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The criticism that the value of Bitcoin is tied to nothing and therefore can sink to zero is something of 2013. By now, most economists think that the value of Bitcoin is in the payment system bound to it and is obtained by the limited amount. It may be that initially there were problems finding value for Bitcoin because theĀ September 2018 Calendar Kalnirnay had no non-monetary benefits. However, since this value was found, it is stable or rising and is confirmed on the stock exchanges every day. The scarcity of Bitcoin, which, with a maximum of 21 million copies is more absolute than anything else, is reason enough alone for there to be a need for Bitcoin.

September 2018 Calendar Kalnirnay

The world does not trust Fiat money as much as Krugman does. Cryptocurrency is neither expensive nor slow. Secondly, Krugman is wrong in claiming that Bitcoin and other cryptocurrencies have high transaction costs. That he means that, however, is understandable. Eventually, it became fashionable during the Blocksize dispute to call Bitcoin ineffective, slow,.

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Expensive, non-scalable and in no way competitive with PayPal – not among Bitcoin critics, but among Bitcoin developers and fans themselves If this narrative is dogmatically repeating itself over and over again – how could Krugman not think that he is right, but he is not. The high transaction costs in Bitcoin are due to the blocksize limit, which is due to Ethereum, because

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Ethereum is not a blockchain for money, but rather for (much more complex and less scalable) smart contracts. Pure monetary blockchains, such as Bitcoin Cash, Dash, Litecoin and others, are performing a very high volume of transactions with very low charges, and the Lightning network promises to bring them back to Bitcoin without increasing the blocksize limit. Blockchains with a slightly centralized form such as Ripple, Stellar or Steem can process an almost endless volume.

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Cryptocurrencies can thus reduce the friction in the trade: by abolishing transaction fees, such as those for direct debits, credit card transactions and PayPal, largely or completely, also fees make it unnecessary to switch to other currencies and, if you think about it, make completely new applications possible, such as micropayment.

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And even more benefits. We already have two answers to Krugman’s question of which problem cryptocurrencies solve: they are better protected against inflation than fiat money. and they can significantly reduce the friction in payments, because they could, so to speak, create within the system “middleman” an almost perfect market of miners or block producers.

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There would be one or the other to add: crypto currencies overflow financial middlemen SSGIs. They protect against expropriation; You can save them with a seed in your mind when traveling around the world, and enable it on any computer system regardless of vendor. You can program transactions, be it a simple multisig as in Bitcoin, or complex contracts like Ethereum, and so much more.

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One can argue about how far these benefits are and whether they are relevant to oneself. But you have to make an effort to think like Paul Krugman that they do not exist at all. Share this: What is a brand?A trademark in the sense of this guide is a mark for goods or services, eg. B. in the form of logos, names or logos. These may be on the product itself, on the packaging, on the home page, on brochures or on the shop, etc.

September 2018 Calendar Kalnirnay

Well-known examples are Red Bull or Swarovski. Based on the brand, the customer recognizes who the product or service came from. It also allows conclusions to be drawn on the trustworthiness, quality, etc., September 2018 Calendar Kalnirnay giving the brand owner a certain reputation, protection against copycats and a competitive advantage. The trademark can be protected or unprotected.


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