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Electronic currency BITCOIN: features, characteristics, problems and prospects
Material posted: -Publication date: 26-12-2013
Relevance of the new currency systems and their possible place and role can only be properly understood in the context of the fundamental problems of the global financial system and a comparison with alternative proposals for reform. The modern world monetary system emerged from the 3 key events of the XX century: the abolition of the gold standard in the United States (1933), the conclusions of the Bretton Woods Agreement, which provided the US dollar as a world reserve currency (1944), the US refusal to exchange dollars Gold (1971) put an end to the Bretton Woods system. At present, the price of the currency is determined by the free market Forex, although in financial transactions dominated by the US dollar.

Such a mechanism has several disadvantages. States may understate the rate of national currency, and then exporting countries gain a competitive advantage - the translation of foreign revenue in the national currency at a higher rate obtained more money. Artificial management course does not suit other states that also seek to support exporters, and provokes currency war.

The value of money is based on trust. The financial crisis has undermined confidence in the world's major currencies, $ and €. The current monetary system blamed for the opportunity to print money uncontrollably. There is even a view that the current predatory monetary system is the greatest threat to human freedom, peace and harmony with the environment, and should be abolished and replaced by a longer time-tested tools, or something entirely new. Enthusiasts around the world scratching their heads over how to solve the problem of creating a new currency system.

Someone called to return to the gold standard, others viewed as a solution free from interest currency from the Treasury without the participation of central banks (for example, the directive 11110 JF Kennedy of 4 July 1963). Defenders of gold assure that paper currency (which does not provided) is not money, because does not have the raw material cost. Gold and silver coins (commodity money) and 100% exchangeable for gold deposits (receipts) is widely considered the only correct and honest monetary system in history.

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