A cashless society is a society in which purchases of goods or services are made by credit card or electronic funds transferal rather than with cash or checks. The economic concept of a cashless society appeared as early as the 17th century, but it was presented as a check at that time. Then it slowly evolved to credit card and...
Currency
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Did you know there are only two people that weren’t presidents on our U.S. dollars? There are some familiar faces on the U.S. dollars as we see today. There were presidents on U.S. dollars, but not on every dollar, two were never presidents at all actually. Benjamin Franklin and Alexander Hamilton are on the ten and one hundred dollar bills....
Currency
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Since the catastrophic global financial crisis, which was directly caused by the burst of the housing bubble and mortgage default, in 2008, the Federal Reserve alone has injected roughly 7.6 trillion dollars into the global economy by the end of 2019 in order to facilitate the recovering of the economy and mitigate recessions. An alternative asset which is called digital...
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Whenever you are doing transactions online or in-store, are you tired of forgetting your credit card somewhere, or being asked to provide your Zip Code or three-digit secure code at the back of your credit card, well say hello to easy, secure, and worldwide transactional means called cryptocurrency that avoid all this. The technologies of cryptocurrency have a major capacity...
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Usually, when we make a transaction, the payment is processed by a credit card company or a bank. However, this could lead to risks such as protecting data from hackers, taking longer for international payments and expensive. Therefore, cryptocurrency helps to keep data secure and protected using mathematics as it only exists in computer networks. With digital currency like Bitcoin...
Currency
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Cryptocurrencies are digital currencies that work under blockchain which secures and controls the transaction that occurs through the network. This was created to send online payment directly without the interface of the banks. This decentralized network was created by Satoshi Nakamoto so that anyone could use it but no one can own it. The first most popular type of cryptocurrency...
Currency
432
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The word ‘money’ can be used in many different ways, but it has a very specific meaning to economists. Economists define money as anything that is generally accepted as payment for goods or services or in the repayment of debts. Just saying that money is currency is not a good enough definition for economists. Economists make a distinction between money...
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Foreign exchange rate is a primary determinant in business operations for multinational corporations. It affects cash flows for import and export transactions, and foreign investment decisions. The continuous change in values on international currencies indicates that a Chief Financial Officer has a daunting task in monitoring exchange rates movement. The concept of foreign exchange rate posits that different currencies have...
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How can a virtual currency that exists in computer hard drives, manifest heated discussion and poses a real-world threat to the environment? The brief answer is Bitcoin mining. Since its foundation in 2009 by a mysterious group led by Satoshi Nakamoto, Bitcoin has offered roughly 410 million transactions between millions of accounts. As of today, the daily average transactions are...
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Nowadays, just about everything is going digital. It was only a matter of time before money ended up going that way too. Most of us are familiar with digital payment options including online card payments and inter/intra bank fund transfers. In 2009, the world saw its very first digital currency. A developer named Satoshi Nakamoto developed this virtual currency called...
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There are many people that don’t know much or have heard false information about Bitcoin. Bitcoin is a cryptocurrency which takes advantage of a peer-to-peer (P2P) connection. A P2P connection is a type of connection that utilizes a direct link between both parties without going through a central server or administrator. Everyone should support the use of Bitcoin because both...
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You have probably heard of Bitcoin. It has been one of the most commonly searched words on google for the past 3 years, yet most people still don't understand what it is or how it works, and when people don't understand how something works, we tend to stay away from it. Bitcoin has been called the virtual gold, or alternate...
432
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As used in everyday conversation, the word money can mean many things, but to economists it has a very specific meaning. To avoid confusion, we must clarify how economists’ use of the word money differs from conventional usage. Economists define money (also referred to as the money supply) as anything that is generally accepted as payment for goods or services...
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