The development of government digital currency
1. virtual currency may continue to develop for a long time. Due to the high security of virtual currency, it can't be issued at will, and Chinese and foreign people can't identify the user's identity information in the transaction process, a large number of people have a crazy pursuit of virtual currency
2. Virtual currency may be involved more widely in the future. As long as someone recognizes and uses virtual currency, the existence of virtual currency has value
virtual currency has been developing so far, prosperity and bubbles, wealth and dreams, questioning and supervision are all on the way. Investment is risky, so we should be cautious. At present, such playing methods as bitcoin have not been approved by the regulatory authorities. It is suggested that ordinary investors should participate in the game within their ability.
In the morning of March 9, 2014 Beijing time, Jared Cohen, creative director of Google, said at the Sxsw conference this week that digital cryptocurrency similar to bitcoin will exist for a long time. Cohen and Eric Schmidt, Google's chairman, promoted their co-author book the new digital age at the conference
in the past few months, bitcoin prices have fluctuated significantly. At the same time, this digital currency is strongly supported by the hacker community and is closely related to some black markets. Cohen believes that bitcoin has its value, but it will bring risks if it is not regulated
mt.gox lost $400 million worth of bitcoin, which shakes the confidence of the outside world in bitcoin. Some critics even point out that "bitcoin is dead". However, Cohen's statement is a strong support for cryptocurrency technologies such as bitcoin
bitcoin can exist only because both sides of the transaction recognize its transaction value, so anyone can independently design a virtual currency. Ars technica, for example, announced this week that it would create its own cryptocurrency, arscoin
Cohen believes that the main threat to digital cryptocurrency is how to keep it safely, and the loss of mt.gox bitcoin once again highlights this problem. Recently, the US Congress has also launched a debate on digital cryptocurrency. Some members believe that the supervision of the bitcoin should be strengthened to avoid risks. Another congressman, Jared polis, believes that the US dollar has similar defects to bitcoin, so if bitcoin is banned, then the US dollar note should also be banned
digital currency has a short history in the world, but it develops rapidly. Many countries are trying to sum up experiences and lessons through official or non-governmental efforts
take Europe as an example. In 2015, the transaction volume of digital currency in relevant European countries and regions exceeded 1 billion euro. Although the total amount is not large, it is fierce
it was reported on January 2, 2016 that the Bank of England is also considering whether to issue digital currency by the central bank, and the research work is still in the initial stage. Andy Haldane, chief economist of the Bank of England, said that switching to digital currency would be "a great technological leap forward"
DNB, Norway's largest bank, has already cancelled the cash counter service. The bank called on the government to stop using paper money completely. According to the data, only 6% of Norwegians still use cash every day, most of them the elderly. The social cost of cash payment is twice that of electronic money payment. In one day's life, the payment of bus, shopping, payment, refueling, and even parking is completed by swiping the card. Only when the children's school holds a charity sale can the banknotes be used
compared with paper money, digital currency has obvious advantages, which can not only save the cost of issuance and circulation, but also improve the efficiency of transaction or investment, and enhance the convenience and transparency of economic transaction activities. The issue of digital currency by the central bank also ensures the continuity of financial policy and the integrity of monetary policy, and also ensures the security of monetary transactions
although the issuing method of digital currency is still under study, paper currency has been regarded as "the currency of the previous generation" by some professionals, and it is the general trend to be replaced by new technologies and procts. Due to China's large population and volume, the timetable for issuing digital currency is still uncertain. It is predicted that digital currency and cash will be in parallel and graally replaced for quite a long time. When the era of digital currency really comes, people will carry less and less cash, travel more and more safe, poverty alleviation more and more accurate, corruption more and more difficult to escape, and thieves more and more difficult
Currency was widely used in the exchange between two kinds of commodities in ancient China. Its evolution process first changed from shell to metal. After the unification of the six countries, it became square hole money. Later, with the change of the times, there were more years and days on the money. Later, in order to facilitate transportation, paper money came into being. The times are changing, and the corresponding changes, Digital currency also came into being
the development of digital currency has only begun in recent years. In the past 14 years, the people's Bank of China organized a team to study digital currency, considering a series of issues such as where the technology will be proced and circulated. They started to prepare a lot of materials in order to make more people willing to accept digital currency{ RRRRR}
money has a long history and different forms. Once it is implemented, our transaction will become more convenient, mobile phones have no signal, they can also pay, and its issuing cost is also very low. Although the digital currency is still being tested and improved, I believe that in the near future, the digital RMB will settle down
the creation of digital currency
the origin of digital currency can be traced back to the 1990s, and electronic gold is one of the best forms. E-gold came out in 1999. It is based on real precious metals. Another consistent digital currency service is LR. Founded in 2006, it is an online payment company in Central America. It allows users to convert U.S. dollars or euros into LR, and only 1% of the transaction cost can be exchanged freely. This kind of two-way service is used by some people to launder money, so it is inevitably shut down by the U.S. government under the charge of money laundering
then, a person named Nakamoto published an article called "bitcoin: a peer-to-peer e-cash system" in the cryptography forum, which gave birth to bitcoin. Compared with legal currency, bitcoin does not have a centralized discoverer, but is generated by the calculation of network nodes, and is composed of a series of complex codes generated by computers. Anyone can dig, buy and sell bitcoin, and it is an anonymous transaction and cannot be tampered with. As a result, it is surrounded by geeks of popular technology, pursuers of complete liberalism and speculators
digital currency can be divided into open mining cryptocurrency and issuing cryptocurrency. Digital currency is defined as an Internet-based currency or exchange medium, which is different from physical currency. Digital currency can realize instantaneous transaction and ownership transfer without borders
for reference.
There are four stages of currency experience:
1, accidental barter
accidental barter refers to the human's initial commodity exchange at the end of the primitive society. It occurs under the extremely accidental situation that both sides of the tribe have surplus procts. At this time, commodity exchange has great contingency, so it is called accidental barter
With the development of proctivity and social division of labor, the frequency of barter has increased, and the types of commodities participating in the exchange have also increased. At this time, commodity exchange is the expanded barter When the scope of the transaction is expanded and the variety is increased, the exchange of things is very difficult. Even if it can be established, it will cost too much manpower, material resources and time. The low exchange efficiency has seriously hindered the development of commodity proction Therefore, the general equivalent is a special commodity separated from the commodity world as a unified expression of the value of all other commodities. This is the proct of the development of commodity proction and exchange to a certain stage The general equivalent is fixed on gold and silver.
the commodity used as the general equivalent is different in different regions and periods, which is not concive to the development of commodity economy objectively. Because gold and silver are rare and easy to be separated and stored, they are graally fixed as general equivalents, and money comes into being
extended data:
money is a fixed commodity separated from commodities and serves as a general equivalent
In essence, money is a contract between the owner and the market about the right of exchange, which is essentially an agreement between the owners. I give what I have to the market in exchange for what I need. Money is the agreement in this process, which reflects the economic cooperation between indivials and societythe nature of money contract determines that money can have different forms, such as general equivalent, precious metal money, paper money, electronic money and so on. It can be used as a medium of transaction, storage value, deferred payment standard and accounting unit
According to issuers, money can be divided into public money (fiat money), private money and regional money (community money). Generally speaking, public money is issued by the government. When it exists, it is generally dominant. Private money and regional currency are issued by non-governmental organizations According to the classification of materials, people used different goods as money in different historical periods. It can be divided into shell, bead, stick, metal currency (see commodity currency), paper currency and digital currency. In terms of nature, it can be divided into real money and virtual moneyreference: network currency
When the global financial crisis broke out in 2008, someone published a paper under the pseudonym of "Nakamoto Tsung", describing the mode of bitcoin
many bitcoin players are attracted by the fact that bitcoin can not be issued at will. Contrary to the attitude of bitcoin players, economists have a polarized attitude towards the fixed amount of 21 million bitcoin
Economists of Keynesian school believe that the government should actively regulate the total amount of money, and use the tightness of monetary policy to timely fuel or brake the economy. As a result, they believe that bitcoin's fixed aggregate currency sacrifices its adjustability, and worse still, it will inevitably lead to deflation, thereby harming the overall economy. Austrian economists hold the opposite view. They think that the less the government intervenes in money, the better. The deflation caused by the fixed amount of money is not a big deal, even a sign of social progressbitcoin network generates new bitcoin through "mining". In essence, the so-called "mining" is to use computers to solve a complex mathematical problem to ensure the consistency of bitcoin network distributed accounting system. Bitcoin network will automatically adjust the difficulty of mathematical problems, so that the whole network will get a qualified answer about every 10 minutes. Then bitcoin network will generate a certain amount of bitcoin as a reward to reward the person who gets the answer
when bitcoin was born in 2009, each reward was 50 bitcoins. Ten minutes after its birth, the first 50 bitcoins were generated, and the total amount of money at this time is 50. Then bitcoin grew at a rate of about 50 every 10 minutes. When the total amount reaches 10.5 million (50% of 21 million), the bounty will be halved to 25. When the total amount reached 15.75 million (5.25 million new output, or 50% of 1050), the bounty was further halved to 12.5
first of all, according to its design principle, the total amount of bitcoin will continue to grow until it reaches 21 million more than 100 years later. But the total amount of bitcoin will grow very slowly in the later period. In fact, 87.5% of bitcoin will be "g up" in the first 12 years. Therefore, in terms of the total amount of money, bitcoin will not reach a fixed amount, and its total amount of money will continue to expand, although the speed is getting slower and slower. So it looks like bitcoin is the inflation currency
However, the judgment of deflation or inflation is not based on whether the total amount of money is decreasing or increasing, but on whether the overall price level is falling or rising. The rise of overall price is inflation, and vice versa. In the long run, the issuing mechanism of bitcoin determines that the growth rate of its total amount of money will be far lower than that of social wealth Economists of Keynesian school believe that the continuous decline of prices will make people tend to postpone consumption, because the same dollar can buy more things tomorrow. The rection of consumption will further lead to shrinking demand, unsalable goods, lower prices and a vicious circle of "deflation spiral". Similarly, the deflationary currency itself can appreciate even if it is not deposited in the bank (the purchasing power becomes stronger and stronger), people's willingness to invest will increase, and social proction will fall into a downturn[ 5] Therefore, bitcoin is a currency with deflationary tendency. In bitcoin economies, commodity prices priced with bitcoin will continue to fallbitcoin is a kind of network virtual currency with limited quantity, but it can be used to cash out: it can be converted into the currency of most countries. You can use bitcoin to buy some virtual items, such as clothes, hats, equipment, etc. in online games. As long as someone accepts it, you can also use bitcoin to buy real-life items