ING sees potential for Bitcoin, says that the right algorithm worthy of Nobel Prize
Netherlands-based ING had expressed a positive, yet realistic, outlook on Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that and virtual currencies in a recent edition of its eZonomics video series, which aims to educate everyday consumers in economics and finance.
The ING Group is one of the largest financial institutions in the world and has been highly successful in expanding internationally during recent years. They serve over 48 million customers in more than 40 countries, employing over 75,000. It can be considered a highly progressive bank, often being among the first to bring innovative or low-cost products to a particular region.
In the video, ING economist Teunis Brosens calls Bitcoin "a new kid in money-town." However, real money has 3 properties: a means of Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv , a unit of account and a store of value. Bitcoin, currently, has the first attribute but lacks the latter two. It increased 10-fold within one year but has also faced multiple "speculative crises".
While central banks regulate money supply, keeping the currency stable, once of Bitcoin's biggest challenges is its central theme of decentralization from authority.
The imbalances between Bitcoin's supply and demand are graphically represented to explain the inherent price instability. In fact, "fluctuations could be Bitcoin's undoing as they complicate its adoption as real money":
If a new algorithm were implemented that smoothly matches money supply and demand, its inventors will "make such a momentous step forward that they will surely qualify for the Nobel Prize in Economics."
Netherlands-based ING had expressed a positive, yet realistic, outlook on Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that and virtual currencies in a recent edition of its eZonomics video series, which aims to educate everyday consumers in economics and finance.
The ING Group is one of the largest financial institutions in the world and has been highly successful in expanding internationally during recent years. They serve over 48 million customers in more than 40 countries, employing over 75,000. It can be considered a highly progressive bank, often being among the first to bring innovative or low-cost products to a particular region.
In the video, ING economist Teunis Brosens calls Bitcoin "a new kid in money-town." However, real money has 3 properties: a means of Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv , a unit of account and a store of value. Bitcoin, currently, has the first attribute but lacks the latter two. It increased 10-fold within one year but has also faced multiple "speculative crises".
While central banks regulate money supply, keeping the currency stable, once of Bitcoin's biggest challenges is its central theme of decentralization from authority.
The imbalances between Bitcoin's supply and demand are graphically represented to explain the inherent price instability. In fact, "fluctuations could be Bitcoin's undoing as they complicate its adoption as real money":
If a new algorithm were implemented that smoothly matches money supply and demand, its inventors will "make such a momentous step forward that they will surely qualify for the Nobel Prize in Economics."