How Cryptocurrency is changing the World

Cryptocurrency will emerge from the correction stronger than ever and with a greater power to disrupt. Those who expect the market correction to be the end of cryptocurrency will be sadly mistaken.

Cryptocurrencies and smartphones give middle and working class people the ability to create alternative digital economies.

Those economies function outside of the government paper economy. Such economies are developing in Venezuela, Colombia, and Africa. A long-term effect will be to give citizens the ability to ignore government economic policies and potentially central banks.

It is already possible to evade currency controls, price controls, devaluation, and other economic policies at the touch of an app. Uphold claims you can transfer funds through cryptocurrency, fiat currency, and gold through its Android and Apple apps.

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The End of Silicon Valley and American Tech Dominance

Predictably, when one looks at the lists of companies participating in the various blockchain and cryptocurrency research efforts the names of the Silicon Valley giants are conspicuously absent. What research and development those companies undertake is increasingly centralized, bureaucratic, and directed towards projects that require massive infrastructure such as self-driving cars.

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Is American Express’s “Turnaround” for Real?

If American Express can integrate its cards with popular cryptocurrencies; such as bitcoin and ethereum, it would expand its reach particularly in the developing world. An intriguing option would be a card that pays reward points in bitcoin or ethereum. A long term revenue generator would be a card that allows for transactions in several different crypocurrencies; such as Litecoin, Bitcoin and ethereum. A company called TenX is already developing such a card in Singapore.

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Some Interesting Resources for Gig-Economy Entrepreneurs

If you want a resource for hedging (protecting funds from inflation) and transferring money the cryptocurrency is a cheap and versatile option particularly for sending money outside the country. There are several excellent and easy to use bitcoin wallets available. The best include Coinbase and Bitpay; which offers a bitcoin Visa debit card that can be used at almost all retailers.

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Ultimate Data Storage Solution can be Future of Blockchain

If Bjerkestrand is right blockchain might be one of the digital mediums that can be stored on film at the Archive. That means it may be possible to preserve Ethereum smart contracts and cryptocurrencies such as bitcoin and ether indefinitely.

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The Religion of Technology

Technology is likely to become the basis of our philosophy, religion and politics in the near future. When it does it will mark a paradigm shift as great; and perhaps as bloody, as the rise of Islam or the Protestant Reformation. Whether we are ready for that revolution is anybody’s guess.

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Venezuela faces Hyperinflation and Cash Shortage at the Same Time

Venezuela is now facing one of the weirdest effects of hyperinflation – a serious shortage of cash.

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Should Central Banks Adopt Digital Currencies?

The PBOC is in a rush to develop a digital currency because of China’s experience with bitcoin. China is the world’s largest market for bitcoin because the cryptocurrency allows the country’s residents to easily bypass its’ rigid currency controls.

The central bankers apparently hope that issuing their own cryptocurrency will give them some control over the situation. Some control is better than no control which is what they have right now.

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Bitcoin is Proving Soros’ China Hard Landing Thesis

Durden noted that demand for bitcoin has been increasing as the Chinese government has stepped up efforts to halt the flow of currency out of the country. Back in September; when a bitcoin was fetching $230 in the open market, the People’s Republic started trying to enforce a prohibition on moving more than $3,300 (20,000 Yuan) out of the country in a day.

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Argentina Shows Just How Disruptive Bitcoin Could Be

It looks as if bitcoin could have a future in the real world, and that could be the most disruptive development yet. We may need to completely rethink our concept of money and our ideas of economics because of it.

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