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What Does Bitcoin Depict in its Future Course of Action?

This market is not stable at the moment. It is driven by flow of transactions driven by sentiments of opportunistic and fear of loosing big.

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virtual currencies, bitcoin, investors
People use a bitcoin ATM in Hong Kong. VOA

Bitcoin has been in exitance for nearly 10 years now and it has witnessed all extra ordinary ups and downs in all these years. There was a time back in 2017 when it recorded the highest ever price of $19783. Although the prices plunged back down by more than two third from its peak in response to the interference of regulators. Such swings in the prices of any currency instruments does not occur in the normal course of market.

More of that later, let us focus on understanding the concept of Bitcoin.

bitcoin-, Cryptocurrency
You cannot expect to rush into cryptocurrency trading and think you will make a huge
investment worth millions. Pixabay

What is Bitcoin?

Bitcoin is a cryptocurrency developed on the platform of blockchain technology. Its founding developer is believed to be Satoshi Nakamoto in 2009, which is known to almost all interested folks. But, Bitcoin and its peers does not operate in the form of bills or coins published or regulated by a government or bank. They are electronic assets formed and checked by a community of users who act in a decentralized way. They follow the same set of protocols as laid down by the person or persons who dreamed them up including Satoshi Nakamoto. It’s so called Bitcoin miners use the encryption technique which is depicted by the term “crypto”.

Bitcoin’s real innovation indeed was the development of Blockchain technology which is the foundation of all new crypto currencies being developed till date (except a few). Blockchain is a publicly visible and largely anonymous online ledger that accounts the calculations performed by miners to authenticate the transactions without the need for a regulating central authority. One can buy or trade bitcoin and other altcoins at any of the major cryptocurrency exchange.

 

Bitcoin
Transactions in cryptocurrencies occur the same way that you make transactions using any other fiat currency. pixabay

 

How does it Operate?

Well, as far as the price of the crypto is concerned, it is mostly driven by the demand and supply factor in the economy, just like the price of any scrip in a stock exchange is determined. However, the stock market are regulated by the regulating authorities like SEBI in India, but there is no such regulating body in operation for cryptocurrency markets yet. Although, US is in the process of making a regulating body to control the activities of cryptocurrencies and give membership to those crypto operators who abide by the rule of such body. We might see a whole lot of regulatory bodies for this segment in the coming years.

Let’s turn towards the real deal for common folks. Exactly how does a transaction occur using these cryptocurrencies. Well the answer is as simple as you already know. Transactions in cryptocurrencies occur the same way that you make transactions using any other fiat currency. There are various e-wallet service providers, in which you can keep your crypto tokens (Bitcoin in this case). The only thing is that you may need to route through a crypto exchange in order to get hold of this currency unless you are getting paid by some other user. Several crypto exchanges are in operation now a days from where you can easily buy bitcoin with credit card or choose for the USD to BTC conversion over the counter. You can pay a part of Bitcoin in order to fulfil your transactional payment just as a cent in case of a dollar. Not to mention that you can transact with Bitcoin through electronic mode only.

bitcoin
A Bitcoin logo is shown at a Bitcoin trading store, Dec. 21, 2017. VOA

That concludes the basic understanding of how this crypto operates in the real world. Bitcoin and its peers hold the potential for a revolutionary change in the operations of an economy. But this market is not stable at the moment. It is driven by flow of transactions driven by sentiments of opportunistic and fear of loosing big. For any new mode of transaction to overtake the current fiat monetary market, it must be as stable and regulated by a responsible authority. It is definitely going to take some considerable time for cryptocurrencies to get regulated. Until then, people will continue to use Bitcoin as per their potential and needs thereby making a strong case for its mass adoption.

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Humanitarian Issues to Figure Prominently At The World Economic Forum

The head of the U.N. Children’s Fund, Henrietta Fore will champion the needs of children and young people who are caught up in humanitarian crises

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World Economic Forum
People walk up stairs at the congress center where the annual meeting of the World Economic Forum 2019, WEF, take place in Davos, Jan. 20, 2019. VOA

Heads of U.N. and international aid agencies will use the World Economic Forum’s influential platform to present humanitarian and human rights issues on behalf of millions of people caught in conflict, poverty and natural disasters. The Forum begins its annual weeklong meeting in the plush Swiss Alpine resort of Davos on Monday.

The World Economic Forum is best known for the many high-powered government and business leaders who make the annual pilgrimage to Davos to acquire lucrative deals and shape geopolitical events.

But the annual event also presents a robust humanitarian agenda. This year, the Forum, World Bank and International Committee of the Red Cross will launch a humanitarian Investing Initiative. The aim is to seek new solutions for protracted humanitarian crises by moving from short-term to long-term funding to support fragile communities.

United Nations aid agencies will feature prominently during the week-long meeting. The World Food Program’s executive director, David Beasley, will co-host events, such as ‘conflict and hunger’ and ‘the use of digital technology in the humanitarian sector.’

World Economic Forum
Klaus Schwab, Founder and Executive Chairman of the World Economic Forum holds the meeting’s manifesto as he addresses a news conference ahead of the Davos annual meeting in Cologny near Geneva. VOA

Global Tensions

WFP spokesman Herve Verhoosel says the group will be seeking support for its operations. He says many of the companies attending Davos understand that investments in food security are fundamental to business success.

“It saves lives and builds stronger markets around the world. In fact, it can increase GDPs by up to 16.5 percent and a person’s lifetime earnings by 46 percent,” he said.

With more than 3,000 of the world’s movers and shakers from 110 countries present, aid agencies see the Forum as a valuable opportunity to strengthen relationships with world leaders and keep their life-saving missions on the world’s agenda.

World Economic Forum
U.N. High Commissioner for Human Rights Michelle Bachelet attends a news conference at the United Nations in Geneva, Switzerland, Dec. 5, 2018. VOA

The U.N. High Commissioner for Human Rights, Michelle Bachelet will be attending events on a wide range of topics. Her spokeswoman, Ravina Shamdasani, says these include LGBTI or Lesbian, Gay, Bi-sexual, Transgender and Intersex standards in businesses, and human rights and democracy in a changing world.

“A couple of events on women’s rights as human rights and female leadership. The importance of women playing a role in global affairs by creating a new architecture that allows them to fully participate as leaders and shapers,” she said.

Also Read: The World Economic Forum To Discuss Globalization, Climate Change

The head of the U.N. Children’s Fund, Henrietta Fore will champion the needs of children and young people who are caught up in humanitarian crises or are being left behind because of extreme poverty and lack of development.

U.N. Development Program Administrator, Achim Steiner will seek to raise $100 million from Davos’ wealthy clientele to protect wild animals and their habitats. (VOA)