Bitcoin: The End of Money as We Know It 2015, ECONOMICS Bitcoin: The End of Money as We Know It 2015, ECONOMICS The old saying "Money makes the world go around" rings true today and will most likely continue to do so until the end of time. But with the rise of Bitcoin, the future of money might potentially be web-based, non-physical, and decentralized, a radical departure from what we know of it today. Money is the one thing we have in common - no matter your nationality, gender, religion and background. It moves our lives, society and the world forward. We all strive to make and save money to purchase things we need (like food, shelter) and help us achieve our hopes and dreams. Cash or money for many of us is physical bills and coins issued by the government, which we, in turn, use or keep in banks. In the last decade however, Bitcoin (a form of digital/virtual currency, or cryptocurrency) has been forging ahead, gathering momentum and causing many financial and tech communities to take notice. Bitcoin was created in 2009 by an unknown individual or group of people (with the pseudonym Satoshi Nakamoto). It was his gift to the world; a means for people to break free from the economic bondage of modern banking and financial systems. It is an entirely independent new form of currency not controlled by any government, central bank or financial institution. No one owns Bitcoin, but it is owned by everyone who uses it. Its development is a direct reaction to the systemic corruption within the world's current financial systems and their continued manipulation of our hard-earned money. Throughout history, money has controlled the economy and to gain political power. A significant change to money was when the world's governments switched from hard currency to fiat currency in the mid-20th century. Hard currency is when the value of money is pegged to a tangible commodity like Gold or Silver. Fiat currency, on the other hand, is when governments create money, declare its value without the need for it to be guaranteed or backed by anything other than for us to trust their word. Today, central banks all over the world create money out of "nothing" (called "magic money"). This money is funded by debts, interest payments and the like, a scheme most financial institutions push, even though it devalues money through inflation. It allows them to take more of our cash while we are clueless about what is happening. With Bitcoin it is hoped that individuals will have greater control of their money and enjoy lower interest rates and fees. It does not have a physical representation, and all individual balances and debts are listed on a decentralized and open ledger with universal access for full transparency. In today's internet-driven world, Bitcoin has the potential to empower about three to four billion people in the third world by removing the crippling 10 to 30% service fees from companies like Western Union when they need to send or receive money. Though it's only been a decade since Bitcoin dropped, its future could swing either way. Will the world continue with the current financial setup? Or will Bitcoin disrupt and transform the traditional financial world? Only time will tell. Directed by: Torsten Hoffmann, Michael Watchulonis

Crypto Exchanges Eye Taking on Robinhood With Expansion Into Stock Trading - BNN Bloomberg

Crypto Exchanges Eye Taking on Robinhood With Expansion Into Stock Trading - BNN Bloomberg: Cryptocurrency exchanges FTX US and Bitstamp Ltd. are exploring offering equities trading in the U.S., a move that’d allow them to diversify while venturing into the territory of traditional financial firms and popular app providers such as Robinhood Markets Inc.

Cryptocurrencies,Time and Freedom.: NFT Market Surpassed $40 Billion in 2021, New Esti...

Cryptocurrencies,Time and Freedom.: NFT Market Surpassed $40 Billion in 2021, New Esti...: NFT Market Surpassed $40 Billion in 2021, New Estimate Shows - BNN Bloomberg : Nearly $41 billion worth of cryptocurrency was sent to two t...

NFT Market Surpassed $40 Billion in 2021, New Estimate Shows - BNN Bloomberg

NFT Market Surpassed $40 Billion in 2021, New Estimate Shows - BNN Bloomberg: Nearly $41 billion worth of cryptocurrency was sent to two types of Ethereum smart contracts associated with NFT marketplaces and collections from the beginning of 2021 through mid-December, according to a new estimate from blockchain analytics firm Chainalysis Inc.

Scions of Secretive Singapore Tycoons Want to Create an NFT Club - BNN Bloomberg

Scions of Secretive Singapore Tycoons Want to Create an NFT Club - BNN Bloomberg: A pair of scions from Singapore’s wealthiest families are teaming up to create a private NFT-based social networking app, becoming the latest among the well-heeled to jump aboard an intensifying crypto craze.

Ray Dalio Says Cash, Bonds ‘Stupid to Own’ Amid Money Printing - BNN Bloomberg

Ray Dalio Says Cash, Bonds ‘Stupid to Own’ Amid Money Printing - BNN Bloomberg: Ray Dalio renewed his warning about holding cash and bonds on Tuesday amid the ongoing, pandemic-fueled increase in debt creation and monetization in the U.S.

Biden keeps Powell as U.S. Fed chair, names Brainard vice chair - BNN Bloomberg

Biden keeps Powell as U.S. Fed chair, names Brainard vice chair - BNN Bloomberg: President Joe Biden selected Jerome Powell for a second four-year term as U.S. Federal Reserve chair and elevated Governor Lael Brainard to vice chair, maintaining consistency at the central bank as it grapples with the fastest inflation in three decades and the lingering effects of the coronavirus.

Biden Reminded Xi He Voted for Taiwan Law During Summit - BNN Bloomberg

Biden Reminded Xi He Voted for Taiwan Law During Summit - BNN Bloomberg: U.S. President Joe Biden reminded Chinese President Xi Jinping that he voted as a senator to support Taiwan’s self-defense when the two discussed the island in a virtual summit Monday, National Security Adviser Jake Sullivan said.

Powell risks rerun of 1960s inflation from confusing jobs market - BNN Bloomberg

Powell risks rerun of 1960s inflation from confusing jobs market - BNN Bloomberg: In the late 1960s, U.S. economic policy makers misjudged how hot they could run the jobs market without fanning inflation. The miscue paved the way for an economically debilitating wage-price spiral the following decade.

Mystery of Who Invented Bitcoin Hangs Over Scientist’s Trial - BNN Bloomberg

Mystery of Who Invented Bitcoin Hangs Over Scientist’s Trial - BNN Bloomberg: Cryptocurrency enthusiasts may be disappointed if they’re expecting a three-week trial in Miami federal court to finally establish the true identity of Satoshi Nakamoto, the pseudonymous creator of Bitcoin.But curiosity seekers will nonetheless be drawn to watch Australian computer scientist Craig Wright, the self-described inventor of Bitcoin, defend himself against claims that he swindled the estate of a deceased Florida man of its share of some $65 billion of the peer-to-peer currency and int

Merkel’s Parting Words to the EU: ‘There’s a Lot to Worry About’ - BNN Bloomberg

Merkel’s Parting Words to the EU: ‘There’s a Lot to Worry About’ - BNN Bloomberg: (Bloomberg) -- Chancellor Angela Merkel said the European Union faces “a whole array of unsolved problems” at what was likely her final summit, striking a somber tone that contrasted with a celebratory send-off by the bloc’s leaders.

Merkel Dismisses Russian Role in Europe’s Energy Price Crisis - BNN Bloomberg

Merkel Dismisses Russian Role in Europe’s Energy Price Crisis - BNN Bloomberg

'A very important market': Why Infosys chose Canada for new innovation hub - BNN Bloomberg

'A very important market': Why Infosys chose Canada for new innovation hub - BNN Bloomberg: A top executive at global tech consultancy Infosys Ltd. said the company is on track to reach its goal of employing 4,000 Canadians by 2023 after boosting its Toronto-area presence to meet growing customer demand.

China’s Regulatory Crackdowns Are Already Hurting the Economy - BNN Bloomberg

China’s Regulatory Crackdowns Are Already Hurting the Economy - BNN Bloomberg: China’s campaign to clamp down on industries ranging from steel to education to property has roiled financial markets and curbed the outlook for growth in the world’s second-largest economy.

Inside China's Accelerating Bid for Chip Supremacy

Biden aims to dismantle weapons richest 0.1% use to avoid taxes - BNN Bloomberg

Biden aims to dismantle weapons richest 0.1% use to avoid taxes - BNN Bloomberg: An unpleasant surprise for wealthy Americans was lurking halfway through a 114-page document released by the U.S. Treasury late last month.

China growth decouples from credit, with global implications - BNN Bloomberg

China growth decouples from credit, with global implications - BNN Bloomberg: Chinese manufacturer Lou Zhongping is being bombarded with offers of new loans from banks and government officials, attention that he says is finally coming to smaller businesses like his own.

'It takes time': Carney preaches patience on energy transition - BNN Bloomberg

'It takes time': Carney preaches patience on energy transition - BNN Bloomberg: Former Bank of Canada and Bank of England Governor Mark Carney doesn’t think Canada should turn its back on fossil fuels just yet.

G-7 eyes ambitious shift to electric cars and away from oil - BNN Bloomberg

G-7 eyes ambitious shift to electric cars and away from oil - BNN Bloomberg: Group of Seven leaders are discussing ambitious plans to shift the balance of car buying away from gasoline to greener vehicles by the end of the decade, as part of a package of measures to combat climate change.

Chrystia Freeland is trying to supercharge Canada's growth - BNN Bloomberg

Chrystia Freeland is trying to supercharge Canada's growth - BNN Bloomberg: To repair the economic damage wrought by the pandemic, the finance minister is using lessons from her journalism career and the collapse of the Soviet Union.