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Impact Of Cryptocurrency On Economy

From Bitcoin To Brexit, Expect The Unexpected This Year In Global Economics

From Bitcoin To Brexit, Expect The Unexpected This Year In Global Economics

From bitcoin to Brexit, expect the unexpected this year in global economics Whether the world still has similar momentum a year from now is something else, and the single most likely thing to check it will be a fall in asset prices Bitcoin is the result of global central-bank policies of printing more and more cash Reuters If 18 months ago your crystal ball had shown you,in January 2018, that Britain was set to leave the EU andDonald Trump would be President of the US, I dont think you would have believed its further prediction that shares would start 2018 at an all-time high. Add in the tensions with North Korea, and you might have been even more dubious. So how to explain it? There is a simple answer: that politics dont matter much, whereas money matters a great deal. In other words, as long as there is no global disaster whoever happens to be US President is not important in global terms. As for the spat between one member of a European trading bloc and the rest, that is less important still. What does matter is that the worlds central banks have printed shed-loads of money, and that had to go somewhere. Shares are one of the places where the cash has gone. Simple, and I have quite a lot of sympathy with that. The US had had some pretty rum political leaders in the past but what matters is its technical dominance. Who else could create an Apple, a Googleand a Facebook? As for Brexit, there will some sort of deal because that is what the politicians and bureaucrats are paid to do. Anti-independence supporters wave Union Jack flags as thousands of demonstrators march in support of Scottish independence through the streets of Glasgow. Prime Minister Theresa May with her supporters during a visit to Wandsworth Town Hall, where the Conservative Party retained control of Continue reading >>

The Impact Of Cryptocurrency On Future Business Models2

The Impact Of Cryptocurrency On Future Business Models2

The Impact Of Cryptocurrency On Future Business Models2 Discussion in ' Economics ' started by sylva , Dec 8, 2017 . Bitcoin will become an important means of payment for global cross-border trade Finished e-commerce, the next step is the traditional industries. The payment of bulk commodities between countries is likely to be an important form of payment for bitcoin in the future. For example, a series of commodities such as oil, rubber, ore, coal and so on may eventually be sent in bitcoin. Why do you say that? Because of the payment of bitcoin, compared with the traditional banking business, has a very big advantage. Traditional business to carry out international trade, how to pay it? Letter of credit payment, then find the bank open letter of credit, open letter of credit what to do? As a bill, what to do after the transfer? Then behind the payment of various ink. T / Niubi payment it? Find a bank wire transfer, a series of cumbersome procedures for the final ink payment. Of course, there are still direct payment, but also to find a bank after all the formalities, only hit money. Bank is a very inefficient business, I personally experienced ... ... let me wait in line in front of the counter for three hours, no tears. And the payment process will not be what kind of error, in short, interlocking people egg pain. Bitcoin payments? As long as you sign some cash conversion agreements with several bitcoin payment centers, with multiple signatures, be careful when using Bitcoin wallets in your payment process, do not add the wrong decimal point, everything will be fine and smooth, and how much you do not have to worry about . Of course, some people may wonder how to deal with bitcoin price fluctuations? I ask a few words, there are foreign exchange fluctuations in inte Continue reading >>

Impact Of Cryptocurrency And Bitcoin - Outsource2india

Impact Of Cryptocurrency And Bitcoin - Outsource2india

Understanding the Impact of Cryptocurrency and Bitcoin Over the last few years, the term cryptocurrency has rapidly gained visibility in the public eye. In today's day and age, cryptocurrency is fast becoming essential to people who value privacy, and for whom the idea of using cryptography to control the creation and distribution of money does not sound too far-fetched. Today, cryptocurrency, led by Bitcoin, Litcoin, Ether, etc. are taking the financial world by storm as more people invest and buy these currencies. At the same time, there is still widespread confusion and bias which retracts for the overall effectiveness of Cryptocurrency. Educating users about such alternative forms of currency is extremely important given its volatile nature. In this article, we will try to provide a holistic outlook towards Cryptocurrency and how it's affecting the world we know today. Cryptocurrency is designed from the ground up to take advantage of the internet and how it works. Instead of relying on traditional financial institutions who verify and guarantee your transactions, cryptocurrency transactions are verified by the user's computers logged into the currency's network. Since the currency is protected and encrypted, it becomes impossible to increase the money supply over a predefined algorithmic rate. All users are aware of the algorithmic rate. Therefore, since each algorithm has a roof limit, no cryptocurrency can be produced or "mined" beyond that. Since Cryptocurrency is completely in the cloud, it does not attain a physical form but have a digital value, and can be used for digital equivalent of cash in a steadily increasing number of retailers and other businesses. Bitcoin was the first cryptocurrency that was ever created, and while there is a small fee for every c Continue reading >>

5 Impacts Of Bitcoin On The Economy

5 Impacts Of Bitcoin On The Economy

Cryptocurrencies are disruptive economic innovation that have the potential to revolutionize the current economic structure and change how banks and financial institutions operate. Bitcoin is the most popular form of cryptocurrency that enables digital transactions between two parties without the need of an intermediary. Every transaction is digitally recorded in blocks which act like ledgers and once a block is filled a new block is created. All blocks are connected to each other using hashtags and a linear chronological sequence of these blocks forms a blockchain. Thus, every transaction is digitally recorded to keep security at a top notch level. Though the transactions are recorded, the information of the parties participating in the exchange is not revealed. The money can only be tracked when it is converted into cash. This public way of managing transactions has created the possibility of a huge revolution in the banking sector across the world. The economic power which lies with the governments and financial institutions is at stake which has made them wary of cryptocurrencies. We have a lot more to offer you. Over-time we have created a library of eBooks covering major technologies like BigData, Chatbots, Augmented Reality, Mobile App Marketing, etc. Explore our library and grab your free copies today: 5 Ways BitCoin is Impacting Banking, Finance and the Economies: Dark web is the section of the web that is not accessible through the search engine. What we are given access to is the surface web which is not even half of the existing internet. Dark web is accessible only through special software like Tor Browser which enables anonymous searching of the internet. Dark web is the place where you can find assassins, weapons and a lot more illegal stuff. By using cr Continue reading >>

Bitcoin, Cryptocurrency And Blockchain... The New Digital Economy Contributed Opinion

Bitcoin, Cryptocurrency And Blockchain... The New Digital Economy Contributed Opinion

Bitcoin, Cryptocurrency and Blockchain... the New Digital Economy Source: Michael Sheikh for Streetwise Reports(11/29/17) The exploding price of bitcoin has ushered in a new cryptocurrency ecosystem, says Michael Sheikh of Falcon Strategic Research, who decodes the bitcoin world order for investors. Bitcoin is starting to dominate headlines and as it powers higher, investors want to know what exactly does this mean for portfolios. The exploding price of bitcoin has ushered in a new cryptocurrency ecosystem. Investors can draw parallels to the Apple (AAPL) ecosystem, which includes suppliers of parts, retailers that sell hardware, telecom providers of bandwidth, and application developers that create useful utilities. The point is if AAPL did well so did the whole ecosystem of interrelated companies. If it did poorly the results tricked down and they were correlated. The same thing is happening with bitcoin. There is an ecosystem that surrounds bitcoin and drives innovation and productivity forward. The computer graphics makers like Nvidia (NVDA) that make the CPUs for the mining units have been growing full tilt. Exchanges and money changers like CoinBase and Bittrex have started to see markets develop and in turn spurred the creation of funding mechanisms through Initial Coin Offerings (ICOs). The blockchain is creating new industries and removing the inefficiencies of clearing transactions. All of this is built on bitcoin. The miners play a big part in this ecosystem providing the coins or raw materials for all of it to exist and new innovations in the blockchain technology are fueling the growth in fin tech applications. Moore's Law states that the number of transistors per square inch of chip doubles every two years. In reality it has been every 18 months. Common s Continue reading >>

Cryptocurrencies Are Starting To Affect The Real Economy

Cryptocurrencies Are Starting To Affect The Real Economy

Bloomberg the Company & Its Products Bloomberg Anywhere Remote LoginBloomberg Anywhere Login Bloomberg Terminal Demo Request Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Cryptocurrencies Are Starting to Affect the Real Economy Until now, the surge in cryptocurrency markets has been a sideshow to the financial markets or the real economy. Prices have gone up a lot for bitcoin and other cryptocurrencies, and it's fun to joke about things with names like Cardano and Monero going up a lot in value, but if it were to all go up in smoke tomorrow, it shouldn't have any meaningful impact on ordinary people. But companies with publicly traded stocks are starting to make decisions to show that they stand to benefit from cryptocurrencies, and markets are beginning to reward them in a big way for those decisions. Should this continue, people not involved in cryptocurrencies will suffer when there's a crypto bust. And there will be a crypto bust. The new symbol of this movement might be Longfin Corp., whose  stock rallied over 2,000 percent in a week  after announcing it bought a "blockchain-empowered global micro-lending solutions provider." When stocks surge based on press releases like this, it's important not to get too caught up in the details of the announcement or what it means for the business; the hype itself is what causes such distortions in markets. Perhaps this evolution in the cryptocurrency mania should've been obvious after t Continue reading >>

How Bitcoin Is Changing The Global Economy

How Bitcoin Is Changing The Global Economy

How Bitcoin is Changing the Global Economy The term bitcoin is being thrown around so much that almost everyone has an idea of what its all about. Since it was first introduced in 2008 by the pseudonymous Satoshi Nakamoto, Bitcoin has steadily worked its way towards dominating every aspect of the online community. From buying phone credits to shopping for clothes online, there is no financial transaction that the cryptocurrency is not good for. This alone has contributed to the popularity of bitcoin as a monetary system that continues to go unregulated. In recent weeks, Bitcoin has experienced a surge in value as more and more people are cashing in to mine their own digital currencies. As of November 2017, bitcoin has at least grown to a whopping $11,000 in value spurned on by investments from people who are basically interested in gaining quick cash. Though it fell back slightly, financial and economic experts are expecting the cryptocurrency to remain robust and will eventually create a lasting and significant impact on the global economy. For B2B managers and execs, bitcoin may seem like an attractive financial item to invest in. Still, it pays to know how it will shape whole economies and markets in the future. Ever since mankind invented currency, money in its metallic and paper forms have become the main medium of exchange. With the digital revolution we are experiencing right now, the economic landscape will transform in drastic ways. But it remains to be seen how bitcoin, which takes the form of data, can replace our present monetary system. Yet, consumers have become more reliant on online transactions as a more convenient means to pay for products and services. Whats more, a lot of people that are already managing their own bitcoin wallets have full confidenc Continue reading >>

Money 3.0: How Bitcoins May Change The Global Economy

Money 3.0: How Bitcoins May Change The Global Economy

Money 3.0: How Bitcoins May Change the Global Economy Despite shutdown of an illicit Internet marketplace, virtual currency blooms. An artist rendering of Ross William Ulbricht who is being charged as the mastermind of Silk Road, an encrypted website where users could shop for drugs like heroin and LSD anonymously. After the feds seized and shuttered Silk Road, an online marketplace for illegal drugs, earlier this month, some technology experts started sounding the death knell for Bitcoin, Silk Road's international currency of choice. Instead, we may soon see Bitcoin's real value. Secret Lives of Jellyfish: Robots, Genetics, and World Domination Invented in 2008, Bitcoin is not the first attempt at an all-digital, cryptographically based currency. Others have existed in one form or another for nearly fifty years, but have either failed to take off or dramatically crashed and burned. Bitcoin is the first cryptocurrency with the deep structure, wide adoption, and trading momentum to achieve escape velocity. In practice, Bitcoin blends credit cards' ease of digital transfer with the relative anonymity of a cash handoff. Like all currencies, the problems it poses are both practical and metaphysical; like cash or credit, Bitcoin is somehow both more and less real than the goods it is traded for. Until now, the most well-known of these goods have been illegal drugs, like those on Silk Road. But the drug marketplace's shutdown gives Bitcoin a chance to gain some much-needed legitimacy. "It's a watershed moment for Bitcoin," Marco Santori, the chairman of the regulatory-affairs committee of the Bitcoin Foundation, told The New Yorker . "Bitcoin's PR problem, with which it has struggled for the last year or so, is being addressed in a very direct way." Bitcoin's future potentia Continue reading >>

The Impact Of Cryptocurrencies

The Impact Of Cryptocurrencies

Cryptocurrencies have gained a lot of popularity across the globe today. Cryptocurrencies have eliminated financial barriers by allowing people to conduct online transactions using virtual money at a lower cost. The rise and the popularity of the internet have increased the need to develop a currency that can be used to conduct business in the virtual world. Today, some cryptocurrencies have dominated the financial world. Cryptocurrencies such as Bitcoin, Litecoin, and Ether have become popular currency alternatives and used to purchase items electronically. Additionally, they are used in stock market investment. The cryptocurrencies have taken the financial market by storm. However, there is confusion that is surrounding the effectiveness of the cryptocurrencies, and it is essential to educate the world on the impacts of the virtual money. Get the entire 10-part series on Timeless Reading in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. Cryptocurrencies have had a strong political climate helping them gain popularity. The age of money is a political role which is done by the government through the central bank. The United States Federal Reserve was created in 1913, and it gave the central bank control of the creation of money. The issuance of money has been abused by some governments promoting the use of a currency that cannot be controlled by the government. The abuse of power by states has led to the development of cryptocurrency. One of the most significant impacts of the cryptocurrency is decentralization of money issuance. The government does not control cryptocurrencies. They are created through solving various mathematical problems using specific software. The government has no power to regulate the cryptocurrency, and it is Continue reading >>

How Cryptocurrency Is Disrupting The Globaleconomy

How Cryptocurrency Is Disrupting The Globaleconomy

How Cryptocurrency is Disrupting the Global Economy Today, the internet is ablaze with talk about blockchain technology and cryptocurrency. It seems for all intents and purposes to be among the biggest trends of the modern era. From social media to news broadcasts and even government legislation, it is hard to go a single day without something cryptocurrency-related being in the news. The conversation on the topic is greatly polarized with strong sentiments on all sides of the multi-faceted aisle that is the cryptocurrency argument. There are those who call it a bubble and there are others who say it has the potential to disrupt the global economy. Blockchain technology which is the core technology behind cryptocurrency is undoubtedly described as a major disruptor of the global business process. However, it does seem like a lot more attention is being paid to cryptocurrencies than to blockchain technology. Many entrepreneurs have jumped on the bandwagon to create ICO campaigns, selling tokens to the public and raising hundreds of millions of dollars. In less than a decade since Satoshi Nakamoto introduced Bitcoin to the world, a lot seems to have happened in the cryptocurrency space. The focus of this article is to examine the impact that cryptocurrency is having on the global economy. For those who do not know, the global economy primarily relies on the US Dollar . This is the summary of the dominance of the United States in global economic and political affairs. The US Dollar is the reserve currency of the global economy. Every single mainstream financial actor from all over the globe function in the US market. It is for this reason that any upheavals in the US financial market always sends shockwaves around the world. Case in point, the 2008 global financial crisi Continue reading >>

5 Reasons Why You Should Go For Cryptocurrency

5 Reasons Why You Should Go For Cryptocurrency

5 Reasons why you should go for cryptocurrency The global economy is inevitably moving towards a digital eco-system. From investment to money transfer, everything is going paperless. The newest and most promising addition to the digital payment sector is cryptocurrency. A cryptocurrency is a medium of exchange like normal currencies such as USD, but designed for the purpose of exchanging digital information. Cryptocurrency is defined by Investopedia.com as a decentralized “digital or virtual currency that uses cryptography for security” making it difficult to counterfeit. Since it is not issued by a central authority, governments can’t take it away from you. Over the last couple of years, digital currency has been rapidly gaining the public eye. Here are some good reasons behind it. • Fraud-proof: When cryptocurrency is created, all confirmed transactions are stored in a public ledger. All identities of coin owners are encrypted to ensure the legitimacy of record keeping. Because the currency is decentralized, you own it. Neither government nor bank has any control over it. • Identity Theft: The ledger ensures that all transactions between “digital wallets” can calculate an accurate balance. All transactions are checked to make sure that the coins used are owned by the current spender. This public ledger is also referred to as a “transaction blockchain”. Blockachain technology ensures secure digital transactions through encryption and “smart contracts” that make the entity virtually unhackable and void of fraud. With security like this, blockchain technology is poised to impact nearly every segment of our lives. • Instant Settlement: Blockchain is the reason why cryptocurrency has any value. Ease of use is the reason why cryptocurrency is in hig Continue reading >>

The Economics Of Digital Cryptocurrencies And The Blockchain With Christian Catalini

The Economics Of Digital Cryptocurrencies And The Blockchain With Christian Catalini

The Economics of Digital Cryptocurrencies and the Blockchain with Christian Catalini Speaker 1:                           Welcome to Economic Frontiers from MIT's initiative on the digital economy. Today, our guest is Christian Catalini from MIT Sloan School of Management. We're going to be talking about the economics of the blockchain and digital currencies more broadly. This is a really fascinating conversation. Before we get started, I'd like to ask you a favor. If you enjoy this show, please leave us your review on iTunes. Thank you. Now, getting onto the show. Interviewer:                       All right. Welcome to the show, Christian, really excited to have you here. Let's get started. Our first topic of conversation is going to be the economics of Bitcoin and the blockchain. Maybe first, you can tell us how you got interested in this topic as a researcher. Christian C.:                        Thanks for having me here. The story started very much when I joined Sloan. I had been looking at this space for some time, and in particular Bitcoin. As many juniors on the job market, you have to keep focusing on your job market paper, and not divert to other topics, so I left that in the back burner. Then at some point, I reached out to two of our students, one undergraduate and one MBA, who were interested in essentially giving everybody at MIT $100 in Bitcoin and jump starting an ecosystem here on campus around cryptocurrency.                                                 I was fascinated by their idea. I convinced them to turn it into a research study. They had already pretty much raised the capital from a group of our alumni. When Catherine Tucker Continue reading >>

Does Bitcoin Threaten Economic Stability? - Marketwatch

Does Bitcoin Threaten Economic Stability? - Marketwatch

HONG KONG ( Project Syndicate ) Financial markets today are thriving. The Dow Jones Industrial Average , the S&P 500 SPX, +1.28% , and the Nasdaq Composite index COMP, +1.71% have all reached record highs lately, with emerging-economy financial markets also performing strongly, as investors search for stability amid widespread uncertainty. But, because this performance is not based on market fundamentals, it is unsustainable and very risky. According to Mohamed El-Erian, the lost lesson of the 2007 financial crisis is that current economic-growth models are overly reliant on liquidity and leverage from private financial institutions, and then from central banks. And, indeed, a key driver of financial markets performance today is the expectation of continued central-bank liquidity. After the Federal Reserved revealed its decision last month to leave interest rates unchanged, the Dow Jones Industrial Average set intraday and closing records; the Nasdaq, too, reached all-time highs. But there is another factor that could further destabilize an already-tenuous leverage- and liquidity-based system: digital currencies. And, on this front, policy makers and regulators have far less control. The concept of private cryptocurrencies was born of mistrust of official money. In 2008, Satoshi Nakamoto the mysterious creator of bitcoin, the first decentralized digital currency described it as a purely peer-to-peer version of electronic cash, which would allow online payments to be sent directly from one party to another without going through a financial institution. A 2016 working paper by the International Monetary Fund distinguished digital currency (legal tender that could be digitized) from virtual currency (non-legal tender). Bitcoin is a cryptocurrency, or a kind of virtual cur Continue reading >>

What Will Be The Impact Of Bitcoin On The Economy?

What Will Be The Impact Of Bitcoin On The Economy?

What will be the impact of Bitcoin on the economy? TL;DR: Bitcoin is not going to replace any major currency or central bank anytime soon. It will definitely serve as alternate currency/asset for a long time. For now, depending on your interests are, you can use Bitcoin to buy apps and games on your xbox, to transfer money to your loved ones from US to Europe or to extort ransom, buy/sell stuff anonymously, take donations/help to arrange a coup etc… you get the idea.. The term “Economy” is too broad, It encompasses all activity related to production, consumption and trade of goods and services in a country. So to trade you need a convenient medium of exchange that is currency and to issue a currency you need a trusted party like government and central bank. That’s where Bitcoin is challenging the traditional methods. It’s a different topic for debate that whether Bitcoin is a currency or not, but let’s see the scale and adoption of Bitcoin economy – According to Wikipedia there are over 100,000 merchants and vendors who are accepting Bitcoin payment and there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using Bitcoin. Moreover value of bitcoins in circulation has reached whopping $14 Effing bn . So there’s Bitcoin economy for you. In 2014, when Ukraine was in crisis, Protesters held signs in front of TV cameras asking for Bitcoins to support the revolution against their government and people all around the world donated thousands of dollars’ worth of Bitcoins just by pointing their cell phone camera at QR code on TV screens. The government will never know who donated these protesters. But an average user is still a tech enthusiast who uses Bitcoin for buying xBox games or buying items from select merchants or is a tr Continue reading >>

How Will Banking And Credit Work In A Cryptocurrency Economy?

How Will Banking And Credit Work In A Cryptocurrency Economy?

Technology Bitcoin Money and Banking Cryptocurrency Ethereum Credit Innovation How Will Banking and Credit Work in a CryptoCurrency Economy? We are habituated into thinking that the whole world runs on credit. That’s because it does under national monies. What is the future of banking, central banking and financial intermediation in a world in which cryptocurrency is dominant? Let’s speculate a bit, with the proviso that no one can fully anticipate how these markets will evolve. It is no wonder that the ruling class is concerned. We can find hints in the speech by IMF head Christine Lagarde at a Bank of England conference in September 2017. She dropped some words that likely sent some chills down a few spines in the audience. She explained that cryptocurrency is not a passing fad but a genuine innovation in money. The only remaining barriers to widespread adoption are technical, fixable and likely to be overcome as the sector develops. This, she argued, has profound implications for the future of financial intermediation and central banks. “In the future,” she explained, “we might keep minimal balances for payment services on electronic wallets. The remaining balances may be kept in mutual funds, or invested in peer-to-peer lending platforms with an edge in big data and artificial intelligence for automatic credit scoring … Some would argue that this puts a question mark on the fractional banking model we know today, if there are fewer bank deposits and money flows into the economy through new channels.” She continued to press the point, as it relates directly to the Bank of England and the Federal Reserve. “How would monetary policy be set in this context? Today’s central banks typically affect asset prices through primary dealers, or big banks, to w Continue reading >>

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