“The abolition of the” cash or bitcoins like a raging fire, the biggest winner?
The modern society is completely dependent on the Bank of similar media institutions to establish trust for the economy. Generally speaking, this kind of media has been playing its role. However, the business model and new technology in the past in the collision also causes many problems. The business model and the old property inherent is centralized, which is centralized by its own scale down.
In 2009, the largest in the history of the past financial crisis, bitcoin (Bitcoin) born quietly. The encryption of electronic money, unregulated, nor any government or private entities to issue.
Although bitcoin itself is not much intrinsic value, the beginning price of only a few cents, but its biggest selling point is the technology foundation block chain, this technology has decentralized and anonymous attribute.
You can use the traditional currency to buy bitcoin in the online exchange. Can according to the monetary unit whole purchase, can also according to the decimal split after the purchase.
Because bitcoin online exchange is vulnerable to hackers, in order to ensure the safety, need to use electronic money to store bitcoin wallet. Private electronic wallet users can securely store coins, and create a backup in the mobile phone or line.
From 2010 to 2013, bitcoin for four consecutive years to become the world’s strongest currency, even better than gold. However, good times don’t last long in 2014, bitcoin, the bubble burst, making it one of the world’s worst performing currency.
Although the rally to continue in 2015 and 2016. But bitcoin is currently the price is about $960, far below its 2013 at the price of $1200.
Bitcoin is to build trust, and promote direct trading between the global classification account, it does not require any third party. Based on the trust of both parties on account account established in cooperation and encryption, does not require any single authority. Each transaction is recorded by all parties to share.
Essentially, block chain is a non centralized, decentralized electronic ledger, who has tracked how many bitcoins, from all over the world all bitcoin users common record and maintenance. Block chain is a group of client nodes, and these nodes by solving a computational problem, to obtain the right of entry.
After calculation, after a large number of blocks are created, the transaction list is updated every 10 minutes. These records form a series with time stamp blocks, they represent a complete transaction history block chain.
Any node block chain network, we can observe the whole chain of data block general ledger; jointly maintained by each node, each node can get involved in the maintenance of a complete copy copy database.
Block chain is a good idea against hackers, hackers need to modify the data block chain can decrypt each computer on the encryption level high in each of the participating users under surveillance, this impossible task will make any hacker flinch.
Participate in the process of block client can earn certain amount of new issuance of bitcoin, and to speed up the transaction processing transaction fees paid by users. But in order to get the new bitcoin, involved in the handling of block end user takes time and a lot of computing power. This is a process known as “mining”. Block chain becomes more and more complicated, the calculation output halved in its established basis. The deflation process so that the future computing capacity of bitcoin required is increasing.
Many people put their resources together to build an organization, such as bitcoin as new privacy tools open to all, to promote innovation. This is a global development project a bitcoin function continuous adjustment and optimization.
Bitcoin is an important characteristic of most concern is the lack of confidentiality, even if the true identity of the user and the bitcoin block chain completely without any contact. Bitcoin is not completely anonymous, but there is a positive community are developed to make bitcoin more intimate. Still there is a link between bitcoin store address and other transactions.
Because completely stored in the public domain, the government regulatory authorities, not by similar FISA (Foreign Intelligence Surveillance Act) and other laws to implement the compulsory execution, and launch a legal action potential.
Thus, bitcoin unfairly forced and hacker attacks and other illegal activities together, and is portrayed as anti-government tools, but these labels ignored the basic fact that bitcoin that people have the ability to fully control their personal financial activities.
Spencer Bogart (SpencerBogart) Needham&Company investment company wrote in a report released in September 22nd this year: “with the modern Internet of the old financial infrastructure usability improvement, especially in electronic content, the latter does not create a new infrastructure.
“On the other hand, bitcoin is the new electronic money base.”
“Bitcoin prices will benefit from the two aspects: the demand as” electronic gold “and the value of its utility as a payment channel”
The relevant investment report also showed that bitcoin mobility increased steadily, its volatility gradually decreased. Bitcoin daily fluctuations in current prices and crude oil price is not much difference between, or even lower than the popular Internet Co IPO.
Emerging markets especially in favor of bitcoin, due to the deterioration of these currency instability in the region and financial conditions.
High cost of capital controls and cross-border transactions to lower transaction costs bitcoin is becoming more and more popular.
Transfer function is a major factor in bitcoin popular. The immigration of cross-border transfers when faced with high cost, time-consuming obstacle. Like bitcoin such access to foreign currency by family members to complete the remittance in just a few minutes, but compared with the world’s major banks generally 10%-20% transfer fees, transfer fees only 2% bitcoin.
Many problems in the global financial system within the scope of centralized. Wage earners have contributed to Britain from Europe and Trump was elected, which itself is a reflection of these issues. However, this grassroots consensus not only appear in Europe and the United states.
Over the past few weeks, the president of India Modi in India accidentally set off to recover large currency movement, triggered a massive collapse of India’s economy.
According to Reuters, the India government announced the recovery of 500 rupees and 1000 rupees large notes, “India 202 thousand Taiwan ATM machine nearly half was shut down on Friday,” there are more than 80% currency blocked.
India province has hundreds of millions of people in front of the bank Voices of discontent. Mumbai there are rumors, to the old version of big money deposit account, need to pay up to ten times the price.
At the same time, Bloomberg quoted India’s finance minister ArunJaitley calm comments: the people of India in the banks “in order to queue”.
Jaitley said, “the biggest regret is people (will therefore become more and more inconvenient).” In stark contrast to his description of India and numerous high streets and back lanes chaotic reality scene.
In June this year, according to Credit Suisse Securities Research Report shows, “with the data into the new currency, financial institutions in order to get customers electronic information rich, will be willing to waive the transfer cost.”
“With the commercial payment into electronic data, the cost of debt has accelerated the process of economic monetization in no.”
Credit Suisse estimates that at least 90% India consumer purchase is the use of cash.
Recently, India’s prime minister Modi by NBC said: “we can use less cash from the society to the cashless society.”
He also encouraged the daily wage of workers: “for you, this is an opportunity to enter the electronic world.”
Modi Hindi speech, urging them to use mobile phone client and bank credit card. Modi also called on young people to teach others how to use electronic money.
The government of India declared its biggest concern is the tax evasion and the black market. These concerns are also common in overseas.
Huitong financial has been reported in November this year, UBS analyst JonathanMott believes that the Australian government should follow the example of India abolished large amounts of paper money (100 and 50 dollars).
According to his report to clients, to recover large paper money will be beneficial to the economy and the banking industry “”.
He thought back large amounts of paper money benefits, reduce crime and welfare fraud, and tax increases, but also make “a sharp increase in bank deposits”.
At the same time, Citibank has become one of the first announced the implementation of cashless bank in the part of Australia branch.
At the beginning of this year, “Sydney Morning Herald” (SydneyMorningHerald) published a number of articles, the concept of non cash, some authors even Australia officials of the Ministry of finance. Australian assistant Treasury Secretary AlexHawke said the abolition bill will “save billions of funds”.
The government, media, banking and college elite has formed the implementation of the “cashless” is conducive to the consensus of the people. Due to fraud and terrorism panic movement, will have no cash in rationality concerns dispelled.
In fact, governments and social economic development will also benefit from the cashless society, because all of the savings will return to the banking system, and they have the bank’s overall supervision. While the middle class has been immersed in digital technology.
With capital controls or civil asset forfeiture (CivilAssetForfeiture) reducing the difficulty, social imbalance will worsen. At the same time, without any standard can prevent underground electronic cash or black market in essence.
To limit the impact of gambling risk from banks is related to the global economy probably is a satirical move.
The legal supervision department Bank in the past is often caught illegally manipulating interest rates, the creation of false accounts for Gregory predatory lending, users of the trust mechanism of damage.
AuthorDonTapscott asked: “with the redistribution of wealth, we can advance the distribution of wealth? We can make the distribution of wealth from the very beginning of democracy?”
More people need to participate in the economy at the same time, in the process, but also to ensure that they get a fair return. The Silicon Valley (SiliconValley) has begun to try through digital data service to achieve the purpose.
Tapscott said, the so-called “sharing economy” is just a scam. New start-up and step (Uber) and the old business model Airbnb using centralized, actually exploited labor that get billions of dollars. The profits are hoarding rather than real share.
Another block of chain innovation, the concept of intelligent contract, the contract will be good to provide fair compensation behavior. The man in the middle will be removed from the trading process.
Based on goodwill, and is written into the software code will execute the contract automatically when meet certain conditions. All these processes are independent of intermediary, intermediary has its own disproportionate power.
Money and influence will return to the real service composition, independent writing news people. A healthy balance of power will appear in a more liberal society.
The progress of technology can provide more opportunities, especially for the third world countries need the opportunity.
Personal data as a new asset can make people have their raw data, and its realization. Not to enter the big banks or social media sites all free gift to each other.
The client itself by providing personal information, is actually in the company to provide services. Companies rely on the capture of personal information, to provide customized advertising to profit, all of which cause harm to personal privacy rights.
To obtain the money inequality triggered a negative feedback loop, during this cycle, imagine the scarcity of billions of hunger and hard to make a living.
Created in the electronic age, there will be a huge amount of wealth, but social inequality will still continue to develop, because the design center is asymmetrical.
This is not only has to maintain the privacy of ideological tendencies, keen to block chain technology, full of complaints.
The height of the center of the organization because of its huge size, weak protection often become attractive target for hackers, these institutions in the era of rapid development of science and technology also can keep pace with.
The Wall Street giant JP Morgan chase and Citigroup, as well as the technology giant Microsoft and IBM, have announced plans to launch its based on block chain technology, different types of applications. These technologies will greatly shorten the processing time of contract transaction, make its internal operation more smoothly. At the same time, its security also will be fully upgraded.
Sexual selection limit the elite faces is to be replaced or acquiesce to the center of the concept.
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