Why study virtual currency
since then, the network and shell electronics have announced the stop of bitcoin payment. Recently, the central bank interviewed the third party payment agencies. Alipay and Fu Tong pass closed the virtual currency trading window such as bitcoin, resulting in a further fall in bitcoin prices.
it is also reported that the cooperation between banks and bitcoin trading platform is not supported by the regulatory authorities, which basically turns off the possibility of recharge and withdrawal on bitcoin platform, that is, blocking the mutual exchange between domestic bitcoin and RMB
bitcoin trading platforms such as "bitcoin China" and okcoin also resumed to charge 0.3% transaction fees, and increased the withdrawal fees to 1%. Some analysts believe that this is to prevent a large number of investors from cashing out
all kinds of signs show that bitcoin is getting worse and worse in China. However, the conclusion of bitcoin's exit from China may be overstated
first, bitcoin can be freely traded as a commodity
although the central bank does not recognize the legal tender status of bitcoin, it does not deny the legitimacy of bitcoin as a commodity and does not prohibit investment, trading and purchase of bitcoin. Ordinary people have the freedom to participate at their own risk
Second, the bitcoin trade has not collapsed yet
a bitcoin player said that the current transaction price of bitcoin is not low enough to lead to the collapse of the trade. The price of bitcoin is still higher than the cost price of bitcoin, that is, the price of mining< Third, the transaction channel is not blocked
although some third-party payments have stopped supporting bitcoin transactions, and banks are not optimistic, bitcoin trading platform can also use other third-party payment interfaces, or use foreign payment interfaces to pay. Some bitcoin trading platforms are considering transferring their servers abroad
the above-mentioned bitcoin player said that he once withdrew cash from his personal account to remit money to him. In other words, bitcoin transaction may bypass the third-party payment
at the same time, cash transaction is also a possible way of transaction< Four, the biggest risk of bitcoin trading is not regulation
the biggest risk of bitcoin trading is not government regulation, but security risks
bitcoin is at risk of being stolen by hackers. If there is a large-scale loss of bitcoin, it will directly affect the fairness of market transactions, which is a real "bottom-up"
however, at present, the security risks of bitcoin have not been fully exposed
the overall risk has increased
it must be admitted that the government's increased supervision has further increased the risk of bitcoin trading
moreover, the transaction threshold is obviously higher than before
in essence, as a means of investment, the risk of bitcoin is self-evident. If there is no final person to take over the offer, even if bitcoin is in short supply, it lacks real value and only has limited online use value. If you can't find the last recipient, bitcoin will probably disappear like a bubble.
in a word, virtual currency represented by bitcoin is legal in China, but the government takes a cold attitude towards virtual currency, which is neither positive nor negative. Most of the major countries in the world also adopt a cold attitude towards virtual currency
since 2015, the popular virtual currencies are bitcoin, Laite coin, Fuyuan coin, doggy coin, reborn coin and so on
it is possible, but at present, the government has not banned it
bitcoin and other virtual currencies exist legally in China. In the 2013 bitcoin risk notice, the central bank and other five ministries and commissions clearly defined bitcoin as a special Internet commodity. People can buy and sell it freely at their own risk. Financial institutions do not have to provide bitcoin related services, denying its monetary attribute. Zhou Xiaochuan, the governor of the central bank, compares bitcoin to a tradable asset like a stamp< Most of the major countries in the world take a cold attitude towards virtual currency. There are several possibilities for countries to ban virtual currency:
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2. The well-known weaknesses and defects of virtual currency can not be overcome in a certain period of time
3. The government can't stand the use of virtual currency in money laundering and other illegal activities
since 2013, the popular virtual currencies are bitcoin, Fuyuan coin, Laite coin, doggy coin, Ruibo coin, Yuanbao coin and so on<
Zhou Xiaochuan, governor of the central bank, said at the Boao Forum for Asia that virtual currency is not a currency approved by the central bank and can not be banned. Since digital currency is not the currency initiated and approved by the central bank, it can not be banned. Digital currency belongs to digital assets, which can be freely traded between indivials. Therefore, digital currency is not MLM, not capital disk, but a kind of financial investment
in fact, the central bank has been studying digital currency for a long time. From the perspective of historical development trend, money has always evolved with the development of technological progress and economic activities. From the early physical money, commodity money to the later credit money, it is a natural choice to adapt to the development of human commercial society. As the currency of the previous generation, paper money has low technology content. From the perspective of safety and cost, it is the general trend to be replaced by new technology and new procts. In particular, with the development of the Internet and the great changes in payment methods all over the world, the establishment of digital currency issuance and circulation system is very necessary for the construction of financial infrastructure and the promotion of economic quality, efficiency and upgrading
does China recognize virtual currency_****** In the notice on bitcoin risk prevention issued by the central bank and other five ministries and commissions at the end of 2013, bitcoin was clearly defined as a special Internet commodity. People can buy and sell bitcoin freely at their own risk, denying its monetary attribute. Financial institutions are not allowed to provide services related to bitcoin, and bitcoin related websites must be put on record, In a word, the virtual currency represented by bitcoin is legal in China, but the government takes a cold attitude towards it, Most of the major countries in the world also adopt a cold attitude towards virtual currency. Since 2015, the popular virtual currencies include bitcoin, Wright coin, Fuyuan coin, doggy coin, Ruibo coin, etc.
Why do not countries ban virtual currency; In other words, what is the connection and difference between the value represented by virtual currency and the value represented by general currency? 3. In view of the depth of the background of the problem, we need to stand higher in the starting point of the research. Currency is a problem in the category of modernity, The problem of virtual currency is the problem of postmodernism. They do not share the same basic paradigm. It is the difference of paradigm, not virtual phenomenon, that leads to the difference between them.
why does China not stop virtual currency_****** As a new thing, virtual currency has its progressive side. One of China's attitudes towards new things is that the law does not prohibit it. However, if virtual currency poses a threat to the existing financial system, the government will take action, What follows is the public...
which countries recognize the legitimacy of virtual currency_****** At present, Japan has recognized bitcoin as legal
is virtual currency recognized by the state_****** No, because it involves money laundering, easy to crash and other factors. Although bitcoin, the most famous virtual currency, can not be said to be suppressed, there are very few transactions between physical objects and virtual currency abroad, and its prospect still remains to be seen, The pure pyramid structure will not be recognized by the state.
is there any policy in China to prohibit the trading of virtual currency****** At the end of 2013, the central bank and other five ministries and commissions jointly issued a bitcoin risk notice, in which bitcoin is clearly defined as a special Internet commodity, and people can buy and sell freely at their own risk, denying its monetary attribute, In an interview with the Boao Forum, President Yang Xiaochuan compared bitcoin to a tradable asset like a stamp, and the central bank has no right to ban it. Since 2013, popular virtual currencies include bitcoin, Leyte, Fuyuan, doggy, etc Is China's virtual currency legal_****** Virtual currency can trade bitcoin, Leyte and ether on chinacoin.com.
is virtual currency illegal in China_****** Virtual currency exists legally in China, but it is illegal to engage in illegal activities by using virtual currency. The notice on preventing bitcoin risks issued by the people's Bank of China and other five ministries and commissions defines the nature of bitcoin, believing that bitcoin is not issued by the monetary authority and has no monetary attributes such as legal compensation and compulsion, Not really...
will China ban all virtual currency commercial transactions? Will virtual currency be banned_****** How to buy and sell virtual currency after China forbids virtual currency trading
how does the state treat virtual currency in 2017****** At present, there is no official recognition of the value of virtual currency in China, but only in some areas suspected of causing actual harm to society, some recognize its existence value
The digital currency developed by the central bank has such a definition: encrypted digital string representing specific amount guaranteed and signed by the central bank . In a broad sense, digital currency includes a wide range of aspects, including electronic currency, virtual currency and legal digital currency. But strictly speaking, the digital currency developed by the central bank refers to legal digital currency
electronic currency is the digitalization of legal tender, including our common bank cards, Internet banking, electronic cash, Alipay and so on. No matter what the form of these electronic money is and through which institutions it circulates, its original source is the legal money issued by the central bank
In contrast, virtual currency is the electronization of illegal currency, and its original issuer is not the central bank. For example, Tencent Q coin and other game coins, such virtual currency is mainly limited to circulation in a specific virtual environment; Bitcoin, for example, solves the problem of decentralization and distrust through blockchain technology, realizes global circulation, and is sought after all over the world. In other words, virtual currency can only be closed in the network circulation, and digital currency can be used for real goods and services transactions, but only the digital currency issued by the state is legal digital currency, bitcoin is illegalthe digital currency researched and issued by the central bank is indexed RMB, which belongs to legal encrypted digital currency from the perspective of national schemes, and it is not only a payment tool but also a currency itself< the purpose of digital currency issued by the central bank is to replace physical cash, rece the cost of traditional paper currency issuance and circulation, and improve the convenience and transparency of economic transactions
hope to adopt
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virtual currency refers to non real currency
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"virtual" this form and its performance is not the first important, the first important is the internal value. In other words, what is the relationship and difference between the value of virtual currency and that of general currency
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in view of the depth of the problem background, we need to stand higher in the starting point of research. The problem of currency is the problem of modernity, and the problem of virtual currency is the problem of post modernity. They do not share the same basic paradigm. It is the difference of paradigm, not virtual phenomenon, that leads to the difference between them
The form and expression of "virtual" is not the first important, the first important is the internal value. In other words, what is the relationship and difference between the value of virtual currency and that of general currency. In view of the depth of the background of the problem, we need to stand higher in the starting point of the research. The problem of currency is the problem of modernity, and the problem of virtual currency is the problem of post modernity. They do not share the same basic paradigm. It is the difference of paradigm, not virtual phenomenon, that leads to the difference between them
the formation mechanism of value is different
the value basis of general currency and virtual currency is different, the former represents utility, the latter represents value. From the point of view of behavioral economics, money, as a general equivalent, is called value in language, but it actually refers to utility. Virtual currency does not represent the "effect" of general "price", but the value itself. Virtual currency is not a general equivalent, but a manifestation of value relativity, or a symbol; It can also be said that virtual currency is personalized currency. In another way, it can also be called information currency. Their commonness lies in that they are symbols of uncertain value and relative value. When we say that, the traditional meaning of currency has been broken through. Money in its original meaning can only be a special case of the new currency in a broader sense. Money can be used as the symbol of general equivalent or relative value set
the monetary decision mechanism is different
the general currency is decided by the central bank, and the virtual currency is decided by indivials. The sovereignty of general currency is in the center of the Republic; The sovereignty of virtual currency lies in distributed indivial nodes. From the perspective of information economics, general currency is a special case of virtual currency. The special points of this special case are: first, the reference point does not change. Therefore, value is specialized from a set to a recible value. When the reference point remains unchanged, value is equivalent to utility; Second, the gain and loss of utility relative to the reference point remain unchanged. This means that the value of reference point is a stable rational value and equilibrium value. In a rational economy, the reference point may remain unchanged, but it is still a scattered set. The difference is that every point (the actual transaction price) of this decentralization is unstable, and only the equilibrium value is stable; But in the value concentration of virtual currency, every point may be stable, on the contrary, the rational equilibrium value may be unstable. Reflecting on the monetary decision mechanism, the central bank is the personified representative of a fixed reference point of rational value, while the virtual money market (such as stock market and game money market) is determined by forces other than the central bank. In this sense, some people in economics call the stock market as the virtual money market, and the economy formed by the stock market and derivative financial market as the virtual economy. The essence of virtual economy is information economy with indivial as the center
the value exchange mechanism is different
the value conversion of general currency is completed in the money market; The value conversion of virtual money is completed in the virtual money market. The value exchange between general currency and virtual currency is completed through the overall exchange of the two markets. Under special conditions, there is an immature exchange relationship between indivial markets. Therefore, it can be said that general currency and virtual currency are in different markets. Fisher Equation (QP = MV) describes the value conversion relationship between commodity market and money market; The extended Fisher Equation (MV = BH) describes the value conversion relationship between money market and virtual money market. Some people worry that the game virtual currency may cause inflation. This is because he does not understand the market exchange mechanism of virtual currency and confused the money market with the virtual currency market. Just as the imbalance of supply and demand in the commodity market can not directly lead to the imbalance of supply and demand in the money market, it must lead to inflation by issuing more money in the overall market; The imbalance of supply and demand in the virtual money market can not directly lead to inflation in the money market. The key to the problem is whether a unified virtual money market has been formed. The stock market is a unified market, but the game market is not. For example, the ratio of a game virtual currency to RMB may initially be 800000 to 1, and then it may change to 8 million to 1. Maybe we can buy a castle's virtual currency today, and maybe we can only buy a Tomahawk tomorrow. This phenomenon is indeed possible; If virtual currency forms a unified market, it may indeed exert pressure on the money market. The problem is that there is no such unified market. The issuers of game currency are independent of each other and do not have the status of financial subject, let alone the exchange with money at the level of financial market. What's more, whether it's base money or value-added money, the amount of money (m) and the level of money price (V, i.e. velocity of circulation) have not changed, so we can't think that there will be monetary inflation or deflation. For the current game currency depreciation phenomenon, it is better to explain that the service conditions of a game as a value-added service have changed. Due to the general improvement of the level of players or the increase of the number of players, the demand for virtual currency increases, and the price of services and virtual currency decreases. As a result of this change in the supply and demand conditions of services, service prices have declined. This is a phenomenon that can be explained by a real commodity market
Bitcoin BTC 2009 Satoshi Nakamoto is bitcoin / org ~ $24.3 billion is SHA-256; LTC 2011 coblee is litecoin / org ~ $3.6 billion is script infinite; IFC 2012 ifccion is ifccoin / ORG~$ $20 million is a script quark, qrk 2012, qrkcion is cgbcion / org - $10 million is a script zeta, ZET 2012 zetcony is ZET / org - $10 million is a script proof of work / POS
Logically speaking, the definition of "economics is the science of studying currency" is "too narrow". Economics is a theory that studies the law of proction, circulation, distribution and consumption of value
The research object of economics is the same objective law as that of natural science and other social sciences. Economy is the creation, transformation and Realization of value
extended information:
1. The US dollar banknotes in circulation are all kinds of banknotes issued since 1929. The issuing authority of the US dollar is Congress. After World War II, it eventually became an international currency
2. Pound is used to indicate pound;. The ISO 4217 currency code adopted by the international organization for Standardization for pound sterling is GBP (Great Britain pound). In addition to the United Kingdom, the currency of the British Overseas Territories is also in pounds, and the exchange rate with the pound is fixed at 1:1
RMB was issued by the people's Bank of China. The currency was first issued on December 1, 1948, and five sets were issued until October 1, 1999, when the new version was put into use. A multi variety and multi series monetary system was formed, including banknotes, coins and plastic banknotes, ordinary commemorative coins and precious metal commemorative coinsonly long-term study of monetary problem can maintain the stable development of economy and avoid inflation.