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Which Prominent Politician Has Changed Their View On Bitcoin?

mybb@mybb.ru (Bitcoin) — Sat, 27 Mar 2021 22:07:18 +0300

Which Prominent Politician Has Changed Their View On Bitcoin?

Bitcoin has grown to become the most popular cryptocurrency in the world. It currently trades at $55,755 and has a market capitalization of $1.04 trillion.
While Bitcoin offers decentralization and relative anonymity, there has been a wide schism between supporters and opponents of cryptocurrencies.
Prominent politicians like Janet Yellen, Nirmala Sitharaman, Xi Jinping, and Donald Trump have differing views on Bitcoin.
LorBitcoin and other cryptocurrencies are changing the face of finance as more people are learning about them and investing in them. Last weekend, Bitcoin reached its all-time high, trading at over $61,000.

Since entering the big stage, Bitcoin has been a hotly debated topic among policymakers, with several politicians calling for the adoption of cryptocurrencies to bolster the economy, while others have outright called it a bubble and a Ponzi scheme. Here are some views from major politicians that have affected Bitcoin.

Donald Trump
The 45th president of the United States has never been a supporter of the leading crypto, Bitcoin. Trump has stated that Bitcoin and other cryptocurrencies are not real money with very uncertain values.

He also argued that the use of cryptos very often involves breaking the law. During his time as president, the SEC took a more defensive approach toward crypto regulation.

However, quite a lot seems to have changed with the new administration. In January, President Biden suspended the multiple crypto regulatory proposals of the previous administration.

Nirmala Sitharaman
India�s popular finance minister was once the face of the �anti-crypto agenda,� announcing at her Ministry�s budget defense that the Government doesn�t consider cryptocurrency legal tender.

She also stated that there are plans by the Indian Government to eliminate the use of crypto-assets in financing illicit transactions. In furtherance of this, the Reserve Bank of India banned dealings in cryptocurrencies because of risk and volatility.

However, Nirmala Sitharaman has swung to the other side, stating that the Government would give people an �adequate window to experiment on blockchain, Bitcoin and other cryptocurrencies in India.� She added that the Ministry would not shut off all crypto options.

On the Flipside
Financial giants JPMorgan Chase have hinted at a possible involvement in Bitcoin.
The investment firm noted that investors could add up to 1% of their allocation to cryptocurrencies in order to achieve any efficiency.
The likes of Tesla, BNY Mellon, Mastercard, and Grayscale have taken calculated steps to invest in Bitcoin and other crypto-currencies.
Janet Yellen
Janet Yellen, the American economist who holds the position of Secretary of the Treasury, is a well-known Bitcoin critic. Yellen has been skeptical about Bitcoin, referring to it as an �inefficient way� to conduct financial transactions.

In addition to this, she has stressed that Bitcoin is used for illicit financial transactions. This issue of hidden, shady, and untraceable transactions is also a concern for finance regulatory bodies around the world.

Yellen has also commented on the volatility of Bitcoin, arguing that �Bitcoin is a highly speculative asset.� Her influence as the Secretary of the Treasury could affect the regulation of cryptos in the United States.

Xi Jinping
China�s leader is among the top world politicians to have affected Bitcoin, albeit not directly. Xi Jinping favored the underlying blockchain technology over Bitcoin, which led to the ban of the asset.

China�s clampdown on crypto was really deep as it shut down its local trading platforms. Xi Jinping�s reason for clamping down on crypto is connected to the People�s Bank of China�s plans to roll out its virtual currency.

He noted that China ought to seize the opportunity and become the leading powerhouse in cryptocurrency. Following his speech, the fortunes of Bitcoin turned around, with its price soaring just after the proclamation.

Security Concerns and Risks Related To Bitcoin

mybb@mybb.ru (Mila Viliani) — Sat, 27 Mar 2021 00:37:15 +0300

Security Concerns and Risks Related To Bitcoin
Bitcoin is so far the most successful cryptocurrency. Nevertheless, just like other cryptocurrencies, Bitcoin has seen prices drop dramatically for the past few months. Price volatility remains one of the most significant challenges facing all cryptocurrencies, as they try to navigate a tricky ecosystem towards being recognized as a world currency.

Virtual currencies also faces some serious security concerns and risks, such as the safety of wallets, double-spending, growing vulnerability to orchestrated attacks on Bitcoin exchanges, and fears of rogue miners engaging in selfish mining. These concerns that can be destructive towards Bitcoin are also real towards any other cryptocurrency, though not particularly in the same manner.

Here�s a brief rundown of some of these concerns.

VULNERABLE WALLETS
There is a real vulnerability of Bitcoin wallets when it comes to hacking attacks and theft. A report by a team of researchers from Edinburgh University said they found weak spots in hardware wallets that can be exploited. According to the same research, even the heavily encrypted hardware wallets were still vulnerable due to that loophole.

Using malware, the scientists were able to intercept communication between the wallet and PCs. This security breach affects the privacy of Bitcoin users because their funds can easily be diverted to different accounts.

HACKERS AND CYBER-ATTACKS
The potential for a crippling attack directed at Bitcoin exchanges remains real. There have been significant attacks on exchanges before, but though Bitcoin�s value slumped afterward, fears still abound of one that may completely cripple the popular cryptocurrency. We are not talking about an attack on the blockchain itself; that is almost a non-starter.

It is hacking major Bitcoin exchanges on the scale of Mt. Gox that I am thinking of. Reports circulated widely after the 2014 Mt. Gox heist indicates that hackers had been trying to get into the system for almost a year. When they did, they made off with 850,000 Bitcoins. At today�s value, that would be $7.2 billion.

Mt. Gox never recovered from the attack and filed for bankruptcy. Other major Exchanges like Bitfinex remain under threat, which is a security concern, too.

Bitcoin is also threatened by Distributed Denial of Service (DDoS) attacks. A report by Imperva indicated that Bitcoin Exchanges had become favorites for DDoS attacks. The frequency is increasing, with Bitfinex, one of the largest exchanges, reporting that it had faced repeated DDoS attacks towards the end of 2017.

SELFISH MINING
Bitcoin�s continued use of proof-of-work consensus mechanism has another underlying threat. With some mining pools becoming powerful enough to command significant mining ratios, they may engage in selfish mining.

Also called block withholding, a pool may use their computational power to mine a block and then hide it from honest miners instead of broadcasting the new block to the network.

The selfish pool then attempts to find the second block while the rest grope in the dark. If the greedy miners manage to find a new block before the other miners, then broadcasting the two blocks makes the forked chain the longest. The selfish miners will be ahead of the other miners, getting all the rewards.

Such conspiracies, on a large scale, can be combined with the Sybil attack to cause considerable harm to mining because selfish miners can then use their power to invalidate transactions on the network.

DOUBLE SPENDING
Although reinforcements have been instituted to mitigate this severe concern, fears still abound concerning this transaction risk to Bitcoin. Bitcoin is becoming increasingly sturdier against coordinated double-spends.

However, some people might still be able to constitute attacks that would make them benefit from using the same coin twice in the same transaction. For instance, Bob purchases items from Alice and sends Alice x bitcoins.

At the same time, Bob executes a similar transaction to an address he controls using the same Bitcoins. Though Alice may believe that Bob has sent the money and may not bother to confirm, Bob�s address may be credited with the transaction while Alice�s won�t get the contemplated transaction.

Irreversibility then makes it pointless for Alice to get the transaction invalidated. And there is no recourse because Bitcoin is unregulated.

51 PERCENT ATTACKS
The so-called over 50 percent or 51 percent attack is a security concern for Bitcoin though not one that is easy to carry out. The increasing difficulty of mining Bitcoin has meant that miners get into pools to harmonize their computational power.

When a pool becomes too powerful that it can manage to command over 50 percent of the mining power, it then poses a threat to Bitcoin�s network. If a group were to get this much power, then it could go on to manipulate transactions by either mining �invalid� blocks or double-spending.

The use of ASICS mining rigs means a majority of miners can only do it through pools. Some of the pools have so much power that it can be misused.

For instance, Antpool, the Chinese mining pool operated by Bitmain Tech., controls about 27 percent of the computational power. If it were to conspire with another pool, the combined force would be dangerously close to 50 percent.

Getting to that magic number would be a concern to Bitcoin users. However, genuine miners will always see the need to remain prudent. Fifty-one percent attacks are therefore unlikely to happen.

The security concerns and risks facing Bitcoin are majorly related to the use of Bitcoin and not of the blockchain network. Most of them can, therefore, be remedied so as not to exacerbate problems associated with the cryptocurrency. All Bitcoin investors should be aware of these concerns and how they can affect investments.

Advantages electronic money

mybb@mybb.ru (Fyodor Volya) — Fri, 26 Mar 2021 23:12:00 +0300

17 Advantages and Disadvantages of an Electronic Funds Transfer
An electronic funds transfer is the electronic transfer of money from one account to another from within a single financial institution or across multiple banks or credit unions. It occurs through a computer-based system without the need for direct intervention from an employee.

The U.S. Electronic Fund Transfer Act of 1978 defines EFTs as a transfer initiated by telephone, computer, electronic terminal, or magnetic tape for the purpose of ordering, instructing or authorizing a financial institution to credit or debit an account.

This process goes by several different names today. It may be called an e-check in the United States, a bank transfer in the UK, or a giro transfer in Europe. Direct deposits, ATM transfers, direct debits by a cashier, and instant payments all qualify as an EFT.

Several electronic funds transfer advantages and disadvantages are worth considering when looking at this process of moving funds.

List of the Advantages of Electronic Funds Transfers
1. You have the right to dispute a transaction completed by EFT.
If you paid with an electronic funds transfer and have a dispute with a merchant, then you have the right to have your bank investigate anything that seems incorrect or unauthorized. Although you have a 60-day deadline from the time of the bank statement to request help with something that seems wrong, you may have some financial protections available with this advantage that safeguard you against potential fraud.

Make sure that you carefully review every statement from your bank or credit union to ensure there isn’t any unauthorized transaction that sneaks through.

2. It helps merchants to access funds faster.
Merchants experience several unique benefits when they complete a transaction using an electronic funds transfer. It may reduce some of their bank fees, eliminates time spent by employees and deposits, and stops chances for fraud to occur. This advantage also benefits customers because it can prevent price increases that are due to issues such as these.

When wire transfers occur in the United States, the money typically moves within 1-2 business days. Some same-day transfers are possible. International payments may take 3-4 business days to complete when using this technology.

3. You can still pay for items without a debit or credit card.
Many businesses will accept an electronic check conversion as a form of payment even though they don’t accept a traditional check. That means customers have a chance to buy items that they would otherwise not have a chance to do so if they don’t have a credit or debit card. Since the money comes directly from the linked bank account, there isn’t the threat of debt occurring with this process either.

4. Customers can set up automatic payments with EFTs.
Although ACH transactions are the most common way to create an automatic payment, an electronic funds transfer process can accomplish the same result. A merchant will pull funds from your account every time you have a bill that is due, which is usually on a monthly basis. The biller is the one who is responsible for initiating the transaction, which means a customer doesn’t need to take any action. If you get busy and forget to pay for some responsibilities, then this option can keep your accounts current.

You’ll need to fill out some paperwork to use this advantage. Then you can stop the automatic withdrawal whenever it is needed.

5. Most EFT transactions don’t require a hold on the funds.
Because the money moves quickly with an electronic funds transfer, the recipient shouldn’t need to wait for any funds to clear before they can claim or use their money. That’s an advantage over a traditional check that may need to wait 14 days or more before the funds become available. It can take several weeks, and sometimes longer, to discover that a payment was bad when using the traditional method.

This advantage allows merchants to put their revenues to use right away instead of waiting for them to clear the bank.

6. It is generally safe to receive funds through the EFT process.
It is mostly safe to receive money from a wire transfer. Payments are more certain with this process because an institution will only send money that is available. Once the cash arrives, then it is typically yours to take within a business day – although some exceptions may apply in specific situations. It’s also difficult for a sender to take the money back after transferring it to you.

You must verify that the wire transfer is real before trying to access funds. You will want to speak with someone at the bank to determine if the funds cleared. Some electronic payments can get reversed.

7. This service is available almost anywhere in the world.
Many people use electronic funds transfers to send money internationally. It is usually performed through a service like MoneyGram or Western Union, but banks and credit unions can sometimes also offer this service. It is a service that you can find almost anywhere, and online providers make it convenient enough where you don’t even need to leave your house. Multiple centers accept payments in every city, so the average person doesn’t need to travel very far to find a place to give or receive cash. You’ll also receive the money in your current currency.

List of the Disadvantages of Electronic Funds Transfers
1. Customers need to have the funds available immediately.
An electronic funds transfer is a process that happens immediately. If a customer purchases something using EFT, then they must have the money available right away. It’s not like the traditional check that might take a few business days to clear before the bank releases the funds. Most institutions will typically release cash from your account much faster, often on the same business day.

2. You won’t receive a copy of the canceled check.
When you pay through an electronic funds transfer, then you’re initiating a transaction that’s similar to a debit card. You’ll receive a receipt at the register for the amount spent, but you will not receive a copy of a canceled check from the bank. This disadvantage applies even when you write a paper check that the merchant processes through their point-of-sale equipment. That means you must pay close attention to your statements to ensure that the transaction processes correctly.

3. It creates purchasing opportunities around the clock.
The convenience of an electronic funds transfer can also become a disadvantage for some consumers. The urge to buy something in the Internet economy means there are 24/7 shopping opportunities for anyone with a data connection. Sellers want to encourage this process by removing any potential barriers to a buying opportunity.

Some sellers don’t accept an electronic funds transfer – and may not even allow for a debit card. Universal acceptance may never happen, which means consumers must have multiple forms of payment available to ensure that they can buy what they need.

4. Payments can still “bounce” when using an EFT.
An electronic funds transfer can come back as “returned,” which creates a result that’s similar to bouncing a check. Customers must take immediate action if a payment declines or gets returned to you so that payment can occur. Financial institutions do not automatically try to reprocess returned or declined transactions.

Most institutions will charge a returned EFT fee for every item that comes back for any reason. It’s often a similar fee to that of a bounced check, although it is usually a lower amount. Merchants will pass this cost along to a customer when it occurs if they are at fault for the problem with the transaction.

5. It is almost impossible to bank anonymously in the United States.
Some countries allow consumers to have accounts anonymously, which means their electronic fund transfers don’t provide any personal information at all. This process doesn’t happen in the United States. Individuals can keep their identity from businesses and individuals to some degree, but it also allows law enforcement to find you if there is a need to do so. Even the banks in Switzerland that are famous for their anonymity cooperate with American policing efforts.

6. If you lose money in a wire transfer, it may not be recoverable.
Many scams involve electronic funds transfers because the initiator may not realize that their money isn’t going to its intended purpose until the process is too far along to stop. A thief only needs to take control of an account for a few days to send money to a different location. Wire transfers can go to overseas accounts where the cash gets withdrawn almost immediately in some situations. That’s why you should never use an EFT to send money to someone that you don’t personally know.

7. You cannot guarantee the recipient unless it is yourself.
Unless you initiate an electronic funds transfer to pay yourself or transfer money between accounts, there is no way to verify that the intended recipient got the cash. Someone with a fake ID could collect the money without going through an extensive verification process. Some transactions that use this method are particularly risky, such as wiring money to an office that pays proceeds in cash.

Down payments for home loans are particularly vulnerable with a wire transfer. If you receive instructions by email, then it isn’t that difficult to alter the instructions to send the EFT to the wrong place.

8. Some ETFs must get reported to the government.
Any transaction that involves more than $10,000 cash with an electronic funds transfer gets reported to the Internal Revenue Service in the United States. Some banks require advanced notice before they’ll transfer a large sum of money to you or someone else, so you’ll want to check with your institutions before you find yourself in a place where you have an immediate need. You might need to have funds available the day before closing the transaction to ensure that there aren’t any problems with the account.

9. Wire transfers can sometimes get lost.
There is a myriad of problems that can occur when using an electronic funds transfer to send money. Numbers can get transposed when writing down account information. Some ETFs can even get lost between the initiator and the bank. When you miss the deadline for this process, then the money isn’t going to go out until the following business day. A manager who approves a transfer might be unavailable, creating a further complication to consider.

10. The fees for some EFTs can be somewhat high.
Every wire transfer service provider charges a fee for the initiated transaction. It is usually the sender that pays this amount, giving the receiver the entire balance sent. Some companies require a minimal fee from the receiver or a percentage of the amount sent as compensation for the services. International transactions usually cost more than the local transfer. If you want the money to be available in real-time, then the fee can be as high as 15% of the amount being sent.

Since an electronic funds transfer is nonreversible in this circumstance, it is essential to make sure that you want to go through with this process. Senders are not going to get their money back once they initiate the transaction.

Conclusion

The conventional electronic funds transfer typically connects directly to a payer’s bank account. Moving money between checking or savings may be a trusted process, but there are some weaknesses in this system that can give some consumers pause when working with a merchant. It doesn’t expose much personal information to complete the process, but there is also a hesitation by providing bank account info when a debit card provides another layer of protection.

EFTs make sense when someone doesn’t want to use a debit or credit card. Some people may not qualify for these payment methods. This process gives them another opportunity to become a customer.

These electronic funds transfer advantages and disadvantages are essential to consider because merchants and customers must find a place of common ground. If we can keep costs low while providing more shopping opportunities, then everyone can walk away from a transaction feeling like a winner.

Bitcoin and Electronic Money: Are They the Scam � 2021 Guide

mybb@mybb.ru (Fyodor Volya) — Fri, 26 Mar 2021 23:06:44 +0300

FTC Obtains Court Order Banning Work-From-Home Scammer from Selling Business Opportunities and Using Robocalls
Defendants tried to take advantage of consumers who were anxious about the coronavirus pandemic, agency alleges

The Federal Trade Commission has permanently banned an alleged work-from-home scammer from selling or promoting business opportunities and from using robocalls under the terms of a settlement.

The FTC alleged that Randon Morris and a number of companies he controlled initiated millions of robocalls nationwide to promote sham work-from-home business opportunities, focusing on consumers concerned about working outside their homes because of the coronavirus pandemic. The defendants lured consumers into purchasing these programs with false promises that consumers could earn hundreds of dollars a day. They also falsely claimed to be affiliated with Amazon.com.

“These defendants used illegal robocalls, lies about income, and people’s anxiety about the pandemic to pitch their work-from-home scam,” said Daniel Kaufman, Acting Director of the Bureau of Consumer Protection. “If someone promises you big money working from home, tell the FTC and see our tips at ftc.gov/IncomeScams.”

Under the settlement, Morris, National Web Design, LLC, B2B Website Design, LLC, Amazon Affiliate Program, LLC, and R&C Consultation, LLC will be banned from pitching business opportunities or work-at-home schemes, as well from any involvement with robocalls.

In addition, the settlement prohibits the defendants from making any claims about how much money consumers can earn, unless those claims are not misleading and the defendants have written substantiation for their claims. They will also be prohibited from misrepresenting their affiliation with any merchant or brand, as well as from misrepresenting any key facts about a product or service offered to consumers.

The settlement also includes a monetary judgment of more than $2 million, which is partially suspended due to an inability to pay. The defendants will be required to surrender the contents of a bank account and the reserves held in two merchant accounts to the FTC. If the defendants are found to have misrepresented their financial status, the full amount of the judgment would become immediately payable.

The Commission vote approving the stipulated final order was 4-0. The FTC filed the order in the U.S. District Court for the District of Utah, and the court entered the order on March 12, 2021.

NOTE: Stipulated final orders have the force of law when approved and signed by the District Court judge.

The Federal Trade Commission works to promote competition and to protect and educate consumers. You can learn more about consumer topics and report scams, fraud, and bad business practices online at ReportFraud.ftc.gov. Like the FTC on Facebook(link is external), follow us on Twitter(link is external), get consumer alerts, read our blogs, and subscribe to press releases for the latest FTC news and resources.

Pay Taxes by Electronic Funds Withdrawal

mybb@mybb.ru (Fyodor Volya) — Fri, 26 Mar 2021 23:03:17 +0300

Pay Taxes by Electronic Funds Withdrawal
Electronic Funds Withdrawal (EFW) is an integrated e-file/e-pay option offered only when filing your federal taxes using tax preparation software or through a tax professional. Using this payment option, you may submit one or more payment requests for direct debit from your designated bank account.

We offer other payment options if you are not e-filing, or if you e-file but want to pay separately.

How to Make an Electronic Funds Withdrawal Payment
Features and Benefits of Electronic Funds Withdrawal
Facts You Need to Know
Cancellations, Errors and Questions
How to Make an Electronic Funds Withdrawal Payment:
Use commercial software, a paid preparer, or IRS Free File to e-file your federal tax return and at the same time submit an EFW payment request.
Upon selection of the electronic funds withdrawal option, a payment record will display for entry of payment information. Visit EFW Payment Record Instructions for details.
Features and Benefits of Electronic Funds Withdrawal:
It's convenient. Individual and business filers can e-file and e-pay in a single step.
IRS doesn’t charge a fee to use EFW, but check with your financial institution about any fees it may charge.
Making an electronic payment eliminates the need to submit a voucher.
It’s safe and secure. Payment information is used only for the tax payment(s) authorized.
For available EFW tax forms visit Electronic Funds Withdrawal for Individuals or Electronic Funds Withdrawal for Businesses.
Bank account information is safeguarded and won’t be disclosed for any reason other than for processing authorized payment transactions.
Scheduling –
All individual and most business payments can be scheduled for a future date, up to the return due date. Payments that qualify for scheduling can be scheduled up to 365 days from the date the electronic return is filed.
After the due date, the payment date must be the same as the date the return is transmitted, or be within the previous five days of that date.
The software you use will indicate if a payment can be scheduled or not. If you enter an invalid payment date, you will be prompted to correct the date.
Estimated Tax Payments -
Up to four quarterly tax payments may be submitted with Form(s) 990-PF, 990-T, 1041 (1041-ES), and 1120/1120-F/1120-S/1120-POL.
Up to four Form 1040-ES quarterly tax payments for TY 2021 may be submitted with the TY 2020 e-filed return.
A separate payment record is required for each payment request.
The bank account information can be the same or different for each payment request submitted.
A separate payment record is required for each (business or individual) estimated payment.
The bank account information can be the same or different for each payment entered.
Facts You Need to Know:
The EFW transaction authorizes the U.S. Department of the Treasury (through a Treasury Financial Agent) to transfer the specified payment amount from the specified bank account to the Treasury's account,
"IRS USA Tax Payment," "IRS USA Tax Pymt" or something similar will be shown on your bank statement as proof of payment.
If the payment date requested is a weekend or bank holiday, the payment will be withdrawn on the next business day. In that case, your bank may put a hold on those funds, and treat it as a pending transaction.
The payment amount will be debited in a single transaction. No recurring or partial withdrawals will be made.
Federal Tax Deposits cannot be made via the EFW payment option. For payment options for making Federal Tax Deposits, please refer to the Tax Form Instructions for that form.
Cancellations, Errors and Questions:
In the event Treasury causes an incorrect amount of funds to be withdrawn from a bank account, Treasury will return any improperly transferred funds.
Once your return is accepted, information pertaining to your payment, such as account information, payment date, or amount, cannot be changed. If changes are needed, the only option is to cancel the payment and choose another payment method.
Call IRS e-file Payment Services 24/7 at 1-888-353-4537 to inquire about or cancel your payment, but please wait 7 to 10 days after your return was accepted before calling.
Cancellation requests must be received no later than 11:59 p.m. ET two business days prior to the scheduled payment date.
If a payment is returned by your financial institution (e.g., due to insufficient funds, incorrect account information, closed account, etc.) the IRS will mail a Letter 4870 to the address we have on file for you, explaining why the payment could not be processed, and providing alternate payment options.
In the event your financial institution is unable to process your payment request, you will be responsible for making other payment arrangements, and for any penalties and interest incurred.
Contact your financial institution immediately if there is an error in the amount withdrawn.

Today's Cryptocurrency Prices by Market Cap

mybb@mybb.ru (Bitcoin) — Fri, 26 Mar 2021 22:40:44 +0300

Today's Cryptocurrency Prices by Market Cap
https://coinmarketcap.com/

Comparing Bitcoin’s Market Cap to Other Cryptocurrencies

mybb@mybb.ru (Bitcoin) — Fri, 26 Mar 2021 22:36:42 +0300

Can You Compare Cryptocurrencies by Market Cap?
Market cap is one of those industry terms that are common enough for most people to have heard of but is “insider” enough that the average person doesn't know what it means. I remember trying to decipher these investing terms when I was starting out and it can be difficult.

So, let’s start with a definition of what market cap does and why it’s valuable in traditional markets, and then we’ll get into looking at Bitcoin market cap and what you need to watch out for there.

The Basics of Market Cap
Market cap is short for market capitalization. This is a reference used by investors to figure out how big a company is. The way that market capitalization is figured is to multiply the number of shares available by how much the shares are selling for.

For example, a company that has 1 million shares that are selling for $50 each has a market cap of $50 million.

Generally speaking, the bigger the market cap of a company the more stable the investment. There are several factors that can influence an investment beyond the market cap, but many investors use market capitalization as a tool to help them know where to invest and how risky the investment is.

In traditional stock,s companies that have a market cap of 10 billion or more are considered large-cap companies. Market caps of between 2 billion and 10 billion are considered mid-cap companies with more room for growth. And market caps of between 300 million to 2 million are considered small-cap companies and are generally riskier investments.

With the growth of cryptocurrency, people are starting to look at market caps in crypto markets as well. But because crypto is largely unregulated at this point, there are additional considerations to take into account before considering market capitalization as a primary indicator of risk.

How Market Cap Applies to Bitcoin and Other Cryptocurrencies
Bitcoin market cap and other cryptocurrency market caps are being used to compare the value of various cryptocurrency companies.

But there are some serious problems with this approach. It’s not that market cap is not a useful tool forthe cryptocurrency, it can be. But it’s important to recognize that cryptocurrencies come with risk factors not associated with the traditional stock market, and to understand how to compensate for those risks.

One of the most important risk factors to look at when evaluating market cap for cryptocurrency is nonliquidity in the markets. This usually happens because certain parts of crypto are locked up or lost.

The Dangers of Locked Up Cryptocurrency
The biggest problem with using market capitalization as a measure of how strong a particular cryptocurrency is (like you would for a publicly traded company) is that there are many situations where units of the cryptocurrency are not in liquid circulation.

These locked up or lost cryptocurrency units can affect what the real market cap is of any cryptocurrency.

When you’re looking at Bitcoin market cap, for example, it’s important to take into consideration that somewhere around 4 million Bitcoins are lost on servers somewhere. That’s according to a study from Chainalysis––a blockchain analytics company.

So, when you look at standard market cap valuation of how much each Bitcoin is worth times how many Bitcoin’s there are, you really should take out the “missing” Bitcoin to see how much the company is actually worth.

Another example of this is the company Steem. Their market cap was valued at more than $400 million. But a huge portion of their value was locked up in something called Steem Power––a kind of social network. Which means that the market capitalization value was incredibly misleading.

Sharks can also create misleading market capitalizations. In many cases – especially with smaller cryptocurrencies – a single entity will hold on to much of the coin from the very beginning of its existence. If these sharks then dump all of that cryptocurrency onto the market at once it can devalue it really fast.

The bottom line here is that when you’re looking at market capitalization for the cryptocurrency, you need to make sure that you’re looking at additional metrics as well. Especially since cryptocurrency - at this point - can still be very volatile.

Important Metrics When Comparing Cryptocurrencies
Now that we've looked at why market cap can be somewhat misleading when comparing cryptocurrencies, let's look at some important metrics you should consider when comparing and evaluating cryptocurrencies.

Metcalfe’s Law
When it comes to comparing cryptocurrencies, the first metric that you probably should watch outside of market cap is called Metcalfe's Law. This has to do with the number of users that are actually on a crypto trading network.

When you track the number of users on the Bitcoin network (or other networks), it will mirror closely the amount of movement on that network. It seems that removing users that have not made any transactions, but have just registered can make this law even more robust. Because then you are tracking users that are actually active.

A Warning on Metcalfe's Law
Like other things, Metcalfe’s Law is not incorruptible. It can be easily gamed where there are networks that have really low transaction fees. Super low transaction fees mean that there’s less resistance to using the platform and potentially less actual trading going on, and that can screw up the law.

Liquidity
A second metric to watch when comparing cryptocurrencies is liquidity. I touched on this earlier in the article, but you want to make sure that you are evaluating how much trading is actually going on in any given cryptocurrency. A lack of trading could signify sharks that could dump their coins and create a drop in the market.

Monthly Volumes
The final metric I recommend watching is monthly volumes. Staying away from daily volumes is a really good idea. Daily volumes can be deceiving due to their volatility.

Cryptocurrency is still a fairly volatile investment – and some people would even say it’s a gamble. Before investing in anything – especially bitcoin and cryptocurrency – it’s important to understand how bitcoin market cap and other cryptocurrency market caps actually work. You also need to know what your real risks are and be comfortable with the possibility of losing money.

Cryptocurrency is an extremely interesting and dynamic development with lots of opportunity and lots of risk. Understanding how it works is important if you’re going to invest.

Explained: The Differences Between Electronic Money and Bitcoin

mybb@mybb.ru (Bitcoin) — Fri, 26 Mar 2021 22:30:15 +0300

Explained: The Differences Between Electronic Money and Bitcoin
Explained: The Differences Between Electronic Money and Bitcoin
Electronic Money (commonly abbreviated e-money) and Bitcoin are two systems for making payments that are digital in nature. Both are catalysts in the mobile payments revolution, but that is where their similarities end.

In reality, the two systems are extremely different. Today�s infographic sums up the major points to consider when thinking about these ideas.

E-money is an electronic component of fiat currency systems, and still trades in familiar units such as dollars, euros, pesos, or yen. E-money is typically regulated and controlled within the framework of a government�s central banking system. The customers of such transactions are identified under Financial Action Task Force standards and as a result are not anonymous.

Bitcoin is a decentralized electronic currency that derives its value from supply and demand as well as trust in the system. The network uses complex math to verify transactions, and the people that volunteer their computing power to the network, or �miners�, are generated bitcoins as a reward for their efforts. Customers are anonymous in that they are not directly identified under FATF standards. However, to obtain full anonymity, customers have to take additional precautions. Bitcoin is not regulated in most places, although some countries have adopted some early regulations or rules.

While both Bitcoin and E-money harness the power of the web and mobile, they are still very different.

Want more information on the background of Bitcoin?
Don�t forget to see our infographic documenting the Definitive History of Bitcoin.

Original graphic by: CGAP

Electronic Fund Transfer Act

mybb@mybb.ru (Bitcoin) — Fri, 26 Mar 2021 22:11:32 +0300

Electronic Funds Transfer

The Colorado Department of Revenue offers an Electronic Funds Transfer (EFT) tax payment service. You may use EFT to pay more than 50 types of business and personal tax liabilities. For a complete list of accepted tax liabilities, see the DR 5785.

Colorado's EFT program offers two choices: ACH Debit and ACH Credit. You may choose either or both. First, you must be registered with the department to use either service. If you have already registered for EFT and are familiar with it, visit the EFT Payment Website by clicking the button below.

Electronic Funds Transfer

mybb@mybb.ru (Bitcoin) — Fri, 26 Mar 2021 22:06:59 +0300

Regulations
The U.S. Government monitors EFT compliance through Regulation E of the Federal Reserve Board, which implements the Electronic Funds Transfer Act (EFTA). The EFTA was passed by the U.S. Congress in 1978 to protect consumers engaging in EFTs. Regulation E governs financial transactions with electronic payment services, specifically with regard to disclosure of information, consumer liability, error resolution, record retention and receipts at electronic terminals.

Consumers can sue for damages in court if financial institutions break laws established by the EFTA. For example, if ATM card is reported as stolen and the financial institution failed to prevent a transfer, the card’s owner is entitled to the money lost.

Users can’t be forced to use EFTs to make or to receive a payment, except for overdraft checking fees. When a checking account is overdrawn, the financial institution can use EFTs to deduct overdraft fees from the consumer’s account. With a few exceptions, employers can require that employees are paid by EFT. Employees can choose the financial institution to receive the funds.

If an ATM or debit card is lost or stolen and reported to the financial institution before any transactions take place, the card’s owner is not held responsible for any subsequent transactions. Depending on when the card is reported stolen or lost, the card’s owner could be liable for between $50 and an unlimited amount of charges.

EFTs usually settle on the next business day, but can take longer during bank holidays. International transactions (IATs) and high-value transactions above $25,000 are not eligible for same-day processing.

History of Electronic Money

mybb@mybb.ru (Bitcoin) — Fri, 26 Mar 2021 21:06:24 +0300

Now in our 5th decade, the Electronic Funds Transfer Association is a professional association dedicated to the advancement of electronic payments and commerce. Our objective is to inform debate over the consumer, business and policy aspects of new and existing payments technology. We do this through public outreach to Congress, the Executive Agencies, consumers and the media.

Since its founding in 1977, EFTA has represented its members on a range of topics, from ATMs and debit technology to current issues like data breach and cybersecurity, data privacy and mobile payments. EFTA membership includes top ten banks, payment processors, ATM & debit networks, card companies, technology providers, security companies, ATM owners and manufacturers and government agencies.

The key to EFTA’s longevity has been its ability to provide an informed, credible, objective opinion on electronic payments issues. EFTA’s membership spans multiple industries, including financial institutions, processors, manufacturers, ATM networks, owners and manufacturers, card companies and others. When EFTA meets with legislators or regulators they can be assured that EFTA’s position has been vetted across multiple industry segments. This non-parochial approach gives EFTA a credibility and objectivity that legislators and regulators need and appreciate. Executive Agencies and regulators facing contentious issues often seek out EFTA because of our reputation for objectivity.

Much of EFTA’s work with legislative and regulatory staff is carried out through three working groups within the Association. The Legislative and Regulatory Council focuses on the business and consumer implications of laws and rules covering electronic payments. The eGovernment Payments Council focuses on EBT and the use of electronic technology for various government payments like unemployment insurance and welfare benefits. The ePayment and Innovation Council provides an open forum for the sharing and exchange of information on the latest developments in product innovation and emerging technologies in the financial service industry.

A Brief History of Money

mybb@mybb.ru (Bitcoin) — Fri, 26 Mar 2021 21:05:18 +0300

A Brief History of Money
In the 13th century, the Chinese emperor Kublai Khan embarked on a bold experiment. China at the time was divided into different regions, many of which issued their own coins, discouraging trade within the empire. So Kublai Khan decreed that henceforth money would take the form of paper.

It was not an entirely original idea. Earlier rulers had sanctioned paper money, but always alongside coins, which had been around for centuries. Kublai�s daring notion was to make paper money (the chao) the dominant form of currency. And when the Italian merchant Marco Polo visited China not long after, he marveled at the spectacle of people exchanging their labor and goods for mere pieces of paper. It was as if value were being created out of thin air.

Kublai Khan was ahead of his time: He recognized that what matters about money is not what it looks like, or even what it�s backed by, but whether people believe in it enough to use it. Today, that concept is the foundation of all modern monetary systems, which are built on nothing more than governments� support of and people�s faith in them. Money is, in other words, a complete abstraction�one that we are all intimately familiar with but whose growing complexity defies our comprehension.

Today, many people long for simpler times. It�s a natural reaction to a world in which money is becoming not just more abstract but more digital and virtual as well, in which sophisticated computer algorithms execute microsecond market transactions with no human intervention at all, in which below-the-radar economies are springing up around their own alternative currencies, and in which global financial crises are brought on for reasons difficult to parse without a Ph.D. Back in the day, the thinking goes, money stood for something: Gold doubloons and cowrie shells had real value, and so they didn�t need a government to stand behind them.

In fact, though, money has never been that simple. And while its uses and meanings have shifted and evolved throughout history, the fact that it is no longer anchored to any one substance is actually a good thing. Here�s why.

Let�s start with what money is used for. Modern economists typically define it by the three roles it plays in an economy:

It�s a store of value, meaning that money allows you to defer consumption until a later date.  
It�s a unit of account, meaning that it allows you to assign a value to different goods without having to compare them. So instead of saying that a Rolex watch is worth six cows, you can just say it (or the cows) cost $10 000.
And it�s a medium of exchange�an easy and efficient way for you and me and others to trade goods and services with one another.
All of these roles have to do with buying and selling, and that�s how the modern world thinks of money�so much so that it seems peculiar to conceive of money in any other way.

Yet in tribal and other �primitive� economies, money served a very different purpose�less a store of value or medium of exchange, much more a social lubricant. As the anthropologist David Graeber puts it in his recent book Debt: The First 5000 Years (Melville House, 2011), money in those societies was a way �to arrange marriages, establish the paternity of children, head off feuds, console mourners at funerals, seek forgiveness in the case of crimes, negotiate treaties, acquire followers.� Money, then, was not for buying and selling stuff but for helping to define the structure of social relations.

How, then, did money become the basis of trade? By the time money makes its first appearance in written records, in Mesopotamia during the third millennium B.C.E., that society already had a sophisticated financial structure in place, and merchants were using silver as a standard of value to balance their accounts. But cash was still not widely used.

It�s really in the seventh century B.C.E., when the small kingdom of Lydia introduced the world�s first standardized metal coins, that you start to see money being used in a recognizable way. Located in what is now Turkey, Lydia sat on the cusp between the Mediterranean and the Near East, and commerce with foreign travelers was common. And that, it turns out, is just the kind of situation in which money is quite useful.

To understand why, imagine doing a trade in the absence of money�that is, through barter. (Let�s leave aside the fact that no society has ever relied solely or even largely on barter; it�s still an instructive concept.) The chief problem with barter is what economist William Stanley Jevons called the �double coincidence of wants.� Say you have a bunch of bananas and would like a pair of shoes; it�s not enough to find someone who has some shoes or someone who wants some bananas. To make the trade, you need to find someone who has shoes he�s willing to trade and wants bananas. That�s a tough task.

With a common currency, though, the task becomes easy: You just sell your bananas to someone in exchange for money, with which you then buy shoes from someone else. And if, as in Lydia, you have foreigners from whom you�d like to buy or to whom you�d like to sell, having a common medium of exchange is obviously valuable. That is, money is especially useful when dealing with people you don�t know and may never see again.

The Lydian system�s breakthrough was the standardized metal coin. Made of a gold-silver alloy called electrum, one coin was exactly like another�unlike, say, cattle. Also unlike cattle, the coins didn�t age or die or otherwise change over time. And they were much easier to carry around. Other kingdoms followed Lydia�s example, and coins became ubiquitous throughout the Mediterranean, with kingdoms stamping their insignia on the coins they minted. This had a dual effect: It facilitated the flow of trade, and it established the authority of the state.

Modern governments still like to place their stamp upon money, and not just on bills and coins. In general, they prefer that money�whether physical cash or digital�be issued and controlled only by official entities and that financial transactions (especially international ones) be traceable. And so the recent rise of an alternative currency like Bitcoin [see �The Cryptoanarchists� Answer to Cash,� in this issue], which is based on a cryptographic code that allows for anonymous transactions and that so far has proved to be uncrackable, is the kind of thing that tends to make governments very unhappy.

The spread of money throughout the Mediterranean didn�t mean that it was universally used. Far from it. Most people were still subsistence farmers and existed largely outside the money economy.

But as money became more common, it encouraged the spread of markets. This, in fact, is one of the enduring lessons of history: Once even a small part of your economy is taken over by markets and money, they tend to colonize the rest of the economy, gradually forcing out barter, feudalism, and other economic arrangements. In part this is because money makes market transactions so much easier, and in part because using money seems to redefine what people value, pushing them to view things in economic, rather than social, terms.

Governments were quick to embrace hard currency because it facilitated the collection of taxes and the building of military forces. In the third century B.C.E., with the rise of Rome, money became an important tool for unifying and expanding the empire, reducing the costs of trade, and funding the armies that kept the emperors in power.

The decline of the Roman Empire, starting in the third century C.E., saw a decline in the use of money as well, at least in the West. Parts of the former empire, like Britain, simply stopped using coins. Elsewhere people still used money to balance accounts and keep track of debts, and many small kingdoms minted their own coins. But in general, the circulation of money became less central, as cities shrank in size and commerce dwindled.

The rise of feudal society also undercut money�s role. The basic relationship between master and vassal was mediated not by payment for services rendered but rather by an oath of loyalty and a promise of support. Land was not bought and sold; it belonged, ultimately, to the king, who granted use of the land to his lords, who in turn provided plots of land to their vassals. And feudalism discouraged trade; a feudal estate, or fief, was often a closed community that aimed to be self-sufficient. In such a setting, money had little use.

Money�s decline in feudal times is worth noting for what it reveals about money�s essential nature. For one thing, money is impersonal. With it, you can cut a deal with, say, a guy named Jeff Bezos, whom you don�t know and will probably never meet�and that�s okay. As long as your money and his products are good, you two can do business. Similarly, money fosters a curious kind of equality: As long as you have sufficient cash, all doors are open to you. Finally, money seems to encourage people to value things solely in terms of their market value, to reduce their worth to a single number.

These characteristics make money invaluable to modern financial systems: They encourage trade and the division of labor, they reduce transaction costs�that is, the cost incurred in executing an economic exchange�and they make economies more efficient and productive. These same qualities, though, are why money tends to corrode traditional social orders, and why it is commonly believed that when money enters the picture, economic relationships trump all other kinds.

It�s unsurprising, then, that feudal lords had little use for the stuff. In their world, maintaining the social hierarchy was far more important than economic growth (or, for that matter, economic freedom or social mobility). The widespread use of money, with its impersonal transactions, its equalizing effect, and its calculated values, would have upended that order.

Money�s decline didn�t last, of course. By the 12th century, even as the Chinese were experimenting with paper currency, Europeans began to embrace a new view of money: Instead of being something to hoard or spend, money became something to invest, to be put to work in order to make more money.

This idea came with a renewed interest in commerce. Trade fairs sprang up across Europe, frequented by a community of merchants who had begun to do business across the continent. This period also saw the emergence of a banking industry in the city‑states of Italy. These new institutions introduced a host of financial innovations that we still use today, including municipal bonds and insurance. The banks fostered the use of credit and debt, which became ever more central to the economy as kings borrowed to finance their military adventures and merchants borrowed to fund their long-range trades.

The invention of the bill of exchange, which laid the groundwork for the emergence of paper money in the West, also occurred during this period. The bill of exchange was a sort of precursor to the traveler�s check: a document representing a quantity of gold that could be exchanged for the real thing in a different city. Traveling merchants liked the bills because they could be carried around with far less risk (and exertion) than the precious metal.

By the 16th century in Europe, many of the ideas about money that shape our thinking today were in place. Still, money remained a physical thing�that thing being a piece of gold or silver. A gold coin wasn�t a symbol of value; it was an embodiment of it, because everyone believed that the gold had intrinsic worth. Likewise, the amount of money in the economy was still a function of how much gold and silver was available. The rulers of Spain and Portugal didn�t quite appreciate the limits of this system, however, which led them to plunder their New World colonies and accumulate vast hoards of precious metals, which in turn triggered periods of rampant inflation and enormous tumult in the European economy.

These days, countries have central banks to oversee their money supplies, as well as to set interest rates, combat inflation, and otherwise control their monetary policy. The United States has the Federal Reserve System, the Eurozone has the European Central Bank, the Maldives has the Maldives Monetary Authority, and so on. When the Federal Reserve wants to increase the money supply, it doesn�t have to go looking for El Dorado. Neither does it phone up the United States Mint and order it to start printing more dollars; in fact, only about 10 percent of the U.S. money supply�about $1 trillion of the roughly $10 trillion total�exists in the form of paper cash and coins.

Instead, the Fed buys government securities, such as treasury bills, on the open market, typically from regular private banks, and then credits the banks� accounts with the money. As the banks lend, invest, and otherwise spend this new money, the overall money supply that�s circulating increases. If, on the other hand, the Reserve wants to decrease the money supply, it does the opposite: It sells government bonds on the open market, again typically to private banks, and then deducts the sales price from the banks� accounts. The banks have less money to spend, and the money supply shrinks.

The sophisticated and relatively opaque machinations by which central banks keep economies afloat may make the Spanish Empire�s inflationary foibles look quaintly naive. But in fact the fine-tuning of monetary policy�the delicate juggling of interest rates, money supply, and other financial mechanisms so that an economy keeps expanding at a steady, manageable rate, without excessive inflation, unemployment, debt, or boom and bust cycles�is still a work in progress, as the ongoing economic woes in both Europe and the United States demonstrate.

Back to the 1600s: The view of money as commodity began to shift only with the widespread adoption of paper currency, which found the warmest welcome in the American colonies. In 1690, for instance, the Massachusetts Bay Colony issued paper money to fund a military campaign, and did so without explicitly promising to redeem the bills for gold or silver.

Later, during the American Revolutionary War, the Continental Congress printed �continentals� to pay for the new country�s war debts. These bills were in principle backed by gold, but so many were issued that their collective value far exceeded the available gold. When soldiers and merchants discovered they�d been paid in near-worthless scrip, it inspired a backlash against paper money; the U.S. Constitution, for instance, prohibited states from using any other money than gold and silver coins. It wasn�t until 1862, during the Civil War, that Congress finally passed a law allowing the government to print paper money, or �greenbacks.�

That�s not to say that paper money was unavailable before then. Even as the U.S. government minted nothing but coins, private banks, often called �wildcats,� began issuing what in effect became thousands of currencies. Like the wartime continentals, these bank notes were in theory backed by gold, but it was hard to know whether a bank actually had enough gold to back up its notes, bank regulation being pretty much nonexistent at the time. Unsurprisingly, the wildcat era was fertile ground for fraud. What is surprising perhaps is that most banks did a reasonable job of keeping their currency and their gold reserves in balance, and the U.S. economy grew briskly.

The Bank of England, meanwhile, took a far more sober approach. In 1821, it adopted the gold standard, promising to redeem its notes for gold upon request. As other countries followed suit, the gold standard became the general rule for developed economies. The discovery of major new gold fields over the course of the 19th century ensured that the money supply kept growing.

The gold standard, as it was intended to do, brought stability to prices and was enormously beneficial to property holders and lenders. However, it also brought deflation�that is, prices generally fell�because as countries� populations and economies grew, their governments had no easy way to increase the money supply short of mining more gold, and so money in effect became more scarce. Deflation was hard on farmers and borrowers, who longed for a little inflation to help them with their debts; when money gradually loses some of its value, so, too, do people�s debts.

The gold standard also didn�t prevent economies from falling into recession, and when they did�as during the worldwide slump known as the Long Depression, which lasted from 1873 to 1896�adherence to the standard made it difficult to do any of the things that might have quickly set things right, like cutting interest rates or pumping more money into the economy. As a result, economies took a long time to recover from downturns.

Of course, clever financial minds will always find an end run around the rules. Having a gold standard, it turns out, didn�t completely limit the growth of money. Banks could still make loans against their gold reserves, and they did so freely. Economic historians now believe that the amount of paper currency in circulation dwarfed the actual amount of gold and silver that banks had on hand. And so, while money was still tethered to gold in people�s minds, it had already begun to become unhooked. 

What finally derailed the gold standard was World War I. Governments needed more money for their militaries than they had in gold, and so they simply began printing it. And though many countries tried to return to the gold standard after the war, the Great Depression ended that experiment for good.

The result? Currencies today are �fiat� currencies, meaning they�re backed by the authority of the issuing government, and nothing more. In the United States, for example, that means the government accepts only dollars as payment for taxes and requires its creditors to accept dollars in payment for debts. But if people were to lose faith in the dollar and stop accepting it in everyday transactions, it would eventually become worthless.

Many people find this situation unnerving, which is why there are perennial calls to return to the gold standard. The reliance on fiat money, we�re told, gives too much power to the government, which can recklessly print as much money as it wants. Yet the truth is that this has always been possible. Even with the gold standard, governments revalued their currencies from time to time, in effect dictating a new price for gold, or they ignored the standard when it proved too limiting, as during the First World War.

What�s more, the notion that gold is somehow more �real� than paper is, well, a mirage. Gold is valuable because we�ve collectively decided that it�s valuable and that we�ll accept goods and services in exchange for it. And that�s no different, ultimately, from our collective decision that colorful rectangles of paper are valuable and that we�ll accept goods and services in exchange for them.

The reality is that it�s a good thing that we�ve moved away from the gold standard and the idea that money needs to be tied to something else. In the first place, it�s honest: As soon as we left behind the habit of trading cattle for barley (both of which had intrinsic value), money became a social convention, and paper money just makes that convention obvious. These days, instead of worrying about where we�re going to find more gold and silver, we can focus on how to wisely manage the money supply for the greater good.

Second, and more important, abandoning the gold standard has given central banks much more flexibility in dealing with economic downturns. Recessions are downward spirals: Instead of spending and investing, people and businesses hold on to their cash, which shrinks overall demand, which forces businesses to cut back, which creates unemployment, which shrinks demand even more.

One solution is for governments to make up the difference by spending more. But it�s also important for interest rates to drop and for the money supply to increase, thereby making it easier for people to borrow money and helping overcome their reluctance to spend. Such actions are easier for the folks at the Federal Reserve and other central banks to pull off when they don�t have to worry about maintaining the gold standard. And recessions have been shorter and less painful since the gold standard was abandoned. Even the most recent global downturn, severe as it was, was minor compared to the Great Depression.

Of course, all this talk of central bankers tinkering with the money supply is precisely what critics of the fiat money system dread, because they believe it will inevitably lead to runaway inflation. And history does show that when a government massively and carelessly expands the money supply, it ends up with hyperinflation and a worthless currency, as happened in Weimar Germany in 1923 and in Zimbabwe just a few years ago.

But such episodes are rare. In the past 90 years, the United States and Europe have had just one sustained bout of high inflation�in the 1970s. That track record should engender some faith; on the whole, central bankers act responsibly, and healthy industrial economies aren�t prone to regular inflationary spirals. But that faith is apparently hard to muster; instead, it feels to many of us as if inflation is always about to soar out of control.

This irrational fear is ultimately a legacy of the way money evolved: We cling to the belief that money needs to be backed by something �solid.� In that sense, we�re just like Marco Polo�still a bit amazed by the thought that you can base an entire economy on little pieces of paper.

And yet we do. For more than 80 years, we�ve been living in a world in which money can be created, in effect, out of thin air. As we�ve already discussed, the central banks can create money, but so can ordinary banks. When a bank makes a loan, it typically just puts the money into the borrower�s bank account, whether or not it has that money on hand�banks are allowed to lend more money than they have in their reserves. And so with each home equity loan, car loan, and mortgage, banks add incrementally to the money supply.

There is, to be sure, something a bit eerie about all this, and periods like the recent housing bubble, when banks made an extraordinary number of bad loans, should remind us of the dangers of runaway credit. But it�s a mistake to yearn for a more �solid� foundation for the monetary system. Money is a social creation, just like language. It�s a tool that can be used well or poorly, and it�s preferable that we have more freedom to use that tool than less.

Over the course of history, the material substance of money has become less important, to the point that these days people talk easily about the possibility of a cashless society. The powerful combination of computers and telecommunications, of smartphones and social media, of cryptography and virtual economies, is what fuels such talk. And that progression makes sense because what matters most about money is not what it is, but what it does. Successful currencies, after all, are those that people use: They lubricate commerce, allow people to exchange goods and services, and thus encourage people to work and create. The German sociologist Georg Simmel described money as �pure interaction,� and that description seems apt�when money is working as it should, it is not so much a thing as it is a process.

This, perhaps, is what Kublai Khan understood seven centuries ago. It�s what we�re still trying to understand today.

About the Author
James Surowiecki writes The New Yorker�s popular business column �The Financial Page.� He is also the author of the best seller The Wisdom of Crowds (Doubleday, 2004). He found the task of condensing a few millennia�s worth of material into one magazine article challenging, but also incredibly compelling. �Money is one of those things that�s completely familiar and completely mysterious,� he says, �and that makes it a great subject.�

ELECTRONIC MONEY: A SIGNIFICANT HISTORY

mybb@mybb.ru (Bitcoin) — Fri, 26 Mar 2021 21:00:33 +0300

Electronic money is a modern invention in the history of money and trade, it usually means that currency with real value which can be exchanged for traditional cash is instead entirely digital or virtual. Electronic money only exists in digital format and can be primarily based on the Internet or on smart cards that maintain a record of their stored value. This also means that transactions carried out electronically are also known as electronic money. Other names for electronic money are e-money, digital cash, electronic cash, digital money and digital currency.

The age of computers has made the concept of electronic money possible and it started back in the 1960s when IBM and American Airlines jointly created a system known as SABRE (Semi-Automatic Business Research Environment) which allowed offices of American Airlines to be fitted with terminals connected to telephone lines allowing agencies to directly check flight timings, seat availability and make electronic reservations that could be paid for using a credit system.

In the 1970s, banks in US and Europe started using mainframe computers to track transactions between branches and other banks; this was a system that proved particularly successful across international boundaries when currency exchange was needed. Initially, any transactions that had been initiated but not cleared were effectively in midpoint and as computer use started to spread within corporations, tracking funds that were electronically processed became an important financial consideration.

Consumer uptake of electronic money was first noticed in France with the introduction of the Minitel service in 1982 that operated in a similar way to pre-Internet bulletin boards. Countries like UK and US had developed a basic teletext services that allowed televisions to display text such as program guides, news, weather and game show results directly on the TV screen with users selecting page numbers on their TV remote control to access pages. The teletext system was a simple one way service and while it was useful, it did not allow users to query the data.

The French Minitel service in contrast used a dumb terminal with built in modem and since the service operated over standard telephone lines and the terminals were equipped with full AZERTY keyboards, it was possible for subscribers to type messages or search queries; it was a fundamental difference from teletext services. The French Minitel terminals were given free to over 9 million households encouraging French business entrepreneurs to offer Minitel shops such as travel agencies, flower delivery, music catalogs and much more. Payment could be made with credit card or charged to telephone account marking the first use of electronic money in the consumer market.

A little similar service was launched in the UK in 1979 named Prestel but its equipment was expensive and a Prestel based retail service was not developed with the exception of package tour travel agencies who would provide quotes but still required customers to call and arrange payment over the phone. A service known as Homelink started in 1983 with the support of the Bank of Scotland and Nottingham Building Society where account holders could subscribe to a special Prestel service that allowed online banking. This marks the first recorded use of electronic money.

Similar services to the French Minitel and the UK Prestel existed in the US but without dedicated hardware, users had to own their micro-computers and modems and pay to dial into a local bulletin board service such as Compuserve or The Source. Although transactions for services and products were not offered until a US grocery delivery company Peapod was founded in Evanston-Illinois in 1989, they sold a dial-up disk with software which allowed customers to order and pay for groceries which the company would deliver later.

The year 1991 saw the introduction of the Internet in the consumer market with the disbanding of the Arpanet network and the creation of NSFNET backbone formed by IBM, MCI and Merit. CERN also introduced HTML feature of Tim Berners-Lee which allowed simple display of internet data. America Online quickly took benefit of the new internet in 1992 and started offering retail services directly to their subscribers who could pay using a credit card and firmly moving into the era of electronic money.

In 1994 after taking a leap of faith that the Internet was a technology that could help business, the model used by Peapod was adopted by Pizza Hut, it allowed online pizza ordering with a choice of payments of credit card through Internet or cash on delivery. The same year J.C. Penney started their first website offering a departmental store on the Internet, sales were slow but company shareholders were happy to see the corporation taking the initiative.

The late 1990s were an essential moment for electronic money as Amazon.com was launched in 1995 and then in 1998 PayPal was formed to make it easy for consumers to pay money online without risk of their credit card number being stolen. PayPal�s innovation was to offer a virtual account for consumers that could be topped up using a credit card or wire transfer and then an email address used to send and receive funds. The services offered by PayPal marked the true beginning of electronic money as being distinctly different from traditional payment over the phone and online credit card processing.

Further developments in the electronic money lead to PayPal�s model being copied by other providers along with new ideas for securing customer funds using the gold standard or silver, platinum or palladium. Still there was flexibility of sending and receiving payments with an email address. Virtual currency backed by precious metals can be exchanged for any supported currency but is typically tracked as direct comparison of the price the precious metal is fetching in the international precious metal markets. Web money, e-gold and e-Liberty Reserve have become the largest gold backed electronic money providers.

Virtual wallets of electronic money provided by major corporations such as VeriSign started to become available which was encouraging an immense growth in e-commerce. The first years of the new millennium saw the creation a number of cryptographic techniques for the prevention of personal data and strong growth in the use of electronic money as a primary medium for payments and transactions. Most banks in the US began offering online banking facilities connected to payment options that allowed utilities and credit cards to be paid using any public computer.

Private currencies also flourished around the same time, they were originally encouraged by the demand for some form or market place within networked games such as World of War craft and Second Life. Private currencies are sometimes redeemable for real world currencies at a fixed rate attached to the dollar or other major currency. Since those times, private currencies have developed in many forums and webmaster services as a means of offering advertising among members. The most famous of these was Entrecard, it was a service where users visit other blogs and are paid in Entrecard Credits which become redeemable for cash once a reserve level has been completed.

Perhaps the most successful electronic money in the offline world has been facilitated with stored value cards that are denominated in local currency. The US military designed a stored value card known as Eagle Cash that provided an advance on a soldier�s earnings and could be used in base shops and canteens by simply presenting the chip side of the card for swiping. In Hong Kong, a stored value card was designed to make subway ticket purchases quicker has now become an effective cash card accepted by majority of retailers and utilities throughout the city.

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