The point of bitcoin

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Инфа знаешь химки обмен валюты икеа был

After countries abandoned the gold standard in an effort to curb concerns about runs on federal gold supplies, many global currencies are now classified as fiat. Fiat currency is issued by a government and not backed by any commodity, but rather by the faith that individuals and governments have that parties will accept that currency.

Today, most major global currencies are fiat. Many governments and societies have found that fiat currency is the most durable and least likely to be susceptible to deterioration or loss of value over time. The value for fiat currencies is a function of their demand and supply. The U. Any discussion about the value of Bitcoin must take place within the context of a reinvention in the nature of currency. Gold was favored as currency due to its inherent physical attributes. But it was cumbersome to conduct transactions using the precious metal.

Paper money was an evolution, but it requires manufacturing and storage and lacks the mobility and ease of use digital currencies need to function properly. The digital evolution of money has moved the value of currencies away from their physical attributes to their function in an economy.

Puzzled, the interviewer asked whether the Fed had manufactured billions of dollars. In other words, the Fed "manufactured" U. This marking up of an account size exemplifies the nature of currencies in their digital avatar. It has implications for the velocity and use of currencies because it simplifies and streamlines transactions involving them in an economy.

Bitcoin does not have the backing of government authorities, nor does it have a system of intermediary banks to propagate its use. A decentralized network consisting of independent nodes is responsible for approving consensus-based transactions in the Bitcoin network. There is no fiat authority in the form of a government or other monetary authority to act as a counterparty to risk and make lenders whole, so to speak, if a transaction goes awry.

The cryptocurrency does display some attributes of a fiat currency system, however. For example, it is scarce and can be divided into constituent units called Satoshis. It cannot be counterfeited. The only way that one would be able to create a counterfeit bitcoin would be by executing what is known as double-spending. This refers to a situation in which a user "spends" or transfers the same bitcoin in two or more separate settings, effectively creating a duplicate record.

What makes double-spending unlikely, though, is the size of the Bitcoin network. By controlling a majority of all network power, this group could dominate the remainder of the network to falsify records. However, such an attack on Bitcoin would require an overwhelming amount of effort, money, and computing power, thereby rendering the possibility extremely unlikely.

But Bitcoin fails the utility test because people rarely use it for retail transactions. The main source of value for Bitcoin, then, is the economics of its supply and demand. The cryptocurrency is limited to a quantity of 21 million. Its value is a function of this scarcity. Investors are clamoring for a slice of the ever-increasing profit pie that results from the trading of its limited supply.

Bitcoin also has limited utility like gold, the applications for which are mainly industrial. One of its most effective use cases is in remittances across borders to bump up speed and drive down costs. Another theory is that Bitcoin has intrinsic value based on the marginal cost of production to produce a bitcoin. Mining for bitcoin involves a great deal of electricity, and this imposes a real cost on miners.

According to economic theory, in a competitive market among producers all making the same product, the selling price of that product will tend towards its marginal cost of production. Empirical evidence, indeed has shown that the price of a bitcoin is reflected by this cost of production theory. El Salvador made Bitcoin legal tender on June 9, It is the first country to do so.

The cryptocurrency can be used for any transaction where the business can accept it. One bitcoin has a much bigger divisibility factor compared to the standard units of fiat currencies. It can be divided up to eight decimal units into constituent units called Satoshis. A fiat currency such as the U. Bitcoin has exhibited the characteristics of a bubble with drastic price run-ups and a craze of media attention.

This is likely to decline as Bitcoin continues to see greater mainstream adoption, but the future is uncertain. In recent years, hacks, thefts, and fraud have plagued digital currency. In order to place a value on Bitcoin, we need to project what market penetration it will achieve in each sphere. You are encouraged to form your own opinion for this projection and adjust the valuation accordingly.

The predominant medium of exchange is government-backed money , and for our model, we will focus solely on that. We will include this as a store of value that is comparable to Bitcoin. To this, we will also add an estimate for the worldwide value of gold held as a store of value.

Though some may use jewelry as a store of value, for our model, we will only consider gold bullion. Geological Survey estimated that, at the end of , there were about , metric tons of available above-ground gold. Neither will we treat other precious metals or gemstones. Commodity Futures Trading Commission. Accessed May 13, Congressional Research Service. Hayes, A. Cryptocurrency value formation: An empirical study leading to a cost of production model for valuing bitcoin.

Telematics and Informatics , 34 7 , Bitcoin price and its marginal cost of production: support for a fundamental value. Legal tender is anything recognised by law as a means to settle a public or private debt or meet a financial obligation, including tax payments, contracts and legal fines or damages.

A creditor is legally obligated to accept legal tender towards repayment of a debt. And a central bank is typically mandated to maintain price stability. Rather than with money, bitcoin and cryptocurrencies in general have more in common with commodities and currencies than with cashflow-producing instruments, such as equities and bonds.

Valuation frameworks for commodities and currencies tend to be sketchier than traditional discounted cashflow analysis is for equities or interest and credit models are for bonds. In our view, bitcoin has partly been associated with the retail reflation trade recently, while gold is a defensive asset aimed at long-term real capital preservation.

Taking the Grayscale Bitcoin Trust as an example, many institutional investors are only allowed or prefer to invest in bitcoin in fund format for regulatory or other reasons. Some of these flows reflect speculative investors. The frothy positioning in Chicago Mercantile Exchange CME bitcoin futures could be one manifestation of this speculative institutional flow figure 4.

Bitcoin futures, the preferred vehicle of speculative investors, saw a sharp increase in open interest in recent weeks and months. This could represent carry trades to take advantage of the futures premium versus spot bitcoin. Moreover, bitcoin prices are correlated with Google search volumes. This may suggest a significant retail investor participation in this market. For example, looking at the correlation between bitcoin wallets and Google searches, it appears that wallet creation tends to accelerate before pickups in Google searches for bitcoin — not after figure 5.

However, in practice, bitcoin and other digital currencies face significant practical hurdles to their adoption as outside forms of money, and many of their possible benefits come with significant drawbacks. First, some features of cryptocurrencies that might make them competitive with alternative stores of value are also likely to continue to attract government scrutiny. In particular, the anonymity of many cryptocurrencies.

Considering cryptocurrencies more in general, volatility would likely need to come down significantly either naturally, as the market matures, or through the widespread adoption of different types of cryptocurrencies, likely central bank-backed and designed to better stabilise purchasing power via supply adjustments before we see broader adoption.

This process would also be facilitated by the price of cryptocurrencies becoming less correlated with risk assets. At this stage, not only is the volatility of bitcoin much higher than that of other risk assets. It also varies to a greater extent from period to period.

Precious metals and major currencies, which tend to be rather volatile, are much less so than bitcoin. Third, if we think about them as money or at least quasi-money, cryptocurrencies should have low expected returns in the long run, despite their high returns recently. We may be tempted to assume that long-run cryptocurrency returns should be equal to, or perhaps slightly below, growth in global real output — a number in the low single digits.

This could still mean that prices continue to increase at a faster rate while the use of cryptocurrencies becomes more widespread. An analogy might be the value of a biotech company that comes up with a new drug and registers a patent, which eventually becomes a generic.

So could bitcoin succeed as a form of money? In theory, yes, if it proves to be more useful than the alternatives — in terms of facilitating transactions at a lower cost. In practice, however, these gains look small, at least in developed market economies. Transaction costs are relatively low, exchange rates and price inflation are broadly stable, precious metals can be used for portfolio diversification, and governments place few restrictions on holding foreign currency or foreign assets.

As things stand, it looks as if day-to-day transactions using bitcoin still face a number of hurdles, as the network can only handle a limited number of transactions per second versus tens of thousands for a centralised payment network such as Visa. Rather, bitcoin could complement cross-border transfers and large transactions, given higher speed and lower cost.

The Office of the Comptroller of the Currency OCC , which is one of the cornerstones of US banking regulation, has recently approved the use of stablecoins for the settlement of financial transactions by banks. The OCC guidance clears the way for banks to participate in independent node verification networks INVN and use stablecoins to conduct payment activities and other bank-permissible functions.

This means that, in the US, a national bank or federal savings association may validate, store and record payment transactions by serving as a node on an INVN. Likewise, a bank may use INVNs and related stablecoins to carry out other permissible payment activities. Rather, the lifting of perceived restrictions is linked to regulatory-approved bank-issued coins and central bank digital currencies figure 8.

The main difference between a central bank cryptocurrency CBCC and a private cryptocurrency like bitcoin is that a CBCC is a claim on the central bank, while a private cryptocurrency is just an asset. A CBCC should have all of the properties of cash that, say bitcoin, does not — being a widely accepted means of payment, a stable price and a store of value. Therefore, the main difference is that a central bank cryptocurrency would likely have to be permissioned rather than permissionless.

Within a permissionless blockchain, anyone can opt in to validate transactions by mining within the network. This makes the process slow and energy intensive. A permissioned blockchain may be able to process payments more quickly, allowing the network to increase speed and capacity, but giving up some other features such as independence and flexibility. New infections worldwide have increased by 11 million since the beginning of the year and the total figure is now above 94 million.

New infection rates in the euro area have remained at the same level over the past two months, although there is significant cross-country variation. For example, infection numbers are rising in Spain but the situation is still reasonably under control compared with the US and UK.

The latter recently recorded its highest figure of more than 68, daily new infections. This development might be due to the new mutation of the virus, which seems to be spreading faster.

Point of bitcoin the bitcoin market cap dominance

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