区块链对美元有什么影响吗,区块链对美元有什么影响和作用

⑴ What are the impacts of digital currency

Digital currency is a double-edged sword. On the one hand, the blockchain technology it relies on has achieved decentralization and can Used in other fields besides digital currency, this is one of the reasons why Bitcoin is so popular; on the other hand, if digital currency is widely used by the public as a currency, it will have an impact on the effectiveness of monetary policy and financial infrastructure. , financial markets, financial stability and other aspects have a huge impact. Specifically Wu Xiaoxia:

1. Impact on monetary policy

If digital currency is widely accepted and can perform the functions of currency, it will weaken the effectiveness of monetary policy and create problems for policy formulation. bring difficulties.

Because digital currency issuers are usually unregulated third parties, currencies are created outside the banking system, and the amount of issuance depends entirely on the wishes of the issuer, thus making the money supply unstable. Coupled with the inability of the authorities to monitor the issuance and circulation of digital currencies, it is impossible to accurately judge the economic performance, causing problems in policy formulation, and also weakening the effectiveness of policy transmission and implementation.

2. Impact on financial infrastructure

The decentralized mechanism for value exchange based on distributed ledger technology has changed the basic principles of gross and net settlement on which financial market infrastructure relies. set up. The use of distributed ledgers will also create challenges for trading, clearing and settlement, as it can facilitate the disintermediation of traditional service providers in different markets and infrastructures. These changes may have potential impacts on market infrastructure beyond retail payment systems, such as large-value payment systems, securities settlement systems or transaction databases.

3. Impact on broad financial intermediaries and financial markets

If digital currencies and distributed ledger-based technologies are widely used, they will have an impact on the current financial system. The intermediary role of participants, especially banks, poses challenges. Banks are financial intermediaries that perform the duties of agency supervisors and supervise borrowers on behalf of depositors.

Usually banks also carry out liquidity and maturity conversion business to realize the financing of funds from depositors to borrowers. If digital currencies and distributed ledgers become widely used, any subsequent disintermediation could have implications for savings or credit assessment mechanisms.

4. Impact on security risks and financial stability

Assuming that digital currency is recognized by the public, its use increases significantly and replaces legal currency to a certain extent, then Negative events such as cyber attacks on digital currency-related user terminals will cause currency value fluctuations, which will have an impact on the financial order and the real economy.

In addition, virtual currencies based on blockchain technology are usually initially held by a few people. For example, the first purchase of Bitcoin in May 2010 was 10,000 BTC for $25. Pizza, over three years to the end of 2013 the price per Bitcoin rose to $1,200.

(1) What impact does blockchain have on the US dollar? Extended reading

Amazon will launch a digital currency project in Mexico

Early news on February 11, according to CoinDesk According to reports, Amazon may launch a digital currency project in Mexico. Amazon is hiring a software development manager for its Digital and Emerging Payments (DEP) division to develop a new payments product that will enable customers to convert cash into digital currency.

The Digital and Emerging Payments unit intends to launch the product first in Mexico. It will be expanded to Brazil and India later. It is reported that the digital currency project will focus entirely on payment services in emerging markets.

⑵ The impact of Coinbase’s listing on the blockchain industry

Coinbase’s listing will have a certain impact on both Bitcoin and the US dollar. Coinbase, the world's largest cryptocurrency exchange based in the United States, has revealed its detailed plans to list on Nasdaq. Coinbase leads cryptocurrency to real adoption. Its listing opens an investment portal for institutional investors, allowing them to gain exposure to the cryptocurrency market without purchasing cryptocurrencies. Investors can buy and sell Coinbase shares on the stock market just like other public companies. Therefore, with cryptocurrency markets such as Bitcoin and Ethereum being highly valued, the growth of the cryptocurrency market will determine Coinbase's stock market preferences.
On February 25, 2021, the S-1 form submitted by Coinbase for listing application was approved by the U.S. Securities and Exchange Commission (SEC). The company will be listed on Nasdaq with the stock trading code COIN. Coinbase just turned a profit this year, with total revenue in 2020 of US$1.277 billion and net profit of US$322 million. In 2019, the platform also suffered a net loss of US$30.4 million. The company’s latest liquidation price reached US$373 per share, corresponding valuation At $100 billion. At the same time, investors around the world can more conveniently understand digital securities + (Hong Kong/US stocks) through multiple investment channels, so as to conduct beneficial investment arbitrage.
There is usually a price difference between digital securities and US stocks. If the price of digital securities is lower than that of U.S. stocks, digital securities have valuation investment advantages. If the price of digital securities is higher than the price of U.S. stocks, U.S. stocks have a valuation investment advantage. Of course, the valuation of U.S. stocks is usually higher than the valuation of digital securities.
For investors, there are: ① more arbitrage opportunities; ② greater arbitrage space; ③ higher exit returns.
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⑶The economic functional shortcomings of blockchain digital currency

The issuance of digital currency based on the blockchain is also called decentralized currency issuance. It is generally recognized in the chain circle that this can combat the inflation caused by the centralized indiscriminate currency issuance. Including Satoshi Nakamoto also expressed his distrust of centralized money printing in the Bitcoin genesis block.

During the global financial crisis in 2008, Satoshi Nakamoto announced Bitcoin to the world. When introducing his innovation, he said: "The most fundamental problem with traditional currency is trust. The central bank must make people trust it. It will not devalue the currency, but this credibility has never existed in history. Banks must be trusted to manage money and circulate this wealth in the form of electronic currency, but banks use currency to create credit bubbles, making Private wealth has shrunk."

On January 3, 2009, Satoshi Nakamoto released the first version of the open source Bitcoin client, announcing the birth of Bitcoin. Satoshi Nakamoto wrote in the genesis block: “On January 3, 2009, the Chancellor was on the verge of implementing a second round of bank bailouts.”

Judging from the operating practices of Bitcoin and Ethereum, digital currencies based on blockchain technology can indeed resist inflation, because each incremental coin of the digital currency is generated through mining (PoW, The emergence of proof of work corresponds to undifferentiated human (machine) labor. There is no centralized organization that can bypass mining labor and issue currencies on a large scale.

However, this decentralized currency issuance mechanism has a natural economic flaw: it cannot dynamically adjust the amount of currency issuance according to the growth of wealth on the blockchain. When wealth grows faster than Currency issuance will create a deflationary situation, that is, there will not be enough new digital currencies to match the growth of wealth on the blockchain.

We illustrate the shortcomings of the decentralized blockchain currency issuance mechanism by comparing it with the traditional centralized currency issuance mechanism.

In RMB, under the centralized currency issuance mechanism, there are three main ways to add new currency issuance:

1. Earning foreign exchange through exports leads to the investment of foreign exchange reserves. Buy domestically produced goods abroad to obtain U.S. dollars, and then settle the U.S. dollars to obtain RMB for circulation into the market. The country uses U.S. dollars to purchase bulk commodities overseas. In this process, the newly added wealth is commodities, and the corresponding RMB is invested in the foreign exchange account.

2. Bank loan. The developer built the house, the individual bought the house with a mortgage loan from the bank, and worked hard to repay the loan. In this process, the newly added wealth is a house, and the corresponding RMB investment is a loan. In the end, individuals realize wealth through labor and repay the loan.

3. Bank interest. Depositing money in the bank will earn interest, and the interest rate corresponds to the economic growth rate. In this process, economic growth means wealth growth, and the corresponding RMB investment is deposit interest.

In the above three methods, the newly increased wealth is matched by the new currency, so there is a sufficient amount of currency in the market chasing a sufficient amount of wealth, and the currency value is stable.

Let’s look at the currency issuance of blockchain.

Obtain incremental digital currency through the labor of mining and accounting. In this process, wealth growth is due to the mining of blocks and decentralized ledger maintenance, corresponding to the issuance of new digital currencies. However, the generation of wealth on the blockchain is not limited to mining, but also business cooperation through smart contracts, as well as the creation of native digital artworks NFT, etc. These newly generated wealth do not have corresponding digital currency issuance.

We use NFT to illustrate. An artist creates an art work in the metaverse where the blockchain is located. If this work is auctioned off-chain, it can reach 1 million US dollars. After this work is put on the blockchain, the wealth on the entire blockchain increases. 1 million US dollars, but no corresponding digital currency was generated. If this occurs under a centralized currency issuance mechanism, the corresponding currency delivery can be obtained through the above methods 1 and 2. Assume that 100 NFT works are produced within a year, and these works are valued at 100 million US dollars off the chain, but there is no digital currency corresponding to this 100 million US dollars of wealth on the chain.

Since NFT can only be traded through digital currency on the chain, the price of digital currency has increased. When there is more and more NFT wealth on the blockchain, and the growth rate exceeds the currency release speed of mining, then the price of the digital currency corresponding to NFT will become lower and lower, and at the same time, the off-chain dollar price corresponding to the digital currency will decrease. Higher and higher. In this way, deflation occurs on the blockchain. If it continues to develop, the digital currency generated by mining may eventually be able to buy an NFT with an off-chain valuation of US$1 million.

So, is mining valuable or digital art creation valuable? Bitcoin has already seen this strange phenomenon. One Bitcoin obtained from a high-carbon, uncreative mining job can be equivalent to a year's salary income of an ordinary white-collar worker in China.

The economic ecology of the Metaverse is based on blockchain technology, so what kind of economic crisis will this flaw bring to the Metaverse?

To be continued...

⑷What problems does the blockchain solve?

Using blockchain technology as currency because blockchain will inevitably generate tokens Coin, all transaction participants agree that it has value, and blockchain technology helps it function as currency. We find that blockchain currencies are likely to first gain adoption for private transactions, international transactions, and microtransactions, and then eventually expand to become the default currency for all transactions. Blockchain technology is also useful for individuals executing microtransactions. If one person wanted to send $1.00 to another person, the fee would be easy in a world without blockchainEasily reach 30-40% of total transactions (.30-.30-.40). As a result, companies are forced to shift transactions to monthly invoices, and these high fees also discourage founders from starting a business on small amounts of money in the first place. Assuming an entrepreneur wants to start a business, an individual in France can send $1 directly to farmers in Kenya to help them build agricultural infrastructure. After it becomes clear to the entrepreneur and his potential donors that almost half of these payments go to intermediary entities, the entrepreneur may give up and the donor may leave. On the other hand, if an entrepreneur in a developing country wants to transfer his wealth (e.g., $2-5 per day) from an unstable local currency to a more stable international currency, he will face high international double fees The troubles are transaction fees for small transaction sizes and high intermediary fees. Blockchain-based currencies offer solutions to these problems. Using Blockchain Technology as a Store of Value Blockchain technology also has the potential to provide new independent stores of value. Today, the classic store of independent value is gold, as humanity decided to be independent from nation-states (e.g. Canada) or unions of nations (e.g. the European Union) rather than other mainstream currencies (e.g. the United States, where the dollar is closely associated with the success of the United States of America). Gold typically has an inverse relationship with the U.S. dollar: in other words, gold serves as a hedge against the current global financial system. Since gold is difficult to store (heavy, relatively unsafe), digital blockchain currencies represent an attractive alternative. If digital currencies become more stable over time (currently, they are extremely unstable), they may one day add to or subtract from assets like gold (for hedging purposes). If digital currencies replace traditional currencies such as the US dollar and the euro, then these digital currencies will represent and dominate the financial system. In this world, these currencies will no longer be a useful hedge against the current status quo: they will become the status quo! And we hope that investors can focus on gold, similar assets and non-mainstream digital currencies to hedge against these now mainstream digital currencies. Using Blockchain Technology to Facilitate Simple Information Exchange Ultimately, the value of blockchain technology comes from its potential to secure and automate the transfer of information, an endeavor with endless opportunities. While blockchain-based currencies represent a great opportunity to streamline the transfer of information, any current process or system that transmits information digitally (i.e., anything on the internet) could be revolutionized by blockchain technology. In the blockchain world, programmable rules that determine how a blockchain delivers information are called smart contracts. Smart contracts are really just automated contracts. To implement a smart contract, three things need to be done. First, all stakeholders need to agree that digital tokens have value. Second, all stakeholders need to agree on every definition in the smart contract. Third, digital tokens need to be integrated with every defined programmatic fact. Using blockchain technology to facilitate complex information exchanges An example of a complex information market using blockchain technology is the storage of digital information. Today, a large portion of the Internet is hosted by similar offerings from Amazon Web Services (AWS) and other intermediary entities. these entitiesBuild and maintain global data storage and servers to support cloud infrastructure. However, in the blockchain world, companies can use information storage blockchain tokens (we call them fictional tokens 'FileStorageCoin') in exchange for secure storage on a highly distributed network, at a price charged by physical intermediaries such as AWS Just a little part. While blockchain can help users derive more value from storage, connectivity, bandwidth, website access, and content creation, the technology is not limited to digital information; the technology can also make physical world assets more liquid (easier to sell and purchase) to make it more reducible. In other words, blockchain can better facilitate ownership of assets by multiple people.

⑸ What is the relationship between blockchain and foreign exchange trading

The hottest topic recently is blockchain. The bosses on the 24th teamed up to learn blockchain. This incident can be called an epic benefit in the blockchain circle. Starting from the evening of the 25th, Bitcoin skyrocketed by 40% in one day in the currency circle, and then many domestic concept coins skyrocketed in turn. The entire currency circle was beaten to death, and the circle of friends Many aunts on Weibo have begun to study blockchain; the blockchain sector on the stock market is also very lively, with more than 1,000 listed companies claiming to be in the blockchain field. This shot in the arm is really 666. I remember that everyone was busy getting rid of the blockchain before! Really forgetful.
In a few days, the Foreign Exchange Administration also released a blockchain development plan. It seems that the entire world will be transformed by blockchain. Many people have a blockchain application that will give currency transactions and foreign exchange transactions a The illusion of legal identity.
Blockchain is naturally censorship-resistant in terms of asset trading and circulation, and can circulate freely and conveniently without being restricted by traditional regulations. This aspect is extremely risky, so the Foreign Exchange Administration also said that prices can only be denominated in RMB within the country, and anything that may threaten this basis should be prohibited. It may be difficult for blockchain to make a difference at the foreign exchange transaction level in a short period of time. The Foreign Exchange Administration’s speech mentioned the application scenarios of blockchain technology in cross-border trade financing and macro-prudential management. This direction is a purely technical application direction and has less to do with transactions. The current focus of development is also in this direction, using blockchain technology to optimize the physical industry.
How to optimize, because the blockchain has the characteristics of traceability, distributed transparency, tamper-proof, etc. For example, in cross-border cross-border trade, the data of related parties participating in the trade must be uploaded to the chain with permission. Open to third parties (such as banks). In the past, companies may need more practical asset mortgages to borrow from banks. Now, by linking reliable trade data on the blockchain, banks can know the company's future cash flow and can transfer the company's Business conditions are used as asset collateral to grant credit. In this case, the allocation of assets will be greatly optimized.
Another example is the patient information in the hospital. The traditional scenario is that the data of each hospital is independent. Every time you go to a new hospital to see a doctor, you will be asked to prepare a booklet and do a set of examinations and so on. Suppose there is a medical chain open to all hospitals, soAll information is recorded in this account book, which can avoid a lot of duplication and simplify efficiency.
The above clearly focused on the development of blockchain technology to optimize and transform traditional industries, with the focus being on integration with the real economy. I am personally very optimistic about this, but at the asset trading level, it is best not to have too high expectations for currency trading and foreign exchange trading. After the excitement, it finally calms down. Foreign exchange technology, in AZA community FXMAP

⑹ Is it possible for the United States to continue the hegemony of the U.S. dollar through blockchain technology and digital cryptocurrency?

Judging from the actions of the U.S. political and business circles over the past year, the continuation of The idea of ​​hegemony is a given.

Due to various reasons, they also have a better internal and external environment: for example, the United States has now become the number one country for Bitcoin mining, and various American institutions have almost arbitrary control over the Bitcoin market. Control, major innovative public chains such as ADA, Solana, Mina, Algorand and the main stablecoin types on the market are all from the United States. Objectively speaking, they have already occupied a dominant position in the fields of blockchain technology and cryptocurrency.

Having said so much, the core meaning is that the United States and China may have completely different paths to developing digital fiat currencies, and their attitudes towards private cryptocurrency are also completely different. In competition in one field, both sides adopt completely different playing styles, which is very scary and very worrying.

Bitcoin was invented by Americans.

It’s impossible. Blockchain and encryption technology themselves are de-hegemonic logic. Although blockchain and encryption technology occur in the United States, they essentially do not belong to any country, because all technical codes are sourced and no one person can control or manipulate it.

⑺ Development of Blockchain Technology

Blockchain technology has many applications in finance, and its many features give the financial industry a lot of room for imagination in the future.

For a single (domestic) central bank, Bitcoin can be regarded as a "foreign exchange currency", and Bitcoin will not be affected by the central bank's monetary policy. From this perspective, Bitcoin is bound to bring about so-called currency competition. American tourists will more or less encounter the experience of exchanging foreign currency at unofficial exchange rates when traveling abroad. The original intention of locals to exchange dollars may be to avoid the impact of high inflation (inflation tax).

If this kind of exchange can be "promoted and widely used", the government's use of inflation taxes to increase fiscal revenue will inevitably be restricted, and the traditional foreign exchange controls in the past will also lose considerable effect. As long as there is an Internet or a phone, people can use digital currency as a medium of exchange.

Challenging the global currency status

Although Bitcoin is unlikely to replace the world’s major currencies in the short term, Bitcoin still has the opportunity to play a dominant role in some specific occasions. effect. The status of the US dollar is obvious to all in many countries around the world, but it is controlled by foreign banks.The creation of liabilities under dollar-denominated deposits has raised jurisdictional issues. If U.S. banks further offer Bitcoin-denominated loans and accept redemptions in Bitcoin, how should regulators respond? In fact, there are already similar signs in today's euro-dollar market.

In other words, in times of financial crisis, if the market wants Bitcoin deposits instead of U.S. dollar deposits, then the central bank’s “lender of last resort” status in the traditional sense will be completely lost.

Acting as safe-haven assets

Safe-haven assets do not mean risk-free assets, but refer to those assets that investors are willing to pour into during times of crisis. In the 1970s, real estate was a safe-haven asset; and after entering the 21st century, U.S. debt became a safe-haven asset. Could Bitcoin become the next key safe-haven asset? The answer may be yes or no. But looking back on CUF’s dominance in Hungarian mortgage loans during the previous Eurozone crisis, Bitcoin clearly has a chance to become famous: in the context of US dollar-denominated inflation and Bitcoin-denominated deflation, because the Federal Reserve cannot expand the supply of Bitcoin to the US dollar/ The Bitcoin exchange rate will plummet.

Function of securities

Under a perfect macroeconomic model, securities transactions should be seamless. However, under the influence of monetary policy, the current liquidity of OTC bond trading is very poor. Even the most liquid ten-year U.S. bond has experienced liquidity problems. Demand for high-quality collateral (usually Treasury bonds) surged as a result. If blockchain technology matures enough, it is likely to bring billions of dollars of collateral supply to the market. Of course, cooling demand for government bonds may lead to an increase in interest rates.

Maintain financial market stability?

There is a view that the use of blockchain will lead to the withdrawal of global central banks from the stage of history. This possibility naturally exists, but in the short term, it is not very realistic - the central bank completely retreats to the background and requires many hard assets such as real estate and human capital to find liquidity carriers/media.

There is also a view that blockchain technology will make the financial market completely transparent, thereby bringing about a more robust financial system. It should be noted, however, that the mainstream Diamond and Davidger bank run models do not rely on the opacity of financial markets. In theory, a bank's investment portfolio is completely transparent. But even so, unexpected large-scale redemptions can still cause problems for the financial system.

Central Bank’s Digital Currency/Cash

The current currency and payment architecture were formed before the birth of the Internet. The world has changed dramatically, so people have to learn to adapt, and there is no reason to reject the possibility of central banks offering digital currencies. Before Bitcoin, the US Treasury had provided an online digital bond account. Although this kind of account was not used for the payment system, it was theoretically fully applicable..

A central bank’s digital account has many advantages. First, depositors no longer need deposit insurance because there is no risk of default by the central bank; second, money managers who hold large amounts of funds can choose central bank accounts for overnight deposits instead of shadow banks; third, the cost of paper money supply will be completely eliminated Fourth, it will be very convenient for the central bank to pay interest to depositors, which will facilitate the transmission of the central bank's monetary policy.

Real-life applications

Bubi Blockchain has made many breakthroughs in the technology platform, which can meet the needs of tens of millions of users and has the ability to quickly build upper-layer application businesses. Ability. Bubi blockchain has been used in equity, supply chain, points and other fields, and is conducting trials and application tests with exchanges and banks. Shubei wallet has been recently launched as a points application on the Bubi blockchain platform. Sunshine Insurance, as the first large financial institution in China, issues blockchain points (Sunshine Bei) on the platform. The application of chain technology in various industries is a good example.

Blockchain technology will definitely have a profound impact on the financial industry and have an important impact in the long term. People will witness the profound changes it causes in reality one by one.

⑻ Why should blockchain technology be used in the financial field, and what are the substantial benefits?

The main advantages of blockchain technology in the financial field are disintermediation and great reduction. cost.

First of all, the financial industry currently needs to conduct layer-by-layer audits to control financial risks to prevent single points of failure and systemic risks, but this also results in high internal costs. And due to the increasing number of regulatory regulations, especially the 2008 financial crisis, the threshold for financial control has continued to rise, and the war on terrorism has led to the scope of anti-money laundering and counter-terrorism financing, which has gradually expanded the breadth and depth of supervision, resulting in the entire financial The regulatory costs of the system have increased dramatically. In this case, blockchain technology can greatly reduce costs for the entire financial system through tamper-proof and highly transparent methods.
According to a report released by Santander, Spain’s largest bank, if all banks around the world use blockchain technology internally around 2020, they will save approximately US$20 billion in costs per year. Such data is enough to illustrate the tremendous changes and breakthroughs that "blockchain" has brought to the traditional financial field.

In addition, due to historical reasons, traditional financial institutions rely on central clearing houses for settlement and clearing, and the resulting problem is low efficiency. Traditional cross-border settlements go through institutions like SWIFT, so cross-border wire transfers are often calculated on a daily basis. However, when Bitcoin uses blockchain technology, it has been running perfectly for seven years without a centralized operating organization. Not only can it achieve real-time settlement and clearing, but there has been no accounting error.
So, if all financial systems can be decentralizedReal-time settlement and clearing will not only greatly improve the efficiency of global finance, but also change the pattern of global finance.