Around years ago money was invented; some would say that was about the time our problems began. The global economy now relies on various currencies to represent the value of goods and services. But in some situations, like emerging economies or within smaller communities, money is in short supply and those goods and services themselves can function as currency. Barter systems provide a more direct route for people to get what they need in exchange for something they have in excess or a skill they can provide. Josh Kline recognized both the continued need for bartering systems and the opportunity to use technology to bring them into the twenty-first century. He created have need, a service operating on a global scale that overlays broad present-day availability of mobile communications and services onto fundamental principles of a barter economy, enabling need to meet availability efficiently and effectively without money getting in the way. And technology brings advantages and opportunities that make the have need platform very much more powerful than a simple upgrade to peer-to-peer bartering.
1. What Makes You Tick
Mint has you covered during coronavirus. Stay up-to-date with the latest financial guidelines and resources here. Bartering is trading services or goods with another person when there is no money involved. This type of exchange was relied upon by early civilizations. There are even cultures within modern society who still rely on this type of exchange. A barter system is an old method of exchange. Th is system has been used for centuries and long before money was invented.
Growing up, my father fixed cars in exchange for payment in whatever form his customers could afford — granite tables, sheep skin rugs, and so on. In our town, he was the king of barter. Unfortunately, it was rather difficult for my mother to re-barter these items for things our family actually needed, like food and clothes. The system was limited in participants and so in utility. But thanks to the internet, the art of barter is back. No formal currency is involved, although the points in effect become a virtual currency. You could even see how this type of barter system might one day make its way into the business model of companies like Airbnb or Uber. As of now, these services allow individuals to offer up a room or ride in exchange for money. Pehaps these transactions could also be facilitated without money. I could just as easily offer a room in my home to earn points instead.