Posts Tagged ‘Debt’

The Future of Digital Currencies

October 6th, 2022

The printing press caused a revolution in its time, hailed as a democratic force for good by many. Books available to the masses was indeed a revolution; and now we also have e-books and technological devices to read them with. The fact that the original words have been encoded into a numerical form and decoded back to words electronically does not mean we trust less the words we are reading, but we may still prefer the aesthetics of a physical book than a piece of high-tech plastic which needs to have its battery charged to keep working. Can digital currencies such as bitcoin really provide a contribution to positive social change in as spectacular a way?

To answer this we must ask what of money, how are we to understand it, use it and incorporate it into a sustainable model of a ‘better world for all?’ Money, unlike any other form of property, is unique in that it may be used for anything prior to an event even occurring. It implies nothing, yet can be used for great good or great evil, and yet it is only what it is despite its many manifestations and consequences. It is a unique but much misunderstood and misused commodity. Money has the simplicity of facilitating buying and selling, and a mathematical complexity as demonstrated by the financial markets; and yet it has no notion of egalitarianism, moral or ethical decision making. It acts as an autonomous entity, yet it is both endogenous and exogenous to the global community. It has no personality and is easily replaceable, yet it is treated as a finite resource in the global context, its growth governed by a set of complex rules which determine the way in which it may behave. Yet despite this the outcomes are never completely predictable and, furthermore; a commitment to social justice and an aversion to moral turpitude is not a requirement of its use.

In order for a currency to effectively perform the financial functions required of it, the intrinsic-value of money has to be a commonly held belief by those who use it. In November 2013 the US Senate Committee on Homeland Security & Governmental Affairs acknowledged that virtual currencies are a legitimate means of payment, an example of such is Bitcoin. Due to the very low transaction fees charged by the ‘Bitcoin network’ it offers a very real way to allow the transfer of funds from migrant workers sending money back to their families without having to pay high transfer fees currently charged by companies. A European Commission calculated that if the global average remittance of 10% were reduced to 5% (the ’5×5′ initiative endorsed by the G20 in 2011), this could result in an additional US$ 17 billion flowing into developing countries; the use of the blockchain would reduce these fees near to zero. These money transfer companies who extract wealth from the system may become dis-intermediated through the use of such an infrastructure.

The World’s first Electronic Cryptocurrency Robot

September 29th, 2022

There are a few things to learn: getting and using a software wallet,Guest Posting learning how to send and receive money, learning how to buy bitcoin from a person or an exchange.
Preparation
Before getting started, you will need to get yourself a wallet. You can do this easily enough by registering with one of the exchanges which will host wallet for you. And, although I think you are going to want to have one or more exchange wallets eventually, you should start with one on your own computer both to get a better feel for bitcoin and because the exchanges are still experimental themselves. When we get to that stage of the discussion, I will be advising that you get in the habit of moving your money and coins off the exchanges or diversifying across exchanges to keep your money safe.
What is a wallet?
It is a way to store your bitcoins. Specifically, it is software that has been designed to store bitcoin. It can be run on your desktop computer, laptop, mobile device (except, as yet, Apple) and can also be made to store bitcoins on things like thumb drives. If you are concerned about being hacked, then that is a good option. Even the Winklevoss* twins, who have millions invested in bitcoin, put their investment on hard drives which they then put into a safety deposit box.
*The Winklevoss twins are the ones who originally had the idea for a social networking site that became Facebook. They hired Mark Zuckerberg who took their idea as his own and became immensely rich.
What do you need to know about having a bitcoin wallet on your computer?Below you can download the original bitcoin wallet, or client, in Windows or Mac format. These are not just wallets, but are in fact part of the bitcoin network. They will receive, store, and send your bitcoins. You can create one or more addresses with a click (an address is a number that looks like this: 1LyFcQatbg4BvT9gGTz6VdqqHKpPn5QBuk). You will see a field where you can copy and paste a number like this from a person you want to send money to and off it will go directly into that person’s wallet. You can even create a QR code which will let someone take a picture with an app on their phone and send you somebitcoin. It is perfectly safe to give these out – the address and QR code are both for my donations page. Feel free to donate!
NOTE: This type of wallet acts both as a wallet for you and as part of the bitcoin system. The reason bitcoin works is that every transaction is broadcast and recorded as a number across the entire system (meaning that every transaction is confirmed and made irreversible by the network itself). Any computer with the right software can be part of that system, checking and supporting the network. This wallet serves as your personal wallet and also as a support for that system. Therefore, be aware that it will take up 8-9 gigabytes of your computer’s memory. After you install the wallet, it will take as much as a day for the wallet to sync with the network. This is normal, does not harm your computer, and makes the system as a whole more secure,so it’s a good idea.