Will Petrobitcoin Replace Petrodollar Anytime Soon?
Last year, in June 2014, Kuwait Financial Center better known as Markaz released a report on bitcoin. The report titled - Disruptive Technology: Bitcoins, Currency Reinvented suggested the use of bitcoin as a mode of payment for petroleum trade. This report caused a lot of debate among economists and the bitcoin community. Even though Markaz's proposal sounds attractive, it is not a feasible option at the moment. There are number of factors that will hinder the adoption of bitcoin as a payment mode/mechanism for international trade. Creating petrobitcoin by removing petrodollar from the....
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Alex Gladstein joined "Fed Watch" to discuss his recent article about the petrodollar and lessons for Bitcoin's growing monetary role.
Could bitcoin bring world peace by disrupting the current economic order, but while also reviving the U.S. economy? To answer, we must look at oil and the existing “petrodollar monopoly”. According to one study, “capitalism is an economic structure; war is a political act”. It shows how retaining the petrodollar monopoly serves the Federal Reserve’s....
Every country needs US dollars if it wants to buy crude oil. This may soon change as a market selling crude oil for Bitcoin has emerged. The term ‘petrodollar’ has been thrown around since the 1970s. Dollars for oil have been the principal source of earning for many oil producing nations in the Middle East, as well as in other parts of the world. However lately the petrodollar has been under a considerable amount of strain. Many have predicted its imminent demise based on a multitude of reasons such as Iran wanting to be paid in Euros for its oil sales, and the Russian President Vladimir....
U.S. Congressman Jim Himes says that Congress is not ready to pass cryptocurrency legislation anytime soon, citing a lack of deep understanding of cryptocurrencies among lawmakers. “There’s going to be a lot of discussion in the coming years about ways to regulate” cryptocurrencies, said the congressman. Crypto Legislation Not Expected From Congress Anytime Soon U.S. Representative Jim Himes has revealed some discussions Congress is having regarding cryptocurrency legislation in an interview with Yahoo Finance Friday. The Connecticut representative serves as the chair of....
On this episode of "The Van Wirdum Sjorsnado," the hosts discussed Bitcoin transaction trick replace by fee. The post The Advantages And Drawbacks Of Replace By Fee appeared first on Bitcoin Magazine.