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Adam Smith – Better Known As “The Father Of Economics”
Sajan Walia April 22, 2020
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Adam Smith The Father Of Economics
Adam Smith’s Early Life
Adam Smith Biography
The Scottish economic thinker and moral philosopher, Adam Smith, is known as the “Father of Economics.” Born in Kirkcaldy, a small village in Scotland, Smith was the son of a comptroller and lawyer who died a few months before his birth. The exact birth date of Adam Smith is unknown. However, he got baptized on June 5, 1723, at Kirkcaldy in Scotland.
Adam Smith’s Education
After graduating, Smith, at the age of fourteen, went on to study moral philosophy at the University of Glasgow. Smith greatly influenced by the philosophical and economic views of Francis Hutcheson, his moral philosophy professor. Moreover, the magnetic character of the famous professor seems to be the shaping force of the developments in Adam Smith. Graduating in the year1740, Smith got a scholarship to study in the Balliol College, Oxford. He spent six years of his life at the Balliol College studying European literature. Spending years on self-education in the educational desert of Oxford, Smith got a stronghold on the classical as well as contemporary philosophy.
His Works
In 1748, Smith received public recognition, when he started giving lectures in Edinburgh on belles lettres, jurisprudence, and rhetoric. At the same time, he met his lifelong friend, David Hume, a former student of Francis Hutcheson. In 1751, Smith appointed as a professor at the University of Glasgow. In 1759, The Theory of Moral Sentiments was published, which included his lectures at Glasgow.
Smith’s ideas and books were readily spread in Britain as well as in France. He also read as well as a reviewed number of works by Rousseau, Voltaire, D’Alembert, and Helvetius. In 1763, Smith got an opportunity to become a tutor for the young duke of Buccleuch. While serving the role of a travelling tutor, he visited France and got to know the intellectual leaders like Helvetius, Turgot, D’Alembert, and Francois Quesnay. His travels helped him in his writing “The Wealth of Nation.” On returning home, he started working on it and got it published in 1766. The book, written for the legislators, is a rich analysis of the ways how self-interest influences the market processes.
Smith soon became a renowned public figure, which gave him the opportunity to work as a commissioner of customs in Scotland. There, he helped the government in enforcing the legal laws against smuggling. He spent his last 10 years of his life in the government position, along with his continuous efforts to revise the “Theory of Moral Sentiments.”
In 1790, Adam Smith took his last breath at the age of 67. He lived a modest life and donated a significant portion of his money to charity. The moral justifications of Smith are indeed a legacy for the commercial society. His works are a foundation for the economics and philosophy of the modern world.
Economic Contributions of Adam Smith
Economic Contributions Of Adam Smith
Revolutionizing the economic planning with his ideas, Adam Smith is rightfully known as the Father of Economics. Some of his important economic contributions are:
The Wealth of Nations
It is one of the most important works of Adam Smith. Through this work, he popularized many ideas which form the basis of classical economics. The works of Karl Marx, David Ricardo, John Maynard Keynes, and others are great evidence of Smith’s works. His works talk about human society evolution. Smith brings in the concept of modern society, having laissez-faire markets that allow new institutions to conduct market transactions freely.
Gross Domestic Product (GDP)
The ideas of Smith in “The Wealth of Nations” form the basis of the introduction of the Gross Domestic Product. It brought about a transformation in the export and import business. According to Smith, the wealth of a country depends on its level of production as well as commerce. This concept forms the basis of the GDP metric for the measurement of the prosperity of a nation.
Assembly-Line Production Method
The assembly-line production method is yet another economic contribution of Adam Smith. The ideas of Smith in “The Wealth of Nation” were again the motivating factor for the shift from land-based wealth creation to wealth creation by the assembly-line production method. Smith states that the use of division of labour helps in the development of specialization, which, in turn, produces prosperity.
Philosophy of Free Market
The free-market philosophy lowers the role of taxation as well as government intervention in the free market. The concept of “invisible hand” comes from Smith, which helps in guiding the demand and supply forces in an economy. According to Smith, the system can help in the better creation of wealth for the individuals as well as the entire nation. However, Smith also states that an institutional framework is essential for a productive society. But the institution must promote fair and free competition in the market.
The prominent ideas of Smith like division of labour and “invisible hand” for the foundation of today’s economic theories. The legacy of Adam Smith continues to be evident in the modern economy of today.
And For More Such Content, Do Check Bitxmi Blogs, And If You Can Also Checkout Our Cryptocurrency Trading Platform.
https://t.me/bitxmiexchange
Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.
Sajan Walia April 22, 2020
SHARE
Adam Smith The Father Of Economics
Adam Smith’s Early Life
Adam Smith Biography
The Scottish economic thinker and moral philosopher, Adam Smith, is known as the “Father of Economics.” Born in Kirkcaldy, a small village in Scotland, Smith was the son of a comptroller and lawyer who died a few months before his birth. The exact birth date of Adam Smith is unknown. However, he got baptized on June 5, 1723, at Kirkcaldy in Scotland.
Adam Smith’s Education
After graduating, Smith, at the age of fourteen, went on to study moral philosophy at the University of Glasgow. Smith greatly influenced by the philosophical and economic views of Francis Hutcheson, his moral philosophy professor. Moreover, the magnetic character of the famous professor seems to be the shaping force of the developments in Adam Smith. Graduating in the year1740, Smith got a scholarship to study in the Balliol College, Oxford. He spent six years of his life at the Balliol College studying European literature. Spending years on self-education in the educational desert of Oxford, Smith got a stronghold on the classical as well as contemporary philosophy.
His Works
In 1748, Smith received public recognition, when he started giving lectures in Edinburgh on belles lettres, jurisprudence, and rhetoric. At the same time, he met his lifelong friend, David Hume, a former student of Francis Hutcheson. In 1751, Smith appointed as a professor at the University of Glasgow. In 1759, The Theory of Moral Sentiments was published, which included his lectures at Glasgow.
Smith’s ideas and books were readily spread in Britain as well as in France. He also read as well as a reviewed number of works by Rousseau, Voltaire, D’Alembert, and Helvetius. In 1763, Smith got an opportunity to become a tutor for the young duke of Buccleuch. While serving the role of a travelling tutor, he visited France and got to know the intellectual leaders like Helvetius, Turgot, D’Alembert, and Francois Quesnay. His travels helped him in his writing “The Wealth of Nation.” On returning home, he started working on it and got it published in 1766. The book, written for the legislators, is a rich analysis of the ways how self-interest influences the market processes.
Smith soon became a renowned public figure, which gave him the opportunity to work as a commissioner of customs in Scotland. There, he helped the government in enforcing the legal laws against smuggling. He spent his last 10 years of his life in the government position, along with his continuous efforts to revise the “Theory of Moral Sentiments.”
In 1790, Adam Smith took his last breath at the age of 67. He lived a modest life and donated a significant portion of his money to charity. The moral justifications of Smith are indeed a legacy for the commercial society. His works are a foundation for the economics and philosophy of the modern world.
Economic Contributions of Adam Smith
Economic Contributions Of Adam Smith
Revolutionizing the economic planning with his ideas, Adam Smith is rightfully known as the Father of Economics. Some of his important economic contributions are:
The Wealth of Nations
It is one of the most important works of Adam Smith. Through this work, he popularized many ideas which form the basis of classical economics. The works of Karl Marx, David Ricardo, John Maynard Keynes, and others are great evidence of Smith’s works. His works talk about human society evolution. Smith brings in the concept of modern society, having laissez-faire markets that allow new institutions to conduct market transactions freely.
Gross Domestic Product (GDP)
The ideas of Smith in “The Wealth of Nations” form the basis of the introduction of the Gross Domestic Product. It brought about a transformation in the export and import business. According to Smith, the wealth of a country depends on its level of production as well as commerce. This concept forms the basis of the GDP metric for the measurement of the prosperity of a nation.
Assembly-Line Production Method
The assembly-line production method is yet another economic contribution of Adam Smith. The ideas of Smith in “The Wealth of Nation” were again the motivating factor for the shift from land-based wealth creation to wealth creation by the assembly-line production method. Smith states that the use of division of labour helps in the development of specialization, which, in turn, produces prosperity.
Philosophy of Free Market
The free-market philosophy lowers the role of taxation as well as government intervention in the free market. The concept of “invisible hand” comes from Smith, which helps in guiding the demand and supply forces in an economy. According to Smith, the system can help in the better creation of wealth for the individuals as well as the entire nation. However, Smith also states that an institutional framework is essential for a productive society. But the institution must promote fair and free competition in the market.
The prominent ideas of Smith like division of labour and “invisible hand” for the foundation of today’s economic theories. The legacy of Adam Smith continues to be evident in the modern economy of today.
And For More Such Content, Do Check Bitxmi Blogs, And If You Can Also Checkout Our Cryptocurrency Trading Platform.
https://t.me/bitxmiexchange
Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.
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Hackers Withdrew $ 25 Million from DeFi-Protocol DForce
Kataryna Kovtun April 20, 2020
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Chinese DeFi platform dForce Foundation lost over 99% of its assets as a result of a hacker attack.
DeFi - Protocol DForce
The attack was carried out through owned by the project an open protocol of the market of short-term capital Lendf.Me. According to the expert, the scammers managed to steal about $ 25 million stored in the smart contract.
“Lendf.me confirmed the attack at 08:45 Beijing time on Sunday at block 9899681”, – writes the Chinese edition Chain News with reference to the representatives of the project.
According to DeFi Pulse, on April 17, the balance on dForce wallets was $ 25.38 million, but by April 19 it had fallen to $ 10,000. Whether all the money was withdrawn by the cybercriminals, or if some of the users managed to pick up the money, is unknown.
Recall that dForce was in 7th place by capitalization among the largest DeFi-projects. Against the background of the attack, the startup left the leaderboard.DeFi Pulse,
Commenting on the incident, CEO Mindao Yang emphasized that now all the efforts of the company’s employees are devoted to investigating the essence of the problem. On the dForce channel on Telegram, Mindao requested that no assets be sent to Lendf.Me.
Double attack
On April 18, Tokenlon DEX developers also reported an attack on the imBTC pool of the Uniswap protocol, the losses from which amounted to about $ 300,000. «Hacker used attack vector against ERC777 tokens on Uniswap. BTC Storage Not Affected», – they said.
Tokenlon DEX developers
The ERC777 format allows you to repeatedly access the smart contract to withdraw funds located in it, which simplifies the task of the hacker. According to Tokenlon, this algorithm was used in both attacks.
A similar method was used during the break-in on The DAO in 2016. Then hackers appropriated about $ 60 million in ETH. The DAO is a crowdfunding platform based on smart contracts and Ethereum technology.
The DAO hacker attack
Read about the secure platform here
Join Bitxmi Exchange and get $10 worth of BXMI token after your first trade
Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.
Kataryna Kovtun April 20, 2020
SHARE
Chinese DeFi platform dForce Foundation lost over 99% of its assets as a result of a hacker attack.
DeFi - Protocol DForce
The attack was carried out through owned by the project an open protocol of the market of short-term capital Lendf.Me. According to the expert, the scammers managed to steal about $ 25 million stored in the smart contract.
“Lendf.me confirmed the attack at 08:45 Beijing time on Sunday at block 9899681”, – writes the Chinese edition Chain News with reference to the representatives of the project.
According to DeFi Pulse, on April 17, the balance on dForce wallets was $ 25.38 million, but by April 19 it had fallen to $ 10,000. Whether all the money was withdrawn by the cybercriminals, or if some of the users managed to pick up the money, is unknown.
Recall that dForce was in 7th place by capitalization among the largest DeFi-projects. Against the background of the attack, the startup left the leaderboard.DeFi Pulse,
Commenting on the incident, CEO Mindao Yang emphasized that now all the efforts of the company’s employees are devoted to investigating the essence of the problem. On the dForce channel on Telegram, Mindao requested that no assets be sent to Lendf.Me.
Double attack
On April 18, Tokenlon DEX developers also reported an attack on the imBTC pool of the Uniswap protocol, the losses from which amounted to about $ 300,000. «Hacker used attack vector against ERC777 tokens on Uniswap. BTC Storage Not Affected», – they said.
Tokenlon DEX developers
The ERC777 format allows you to repeatedly access the smart contract to withdraw funds located in it, which simplifies the task of the hacker. According to Tokenlon, this algorithm was used in both attacks.
A similar method was used during the break-in on The DAO in 2016. Then hackers appropriated about $ 60 million in ETH. The DAO is a crowdfunding platform based on smart contracts and Ethereum technology.
The DAO hacker attack
Read about the secure platform here
Join Bitxmi Exchange and get $10 worth of BXMI token after your first trade
Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.
The Hedge Fund, Its Characteristics, and Strategies
The Hedge Fund, Its Characteristics, and Strategies
hedge funds
Hedge funds are optional investments. Pool funds employ numerous ways of making noteworthy amounts for hedge funds. Often hedge funds utilize derivatives and explore in native, as well as global market, with the aim of making greater returns. However, one must have in mind that these funds are accessible for certified investors. It is so as they need nominal SEC regulation in comparison to other funds.
What is a Hedge Fund?
what are hedge funds?
Those having the least knowledge on what are hedged funds claim this as a bigger term used for investment partnership. However, it involves lesser restrictions encouraging greater investments. Also, one can have a huge range of financial products to choose from for investment. It offers much greater options in comparison to the other traditional investment options. This concept is moreover, a collaboration between an investor and a professional managing the funding related aspects. The prime aim of this collaboration is to fetch money for its funding.
The simplest hedged meaning can be understood as the financial collaboration utilizing pooled funding and executing key strategies for making a significant return for the investors. The strategies used talked above can be of various types. Mostly these include hedge equity strategies, including both long and short types. Many utilize neutral market strategies, as well.
Still having problems in understanding hedge funds, then check out this Awesome Infographics Of hedge Funds.
Convincing for Investors
Convincing for investors
The prime aim behind the hedging of funds is to broaden the investor base. It also enhances the scope of return of the investors, cutting down the risks associated with it. In comparison with the traditional investments, this is more personified. The strategies used in it can be related to traditional trading methods.
The best part of these strategies is that it is beyond the stock market scenarios. The strategies ensure the money flow remains intact, no matter the stock market goes up or comes down. It provides flexibility to the managers to decide whether they should invest more or limiting the stocks as needed. Ultimately, the aim remains is to cut down the level of risk and enhance the scope of return.
Though the concept is getting popular in modern times, it’s certainly not new. In fact, it is very much active for more than a decade past. The good news is that the industry is constantly growing Hedge funds in India, specifically in financial domains, is inspiring.
Hedge Funds and The Strategies Used
Hedge funds involve various strategies. Among these, the macro hedge funding is more popular than the others. This is so as the investment territory ranges from stocks to various economic plans. One may opt between the international funds and nation targeted ones as well.
Most investors prefer investing in lucrative stock deals and limiting extraneous stocks. The strategies involve sometimes keep an eye on the economic policy of the specific nation as well. Figuring out the prospect markets also is one of the hedge fund strategies implemented in modern times.
EMN or Equity market neutral is one of the popular strategies one can find in hedging funds. Here the managers aim at making the most of variances in stock costs. These stocks are meant for a certain kind of industry or the nation. Often these revolve around the traditional approaches of capitalization as well. However, the prime intention always remains about delivering a greater return, no matter the market is dominant or timid.
Safer Strategies
Those looking for a risk-free strategy with a hedge fund may go with a merger arbitrage strategy as well. Here the stocks are bought and traded in concurrence of different companies to ensure profit without any risk associated.
Another safe strategy of hedge funding is the global macro strategy. It takes the cumulative financial and political scenario of different nations as per of their strategy. Through the process, it analyses the marketing scenario impending, and thus calculates the risk factor associate.
There are strategies like volatility arbitrage many go with. Those are equally safer strategies as of the above. But, the global macro strategy is indeed the safest of all. To be specific about volatility arbitrage, it is moreover based on the analysis of the specific commodity or the stocks used. The risk level is nominal, but the knowledge of a specific commodity is essential to achieve success here.
Apart from these, the convertible bond arbitrage strategy is equally popular. It is moreover focused around the acceptable bond and the stocks within. Here the idea of profit-making is through the flow of the market. Ultimately, it is quite a safe option from an investment point of view. But, one should understand the term or concept well. Those who don’t understand may look for hedging meaning in Hindi for greater reference.
What Makes It Distinguishing?
Maintaining a neutral approach has been the underneath concept of hedge funds, like all other funding. The management approach is quite different as well, in comparison with the traditional investors. In the case of hedge funds, the investors are essential to meet the desired amount of net worth.
In general, the total worth should be more than one million, or the yearly earning should be more than two hundred thousand dollars. Distinguishing part about hedging funds is the nominal constraints these involve in comparison to mutual funds, and other equivalent options.
For More Content Like This, Go To Bitxmi Blogs And if You Wish To Stay Updated With Cryptocurrency News Then Do Checkout Bitxmi News
hedge funds
Hedge funds are optional investments. Pool funds employ numerous ways of making noteworthy amounts for hedge funds. Often hedge funds utilize derivatives and explore in native, as well as global market, with the aim of making greater returns. However, one must have in mind that these funds are accessible for certified investors. It is so as they need nominal SEC regulation in comparison to other funds.
What is a Hedge Fund?
what are hedge funds?
Those having the least knowledge on what are hedged funds claim this as a bigger term used for investment partnership. However, it involves lesser restrictions encouraging greater investments. Also, one can have a huge range of financial products to choose from for investment. It offers much greater options in comparison to the other traditional investment options. This concept is moreover, a collaboration between an investor and a professional managing the funding related aspects. The prime aim of this collaboration is to fetch money for its funding.
The simplest hedged meaning can be understood as the financial collaboration utilizing pooled funding and executing key strategies for making a significant return for the investors. The strategies used talked above can be of various types. Mostly these include hedge equity strategies, including both long and short types. Many utilize neutral market strategies, as well.
Still having problems in understanding hedge funds, then check out this Awesome Infographics Of hedge Funds.
Convincing for Investors
Convincing for investors
The prime aim behind the hedging of funds is to broaden the investor base. It also enhances the scope of return of the investors, cutting down the risks associated with it. In comparison with the traditional investments, this is more personified. The strategies used in it can be related to traditional trading methods.
The best part of these strategies is that it is beyond the stock market scenarios. The strategies ensure the money flow remains intact, no matter the stock market goes up or comes down. It provides flexibility to the managers to decide whether they should invest more or limiting the stocks as needed. Ultimately, the aim remains is to cut down the level of risk and enhance the scope of return.
Though the concept is getting popular in modern times, it’s certainly not new. In fact, it is very much active for more than a decade past. The good news is that the industry is constantly growing Hedge funds in India, specifically in financial domains, is inspiring.
Hedge Funds and The Strategies Used
Hedge funds involve various strategies. Among these, the macro hedge funding is more popular than the others. This is so as the investment territory ranges from stocks to various economic plans. One may opt between the international funds and nation targeted ones as well.
Most investors prefer investing in lucrative stock deals and limiting extraneous stocks. The strategies involve sometimes keep an eye on the economic policy of the specific nation as well. Figuring out the prospect markets also is one of the hedge fund strategies implemented in modern times.
EMN or Equity market neutral is one of the popular strategies one can find in hedging funds. Here the managers aim at making the most of variances in stock costs. These stocks are meant for a certain kind of industry or the nation. Often these revolve around the traditional approaches of capitalization as well. However, the prime intention always remains about delivering a greater return, no matter the market is dominant or timid.
Safer Strategies
Those looking for a risk-free strategy with a hedge fund may go with a merger arbitrage strategy as well. Here the stocks are bought and traded in concurrence of different companies to ensure profit without any risk associated.
Another safe strategy of hedge funding is the global macro strategy. It takes the cumulative financial and political scenario of different nations as per of their strategy. Through the process, it analyses the marketing scenario impending, and thus calculates the risk factor associate.
There are strategies like volatility arbitrage many go with. Those are equally safer strategies as of the above. But, the global macro strategy is indeed the safest of all. To be specific about volatility arbitrage, it is moreover based on the analysis of the specific commodity or the stocks used. The risk level is nominal, but the knowledge of a specific commodity is essential to achieve success here.
Apart from these, the convertible bond arbitrage strategy is equally popular. It is moreover focused around the acceptable bond and the stocks within. Here the idea of profit-making is through the flow of the market. Ultimately, it is quite a safe option from an investment point of view. But, one should understand the term or concept well. Those who don’t understand may look for hedging meaning in Hindi for greater reference.
What Makes It Distinguishing?
Maintaining a neutral approach has been the underneath concept of hedge funds, like all other funding. The management approach is quite different as well, in comparison with the traditional investors. In the case of hedge funds, the investors are essential to meet the desired amount of net worth.
In general, the total worth should be more than one million, or the yearly earning should be more than two hundred thousand dollars. Distinguishing part about hedging funds is the nominal constraints these involve in comparison to mutual funds, and other equivalent options.
For More Content Like This, Go To Bitxmi Blogs And if You Wish To Stay Updated With Cryptocurrency News Then Do Checkout Bitxmi News
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As India and most of the world under complete lockdown until 3rd of May'20 and beyond!
As it seems most of forced to WFH and trade from Home only!
How all of you keeping and doing?
also, we believe it will change the way of life and work in the whole world!
BitXmi
As it seems most of forced to WFH and trade from Home only!
How all of you keeping and doing?
also, we believe it will change the way of life and work in the whole world!
BitXmi
Savings. How Much More Profitable Are Cryptocurrency Transfers!!
Billion Percent Savings. How Much More Profitable Are Cryptocurrency Transfers
In the Bitcoin network, transactions are carried out with an incommensurate commission. For example, the Bitfinex exchange for the transfer of $ 1.1 billion paid 70 cents. But this method has a minus, which can overshadow all the benefits.
blockchain network
In mid-April, the Bitfinex cryptocurrency exchange conducted the largest transaction in the Bitcoin network – 146,500 BTC. That amounted to over $ 1.1 billion at the exchange rate at that time. The company said that a small part of the funds was transferred to a hot wallet, the rest was returned to cold storage.
blockchain network
Such transactions of hundreds of millions of dollars are not uncommon in the blockchain network. Almost always they are associated with translations of trading platforms. For example, in February, the Bittrex exchange sent 49,922 BTC ($ 460 million) in one transaction with a commission of $ 0.60. And in January, an unknown company or investor sent 124,946 BTC (about $ 1 billion), but it cost $ 83.
Drop in the number of transactions
The record value in bitcoins also belongs to Bittrex. In December 2019, a series of transactions worth $ 8.9 billion was recorded on the exchange, about 1.3 million BTC were transferred in total. The commission for 21 operations totalled about $ 12.5.
transferred fees
In January, the number of confirmed transactions in the Bitcoin network since its launch exceeded 500 million. At the same time, in March, the number of operations in the blockchain of the first cryptocurrency sharply updated the annual minimum. But the point is not a drop in interest in the asset, but the purpose of such transfers. Some of them are used to move funds, while others are used to record data from third-party services.
For example, the Omni protocol works with the data, on which the Tether stable coin was originally based. Now, the USDT issuer is gradually transferring an increasing part of tokens to the Ethereum network and becoming the main consumer of its computing resources. This is what leads to a decrease in the load on the Bitcoin blockchain.
The benefit over traditional services
Thanks to this, transactions of ordinary users or large transfers on exchanges are faster and cheaper. Conducting small transactions in bitcoin is not profitable since the commission can be disproportionately high. When it comes to large transfers, bitcoin is one of the most effective options.
pay pal
For comparison, the PayPal payment system website indicates that the commission is 3.4% of the total transaction amount for each transaction. For international payments, a commission of 0.4% to 1.5% is charged depending on the country. If Bittrex exchanged 21 transactions for $ 8.9 billion through PayPal, the transfer fee would be at least $ 340 million. This is 2.4 billion percent more than with Bitcoin.
At the same time, the first cryptocurrency is not the most effective digital coin in terms of transferring funds. It is believed that it cannot be used for everyday transactions, both because of the volatility of the exchange rate and because of long and relatively expensive operations. But altcoins solve this problem.
More effective altcoins altcoins
For example, the XRP token was developed by Ripple to solve banking problems. Blockchain project products, such as xRapid, allow you to instantly transfer large amounts to any distance instantly and almost for free. And immediately after the operation, you can withdraw altcoin to fiat to protect against fluctuations in its value.
But while large transfers, which are widely known, are held on the Bitcoin network. Their main difference from classical methods and a huge minus its irrevocability. If one of the Bitfinex employees made a mistake in any sign when sending $ 1.1 billion in cryptocurrency, then the operation could not be canceled. Wallet address numbers look like a long chain of unrelated numbers and letters, so making mistakes is pretty easy.
The main problem of cryptocurrencies
At the moment, this problem is one of the main ones that hinder the wider distribution of a new type of asset. The difficulties lie not only in sending cryptocurrency but also in the ways of its storage. In January, Peter Schiff, a gold supporter and head of Euro Pacific Capital, said that he had lost all his savings in bitcoin because he did not remember a special password.Peter Schiff, head of Euro Pacific Capital
The creator of Ethereum Vitalik Buterin reacted to this.
«I am disappointed in the opinion that supposedly you must be careful and write backups in three places when working with cryptocurrency. We can and should create the best technology for wallets to improve their security ”, — Buterin wrote then.
Now cryptocurrency resembles the Internet and other technologies in the initial stages of development. Few people understood how this works. Logging in was a whole problem. But in the end, technology has developed to such an extent that even children can easily use it. This is exactly what digital money is missing. Once their developmental stage reaches the maximum user friendly, it will be difficult to imagine everyday life without Bitcoin or other coins.
Team Bitxmi
In the Bitcoin network, transactions are carried out with an incommensurate commission. For example, the Bitfinex exchange for the transfer of $ 1.1 billion paid 70 cents. But this method has a minus, which can overshadow all the benefits.
blockchain network
In mid-April, the Bitfinex cryptocurrency exchange conducted the largest transaction in the Bitcoin network – 146,500 BTC. That amounted to over $ 1.1 billion at the exchange rate at that time. The company said that a small part of the funds was transferred to a hot wallet, the rest was returned to cold storage.
blockchain network
Such transactions of hundreds of millions of dollars are not uncommon in the blockchain network. Almost always they are associated with translations of trading platforms. For example, in February, the Bittrex exchange sent 49,922 BTC ($ 460 million) in one transaction with a commission of $ 0.60. And in January, an unknown company or investor sent 124,946 BTC (about $ 1 billion), but it cost $ 83.
Drop in the number of transactions
The record value in bitcoins also belongs to Bittrex. In December 2019, a series of transactions worth $ 8.9 billion was recorded on the exchange, about 1.3 million BTC were transferred in total. The commission for 21 operations totalled about $ 12.5.
transferred fees
In January, the number of confirmed transactions in the Bitcoin network since its launch exceeded 500 million. At the same time, in March, the number of operations in the blockchain of the first cryptocurrency sharply updated the annual minimum. But the point is not a drop in interest in the asset, but the purpose of such transfers. Some of them are used to move funds, while others are used to record data from third-party services.
For example, the Omni protocol works with the data, on which the Tether stable coin was originally based. Now, the USDT issuer is gradually transferring an increasing part of tokens to the Ethereum network and becoming the main consumer of its computing resources. This is what leads to a decrease in the load on the Bitcoin blockchain.
The benefit over traditional services
Thanks to this, transactions of ordinary users or large transfers on exchanges are faster and cheaper. Conducting small transactions in bitcoin is not profitable since the commission can be disproportionately high. When it comes to large transfers, bitcoin is one of the most effective options.
pay pal
For comparison, the PayPal payment system website indicates that the commission is 3.4% of the total transaction amount for each transaction. For international payments, a commission of 0.4% to 1.5% is charged depending on the country. If Bittrex exchanged 21 transactions for $ 8.9 billion through PayPal, the transfer fee would be at least $ 340 million. This is 2.4 billion percent more than with Bitcoin.
At the same time, the first cryptocurrency is not the most effective digital coin in terms of transferring funds. It is believed that it cannot be used for everyday transactions, both because of the volatility of the exchange rate and because of long and relatively expensive operations. But altcoins solve this problem.
More effective altcoins altcoins
For example, the XRP token was developed by Ripple to solve banking problems. Blockchain project products, such as xRapid, allow you to instantly transfer large amounts to any distance instantly and almost for free. And immediately after the operation, you can withdraw altcoin to fiat to protect against fluctuations in its value.
But while large transfers, which are widely known, are held on the Bitcoin network. Their main difference from classical methods and a huge minus its irrevocability. If one of the Bitfinex employees made a mistake in any sign when sending $ 1.1 billion in cryptocurrency, then the operation could not be canceled. Wallet address numbers look like a long chain of unrelated numbers and letters, so making mistakes is pretty easy.
The main problem of cryptocurrencies
At the moment, this problem is one of the main ones that hinder the wider distribution of a new type of asset. The difficulties lie not only in sending cryptocurrency but also in the ways of its storage. In January, Peter Schiff, a gold supporter and head of Euro Pacific Capital, said that he had lost all his savings in bitcoin because he did not remember a special password.Peter Schiff, head of Euro Pacific Capital
The creator of Ethereum Vitalik Buterin reacted to this.
«I am disappointed in the opinion that supposedly you must be careful and write backups in three places when working with cryptocurrency. We can and should create the best technology for wallets to improve their security ”, — Buterin wrote then.
Now cryptocurrency resembles the Internet and other technologies in the initial stages of development. Few people understood how this works. Logging in was a whole problem. But in the end, technology has developed to such an extent that even children can easily use it. This is exactly what digital money is missing. Once their developmental stage reaches the maximum user friendly, it will be difficult to imagine everyday life without Bitcoin or other coins.
Team Bitxmi
Well Bitcoin is for real as during this lockdown and WFH we had paid all our clients and staff in BTC and USDT
Also in the month of March and April'20 so far we also get paid in BTC as
So we think it's not crazy but need to more awareness and adoption of crypto can make it workable!!
Also in the month of March and April'20 so far we also get paid in BTC as
So we think it's not crazy but need to more awareness and adoption of crypto can make it workable!!
What is Fiat Money?
April 4, 2020
Fiat money
The fiat currency is issued by the government, which is not supported by any physical asset like silver or gold. The government only provides these. The worth of fiat money can be determined by the connection between demand and supply, and the constancy of the issuing government. Instead of the cost of the product backing, it is the instance of product money. Many of the paper currencies are fiat money, and the US dollar if one of the examples of fiat money.
Some more fiat money examples are:
Euro (EUR)
Japanese Yen (JPY)
The Pound Sterling (GBP)
Australian Dollar (AUD)
Swiss Franc (CHF)
Canadian Dollar (CAD)
Chinese Renminbi (CNH)
Hong Kong Dollar (HKD)
New Zealand Dollar (NZD)
Indian Rupee (INR)
A further Fiat Money Definition
what is fiat money
It refers to any money that lacks intrinsic value that has been acknowledged hard cash by a government. The fiat money meaning has derived from Latin, which means ‘do it.’ The vital point, fiat currency provides the government central banks firm control over the economy regarding how much money needs to be print. And, if the government prints a large amount of fiat money, it arises hyperinflation.
The fiat money in India includes coins and bills, which are issued by RBI, signed and guaranteed by RBI Governor. The meaning of fiat money in Hindi is अधिदिष्ट मुद्रा, कागजी मुद्रा, and वैध मुद्रा.
Fiat Money Work Process
The worth of fiat money is due to its maintaining value by the government, and the two parties in business agree to its value. The government deal coins from expensive items like gold and silver, or legal print tenders that can redeem for a settled amount of the physical elements. However, fiat money is non-changeable that cannot be redeemed. Fiat money is not linked to material stocks and has the risk of losing its value in case of hyperinflation. When people lose trust from the national currencies, then ultimately, it will lose its value.
Fiat currency considered vital as it has rooted economic value. Any individual, company, organization, and government engaged in any financial transaction accepting the fiat currency needs to assure its viability and stability. Fiat money has the support of governments’ strengths, and thus its value is judged by a country’s ability to support it.
The individuals and companies that engage themselves in marketing in the province can use the fiat money confidently as government authorities back it. It can trade at times for essential items like jewellery, silk, animals, land, and foods like rice or wheat.
Benefits of Having Fiat Currency
It is flexible when operated correctly.
It is not dependent on insufficient resources.
These are highly convenient.
Some of the Disadvantages of Fiat Money
It has no tangible value.
It becomes unstable at the time of economic instability.
Team BitXmi!!
April 4, 2020
Fiat money
The fiat currency is issued by the government, which is not supported by any physical asset like silver or gold. The government only provides these. The worth of fiat money can be determined by the connection between demand and supply, and the constancy of the issuing government. Instead of the cost of the product backing, it is the instance of product money. Many of the paper currencies are fiat money, and the US dollar if one of the examples of fiat money.
Some more fiat money examples are:
Euro (EUR)
Japanese Yen (JPY)
The Pound Sterling (GBP)
Australian Dollar (AUD)
Swiss Franc (CHF)
Canadian Dollar (CAD)
Chinese Renminbi (CNH)
Hong Kong Dollar (HKD)
New Zealand Dollar (NZD)
Indian Rupee (INR)
A further Fiat Money Definition
what is fiat money
It refers to any money that lacks intrinsic value that has been acknowledged hard cash by a government. The fiat money meaning has derived from Latin, which means ‘do it.’ The vital point, fiat currency provides the government central banks firm control over the economy regarding how much money needs to be print. And, if the government prints a large amount of fiat money, it arises hyperinflation.
The fiat money in India includes coins and bills, which are issued by RBI, signed and guaranteed by RBI Governor. The meaning of fiat money in Hindi is अधिदिष्ट मुद्रा, कागजी मुद्रा, and वैध मुद्रा.
Fiat Money Work Process
The worth of fiat money is due to its maintaining value by the government, and the two parties in business agree to its value. The government deal coins from expensive items like gold and silver, or legal print tenders that can redeem for a settled amount of the physical elements. However, fiat money is non-changeable that cannot be redeemed. Fiat money is not linked to material stocks and has the risk of losing its value in case of hyperinflation. When people lose trust from the national currencies, then ultimately, it will lose its value.
Fiat currency considered vital as it has rooted economic value. Any individual, company, organization, and government engaged in any financial transaction accepting the fiat currency needs to assure its viability and stability. Fiat money has the support of governments’ strengths, and thus its value is judged by a country’s ability to support it.
The individuals and companies that engage themselves in marketing in the province can use the fiat money confidently as government authorities back it. It can trade at times for essential items like jewellery, silk, animals, land, and foods like rice or wheat.
Benefits of Having Fiat Currency
It is flexible when operated correctly.
It is not dependent on insufficient resources.
These are highly convenient.
Some of the Disadvantages of Fiat Money
It has no tangible value.
It becomes unstable at the time of economic instability.
Team BitXmi!!
Dear All
If you have any IEO to list we offer to list for all ERC 20 tokens!
Contact us for more details
TG: https://t.me/bitxmiexchange
If you have any IEO to list we offer to list for all ERC 20 tokens!
Contact us for more details
TG: https://t.me/bitxmiexchange
Re: How to Buy Bitcoins in India without Getting Scammed