Financial bitcoin in Zimbabwe

1. The concept of bitcoin (BTC) was first proposed by Nakamoto on November 1, 2008, and was officially born on January 3, 2009
according to the idea of Nakamoto, the open source software is designed and released, and the P2P network on it is constructed. Bitcoin is a virtual encrypted digital currency in the form of P2P. Point to point transmission means a decentralized payment system
unlike all currencies, bitcoin does not rely on a specific monetary institution to issue. It is generated by a large number of calculations based on a specific algorithm
bitcoin economy uses the distributed database composed of many nodes in the whole P2P network to confirm and record all transactions, and uses the design of cryptography to ensure the security of all aspects of money circulation
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2.

Since the birth of bitcoin in 2009, the first price to buy bitcoin in 2010 was about US $0.0025. At a price of $27000, bitcoin has risen 10.8 million times since its birth< In other words, the original investment of RMB 1 can buy 61.3 bitcoins, and the current position value is RMB 10.8 million even with bitcoin's amazing growth, Citibank recently announced a target price of $300000, which is 11 times the current price

Although centralized trading has many fatal disadvantages. 100% of the existing currencies and banks in the world are issued or abandoned by the National Central Bank, and ordinary people cannot participate in the issuance of currencies and banks or the central bank accounts. If the Central Bank continues to issue money silver, it will continuously dilute people's money silver and rece the purchasing power of money silver. It's not shocking at all. This has happened in some countries in the world. Take Zimbabwe as an example. In recent years, the government issued a large number of currency and silver, which led to the collapse of Zimbabwe's economy. Finally, the US dollar had to be introced into the local legal currency and silver< Economists are considering replacing bitcoin in Zimbabwe

3.

Zimbabwe's currency is known for its crazy devaluation, and "Billionaires" are everywhere Ten billion Zimbabwean dollars is not even a dollar

Zimbabwe's foreign currency shortage and high deficit are putting the country at great risk. People seeking to preserve their assets have to choose between the scarce US dollar, the "bond currency" just issued by the government last year, bitcoin, which is famous for its huge risks, and various consumer goods

Zimbabwe's commodity export prices are relatively high. In 2016, Zimbabwe's exports fell 6.9% year-on-year, according to the website of the African Development Bank. Roger Southall, a sociology professor at the University of Witwatersrand in South Africa, wrote that although the proction of tobacco, Zimbabwe's main export commodity, has recovered, the quality of tobacco has declined, so export profits are also at a low level

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Zimbabwe Wei reasons for inflation:

1. The land reform around 2000 is the beginning of decline. In 2000, the land reform was changed into violent land reform. Many veterans seized the land directly by force, and they did not pay enough or no compensation to the original owner of the land. The negative result of land reform is obvious. Violent land reform has become a long-term conflict between white farmers and black people. After the black veterans and black people in power got a large area of land, they would not cultivate it effectively

The government has been busy with the party struggle for a long time and has no time to develop its own economy. First, in the 1980s, ZANU and ZAPU fought. Around 2008, there was another election dispute between MDC and ZANU. The long-term party struggle and the government's unwillingness to economic and social development have resulted in bad results

3. Many rounds of Western sanctions make the economy of Tianjin and Pakistan worse. From 2000 to 2002, the Zimbabwean government implemented the "rapid land reform plan", which expropriated white land and resettled black farmers without or without land, resulting in unprecedented intensification of social conflicts in Zimbabwe

Subsequently, the United States and Europe announced a series of sanctions against Zimbabwe. Specific measures include property freeze and travel ban for specific indivials; For example, sanctions policies related to international financial institutions (IFIs); Such as government to government restrictions on loans and development assistance and arms embargoes. Western economic sanctions have made Zimbabwe's domestic economy worse

4. Excessive currency leads to economic collapse. Gono, the governor of the central bank, has no independence of monetary policy at all. He is frantically issuing money to meet the domestic political needs. At the same time, we should realize the double track system of exchange rate and control the official exchange rate. On the one hand, the Zimbabwean dollar (Zimbabwean dollar) depreciated rapidly and continued hyperinflation; On the other hand, the official exchange rate remains stable, resulting in a huge difference from the market exchange rate

4. The price of Zimbabwe is getting higher and higher, but the money is getting thinner and thinner. Inflation makes many people cry out that they can't bear it. Zimbabwe, located in Africa, has a deep feeling. A 10 million Zimbabwean note can only be exchanged for us $1.5, while it costs 13 million Zimbabwean dollars to buy a chicken in Zimbabwe, and vagrant people have to pick up garbage for at least two months, Plus don't eat or drink to buy a chicken
many street people come to Zimbabwe's garbage mp. They have no money to buy food, so they have to help themselves. They are still strong. You can save 20 million Zimbabwean dollars a month, but like a sickly Sophia, you can only earn 100 Zimbabwean dollars a month from selling things. "The government subsidies are not enough," said Sophia, a garbage collector. "I have to pick up garbage and make money to pay the rent so that I can have a place to sleep." A Zimbabwean banknote with a denomination of 10 million is only equivalent to US $1.50. The local inflation in November last year was 24447%. In just over three months, the inflation has tripled to 66000%.

5. A Zimbabwe dollar with a face value of 100 trillion yuan is worth 40 cents, which is equivalent to 2.5 yuan
1. The Zimbabwean dollar is issued by the Central Bank of Zimbabwe and is the legal tender of Zimbabwe. Each dollar is divided into 100 cents, and its symbol is abbreviated as "$" or "Z $" (distinguished from other currencies with "dollar" as the unit). The ripples on the shield symbolize the vast waters of Zimbabwe
2. In 2014, the Central Bank of Zimbabwe announced that the Republic of Zimbabwe accepted RMB, Japanese yen, Australian dollar and Indian Rupee as its legal payment currencies.

6. Because RMB is in circulation in China.

7. I think there should be a quotation mark for a billionaire, where is the billionaire, but it's true
but a piece of bread may sell for hundreds of millions. Our teacher talked about the example of Zimbabwe. This is a stupid method of economic development, without considering that prices will rise with economic development

hope to help you... Thank you

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