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The century of the torreón
A new alternative money market has emerged over the last ten years across the digital world and although more and more people are participating, many are unaware of its operation and reach. [19659002] We are talking about cryptocurrencies, where bitcoin stands out among many others that have different applications and uses. But, what are they, how do they actually work? Are we ready to enter the market? And hacking?
Although the BIS chaired by Agustín Carstens has repeatedly stressed that cryptocurrencies need to be regulated, recently the Federal Reserve has pointed out that electronic currencies do not pose a threat to economies.
According to a Coparmex publication in its magazine Empresarios Hoy, in its March-April edition, cryptocurrencies or also called "cryptocurrency" these are virtual currency units or digital means of exchange and operation that can be used as currency. The basic feature is that its value is not supported by a central bank or a traditional financial institution like the money we know; Unlike currencies that are backed by the confidence of a monetary institution, which serves as collateral and can be a bank or a government, digital currencies are backed by information exchanged for thousands of computers without going through these financial intermediaries.
This means that the basic idea is to exchange value, especially money, directly between equals, in an open and decentralized system and with financial terms that are difficult for those who understand it to understand. do not know about digital tools
For example, Bitcoin "cryptocurrency" works through blockchain technology which, according to Don Tapscott, author of The Blockchain Revolution, is represented by a number of recordings distributed around the world. , called "block block". Direct and safe way from one person to another without going through a bank, a credit card or PayPal, these blockchain or block strings are encrypted and are public on the network and every ten minutes, all transactions are checked, sorted, and stored in a block that joins the previous chain, creating a string.
Since it is almost impossible to steal, it is currently assumed that North Korea is probably trying to manipulate its value, but cryptocurrencies have also been linked to companies involved in black markets such as John McAfee, an antivirus developer, said it was paying with cryptocurrencies, pornography and drugs.
For fans of cryptocurrencies, they constitute a new technological revolution that will promote finances and the role of financial intermediaries. They also believe that it will integrate many of the excluded traditional system.
There is currently an argument for or against cryptocurrency, since their different versions allow us to see them as part of a new government regime, as it appeared in Venezuela, which launched a cryptocurrency oil
For economist Daniel González Torres, cryptocurrencies are another option on the market, although they have grown significantly and still do not dominate the international scene.
says that everything depends on risk aversion, "if you are a traditional investor who does not want to take risks, better not to enter this market, but if you like strong emotions, it can to be your day of luck and win "For Agustín Carstens, current director of the Bank for International Settlements (BIS), electronic currencies are a bubble in the world of finance or, a pyramid scheme and environmental disaster, for which the authorities should act before they change financial stability, while, on the other hand, financial institutions like Goldman Sachs warn of falling cryptocurrencies could worsen and that it is little likely that most digital currencies survive in their current form, before these two statements are obvious the need for financial institutions to start regulating the use of these
However, recently, the Federal Reserve chaired by Jerome Powell He said that this market is not on the list of your concerns. He commented that the estimated $ 295 billion cryptocurrency market is not large enough to pose a threat and that the US central bank is not trying to regulate it.
He commented that the Fed does not have jurisdiction over cryptocurrencies, and is seeking to provide oversight, Powell said. Federal agencies such as the Securities and Exchange Commission and the Commodity Futures Trading Commission, as well as state authorities, already oversee many companies related to cryptoactives and have shut down some that have operated illegally.
we are still far from seeing how the financial system is transformed as we know, there are people who have already started on this path and who bet on the transformation, comments González Torres
He quoted Jeremy Rifkin in his book "The Marginal Cost Society Zero", stresses that the path of economic transformation has already begun, based on a social common good motivated by a collaborative interest, driven by the desire to connect and share.This is achieved through to innovation and the creation of the community.These, from their point of view, are the principles of blockchain technology and other contributions to the modern world such as open source 3D printers and MOOCs. (Free Online Massive Races) which will promote in the coming years to the economy and so it is a way that we should begin to explore.
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Main digital currencies on the market, they point out
IBM develops
The volatility of cryptocurrencies has generated several episodes of panic in recent months. The brutal changes in the value of bitcoin and the collapse of its value almost a year ago put many investors in check and motivated the financial authorities of many countries to issue alerts to advise private investors to stay away from these new currencies.
Therefore, the race to find a digital currency that generates trust to replace Bitcoin and others is becoming increasingly fierce every day. The latest to sign up for this research of what Forbes magazine has called the Holy Grail of Cryptocurrencies is the American multinational IBM, which, as released today by CNBC, has partnered with technology Stronghold to explore the commercial use of which, they claim to be the first stable currency (stablecoin) whose value is linked to US dollars. (With information from the Agencies)
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Congress of Cryptocurrencies
Cripto247, in collaboration with Infobae, announces the launch of the C20, the most important blockchain and bitcoin conference in the world in Spanish. It will be the next 16 and 17 November in the main auditorium of La Rural and the entrance will be free. Taking advantage of the attention of the world's eyes in Buenos Aires, where the world's leading leaders will gather for the G20, the goal is to put on the agenda the disruptive potential of cryptocurrencies for development world economy.
In the dissemination, education and analysis of new digital assets, experts and industry leaders will share their experiences and perspectives. Entrepreneurs and academics from the cryptographic industry will bring new developments in adoption, regulation and practical developments.
The public will be able to attend two days of lectures, hands-on workshops, Q & A sessions, networking, exhibitors and expert panels on developments. most important business areas, technical innovations, public policy analysis. They will present more than 30 speakers, speakers and protagonists who are building the blockchain ecosystem today.
The C20 promotes cooperation and dissemination of technological, economic, financial and political opportunities that present bitcoin and all cryptoactives. The C20 discussions and panels will be enriched by the participation of NGOs, industry leaders, leaders and guest ministers.
The C20 openly calls on the general public and all concerned organizations to dialogue and build consensus to promote innovations. solve the challenges that humanity is currently facing. (Agences)
Digital Coins. The main difference of this market is that the value is not supported by a central bank.
Uses. Some stores around the world use cryptocurrencies to sell their wares.
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