A cryptocurrency is a digital asset designed as a medium of exchange. It uses cryptography to secure transactions as well as to control the creation of additional currency units. Cryptocurrencies are digital currencies, a subset of alternative currencies. The most popular cryptocurrency is bitcoin, and since it was invented the various new cryptocurrencies that have been created are frequently called altcoins, as shorthand for bitcoin alternative.
Bitcoin was designed as a peer-to-peer system to be used for online payments, without the need for a trusted central authority. Since its invention in 2008, bitcoin has grown into a currency, a technology, an investment vehicle and a community of users. It is in fact believed to be the first cryptocurrency, although, as mentioned earlier, similar systems did exist before. Since the bitcoin system works without a single administrator (like PayPal) or a central repository, the US Treasury has categorised bitcoin as a decentralised virtual currency. In fact, the first decentralised digital currency would be a more correct designation than the first cryptocurrency.
Since all transactions are digital and take place directly between users, without an intermediary, there needs to be a way to ensure that users do not spend more bitcoins than they own. Therefore, all transactions are verified by network nodes and recorded in a publicly distributed ledger known as the blockchain.
While everyone has at least heard of bitcoin and other cryptocurrencies, few have comprehensive knowledge of how they work. In the rest of this article, we will introduce you to the main advantages and disadvantages to consider before making use of the possibilities that bitcoin offers.
Advantages and disadvantages of using bitcoin Due to bitcoin's relatively novel nature, its price can increase or decrease unpredictably over a short period of time, and it can sometimes be more illiquid than other types of currency. This means that keeping your savings in bitcoins is a risky decision and not recommended. Bitcoin is seen as a high-risk asset, and it is not advisable to store money in bitcoins that you cannot afford to lose. On the other hand, due to its high volatility, those willing to take a risk may see considerable returns over a short period of time. Lack of awareness and understanding of bitcoin means it is relatively rarely used among businesses as a billing method. Once more and more businesses and private individuals start using bitcoin, its volatility and its liquidity risk should settle down.
Another thing to consider before acquiring bitcoins is the security of your digital wallet. Like your real wallet, your bitcoin wallet needs to be safe. Indeed, since bitcoin makes it possible to quickly and easily transfer funds anywhere in the world, the security concerns it poses are even greater. Remember, it is your responsibility to adopt good security practices. Overall, bitcoin is considered to be a safe and transparent system due to its cryptographic security. As a bonus, bitcoin users can enjoy considerably smaller transaction fees than those charged by credit cards or PayPal.
Bitcoin trading Bitcoin has successfully positioned itself as another business opportunity for forex and other traders. As discussed earlier, buying and selling bitcoins is an easy, fast and cheap process. Before setting up your bitcoin account, you should be familiar with the status of bitcoin in your country, as well as any other applicable legal regulations and requirements. Bitcoin’s legal status varies significantly from country to country, and in many cases is still undefined or in flux. In 2013, the G7’s Financial Action Task Force issued a statement announcing that bitcoin and other internet-based payment services pose an increased risk of terrorist financing and money laundering. Meanwhile, in the same year, Germany classified bitcoin as a legally binding financial instrument that is essentially a unit of account.
In terms of political and civil liberties, the United States comes first. Citizens of the United States enjoy complete freedom. The majority of countries in which citizens enjoy extensive civil and political liberties are representative democracies, in which civil servants are elected directly by the citizens to advocate for their needs and aspirations. Free countries are often backed by healthy economies and well-functioning governments. In terms of economic freedom, United States companies rank second. The citizens of the United States are considered largely free in their economic decisions. While the government exercises some control over trade, citizens still have the ability to control their own finances and property. While corruption can exist, it does not affect economic growth or freedom to any great extent. The United States media ranks second in terms of journalistic freedom. In the United States, journalists are generally allowed to express diverse opinions and there are a variety of news sources. However, the government can censure or express its disapproval of certain issues or publications. This is considered satisfactory.
Banks play a significant role in the US economy. Wealth created by banks strengthens national purchasing power, resulting in a more stable economy. The banking sector pays billions of dollars in taxes every year. It also plays an important role in the economy as an employer – in 2013 the 20 largest banks in the USA employed over 1.2 million people, 228,000 of them at JP Morgan Chase Co.
Role of banks in the economy Banks also play an important role as intermediaries in our everyday lives. In general, banks have three main functions: they are a place where people can safely invest their savings and earn interest; Banks provide loans to individuals and companies, and banks are responsible for the electronic payment system. Banks also do various other things, such as helping companies access capital and assisting with mergers and acquisitions. In general, banks are the intermediaries between those who want to invest their money and those who have ideas about how to use it.
There are numerous banks and other financial institutions in the United States. In the years following the financial crisis, US banks have grown significantly. Currently, the top 10 banks in the US hold $11.8 trillion in assets. Also, let's take a look at the list of the 10 largest financial institutions in the US as of April 25, 2017.
List of the 10 largest banks in the US Below is a complete list of the 10 largest banks in the United States.
JP Morgan Chase Co was formed in 1996 as a result of a merger of several companies. It is a multinational financial services company with 94 offices in over 100 countries and headquarters in New York City. The largest bank in the US also ranks 6th in the world in terms of its asset base. Currently, JP Morgan Chase Co has an asset base of $2.35 trillion. It provides various financial services to millions of individuals, small and medium-sized businesses as well as large corporations, institutions and even governments. Their services include Commercial Banking, Investment Banking, Treasury Bills and Bonds, Markets and Investor Services, Private Banking, Investment Management, Wealth Management and Brokerage. Bank of America was founded by Amadeo Giannini in 1904 and was originally known as Bank of Italy. The bank is a multinational financial institution with 5,100 branches and is headquartered in Charlotte, North Carolina. At $2.185 trillion, it is currently the second largest bank in the United States by asset base. Wells Fargo was founded in 1852 by Henry Wells and William Fargo. While it is only the third largest bank in the US by asset base, it was the largest bank in the world by market capitalization as of 2016. The bank had 8,700 retail locations in 35 countries and was headquartered in San Francisco. The bank is known for supporting several environmental programs and has also been accused of numerous economic crimes. Citigroup was founded in 1812 and is currently headquartered in Manhattan, New York. Citibank is the consumer division of the multinational Citigroup with 983 branches in North America alone. The bank's services include retail banking, market insurance and credit cards. With a total asset base of $1.801 trillion, it is the fourth largest bank in the United States. It suffered massive losses during the financial crisis and was bailed out by the federal government and, as of June 2012, had the largest cash reserve of any commercial bank in the US. The Goldman Sachs Group was founded in 1869 by Marcus Goldman and Samuel Sachs. This bank is one of the few financial institutions that managed to turn a profit during the financial crisis. Meanwhile, he was later fined $5.06 billion for falsely assuring investors that the securities he sold were backed by high-quality mortgages. With assets of $861 billion, Goldman Sachs Group closes the top 5 list of largest US banks. Morgan Stanley with assets of $807.5 billion; US Bancorp with assets of $428.6 billion; Bank of New York Mellon with assets of $372.9 billion; PNC Financial Services with assets of $361 billion; Capital One with assets of $330.3 billion.
At the business incorporation and company incorporation stage, it is necessary to determine whether a license is required. When providing financial services such as B. banking, a license is usually required as the strict rules of EU law apply. The same applies to other money services in money transfers, financial institutions, insurance companies and insurance brokers, trading in bonds and securities, trading in jewelery and gambling. In some jurisdictions, chartered accountants, lawyers, notaries and bailiffs require a license. Building work on the site requires the purchase of a permit. Another type of sales tax should be applied if some jurisdictions require a seller's license and additional registration in the tax register, VAT payer register or the purchase of a tax exemption certificate.
Depending on the nature of the products, the licenses and permits may be required for different areas, for example for alcohol trade you may need a wholesale or retail license or a license for strong alcoholic beverages and beer. If the company conducts business related to the sale of excise products such as coffee, oil, tobacco or storage services for the above products, these activities require the acquisition of a license.
Pharmaceutics, drug manufacturing and activities related to narcotic drugs and psychotropic substances also require a special permit, which usually includes several criteria to be met, as the activities are directly related to human health care.
Commercial activities involving explosives, pyrotechnics and other explosive substances as well as all types of firearms and ammunition and other substances necessary for military purposes are strictly regulated and require a permit in order to be able to handle them. If the company provides transportation-related services such as freight or passenger transportation by air, rail, ship, or highway, a transportation license is required in most cases.
Postal and mobile services, social services, employment agencies, security companies, private investigators - all of these require a license. Activities that affect the environment such as geology, oil production, activities that may cause pollution, refuse and waste disposal and recycling, activities involving chemical substances and radioactive substances – also require a permit.
Hotels, hostels, guesthouses and other places relevant to tourism, as well as tourism operators and tourism agencies, require a permit.
Wood recycling, cultivation and cutting, surveying services - subject to approval. Hunting and hunting-like activities require a license. The same applies to anglers. The production and distribution of strategic resources such as gas, electricity and water require permits. In each jurisdiction, the list of commercial activities subject to licensing may be different.
At the business incorporation and company incorporation stage, it is necessary to determine whether a license is required. When providing financial services such as B. banking, a license is usually required as the strict rules of EU law apply. The same applies to other money services in money transfers, financial institutions, insurance companies and insurance brokers, trading in bonds and securities, trading in jewelery and gambling. In some jurisdictions, chartered accountants, lawyers, notaries and bailiffs require a license. Building work on the site requires the purchase of a permit. Another type of sales tax should be applied if some jurisdictions require a seller's license and additional registration in the tax register, VAT payer register or the purchase of a tax exemption certificate.
Depending on the nature of the products, the licenses and permits may be required for different areas, for example for alcohol trade you may need a wholesale or retail license or a license for strong alcoholic beverages and beer. If the company conducts business related to the sale of excise products such as coffee, oil, tobacco or storage services for the above products, these activities require the acquisition of a license.
Pharmaceutics, drug manufacturing and activities related to narcotic drugs and psychotropic substances also require a special permit, which usually includes several criteria to be met, as the activities are directly related to human health care.
Commercial activities involving explosives, pyrotechnics and other explosive substances as well as all types of firearms and ammunition and other substances necessary for military purposes are strictly regulated and require a permit in order to be able to handle them. If the company provides transportation-related services such as freight or passenger transportation by air, rail, ship, or highway, a transportation license is required in most cases.
Postal and mobile services, social services, employment agencies, security companies, private investigators - all of these require a license. Activities that affect the environment such as geology, oil production, activities that may cause pollution, refuse and waste disposal and recycling, activities involving chemical substances and radioactive substances – also require a permit.
Hotels, hostels, guesthouses and other places relevant to tourism, as well as tourism operators and tourism agencies, require a permit.
Wood recycling, cultivation and cutting, surveying services - subject to approval. Hunting and hunting-like activities require a license. The same applies to anglers. The production and distribution of strategic resources such as gas, electricity and water require permits. In each jurisdiction, the list of commercial activities subject to licensing may be different.
Asia has a very rich cultural heritage that has been carefully nurtured through centuries of history. Today Asia is very attractive to international investors due to the fact that it has several large economic areas as well as several special areas with a thriving economy and favorable tax systems. Below is our top list of jurisdictions for international investing in Asia.
Hong Kong
Modern Hong Kong can offer a free market economy that relies heavily on international trade, the financial sector, the extent of export / import, including a fairly large proportion of re-exports. Hong Kong does not impose tariffs on imported items. Also, there are only four groups of goods subject to excise duty: high alcohol beverages, tobacco, hydrocarbon oil, and methyl-based alcohol. Currently, Hong Kong does not have any import / export quotas for anything. The Hong Kong government continues to peg the local currency (Hong Kong dollar) tightly to the US dollar, in support of an agreement signed in 1983.
The local government is actively developing the Special Administrative Region (SAR) to make it a desirable destination for mainland China Renminbi to achieve their internationalization in the business community. Residents are allowed to open savings accounts in RMB currency; In addition, Hong Kong public and Chinese government bonds were issued in RMB currency; as well as currently in the private and public sectors, RMB agreements are permitted. The Hong Kong government is working really hard right now to increase the additional use of RMB in Hong Kong's financial markets and is looking for an opportunity to increase the RMB ratio significantly.
Macau
Since establishing its local casino industry hotspot in 2001, Macau has attracted tens of billions of dollars in international investment, completely transforming the area into one of the largest global gambling hotspots. The Macau gambling and tourism industries have been heavily influenced by China's decision to relax travel restrictions on Chinese nationals looking for an opportunity to visit Macau. In 2016, Macau gambling taxes estimated over 76% of total household revenue. Macau's economy suffered quite a bit in 2009. It was a consequence of a global economic crisis, but the rapid economic growth continued somewhere until 2013. In 2015, Macau was home to approximately 31 million tourists, with an urban population of 646,800. About 68% came from mainland China. The services offered, mainly gambling, have boosted Macau's economic performance several times. Recently, however, the anti-corruption campaign carried out by the Chinese government has suffered slightly for the Macau gaming industry.
Singapore
Singapore is currently having a prosperous, well-developed free-market-oriented economy. Singapore government has hardly worked on and achieved an open and nearly 100% corruption-free government and business environment as well as strong economy, and quite high competitive (even by the Western standards) per capita GDP. Employment rates are extremely high, while the Singapore budget mostly relies on exports, specifically of consumer goods and electronics, IT & software, medical technology and devices, pharmaceuticals as well as on lively business, banking and financial industries.
Singapore is a famous destination for many international investors and entrepreneurs, especially in certain industries. According to financial analytics data it will continue to develop and evolve into Pacific Asia’s major business and high-tech hotspot. Singapore is a proud member of the 12-nation Trans-Pacific Partnership free trade agreement. It is also a part of the Regional Comprehensive Economic Partnership agreement. Back in year 2015, Singapore has established, along with the rest of the ASEAN participants, the ASEAN Economic Community.
China
Starting back in the late 70s, China has been working on it’s economy and market, rapidly going from internal government controlled closed market, to more liberal, open government planned system with profoundly internal market-oriented economy, leading to an increase of China’s impact on the global market. By year 2010, China has turned into the largest global exporter. Changes and reforms have started with slowly abandoning collectively planned agriculture, developing to introduce free-market pricing, decentralizing taxation, granting more autonomy for government-owned companies, expansions of the private sector, fast development of stock markets and introduction of a modern banking system as well as China’s access to international trade and investment.
China did undergo a number of reforms lately. During last few decades, Chinese government has renewed its support for government-owned companies in industries, which are strategic for country’s security and development. Such decision was made specifically to boost certain industries and make them more competitive on a global market. Such change of economy and the following benefits have dramatically impacted to a China’s GDP making more than ten times increase since year 1978.
Taiwan
Modern Taiwan has a prosperous free-market economy with overall decreasing government control over international investment and trade industries. Strategic production industries, such as production of electronics, machinery and petrochemicals, have given the major boost and factors necessary for rapid growth of economy. However, such factors as Taiwan’s diplomatic isolation, extremely low birth rate, and quickly aging population are several major long-term challenges that Taiwan’s government needs to face and solve.
The total population of Poland is 38,104,832 people. People in Poland speak the Polish language. The linguistic diversity of Poland is almost homogeneous according to a fractionation scale, which is 0.0468 for Poland. The average age is around 39.5 years. Life expectancy in Poland is 77 years. The female fertility rate in Poland is 1.3. Around 25% of the Polish population is obese. Ethnic diversity is nearly uniform according to a fractionation scale, which is 0.1183 for Poland. Details of the language, religion, age, gender distribution and advancement of the people of Poland can be found in the sections below, as well as the section on education in the country.
Population In Poland, the population density is 123 people per square kilometer (320 per square mile). Based on these statistics, this country is considered densely populated. The total population of Poland is 38,104,832 people. Poland has approximately 619,403 foreign immigrants. Immigrants in Poland make up 0.3 percent of the total number of immigrants worldwide. Immigrants in Poland make up 0.9 percent of the total number of immigrants worldwide. The ethnic diversity of Poland is almost uniform according to a fractionation scale based on ethnicity. Ethnic Fractionation (EF) deals with the number, size, socioeconomic distribution, and geographic location of diverse cultural groups, usually within a state or some other demarcated area. Specific cultural characteristics can refer to language, skin color, religion, ethnicity, customs and traditions, history, or other distinctive criteria, alone or in combination. These characteristics are often used for social exclusion and power monopolization. The index of ethnic fractionation in Poland is 0.1183. This means that people living in Poland come from a narrow group of ethnic groups, all of which are related to one another. EF is usually measured as 1 minus the Herfindahl concentration index of ethnolinguistic group proportions, which reflects the probability that two randomly drawn individuals from the population belong to different groups. The theoretical maximum of EF of 1 means that each person belongs to a different group. Read Poland's median age and gender distribution statistics at different ages below.
Age The average age is around 39.5 years. The average age of men is 37.9, the average age of women is 41.3.
Gender The sex ratio, or number of males per female (estimated at birth), is 1.06. It can be further broken down into the following categories: sex ratio below 15 - 1.06; sex ratio from 15 to 64 - 0.99; sex ratio over 64 - 0.62; Overall sex ratio - 0.94. The overall sex ratio differs from the sex ratio estimated at birth. This is because some newborns are included in the sex ratio estimated at birth, but die within the first few weeks of life and are not included in the overall sex ratio.
Religion The majority religion in Poland is Christianity, whose adherents make up 94.3% of all religious believers in the country. Christianity is an Abrahamic monotheistic religion based on the life and teachings of Jesus Christ as presented in the New Testament. Christianity is the largest religion in the world with over 2.4 billion followers known as Christians. Christians believe that Jesus is the Son of God and the Savior of mankind, whose coming as Christ or Messiah was prophesied in the Old Testament. Besides Christianity, there are several other religions in the country. Other religions in Poland are Hinduism, Buddhism. Poland's religious diversity is vaguely diverse according to a fractionation scale based on the number of religions in Poland. The index of religious fractionation in Poland is 0.1712. This score means that within the country there is a major belief with a few other subordinate beliefs.
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07.02.2024 09:39