Personal reflection Vietnam is one of the emerging economies of the world, the country experiences high economic growth for continuous years. Banks, stock exchange market and insurance make up the backbone of one country’s financial system. This essay reflects on the recently changes in Vietnam regarding actual money and virtual money. The essay will first discuss the various definition and lays out some comparison between the two types of money. The later part of the essay will discuss the possible role of the two types of money within Vietnam’s economy Physical money is defined as circulating medium of exchange such as coins and physical money. There are three main purpose of physical money including: a medium of exchange, a unit of …show more content…
There are convertible virtual money and non-convertible virtual money. Convertible virtual money are purchased by real money and can be converted back at owner’s will. Some example of current money including Onecoin, Bitcoin, Second Life Linden Dollars and …show more content…
However, in term of purpose, virtual money is firstly created to be used in exchange of goods and services in the virtual world, it can be later expended to use in the real world. The value of virtual money is rather fictitious way depends on the virtual world it is used in. The amount of virtual money is similarly created as physical money. It can be made by rule and credit based issued by the virtual bank. Online gamers earn virtual money from virtual banks for staying online and play the specific game. Virtual money in many cases are purchased by physical money. Secondly, while real money can bring profit to owners if they keeps it in a bank account and they earn interest, the virtual money has been shown to bring enormous profit to holders as the price increases rapidly as the popularity of the virtual money increases. Many virtual money is issued with limited amount, as the demand for the money surges, the price increase accordingly. According to Anon (2015) the price of Onecoin, a virtual money that is legally traded in Vietnam increase its price by 25% after three months. Virtual money is different from e-money which is the digital representation of real money and can be used in electronic transaction of actual physical money for better
Currently, about 13 million Bitcoins are in circulation. However, the total number of Bitcoins that can be generated is arbitrarily capped at 21 million coins, which is predicted to be reached in 2140. Also, because a Bitcoin is divisible to eight decimal places, the maximum amount of spendable units is more than 2 quadrillion (that is, 2000 trillion).
The term Virtual Reality is a very unique way of bringing life to a world which doesn't even exist. There are many ways by which people have been trying to bring in the consent of the audience and to grab their interest. The history of virtual reality is marvelous in terms of what it was and what it is now. When before 1960s virtual reality existed, it was popular with the term "Pygmalion's Spectacles". Then there was "View-Master" a device in which there was a circular disc having small pictures in it and to view these pictures a person has to use a viewer where he places the disc inside of the designated place and then view in the direction of light. Then from the year 2000 onwards there were many platforms
The topic that I’m going to write about in this paper will be on the electronic currency released in 2009 known as Bitcoins. Bitcoins is a type of currency that entails computer software to be used with one person exchanging with another person for a different kind of trading option such as the US dollar, products or services. There is a fourth reason why Bitcoins can be exchanged which is done when a person is mining, that occurs when a participant acts as a mediator for transactions whereas mediator approves and documents. Bitcoins is one of the largest and first electronic currencies ever created by any developer including the makers Satoshi Nakamoto. Bitcoins doesn’t meet the characteristic guidelines to be considered an actual type of currency, though the US Treasury recognizes it as a type of decentralized currency in that no person or organization including governments oversees the transaction of Bitcoins.
The adjective "virtual," practically unheard-of a few years ago, has without a doubt become the number one buzzword of the nineteen-nineties. Virtual reality has become a catch phrase for the interactive multimedia technologies that have supplanted desktop publishing at the cutting edge of personal-computer graphics technology. The virtual communities which for years have flourished in comfortable obscurity on the Internet, have recently been thrust into the glare of publicity as commercial gateways have opened up the net to the public, while virtual corporations have transformed the world of business.
The world is becoming increasingly more accessible due to the internet; specifically for monetary transactions such as shopping and banking. In 2009, a group of people under the name “Satoshi Nakamoto” created the Bitcoin, a form of digital currency that can be used to conduct transactions on the internet. In the past six months, there has been a sudden spur of popularity for the Bitcoin, which increased the coin’s net worth, as well as stock prices for investors. Its stocks started accumulating investors in September 2013, at roughly $130 a share. Now in 2014, a share of the Bitcoin, sits at approximately $600. On a purely economic level, the Bitcoin may appear to be a promising investment of both money and hope for the economy in the future as technological advancements make improvements in our day-to-day lives. However, the very thing that is attracting investors is also sending red flares to government officials – uncertainty. A virtual currency is innovative and a very new concept to the society which we have today that is caught in a limbo between holding onto the old and transitioning into the new. The Bitcoin generates an interesting outlook on global politics and economy in the 21st Century. The virtual currency analyzes the threat of a foreign currency within a state, the possibility of a potential global currency and the technological economy of the future.
Unlike real reality, virtual reality simulates us with the use of computers and equipment, like headsets and gloves. Other than its usual known use for games and entertainment, it's long been used for training airline pilots and surgeons and for helping scientists to figure out complex problems such as the structure of protein molecules.
Binhammer, H. H. & Peter S. Sephton. Money, Banking and the Financial System. Nelson, 2001.
A new form of currency has existed for quite some time now called cryptocurrency. The most typical cryptocurrency is Bitcoin; it processes transactions or store funds in network software, not rely on a central server.
Money supply is the availability of money in the hands of the public (economy) that can be used to purchase goods, services and securities. In macroeconomics, the price of money is equivalent to the rate of interest. There's an inverse relationship between money supply and interest rates. As money supply increases, interest will decrease. On the other hand, interest will increases as money supply decreases. It is very important to understand that the economy works at market equilibrium. There are several factors affecting money supply; and these contributing factors will be the main focus of this paper. Understanding the basic principle on money supply is imperative to have a good grasp on the macroeconomic impact of money supply on business operations.
Four years ago, the idea of buying a pizza with a digital currency was a foreign concept. Most people hadn’t heard of Bitcoin, a mysterious digital currency that cropped up in 2009, created by the pseudonymous “Satoshi Nakamoto.” Today, almost 13 million bitcoins exist in circulation, valued at approximately $8 billion USD (1 BTC = approximately $600 USD) [1]. With the surge of popularity in the product, several spin-offs have been created, namely “Ripple” and “Dogecoin.” What do Bitcoin, Ripple, and Dogecoin have in common? They are all classified as a “cryptocurrency,” : a medium of exchange by which principles of cryptography are used to create a distributed and decentralized economy [2]. Bitcoin was the first cryptocurrency to be traded, and thus has the largest following and valuation.
Firstly, this essay attempts to analyse the causes of the financial crisis which originated from the U.S. Secondly, the impacts of the financial crisis on Vietnamese economy particularly on the general economy outlook as well as the labour market will be examined. Finally, this essay will present the responses of Vietnamese government so as to reduce influences of the recession.
The invention of money was a major improvement in peoples’ lives. In the past, people usually had to travel all day to find the person who is willing to exchange their goods. In addition, the goods people want to exchange did not have the standard value of measurement. This led to unequal exchanges. Furthermore, it is not convenient to carry heavy goods from one place to another for an exchange. To solve these issues, money will be the only solution. Later, people tend to develop money from cowry shells to credit cards for the convenience and to improve their society.
Money is essential for our everyday lives and people have to face choosing whether to save up or spend their money. Of course earning our money can difficult considering that it is a necessary asset that affects every aspect of our life. Every day we see people working hard to earn as much money as the can. However how they use using the all the money earned is a frequently debated topic have seen many people who earn money and can no restrict themselves from spending .They usually act like wild animals fighting for food and being separating from the delusions of business. People are usually confused and frustrated by the amount money the use in a week without knowing that their daily impulse buying objects have piled up. Although it can be very hard to control there are many easy steps to stay away y from spending and instead saying up. Setting a goal, recording the amount you spend and even lowering your expenses can be small steps that will lead to great success in saving for the future
Virtual Reality allows designers and developers to create an experience that is not real, but gives the effects and the experience as being real, hence, a virtual reality! There are many ways in which this can be used such as for games, simulations, training, experiencing a distant location from the comfort of your home and so much more.
Daily in the USA about 38 million banknotes of various face value for total amount about 541 million dollars are issued (Facts about USA money).Dollars involve deep consequences both for the USA, and for other countries. Increase of its course relatively reduces the volume of export revenue in dollars, quite often involves more considerable, than change of an exchange rate, falling of the world prices, especially on raw materials. On the contrary, decrease in a dollar rate serves as the powerful tool promoting growth of the American export and a pushing off of competitors of the USA in foreign markets. At the same time import to the USA owing to effect of a rise in prices restrains. Thus, for the USA changes in the exchange rate of dollar anyway bring benefits and advantages.Reduction of leading positions of the USA in world economy is assisted by the international role of dollar which remains the main reserve and settlement means in world monetary system. Foreign currency reserves of the central banks of other countries for 61% consist of dollars, nearly 2/3 calculations in world trade are carried out in dollars; the dollar serves as a measure of value of many important goods (for example: oil) in the world market; in dollars 3/4 international bank crediting is made (Aleksandr Popov). Changes in the exchange rate of dollar involve deep consequences both for the USA, and for other countries. Increase of its course relatively reduces the volume of export revenue in dollars, quite often involves more considerable, than change of an exchange rate, falling of the world prices, especially on raw materials. On the contrary, decrease in a dollar rate serves as the powerful tool promoting growth of the American export and a pushing off...