Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

12/11/2013 (2 years 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 (2 years 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'


Copyright 2016 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for June 2016
Universal:
Human Solidarity: That the aged, marginalized, and those who have no one may find-even within the huge cities of the world-opportunities for encounter and solidarity.
Evangelization: Seminarians and Novices: That seminarians and men and women entering religious life may have mentors who live the joy of the Gospel and prepare them wisely for their mission.



Comments


More Business & Economics

Their fault? Millennials earning less than any previous generation since before WWII Watch

Image of Boomers still hold the upper hand, but they're slipping with age. Millennial influence is growing, so their attitudes and beliefs matter.

By Marshall Connolly (CALIFORNIA NETWORK)

Something is wrong with our economy, and the future is more troubling that it has been in almost a century. A study reveals that British millennials are earning less than their parents. The implications  are staggering. LOS ANGELES, CA (California Network) - A ... continue reading


Newsprint continues to decline and these FOUR companies are making all the money on the internet Watch

Image of Most people don't want the newspaper anymore, even if it were free.

By Marshall Connolly (CALIFORNIA NETWORK)

A Pew survey reveals that newsprint is dying and more people are turning to the internet and video for their news. Newspapers have lost 7 percent of their daily circulation over the past year alone. LOS ANGELES, CA (California Network) - The 13th annual Pew Research ... continue reading


Americans lose confidence in all but the economy Watch

Image of Confidence in televised and printed news is faltering (SKY).

By Kenya Sinclair (CALIFORNIA NETWORK)

What does it mean when Americans have a failing sense of confidence in the very institutions that directly affect their daily lives? LOS ANGELES, CA (Catholic Online) - According to the latest Gallup survey, Americans lack confidence in the schools responsible for the ... continue reading


Whatever you do, DON'T SPEND $831 or more because that's how close... Watch

Image of We are THIS close to the brink of credit collapse.

By Marshall Connolly (CALIFORNIA NETWORK)

Americans owe at least $3.4 trillion in credit debt, and that number continues to rise as payment on the debt falls below borrowing. On average, each household owes more than $15,000 in debt. LOS ANGELES, CA (California Network) - Americans are falling deeper into debt ... continue reading


The Catholic Perspective: Should Catholics use payday loans? Watch

Image of Lenders prey on the desperation of the needy (Livingincome/Wordpress).

By Kenya Sinclair (CALIFORNIA NETWORK)

The poor are getting poorer and the rich don't give a damn - what have we done? LOS ANGELES, CA (Catholic Online) - According to Exodus 22:24, God tells us to be fair. "If you lend money to any of my people, to anyone poor among you, you will not play the userer with ... continue reading


100k Americans work for China as China continues to purchase major US companies Watch

Image of New reports indicate nearly 100 thousand U.S. jobs report to China (AMC Theatres).

By Kenya Sinclair (CALIFORNIA NETWORK)

China has been purchasing major American companies, resulting in nearly 100,000 U.S. citizens working to support the Chinese economy. LOS ANGELES, CA (Catholic Online) - State-owned companies and those closely-related to the Chinese government are responsible for the ... continue reading


The world of news is changing, Buzzfeed struggles to keep up Watch

Image of Buzzfeed is struggling, can they cope with the shift in media culture?

By Marshall Connolly (CALIFORNIA NETWORK)

There's growing concern that Buzzfeed doesn't have a very bright future, at least as far as news is concerned. The firm has missed its projected revenues, and it may look to the news for the place to cut. LOS ANGELES, CA (California Network) - It's hard to get news ... continue reading


Two hundred French police raid Google over unpaid taxes as it's revealed firm may owe nearly $2 BILLION! Watch

Image of Police have raided the Google headquarters in Paris, seeking evidence of tax evasion.

By Marshall Connolly (CALIFORNIA NETWORK)

Your favorite brands may be in trouble for tax evasion. Over a hundred police officers and another hundred support personnel have raided Google's headquarters in France as part of an investigation into the company's taxes. Google is one of many brands that may owe ... continue reading


Censorship in America is alive and well. You'll be surprised to see who you can thank! Watch

Image of Obama and Zuckerberg work closely. It's not clear on what.

By David Drudge (CALIFORNIA NETWORK)

Freedom of the press may be the most important fundamental right in a free society. This is why censorship, particularly on social networks such as Facebook, is particularly onerous. LOS ANGELES, CA (California Network) - Freedom of the press is enshrined in the First ... continue reading


Facebook censor scandal - What is Zuckerberg up to? Watch

Image of Facebook censorship scandal prompts Zuckerberg to move (Pinterest).

By Kenya Sinclair (CALIFORNIA NETWORK)

Mark Zuckerberg is set to hold a meeting on Wednesday with Glenn Beck and Dana Perino to talk Facebook's censorship scandal. LOS ANGELES, CA (Catholic Online) - Recently a Gizmodo report accused Facebook of suppressing conservative news in the "trending" section.The ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

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

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

  • Daily Reading for Sunday, July 31st, 2016 HD Video
  • Daily Readings for Friday, July 29, 2016
  • A world without nuclear weapons
  • Popular country singer sings powerful, MUST-HEAR song to 'Pray for Peace'
  • A Prayer for Special Intentions HD Video
  • St. Martha: Saint of the Day for Friday, July 29, 2016
  • How to be a missionary of mercy: Bishop Caggiano blows minds at WYD

Daily Readings

Reading 1, Jeremiah 18:1-6
1 The word that came to Jeremiah from Yahweh as follows,2 'Get ... Read More

Psalm, Psalms 146:1-2, 2-4, 5-6
1 Alleluia! Praise Yahweh, my soul!2 I will praise Yahweh all ... Read More

Gospel, Matthew 13:47-53
47 'Again, the kingdom of Heaven is like a dragnet that is cast in the ... Read More

Saint of the Day

Saint of the Day for July 28th, 2016 Image

St. Innocent I
July 28: Innocent was born at Albano, Italy. He became ... Read More