Sentences with phrase «used as a medium of exchange»

Nobody uses it as a medium of exchange,» Carney said.

At only two pages, the concise bill is not very substantive, save for a brief classification of «virtual currency» as «any type of digital representation of value that; 1) Is used as a medium of exchange, unit of account or store or value; and 2) Is not recognized as legal tender by the United States government.»

The same tokens will also be used as the medium of exchange for consumers looking to purchase ticketing for entertainment events.

currency is any type of digital unit that is used as a medium of exchange that does not have all the

As used herein, «Digital Currency» means a digital asset (also called a «cryptocurrency,» «virtual currency»), such as, but not limited, bitcoin or ether, which is based on a cryptographic protocol (s) of an electronic system that may be (i) centralized or decentralized, (ii) proprietary or open - source, and (iii) used as a medium of exchange and / or store of value.

In addition, if the price of Bitcoin can rise or fall 10 % or 20 % in a day — a price swing which exceeds the profit margins of the vast majority of businesses in the world — who will be willing to use this as a medium of exchange in commerce?

Cryptocurrencies therefore must be amenable to being used as a medium of exchange.

This seed was so highly regarded by the Aztecs that they even used it as a medium of exchange.

Questions that arise in discussions about gold often include: if the financial system falls apart, what would we use as a medium of exchange?

While decentralised digital currencies have served as an excellent speculative asset, the same can not be said for their use as a medium of exchange, store of value or unit of account.

The law defines «virtual currencies» as any type of digital representation of value that is used as a medium of exchange, unit of account or store of value, and is not recognized as legal tender by the United States government.

The VLR token will be used as a medium of exchange for within the valorem platform.

The report also says that Bitcoin does not meet any criteria of being used as a medium of exchange and as a store of value.

The bank said in its update: «These regulations do not cover «virtual currency» which is defined as any type of digital unit used as a medium of exchange, unit account, or a form of stored value.»

used as a medium of exchange, unit of account or store of value, and 2.)

A cryptocurrency can be defined as a virtual currency that is generally used as a medium of exchange.

Converting fiat currency to its equivalent value in bitcoin to use as a medium of exchange, much like a visitor to a foreign country might convert their own native currency to that of their host country;

Not exact matches

But there are a lot of possible applications that can use Bitcoin as the medium of exchange while prices are set in a conventional currency such as the dollar.

In February 2018, Bank of England governor Mark Carney said that cryptocurrencies have «failed» to behave as currencies because they are not an effective «store of value» and because «nobody uses [them] as a medium of exchange.»

FinCEN's regulations define currency (also referred to as «real» currency) as «the coin and paper money of the United States or of any other country that [i] is designated as legal tender and that [ii] circulates and [iii] is customarily used and accepted as a medium of exchange in the country of issuance.»

Ether, the digital asset used on the Ethereum blockchain, functions as a medium of exchange, or «coin,» but also qualifies as a token and even a security.

And, in the grand scheme of things, it is mostly true today that cryptocurrencies don't have meaningful «industrial [or] consumer use except as a medium of exchange.»

It has no industrial nor consumer use except as a medium of exchange.

As investor Salil Deshpande of Bain Capital Ventures describes it in a new Medium post about the outfit, this last scenario alone is a huge opportunity, given that «regulatory, tax and legal issues make it onerous and costly for cryptotraders to trade with fiat, and many crypto exchanges do not even offer the ability to use fiat.

Not sure what to conclude — different people will come to different answers, but in my mind the use of cryptos as a medium of exchange is for a limited set of economic activity.

It is used by millions of individuals daily as a store of wealth, medium of exchange, and unit of measurement.

On the other hand, Stellar allows individuals to trade money directly with one another using XLM as the medium of exchange, and «anchors» to handle the aspects of fiat currency.

Bitcoin is a cryptocurrency, a digital asset designed to work as a medium of exchange that uses cryptography to control its creation and management, rather than relying on central authorities.

Throughout history, many items have been used as a store of value and medium of exchange, such as cowrie shells, clay tablets, coins, and now paper money.

Cryptocurrencies are neither official South African tender nor widely used and accepted in South Africa as a medium of payment or exchange.

2 stating «Bitcoin and other virtual currencies are distinct from «real» currencies, which are the coin and paper money of the United States or another country that are designated as legal tender, circulate, and are customarily used and accepted as a medium of exchange in the country of issuance.»

In November 2016, the IDFPR published its request for comments on its proposed «Digital Currency Regulatory Guidance,» which defined digital currencies as «an electronic medium of exchange used to purchase goods and services.»

-LSB-...] If the digital currency will become less variable in future, the assessment of products in these values can become easier and one can start to use them more frequently as a medium of exchange.

As with any other asset or medium of exchange, Bitcoins can be used to purchase illegal goods or fund illicit activities.

This currency will have no use except as a medium of exchange.

That is like saying a barter system is major flaw compared to using currency as a medium of economic exchange.

Money is a medium which can be exchanged for goods and services and is used as a measure of their value in the market.

So yes, people will probably always use gold as money, but that doesn't make the money worth anything, it's just a medium of exchange.

If you have excellent credit, there's a good chance that you only use your credit cards as a medium of exchange rather than as a revolving loan.

Today, we use the system of «fiat money» which says that currency is intrinsically worth only the paper it is printed on is is used only as a medium of exchange for the supply and demand of goods and services in an economy, including precious metals like gold and silver, with the value of money allowed to fluctuate based on market forces.

Cacao was used by the Maya as a medium of exchange, a sort of money.

The former use of Uang Kepeng as a medium of exchange in Bali has played a central role in the vitality of Balinese culture, religion, society, governance and economy, and therefore should be re-issued as a complementary medium of exchange to meet present concerns about cultural degradation and demands for an increased supply of Uang Kepeng that is valuable to the people and supports the elements of Balinese culture.

Crane uses a range of production techniques to represent the breakdown of materials as they pass through social, geographic and economic mediums of exchange.

Mateo's sculptural work makes use language as a tool of narrative and of absurd abstraction, shifting in scale, and exchanging mediums in an attempt find a means a performative production.

The reactor design would also be simplified through the use of a liquid (a fluorine lithium beryllium molten salt) as a shielding material, a neutron moderator, and a heat exchange medium.

Analyzing Lessig's take on the differences between commercial economies and sharing economies, Johnson summarizes that «friends do favors for one another in a sharing economy, and corporations and customers use cash as the medium of exchange in a commercial economy.»

To invest in newer altcoins, there is a larger variety of exchanges that operate using bitcoin as a financial medium exclusively.

In some environments, it operates like «real» currency — i.e., the coin and paper money of the United States or of any other country that is designated as legal tender, circulates, and is customarily used and accepted as a medium of exchange in the country of issuance — but it does not have legal tender status in any jurisdiction...... Virtual currency that has an equivalent value in real currency, or that acts as a substitute for real currency, is referred to as «convertible» virtual currency.

The primary use case of bitcoin today is as a store of value like a savings or an investment but in the not so distant future, we will see bitcoin and other cryptocurrencies like bitcoin emerge as the dominant medium of exchange in a growing number of communities around the world.

Since most people seem to use bitcoin for saving or some sort of safe haven asset, it is only a matter of time before it finds itself being used as a de facto medium of exchange in communities around the world.