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 SEPTEMBER 2016
Universal:
Centrality of the Human Person: That each may contribute to the common good and to the building of a society that places the human person at the center.
Evangelization: Mission to Evangelize: That by participating in the Sacraments and meditating on Scripture, Christians may become more aware of their mission to evangelize.



Comments


More Business & Economics

Robots take over pizza joint! Fast food jobs due to be phased out Watch

Image of Zume pizza is making pizza with robots. In the next few years, the fast food industry is expected to automate significantly.

By Marshall Connolly (CALIFORNIA NETWORK)

A pizza startup in Silicon Valley is about to change the way you get your pizza, and possibly many of your other meals as well. Zume pizza is using robots to make your pizza and has plans to fully automate the process. Robots are on their way into restaurants across ... continue reading


Are Americans WRONG about work? How a Catholic approach to work actually increases profits Watch

Image of Ironworkers building the Rockefeller Center take lunch in this iconic photo from New York. (1932)

By Marshall Connolly (CALIFORNIA NETWORK)

Are Americans wrong about work? New research and practical experience suggests we Americans are wrong about work, and that if we want to be more productive, we may have to work less. LOS ANGELES, CA (California Network) - The news from Sweden is promising. Some workers ... continue reading


The economic problem that could destroy America TODAY Watch

Image of Stagnant wages are a threat to our already weak economy. Fortunately, there's a positive trend as some employers begin hiking wages.

By Marshall Connolly (CALIFORNIA NETWORK)

The economy is growing slowly, and the bad news comes at a time when the Federal Reserve is contemplating an interest rate hike. The combination of a sluggish economy and rising interest rates could lead to a recession. LOS ANGELES, CA (California Network) - The U.S. ... continue reading


Business Management Expert Patrick Lencioni Applies Expertise To Catholic Parishes

Image of

By

Amazing Parish ministry prepares to send 14,000 copies of "The Better Pastor" to parishes around the country. New York Times best-selling author Patrick Lencioni is best known for books such as Death By Meeting and The Five Dysfunctions of A Team that use extended ... continue reading


Middle class continues to collapse into poverty - but here's how we can stop it Watch

Image of The middle class is shrinking, and it's largely its own fault. Middle class voters commonly vote against their own self interest.

By Marshall Connolly (CALIFORNIA NETWORK)

The middle class is going extinct, according to another new study. The result confirms what many fear, changes in the economy are not favorable to those in the middle. We are not prepared for the changes that are occurring. LOS ANGELES, CA (California Network) - The ... continue reading


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


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

Daily Readings

Reading 1, Job 42:1-3, 5-6, 12-16
1 This was the answer Job gave to Yahweh:2 I know that you are ... Read More

Psalm, Psalms 119:66, 71, 75, 91, 125, 130
66 Teach me judgement and knowledge, for I rely on your ... Read More

Gospel, Luke 10:17-24
17 The seventy-two came back rejoicing. 'Lord,' they said, 'even the ... Read More

Saint of the Day

Saint of the Day for October 1st, 2016 Image

St. Therese of Lisieux
October 1: Generations of Catholics have admired this young ... Read More