How Money and Banking Works, Supposedly
Now, When I start to discuss money, what I refer to like most people, is fiat money. The first question to ask should really be: What is money, and more to the point, what isn't money? There are several accepted definitions of what constitutes money. I'm going for a simple one: "Money is any object or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or in a particular socio-economic context." So, Money is a good that acts as a medium of exchange in transactions, it is simply a facilitator of trade. Money, at its....
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What is time banking? Time banking is a form of money, but the currency units are not banknotes, cheques, or, say, bitcoins; they’re hours. Yes, you read that right - actual hours. The concept of time banking originally appeared in 19th century England. Unlike modern fiat currencies that aren’t really backed by anything, the currency units in time banking have to be backed by some kind of work performed by a person or a group of people. For example, a cleaner works for an hour using a time banking system. It means they receive a one-hour time credit from the person they’ve done the work....
We all know that money printer go brrr. But how does the fiat money supply really get increased and what does this mean for our economy? The post How Money Printing Really Works appeared first on Bitcoin Magazine.
The EUBA (European Union Banking Authority) has supposedly warned that the risks of digital currencies strongly outweigh the positives that they could potentially offer in an "opinion" report they published yesterday (4th July). News outlets jumped on this report as hostile to the emerging cryptocurrency technology, someone who has fully read and studied the report would likely disagree with this paraphrased assumption. This fact has been noticed by many observers in the community. The report also covers many benefits of digital currency and urges further investigation as they mature and....
Antony Lewis is Head of Business Development at itBit, a bitcoin exchange based in Singapore. In this article, he explains how Ripple works, so that anyone can understand it. The Live Ripple Network Can be Visualised Here. What is Ripple? Well, it is both a digital currency and a payments protocol, and it is the latter that has got people excited. Ripple has been hitting the news recently, with banks saying it has promise, and even for the first time starting to use it for services. But many people don't understand it, so how does it work, exactly? A good parallel is the hawala network - a....
Instabill has announced that it will offer merchant and banking accounts to companies working in the Isle of Man's digital currency industry. The news comes just one day after Capital Treasury Services, a company that connects digital currency companies to banks on the Isle of Man, moved broadly to close the accounts of clients dealing in cryptocurrency, under pressure from partner banks. Speaking to CoinDesk, Instabill founder Jason Field said his firm will be able to offer stable banking relationships to digital currency firms because it works with banks in various jurisdictions. Field....