The Sharing Economy, Explained

In Simple Terms, What is the Sharing Economy?

The Sharing Economy is basically just individuals sharing items typically through the internet. Through different apps, it is possible to rent things at any time or place. When renting these things, there is typically a fee.

This method is convenient for the borrowers because of the amount of money saved from buying something brand new that you are only going to use once. But for the people that are willing to share their stuff, they can make a decent side income.

You might have heard the app called "Air BnB," and "Uber," because those two apps are both considered Sharing Economies.

All in all, it is basically when people borrow or rent your stuff and pay you a fee for letting them borrow the item. This is Vise Versa.

What Can Be Shared?

Things from you kid's toy to your own personal house can be shared, rented, or borrowed.

Advantages?

When you think about it, it is a lot more convenient for you to just rent a car instead of having 10 people borrowing the same car. Not only that, but some of the things that people borrow are affordable and easy to access.

How Can I Trust the Borrower?

Typically, most of these apps have a rating system for each individual that is a lender or a borrower. With this rating system, you can decide whether or not you can trust the person.

Where Cryptocurrency Comes into play

Because most things have a fee when borrowing, people can pay with cryptocurrency for instant and easy transactions. This allows more convenient ways to pay.

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