Understanding of electronic virtual currency
Virtual currency is the currency used for electronic circulation. Now the scope of virtual currency is very large, including q-coin, bitcoin and so on. With the development of digital currency, virtual currency is becoming more and more abundant, which may become the mainstream in the future. For example, BTC, EOS, bcbot and so on are not only virtual currencies, but also algorithms, landing projects and technologies
virtual currency is mainly issued by online game service providers to purchase game props, such as equipment, clothing, etc. But at present, the use of virtual currency has gone far beyond this category. Virtual currency can be used to buy game cards, physical objects and download services of some movies and software
extended data:
real risk
as the proct of e-commerce, virtual currency has begun to play an increasingly important role, and it is more and more connected with the real world. However, with the growth of virtual currency, the relevant laws and regulations are lagging behind, which has laid many hidden dangers
fraud
the private transaction of online virtual currency has realized the two-way circulation between virtual currency and RMB to a certain extent. The activity of these traders is to buy all kinds of virtual currencies and procts at a low price, and then sell them at a high price to earn profits. With the increase of such transactions, there are even virtual mints. In addition to the virtual currency provided by the main company, there are also some people who specialize in "virtual coin making" to obtain virtual currency by playing games and then resell it to other players
Taking Wenzhou as an example, there are about seven or eight such "virtual mints" with four or five hundred practitioners. This not only creates a bubble for the price of the virtual currency itself, but also causes trouble for the normal sale of the issuing company. It also provides a platform for selling and collecting money and money laundering for various cyber crimes. p>
impact system
in modern financial system, the issuers of money are generally central banks, which are responsible for the management and supervision of money operation. As the equivalent exchange goods used to replace the real currency circulation on the Internet, the virtual currency on the Internet is essentially the same as the real currency. The difference is that the issuers are no longer central banks, but Internet companies
if the development of virtual currency makes it form a unified market, each company can exchange with each other, or virtual currency is integrated and unified, and all of them are based on the same standard and price, then in a sense, virtual currency is currency, which is likely to form a threat impact on the traditional financial system or economic operation
reference: network virtual currency
virtual currency and electronic currency are not the same concept
the definition of e-money is to convert a certain amount of cash or deposit from the issuer and obtain data representing the same amount. By using some electronic methods, the data can be directly transferred to the payment object, so as to pay off the debt. E-money means that consumers pay traditional money to issuers of e-money, and issuers store legal money of equal value with traditional money in electronic devices held by consumers
electronic currency is the electronization of the legal tender, including our common bank cards, Internet banking, electronic cash, etc., as well as the third party payment developed in recent years, such as Alipay, fortune paid and so on. No matter what form these electronic currencies are and through which institutions they circulate, their original source is the legal money issued by the central bank
but virtual currency is the electronization of illegal currency, and its original issuer is not the central bank. For example, Tencent Q currency and other game currency, such virtual currency is mainly limited to circulation in a specific virtual environment. After the emergence of bitcoin, through the blockchain technology to better solve the problem of decentralization, distrust, to achieve global circulation, is sought after in the world. Electronic currency and virtual currency are collectively referred to as digital currency
The differences between e-money and virtual money are as follows:
1. Electronic money refers to using a certain amount of cash or deposit to exchange from the issuer and obtain data representing the same amount, or through the quick payment service launched by the bank and the third party to transfer the balance in the bank through some electronic ways, so that transactions can be carried out. Strictly speaking, it is a kind of currency that consumers use the bank's Internet banking service to store value and make quick payment to the issuers of electronic currency, and make consumers trade electronically through media (two-dimensional code or hardware equipment)
Virtual currency refers to non real currency. Well known virtual currencies, such as online currency of Internet company, q-coin of Tencent company, q-point and voucher of Shanda company, micro currency launched by Sina (used for micro games, Sina reading, etc.), chivalrous Yuanbao (used for chivalrous road game), silver grain (used for bixue Qingtian game), and popular digital currencies in 2013 include bitcoin, Laite coin, infinite coin, quark coin, zeta coin, etc Barbecue coins, pennies (Internet), invisible gold bars, red coins, prime coins. At present, hundreds of digital currencies are issued all over the world. Popular in the circle & quot; The legend of "bitcoin, Wright silver, infinite copper, pennies aluminum" The detailed explanation of electronic currency is as follows:1. Concept: it is an encrypted serial number representing cash, which can be used to represent the currency value of various amounts in reality. With the transformation from paper-based economy to digital economy, e-cash will become the mainstream
2. Features: anonymity, transaction cost saving, transmission cost saving, low holding risk, flexible and convenient payment, anti-counterfeiting and anti repetition, non traceability
There are two kinds of e-cash: one is based on the Internet and keeps the binary data representing the value of money in the hard disk of the computer terminal; One is the electronic wallet that keeps the monetary value in the IC card and can be circulated without the bank payment system4. Definition: consumers pay traditional money to the issuers of electronic money, and the issuers store the equal value of traditional money in the electronic devices held by consumers in electronic form
the impact of virtual currency on e-commerce is as follows:
-
the impact of virtual currency on the financial system
-
the network security of virtual currency
-
inflation in the virtual world
from q-coin and counting roll used to buy props to bitcoin which can be exchanged with us dollar and euro today. It shows that the utilization rate and universality of virtual currency are graally increasing. I think this kind of virtual currency has both advantages and disadvantages. Virtual currency makes up for the deficiency of currency, but it will not replace the real currency
1. Security of virtual currency. The day before yesterday, a bitcoin trading platform headquartered in Japan was favored by many people. However, e to the loss of 750000 bitcoins from customers and 100000 bitcoins of its own, the company had to file for bankruptcy protection. This fully shows that the security of virtual currency is difficult to guarantee
2. The use of money cannot be regulated. The problem is that there is no manager similar to the central bank. Due to the strong anonymity, it is easy to be used for illegal transactions such as speculation and drugs, as well as money laundering. Without the network of financial institutions, it is difficult to grasp their liquidity, which will bring difficulties to taxation
although it has many uncertainties, virtual currency is very effective and reliable to a certain extent
1. The possibility of inflation of virtual currency is small, and it is not affected by policy. Avoiding the influence of the central government on finance, virtual currency can prove the stability of its value because of its limited circulation. It will not raise prices and lower the value of money because of the increase of money supply
2. Strong circulation. People can use bitcoin to trade anywhere in the world where there are networks and computers, which is very convenient
it not only saves time, but also saves a lot of transaction costs
after comparison, I think that the virtual currency will be saturated and will not pose a threat to the real currency. On the one hand, in the backward regions and countries, they rely more on currency, resulting in a gap with the developed regions. On the other hand, with the development of network technology, the security of virtual currency will be more and more difficult to determine. It is also very difficult for people to use a lot of money in the form of virtual currency in huge investment. Especially in a country with traditional culture such as China, people are more confident that they will hand over their property to the financial instry such as banks, rather than in the online world like flowers in the mirror< There is no comparability between bitcoin and stock. Stock is people's profit expectation for a company. For example, a company constantly proces new procts to increase its wealth. People can obtain wealth growth with the company by holding shares of the company. And the stock is an investment proct, without monetary attribute, it is impossible to say how much ICBC stock an iPad is worth. On the contrary, like bitcoin, the stock can be converted into legal currency through the exchange to purchase the iPad. Similarly, in the so-called companies that accept bitcoin payment, all of them are marked with legal currency. They accept bitcoin through a third-party company, and finally receive legal currency from a third-party company
therefore, stock is people's expectation for the future development of a company, and it is an investment proct. There is no comparison with bitcoin, which clamors to become a currency
2. The existence of money lies in circulation and pricing. A thing that has been reced to a speculative tool since its existence, expecting appreciation and redistributing wealth can not become money
3. As cndx God said, bitcoin will have 2.0 in the future, which will be seamlessly connected with 1.0. That's funny. Why should the inventor of 2.0 connect with 1.0? Just as bitcoin does not connect with RMB, it is another opportunity for wealth redistribution
4. The existence of virtual currency can only meet the money laundering needs of a small number of people, so there is a market. For example, if someone wants to launder US $1 million recently, the ratio of bitcoin to legal currency will change, which is also in line with the market rules. Of course, money laundering is risky. If you buy one million dollars of bitcoin, you will hold it forever without losing any money
5. My legal currency is in the bank. If I lose it, I can still get it back with my ID card. Is my bitcoin password gone? Who should I go to
6. The currency expected by cndx will not be lost. At most, it will play in a certain circle just like Q currency
7. This thing is the proct of anarchism. If you want to embody value, you can only do it without government. The distribution of wealth depends on power and blood. For example, if you hold 10000 bitcoins, ZF says not to use them, and you say I'll use them. Bang, you're dead. Oh, bitcoin has appreciated again, because the total amount is less than 10000.
E-money, in fact, is a revolutionary change in the clearing transaction and convenience of money. For example, if Taobao's online transaction develops well, China can completely get rid of the problem of slow development of banking instry e to the lack of clearing banks abroad. This is the weakness of European and American banking instry. They are still in the development stage of personal checks and credit accounts
However, China's use of online clearing and trading system, cloud computing and big data analysis and processing can better grasp the economic trend, better control the real assets, and bring about a sharp drop in the cost of currency transactionsthe future development of money must be combined with the new achievements of human instrial economic development, including the application of technology, such as the changes of trade direction and rules (the former petrochemical instry brought light instrial proction efficiency and great convenience to people's life), so that the future form of money can be well grasped
The results showed that: 1; E-money is a kind of money that exists in non materialized form. Of course, that's right, because it is now the mainstream form, many times larger than the number of banknotes. If you ask about virtual currencies, such as bitcoin, it should be said that they will not become mainstream in the future, but they are an important form
extended data:
features of e-money:
(1) based on computer technology, it can store, pay and circulate
(2) it can be widely used in the fields of proction, exchange, distribution and consumption (3) it integrates multiple functions such as financial savings, credit and non cash settlement (4) e-money is easy to use, safe, rapid and reliable(5) at present, the use of e-money usually uses bank cards (magnetic cards, smart cards) as the media
features:
(1) based on computer technology, it can store, pay and circulate
(2) it can be widely used in the fields of proction, exchange, distribution and consumption
(3) integrating savings, credit and non cash settlement
(4) e-money is easy to use, safe, fast and reliable
(5) at present, the use of e-money usually uses bank cards (magnetic cards, smart cards) as the media
(1) the nature of e-money
there is still controversy in the academic circles about whether e-money constitutes money. Some legal scholars think that it is unrealistic to entrust the legal experts with the task of proving whether electronic currency constitutes a new type of currency on the premise that the concept of currency has not been finalized in the economic circle. It is generally believed that whether electronic money is a kind of money should be dealt with on a case by case basis. For the primary electronic currency of credit card and stored value card, it can only be regarded as an electronic tool to query and transfer bank deposits or an electronic tool to pay for the existing currency, and can not really constitute a kind of currency. However, in order to truly become a kind of currency in circulation, cash simulation electronic currency should also meet the following conditions:
(1) it is widely accepted as a measure of value and an exchange intermediary, rather than just as a commodity
(2) it must be the ultimate means to pay off the debt that does not depend on the credit of the bank or the issuing institution, and the party receiving the payment does not need to retain the right of recourse
(3) free circulation and complete convertibility
(4) it can be a means of preserving value without collection, liquidation and settlement 5) The payment is completely unspecific and anonymous
to study the above-mentioned Mondex card and e-cash, first of all, their value is based on the existing cash and deposit, which is the proct of the issuer's electronic value of the existing currency. Holding electronic currency only means that the holder has the right to exchange the value of cash or deposit with the issuer; Secondly, according to the principle of legal currency, if e-money really becomes a kind of currency, it needs to be explicitly approved by a country's legislation. Therefore, electronic currency can be regarded as a secondary currency based on the existing currency, and it can not be regarded as a kind of currency completely independently
e-money is a kind of information currency
in the final analysis, e-money is just conceptual monetary information, which is actually a special information composed of a group of data including the user's identity, password, amount, scope of use, etc., so it can also be called digital currency. When people use e-money transactions, they actually exchange the relevant information. After the information is transmitted to the merchants who set up this kind of business, the settlement between the two sides of the transaction is more economical, more convenient and faster than the way of the real banking system
e-money is a quasi currency that can be paid.
whether e-money can be called currency depends on whether e-money can independently perform the function of currency. At present, electronic currency can play the role of payment and settlement, but it is only a quasi currency that may perform monetary functions. First of all, e-money lacks the price standard of money, so it can't measure and express the value and price of goods alone, and it can't have the means of value preservation. Instead, it can only rely on the function of value measurement and value storage of real money; Secondly, because electronic money is based on certain electronic devices - smart cards and computers, its circulation and use must have certain technical facilities and software support. Therefore, we can not really carry out the function of circulation means; Finally, although the most basic function of e-money is to implement the means of payment, most of the existing e-money can not be used for direct payment between indivials. Moreover, when paying to a special merchant, the merchant has to collect the real money from the bank or credit card company that issued the e-money before the payment is recovered, E-money can not perform the function of payment means independently. It can be seen that the current electronic currency is a new currency form or payment method based on the existing currency
(2) there is no unified solution to the issue of the main body of electronic currency in various countries, but it depends on the specific national conditions. The United States and Europe hold different positions on the issue of institutions issuing e-money: the Federal Reserve of the United States holds that non bank institutions should be allowed to issue e-money, because non banks must develop safe procts because of the high cost of developing and marketing e-money. The United States does not think that non banking institutions will pose a threat to banks, because they think that banks have a good reputation, so consumers tend to trust the e-money issued by major local banks rather than the e-money issued by a newly established non banking institution. The working group of the European Monetary Authority (EMU) considers that only the credit institutions supervised by the competent authorities can issue electronic money. For example, the European Monetary Fund (EMI) published the report on prepaid cards in May 1994, which was submitted by the European settlement system business department. It pointed out that the funds collected by e-wallet issuers should be regarded as bank deposits. In principle, only financial institutions are allowed to issue e-wallets. In the amendment to the "credit system law", Germany, a member of the European Union, stipulates that all electronic currency can only be issued by banks. In China, as for credit cards, the "measures for the administration of credit card business" implemented on April 1, 1996 stipulates that the issuers of credit cards are limited to commercial banks, and there is no legal provision for other types of electronic currency other than credit cards. As far as China's current situation and national conditions are concerned, it is more feasible for the main body of issuing e-money to be the people's Bank of China or the financial institutions entrusted by the people's Bank of China. The reasons are as follows: first, it helps the government to monitor e-money, adjust its monetary policy in time according to the development of e-money research and practice, and ensure the reliability of the payment system. Second, because the e-money issued by the central bank is more reliable in terms of credibility and final cashability, it is easier for consumers to accept and actively participate in, thus promoting the popularization and development of e-money< Third, the security of e-money, because only in the presence of high-tech infrastructure, can e-money be used in e-commerce in an efficient and effective way. Some people think that if we want to make e-money "negotiable" in the future and "make people trust its security", then this security technology should be regulated by the government. Otherwise, if there is no certain regulatory standard, where is the credit of e-money? How can it circulate? However, the question here is how to grasp the scale of government supervision? Just as there is a dispute about technology neutrality and technology specialization in electronic signature technology, the over regulation of the government will hinder the development of technology, which is fatal to the rapid development of e-commerce. However, if it is not regulated, the credit of e-money will be difficult to establish. Therefore, it is very important to grasp the scale of government regulation
(4) for the liquidity of electronic currency, if the electronic currency is encrypted, it is in fact the same as being registered. If you want to be anonymous, you can't even add the password. The problem is that if anonymous e-money is used, some criminal activities, such as money laundering, drug trafficking, terrorist activities, arms trading, will be rampant, and law enforcement agencies will not be able to find out the source or destination of these e-money in the network. In this case, there will be no way to protect users. There is no doubt that e-money has no borders and can be transferred instantaneously, which will cause a blind spot in public security. The law should weigh the two and make a balance between them
(5) protection of consumers' rights and interests in e-money transactions, a large amount of settlement information will be accumulated and stored in the settlement service providers. Different types of electronic money and Settlement Types involve different personal information, and the privacy degree and scope of the personal information are also different. Customers may not be able to understand the large amount of personal information accumulated by settlement service providers, resulting in insecurity. Therefore, the settlement provider should disclose the scope and privacy of the personal information stored and accumulated by it to the customer, and ensure that the accumulation and use of the information is only for the purpose of ensuring the security of the transaction.
monetary system refers to the criteria and norms of currency circulation stipulated by the state in the form of law. The main contents are: to determine the materials of currency and subsidiary currency; To determine the unit of money; To stipulate the proceres and methods of currency circulation; Determine the preparation for issue and the external relationship of currency
standard currency is the standard currency of a country's monetary system. In terms of payment, the standard currency has the ability of unlimited legal compensation. That is to say, the creditor shall not refuse to accept the payment of goods and services and the settlement of debts
the secondary currency is the equal part of the standard currency, which is limited in use, that is, if it exceeds a certain amount, the creditor can refuse to accept it< The evolution of monetary system can be divided into the following processes:
1.4.1 silver standard
the main content of silver standard is silver as monetary material. Silver coin is the standard currency with unlimited legal compensation ability. Silver coins can be cast and melted freely. Internationally, silver and silver coins can be exported and imported freely. The paper money in circulation can be exchanged freely with silver money< In the 1840s, with the increase of world silver proction, the price of silver kept falling. Because the price of silver is unstable, silver as a currency is not concive to the stability of currency circulation and international payment. It weakens the ability of silver as currency. Therefore, many countries have graally transferred to the gold and silver standard system<
the content of the gold and silver standard system is: gold and silver are both coin materials, and gold and silver coins are the standard currency. Gold and silver currency has unlimited legal compensation ability. Gold and silver coins can be cast and melted freely, and gold and silver and gold and silver coins can be exported and imported freely in the world. Paper money and other currencies are freely convertible into gold and silver
under the typical gold silver two standard system, the price of gold and silver is completely determined by the market price of gold and silver. This standard system is also called parallel standard system. Due to the lack of stability in the price comparison of gold and silver, the two standard system of price comparison of gold and silver coins was later stipulated by the government, which was called "plicate system". The two standard system weakened further is called "lame standard system"
under the parallel standard system, gold and silver coins can be freely exchanged, freely cast, freely melted and freely exported. Under the compound system, because the price of silver in the market is falling, and the value of silver as money stipulated by the government is higher than that of ordinary goods in the market, arbitrage results in the full circulation of silver. The rule of bad money expelling good money played a role, and finally limited the casting of silver money. But gold coins can still be cast, melted and exported freely< The gold and silver two standard system has the following advantages: (1) the currency material is sufficient to meet the needs of circulation 2) Under the double system, the price ratio of gold and silver is set by the government, which in turn affects the market price of gold and silver and is concive to the stability of the value of gold and silver 3) Easy to trade, people can choose gold or silver coins to pay according to the size of the transaction< First, from the perspective of the evolution of the monetary system, the emergence of the typical gold standard is e to the effect of the rule of bad money driving out good money, and also related to the increase of gold proction after the 19th century. The most typical feature of the gold standard system is that gold coins are defined as the standard currency, and gold can be cast and melted freely. Other currencies in circulation can be freely converted into gold coins, and gold can be freely exported and imported internationally. Because the value of gold is relatively stable, it promotes the development of commodity economy and international trade. Due to the limited proction and reserves, gold can not fully meet the requirements of the expanding commodity circulation. The gold standard prevailed for a century and graally began to weaken after the first World War< Second, after the typical gold standard was weakened, the gold standard was graally implemented. The characteristics of the gold standard system are: the casting of gold coins was stopped, and the gold coins were no longer in circulation, but the paper money issued by the central bank was in circulation. The issue of paper money is prepared by gold nuggets
the relationship between the value of money and gold is equivalent. Other currencies held by people cannot be exchanged for gold coins, but they can be exchanged for gold nuggets. Gold can be freely exported and imported internationally, and paper money can be exchanged with gold nuggets, but it is no longer freely convertible, and the exchange limit is relatively large. Therefore, this system is also known as the "rich standard system"< Third, gold exchange standard. Its main features are similar to the gold standard system. However, other currencies held by people can not be exchanged for gold at home, but can only be exchanged for foreign currencies related to gold. The essence of this system is to deposit domestic gold in foreign banks in exchange for foreign currency. Foreign currency is used as the reserve for the issuance of domestic banknotes. Domestic residents can buy foreign exchange, and in theory can take foreign exchange abroad in exchange for gold. This system is also known as the "virtual gold standard"< (2) the reasons for the collapse of the gold standard system
the economic crisis in the 1930s shook the foundation of the gold standard system, and the free casting, free melting, free import and free exchange of gold coins were weakened, which made it difficult for this monetary system to continue
the reasons for the collapse of the gold standard can be understood from the following three aspects:
first of all, gold is both a currency and a commodity. As a currency, it requires stable value. As a commodity, its value is affected by the relationship between supply and demand, and it is impossible to be stable, so it is not an ideal currency
secondly, gold, as a currency, can not guarantee the balance of gold flow in the world. Because the inflow or outflow of gold will affect the money supply of various countries, the inflow and outflow of gold can not achieve automatic balance, which makes it difficult for the money supply of various countries to maintain an appropriate ratio with the gold reserves
thirdly, under the gold standard system, it is required that the price comparison between the currencies of various countries should be based on the amount of gold contained. In order to stimulate or restrain the economic expansion or contraction, the governments of various countries adjust the amount of money and require the implementation of independent monetary policies, so the fixed exchange rate system based on the gold content of money is difficult to maintain
1.4.4 paper currency standard system
paper currency standard system refers to a monetary system in which the standard currency of a country uses paper currency without any connection with gold. Its main features are as follows: (1) the issue of paper money is not limited by gold reserves, and its issue depends entirely on the needs of monetary policy 2) The value of paper money depends on its purchasing power, which is inversely proportional to its circulation and directly proportional to the supply of goods 3) The circulation of banknotes depends entirely on the credit of the issuers 4) Through legal means, the government ensures that the paper money has a certain degree of compulsory acceptance
under the condition of paper money circulation, to ensure the stability of currency value is the core of the monetary system, and the resources or assets provided by the public to the central bank must be taken as the basis for the stability of currency value. China's RMB system is a paper currency standard system. Its issuance is not linked to any precious metal, nor attached to any country's currency, it is an independent currency.