Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

12/11/2013 (1 year ago)

Catholic Online (www.catholic.org)

Virtual currencies offer many benefits over traditional monies.

JPMorgan Chase has applied for a patent for a system that resembles the Bitcoin payment system. The system could enable JPMorgan to launch and manage a virtual currency similar to Bitcoin.

Virtual currency may soon rival the real thing.

Virtual currency may soon rival the real thing.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

12/11/2013 (1 year ago)

Published in Business & Economics

Keywords: Bitcoin, currency, digital, virtual, government, control, JPMorgan


LOS ANGELES, CA (Catholic Online) - Bitcoin has captured public interest because it allows anonymous transactions that don't require a fee. The currency is global and is being widely adopted. Although some central banks, such as in China, have repudiated the virtual currency, it continues to become popular especially in the United States where more businesses are preparing to accept it.

Virtual transactions are gaining steam. More people around the globe are shopping online, finding virtual shopping to be a better experience than battling crowds. Firms such as Amazon, Google, Apple, PayPal, eBay, Groupon and more, are doing a good job of meeting demand for virtual shopping.

Privacy is also a concern, as are fees. Transactions in conventional currencies are frequently fee-based with nickel-and-dime penalties for using them. Payments for major expenses, such as auto loans, are sometimes processed via third parties, which costs an additional fee on top of the payment itself. Many people find this annoying and will seek to avoid such fees if they can.

Conventional transactions also create records and trails which undermine privacy. Some people prefer the internet for their activities because it is somewhat anonymous. Adding anonymity to transactions will encourage more shopping online.

The age of the virtual currency is coming and JPMorgan's patent filing is a clear sign that the world's financial powers see value in virtual currencies and are positioning themselves to be on the right side of history-and profits.

Earlier this year, the price of a single Bitcoin rose to $1,240, adding value to the virtual currency and attracting investors to the currency. Banks would be remiss if they missed out on the action, which can be profitable. Of course, easier than penetrating an established market is to create one's own. JP Morgan could use its system to create its own virtual currency.

If anything will undermine virtual currency, it is not the rejection by banks, which were never necessary   to in the first place. Instead, it will be copycat start-ups that threaten to flood the world with so many virtual currencies that some fail and people grow skeptical of them. Certainly, scams, schemes, and other questionable activities will follow.

Already, Bitcoin has a reputation for use in black market transactions. Such is the dark side of anonymous transaction. However, these markets will flourish even with traditional monies, as they always have. The strength of virtual currency-or any currency for that matter, is public acceptance.

If JPMorgan can launch its own virtual currency, then there's a good wager to be made that others will soon follow.

A birth foretold: click here to learn more!

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for June 2015
Universal:
That immigrants and refugees may find welcome and respect in the countries to which they come.
Evangelization: That the personal encounter with Jesus may arouse in many young people the desire to offer their own lives in priesthood or consecrated life.


Rosaries, Crosses, Prayer Cards and more... by Catholic Shopping .com


Comments


More Business & Economics

'Enough with all the rules' firework industry calls out to Obama Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

This year, more states have allowed people to buy pyrotechnic materials, such as sparklers and Roman Candles. In fact, this year has been wonderful for fireworks manufacturers, since the projected 2015 sales of celebratory explosives are estimated to top $1 billion. ... continue reading


Whole Foods accused of greatly overcharging customers Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

Whole Foods, the American foods supermarket chain that specializes in organic goods, has been accused of massive overcharging. The New York City Department of Consumer Affairs explained they have discovered "systematic overcharging for pre-packaged foods" at the city's ... continue reading


Strange and powerful 'boat swallowing' vortex appears in Lake Texoma Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

A strange, giant vortex, estimated to be around 8-feet in diameter, has appeared in Lake Texoma. This occurrence is surprising and perhaps threatening. However, there is an explanation. MUNTUNLUPA, PHILIPPINES (Catholic Online) - Lake Texoma is known as one of the ... continue reading


Is it time to stash money under mattress? 'It's time to hold physical cash,' fund manager says Watch

Image of Ian Spreadbury declined to predict the exact trigger but said it was more likely to happen in the next five years rather than 10.

By Catholic Online (NEWS CONSORTIUM)

Is it time to cash your paycheck and then stick it into a hatbox for a rainy day? According to British fund manager Ian Spreadbury, who invests more than £4 billion of investors' money is gravely concerned that a "systemic event" could rock markets. The upset ... continue reading


In spite of strong showing, Ron Paul predicts Apocalypse on Wall Street Watch

Image of Ron Paul has predicted economic doomsday previously. As stocks continue to make new highs, he remains just as convicted as ever that there

By Catholic Online (NEWS CONSORTIUM)

Things seem to be on an even keel right now but according to former Representative Ron Paul, the Federal Reserve's easy money policies have left stocks and bonds are on the verge of a massive collapse. LOS ANGELES, CA (Catholic Online) - "I am utterly amazed at ... continue reading


The U.S. public is asked - Which woman do YOU want to see on the new $10 bill? Watch

Image of The new $10 bill will also include a

By Catholic Online (NEWS CONSORTIUM)

It's a question being posed to the American public... which American woman do they want to see on the new $10 bill? The revamped $10 bill will go into effect in the year 2020. U.S. Treasury Secretary Jack Lew wants the next generation of U.S. currency to ... continue reading


Who gave them the right to freeze the national debt? Watch

Image of Treasury Secretary Jacob Lew sent a letter to House Speaker John Boehner and other congressional leaders in March that informed them that he was planning to declare a

By Catholic Online (NEWS CONSORTIUM)

There is such a thing as taking a "bull by the horns," but one wonders who granted them this extraordinary power. Treasury Secretary Jacob Lew sent a letter to House Speaker John Boehner and other congressional leaders in March that informed them that he was ... continue reading


Denied for faith: Arizona man allegedly rejected from job for being an 'obese Christian' Watch

Image of

By Talia Ramos (NEWS CONSORTIUM)

After being rejected from a job at a web hosting company, a man received an email that allegedly had an attachment where he learned the reasons why he wasn't accepted. According to his statements, he was rejected because of his faith and his weight, as stated in the ... continue reading


'We're in for a huge change in society,' billionaire Cartier owner declares Watch

Image of Nicknamed

By Catholic Online (NEWS CONSORTIUM)

Johann Rupert, the executive chair of luxury brand company Richemont in South Africa has a sobering view of the future. Making billions peddling Cartier jewelry and Chloe fashion, Rupert says that the tension between the rich and poor is set to escalate as ... continue reading


14 years after 9/11, One World Trade Center lacks the bustle of the old Twin Towers Watch

Image of The new One World Trade Center lacks the bustle of the old, with a third of its office space remaining empty.

By Matt Waterson (NEWS CONSORTIUM)

Following the aftermath of the September 2001 attacks in New York, Larry Silverstein, the property developer who had bought the lease to the World Trade Center for more than $3 billion, vowed he would rebuild. LOS ANGELES, CA (Catholic Online) - Almost a decade ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Genesis 27:1-5, 15-29
1 When Isaac had grown old, and his eyes were so weak ... Read More

Psalm, Psalms 135:1-2, 3-4, 5-6
1 Alleluia! Praise the name of Yahweh, you who serve ... Read More

Gospel, Matthew 9:14-17
14 Then John's disciples came to him and said, 'Why ... Read More

Saint of the Day

Saint of the Day for July 4th, 2015 Image

St. Elizabeth of Portugal
July 4: Elizabeth was a Spanish princess who was given in marriage to ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter