way money is created. We are using digital currency technology as well as revolutionary money system technology to make it possible for people to thrive while putting back more than they take.
The most important part of any network like eQuid is participation. For it to work, enough businesses and individuals need to agree to use it.
We are launching a campaign to sign up new users. To do this, we need account representatives to spread the word in their local area. The job requires creating a sales funnel using email and social media, talking with local businesses, signing them up, and organizing special promotions with the businesses.
Our first priority is for representatives to believe in the cause, but we also want you to prosper from the effort you invest.
If this sounds like something you want to do, or if you want to learn more, please click here.