Mobile payment and virtual currency

1.

digital currency is abbreviated as digiccy, which is the abbreviation of "digital currency" in English. It is an alternative currency in the form of electronic currency. Both digital gold coin and cryptocurrency belong to digiccy

digital currency is an unregulated and digital currency, which is usually issued and managed by developers and accepted and used by members of a specific virtual community. The European Banking authority defines the virtual currency as the digital representation of value, not issued by the central bank or the authorities, nor linked to legal tender. But because it is accepted by the public, it can be used as a means of payment, and can also be transferred, stored or traded in electronic form.

Alipay (China) Network Technology Co., Ltd. is the third party payment platform in China. Committed to providing "simple, safe and fast" payment solutions. Since its establishment in 2004, Alipay has always regarded "trust" as the core of procts and services. It has two independent brands: "Alipay" and "Alipay wallet". Since the second quarter of 2014, it has become the largest mobile payment manufacturer in the world

2.

The digital currency DC / EP issued by the central bank on a pilot basis is the abbreviation of "digital currency" and "electronic payment". In fact, it is the digital version of RMB

the functions and properties of this kind of currency are exactly the same as paper money, but its form is digital. The main function of digital currency DC / EP is to replace M0 (cash in circulation, i.e. banknotes and coins){ RRRRR}

and DC / EP does not need to be bound to a bank account and can be used directly as cash. Of course, DC / EP also needs an "online wallet" to store. It is not known whether the wallet is a separate app or integrated into a third-party payment platform

although mobile payment is already very convenient, you may have encountered such a scenario, because there is no network to complete the payment, and using cash will not have such a problem. As a digital currency, DC / EP can also complete the payment without network

3. It's not a mining machine. It depends on where you put it. There are high gold mines. It's all stone

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5. Don't dig for such a low-performance graphics card. It's a waste of time and money. People are digging dozens of gtx1080

6.

Visa, a powerful payment giant with many users around the world, announced that it will support the payment function of virtual currency stable currency (usdc) on its platform. As the most influential payment platform in the world, supporting the entry of virtual digital currency not only increases the access channel of virtual currency, but also means that virtual currency has been graally recognized and supported by the market, which has become a trend of future currency development

although virtual currency has incomparable advantages over traditional paper currency, e to the lack of an international standard and agreement, its price is often hyped up and down by intentional speculators. For the popularization and application of virtual currency in the world, there is still a long way to go in the future

7. It can only be said that the number of printed banknotes will decrease, but the money supply will be determined by the speed of economic growth, which has nothing to do with mobile payment.

8. It's an open question. It's a good one@ I agree with Huihang's answer. His examples are usually very detailed. I want to give a more general description. And @ daiyi thinks that mobile payment has an impact on consumer psychology and behavior, and I agree with him. But I won't expand the description. If micro, especially behavior, is also included, it may take us a whole day to discuss. In addition, I agree with @ keys Hayek's answer. The impact of Monetary Fund on the total amount of money lies in the change of direct financial proportion, or the proportion difference of credit creation activities affected by deposit rate. In other words, from the perspective of the whole society, if we implement a unified deposit rate for all credit creation activities, then any change in the creation path will not affect the currency circulation<

I will start to repeat the following:

(1) there are two levels to be distinguished.
first, compared with the absence of electronic payment (such as the first half of last century), how much has mobile payment changed the currency circulation? It's very big. As mentioned in many of the above answers, the speed of money circulation has changed
Second, on the basis of electronic payment (including credit card and debit card), how much has mobile payment changed the currency circulation? I think so, but not that big. I agree with brother Hui hang and many of the answers above. However, mobile payment does further rece the cost of money circulation (transaction cost) and the consumption psychology and behavior of daiyi friends, thus changing the speed of money circulation, that is, changing the actual commodity market equilibrium mentioned by many friends above. But compared with the impact of the electronic payment revolution, it is still much smaller at present

(2) a clear definition of this question
when we ask whether a has an impact on the currency circulation, it means that if there is no a, the currency circulation will be different if it is to meet the same demand

I think the answer to the main question is: Yes
the main effects include: changing the speed of money circulation, changing the money multiplier, and changing the money demand (or supply)
and the change of money demand (or supply) includes: the change of money credit creation caused by direct finance, the alleviation of information asymmetry caused by mobile payment, the change of credit creation and the impact on market clearing mechanism

however, it should be noted that mobile payment and yu'ebao are different concepts. Both of them have an impact on currency issuance, but they should not be confused. Yu'ebao is a monetary fund, which has nothing to do with mobile payment. If only mobile payment can be implemented, when the account arrives immediately, for example, the app developed by the bank itself is also mobile payment, there will be no monetary fund attribute< (3) the change of Monetary Fund (direct finance, informal finance) to money issuance (money multiplier, credit nature of money)
1. Money multiplier
because of the existence of deposit ratio, the money multiplier can make the total amount of money issuance present geometric order, so it will converge to a fixed value. And we can see the direct credit market as a bank without deposit rate, then there will be no geometric progression. At this time, this kind of credit expansion can only be directly restricted by the income (interest rate, various fundamental expectations) of credit creation. I want to go on after discussing the credit nature of money. However, it is obvious that when the proportion of direct credit creation without deposit limit increases, the monetary multiplier will change<

2. The credit nature of currency
a friend mentioned in the comments of @ Huihang's answer that does the mall coupon have any impact on currency issuance? Yes
modern currency is the attribute of national credit, or national credit standard (about the history of international monetary reserve system, I have time to put one of the three topics after the ten day talk). To understand, the essence of modern money is a kind of credit expansion

for example, you helped me with my business. I said, Lao Zhang, thank you. Please come to me if you have something to do in the future. Yes, at this time, currency has been replaced by a way of credit. In other words, my promise itself has the property of currency. It is precisely because of the existence of this credit relationship that people do not need to pay for every time to obtain the explicit storage value. If you, Lao Zhang, are not very familiar with you, then I will help you to pay for it. You also hope that you can get a return with considerable storage value. Generally speaking, it is money. Therefore, if you study the influence of rural human relationship on money circulation, you will get significant empirical results. If primitive people can barter for things, then modern people can also exchange heart for heart, which is the same truth

therefore, any kind of credit has the attribute of modern currency, which will naturally affect the circulation and circulation of modern currency. That's why the money of national credit can only be created by the central bank, and there are strong restrictions on institutional electronic money. If all large institutions adopt their own e-money, financial supervision will be difficult. For example, if you go to Wal Mart in the future, you don't need to swipe your card, but you need to swipe your Wal Mart currency card. If, ha, everyone wants to go to Wal Mart for shopping, and Wal Mart monopolizes more than 30% of the retail sales in the world, then the people who do business with you and talk about projects with you are willing to use Wal Mart currency for transaction settlement. Ha, are you familiar with it? It's similar to all kinds of foreign currency? you 're right. Because foreign currency is the credit of different countries. Just like the credit of different companies, they are all based on credit. Any credit in life has the property of modern currency, which will certainly affect the circulation and circulation of modern currency? In other words, if there is no such credit in life, then?)< From the above two points, we can know that direct finance (Monetary Fund), especially informal finance (formal finance refers to capital activities subject to financial supervision), has a significant al impact on money issuance. One is to change the speed of circulation, the other is to change the credit creation, which directly affects the money demand (also called supply, depending on the degree of endogeneity of a money market)

therefore, direct finance such as monetary fund can be regarded as a shadow bank without deposit rate, so monetary expansion can not have convergence results theoretically. However, in reality, credit income and expectation will affect the process of credit creation. For example, informal finance, private lending, I lent you 10000 yuan, you lent Lao Zhang 10000 yuan, Lao Zhang lent Lao Li 10000 yuan, Lao Li could lend Lao Wang 10000 yuan, Lao Li could also lend me 10000 yuan, and then I thought I had another 10000 yuan, I lent Lao Zhao 10000 yuan, So in theory, this process can continue without convergence (this is similar to the example of "1000 changes into 2000" mentioned by @ Huihang, but the main difference lies in whether it is direct finance or not, which has been mentioned at the beginning). But in fact, this process will not continue, because each loan needs an interest. In the end, the capital leverage will be very high to stop this credit expansion. The direct financial market will be restricted by various economic factors. Of course, it depends on the expectation of various economic factors in the future to judge the change of real interest rate. Ray Dalio's how the economic machine works briefly describes the change and economic cycle of this credit creation process. Irving Fisher, in his famous book prosperity and depression, also makes a wonderful non empirical discussion on this issue, and is good at "debt deflation theory" (how to understand Irving Fisher's debt deflation theory- Nash Lew's answer)< (4) modern bank run and the change of currency property
there is a neighbor problem. What will happen when modern banks run
if the bank goes bankrupt, it is consistent with the past run situation. Panic. People will rush to transfer their assets
if the bank will not go bankrupt, then it is inconsistent with the past run situation. In the past, in the first half of last century, people needed to use currency and implement various precious metal standard systems instead of national credit standard. Therefore, only from the perspective of liquidity demand, people would also worry about the lack of currency in banks and the sharp depreciation of currency, hoping to take out currency and replace assets. For example, we should pay close attention to buying houses and exchanging gold. Because a person's deposit in the bank is only a part of his wealth management, he will, of course, rush to the bank to run on the currency when the currency crisis occurs

however, in the essence of modern national credit, the first and the second point is much more relaxed. Unless you are worried about the risk of "the value of national credit" (including currency devaluation, sovereign crisis, political crisis, etc.), the assets (including currency) based on national credit will not have run crisis. Second, after the emergence of electronic payment, the nature of currency has changed a lot. In the past, currency was gold, silver and paper money. Now it's not. The money you transfer to another person is directly transferred from your current account to another person's current account. This is very different from the past. In other words, the attributes of cash and demand deposits have become more blurred than before

many economics textbooks are based on the era when currency and current deposit are essentially different. In the last century, when electronic currency was not popular, the public could only buy in currency, and a few people could use other means such as check or bill transfer. That is to say, if you want to buy something, you can't swipe your card. You must take out your current deposit in the bank, turn it into cash, and then buy it. The seller will deposit the received cash in the bank and turn it back into current deposit. This is a liquidity exchange with a cash holding stage. Now that e-money is very popular, even when buying a house, you can immediately change your current deposit in the bank into the other party's current deposit in the bank by transfer. Therefore, in this case, some previous analysis of the currency ratio (the relationship between interest rate and inflation) will change. For example, if there is no banking crisis, but only hyperinflation, then it is not necessary for people to take out the currency, hold it first and then buy it to change their wealth portfolio. When there is a banking crisis, the transfer or escape of currency is consistent with the past

these also have an impact on the amount of money issued (or the balance of money supply and demand), but they also affect the money supply and demand by affecting the circulation speed and credit creation< (5) mobile payment brings about a new change: information asymmetry (affecting credit creation and market clearing mechanism)
at the same time, mobile payment may bring about a new change, that is, easing the problem of information asymmetry, which will affect credit creation and market clearing mechanism

9.

mobile payment is now popular in many countries, including WeChat, Alipay, UnionPay card and so on. The first thing in these countries is China. In the light of the current situation, it has brought great convenience to our citizens, lightened the heavy burden of people going out and packing, and has become the main way of payment for many young people and middle-aged people. But it has to be mentioned that many elderly people really can't keep up with the times and can't accept the convenience of mobile payment, which has become the biggest inconvenience for them. But now someone asserts that when the whole people's mobile payment is truly realized, the world will become terrible. Therefore, the more developed countries are, the less they support the use of mobile payment{ RRRRR}

no matter what happens, there are both advantages and disadvantages. When we see that it is convenient, there must be disadvantages inside. Therefore, we hope that when we develop mobile payment in China, we should also pay attention to repairing and upgrading the internal loopholes, so as to prevent criminals from taking advantage of it

10. At present, mobile payment can use all the currencies in the market, and the amount of mobile payment is based on the consumption, transaction, bill collection and merchant permission collection policies of each currency
currency types currently available internationally, except that the standard currency is difficult to implement mobile payment, the digital currency of token and credit currency can use mobile payment as long as they are allowed in the system
the amount of money is divided into total amount, annual amount, monthly amount, daily amount and transaction amount
take the RMB token digital currency as an example, different transaction methods and different merchants have different transaction amount and daily amount. More detailed, common merchants, the common way of collection is usually 5000 yuan per transaction, 50000 yuan per day
I hope this is the question and answer you want to ask.