Sentences with phrase «own unit of account»

In economics jargon: deflation is harmful when a currency is used as an an economy's unit of account.

The bill defines virtual currency as «a digital representation of value that can be digitally traded and functions as a medium of exchange, a unit of account, or a store of value but does not have legal tender status as recognized by the United States government.»

According to the IRS, «Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and / or a store of value.

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.»

And on Friday, a UBS report suggested the dollar could be included in the calculation of the International Monetary Fund's special drawing rights (SDR), its unit of accounting, over the next decade.

Wide swings in the price of bitcoins vis á vis other things will obviously tend to suppress its utility as a store of value or unit of account.

«At this time, the general judgment is that their volatile valuations, and inadequate investor and consumer protection, make them unsafe to rely on as a common means of payment, a stable store of value or a unit of account,» the report said.

That trend won't continue, and it will still be some while before Bitcoin has the kind of low volatility that makes it a reasonable store of value or unit of account for people whose alternatives are the dollar, the Euro, and other major currencies.

There have been plenty of cryptocurrencies over the years, and they have all exhibited potential for storing value, operating as a unit of account and proving a reliable medium of exchange.

You can use it to compare the value of assets (Unit of Account) and keep your books in it.

Bitcoin is considered a «unit of account» and citizens are free to trade it, as they wish.

Besides the traditional functions of money (store of value, medium of exchange, unit of account), international exchange rates give a new dimension to currencies with several different ways of profiting from them (with the risk of losing money as well).

On 6 August 2013, Federal Judge Amos Mazzant of the Eastern District of Texas of the Fifth Circuit ruled that bitcoins are «a currency or a form of money» (specifically securities as defined by Federal Securities Laws), and as such were subject to the court's jurisdiction, [274][274] and Germany's Finance Ministry subsumed bitcoins under the term «unit of account» — a financial instrument — though not as e-money or a functional currency, a classification nonetheless having legal and tax implications.

In August 2013, the German Finance Ministry characterized bitcoin as a unit of account, [93][260] usable in multilateral clearing circles and subject to capital gains tax if held less than one year.

The customer acquires the virtual currency «bitcoin» which in the opinion of the Bundesanstalt für Finanzaufsicht (BaFin)(Federal Financial Supervisory Authority) are units of account and therefore regarded as financial instruments pursuant to § 1 para. 11 KWG.

He continued that cryptocurrencies have not yet fulfilled the three basic functions of money: means of payment, unit of account, and store of value.

Like any other currency or unit of account, they only have value because people think it has some value.

The Goldman Sachs authors also conclude that these factors «clearly illustrate that Bitcoin as a unit of account and medium of exchange is nowhere near as favourable as it first appears.»

His 1875 work, «Money and the Mechanism of Exchange,» defines the four functions of a currency: as a medium of exchange, a measure of value (or unit of account), a standard of deferred payment, and a store of value.

To accomplish that, the bill adds a definition of virtual currency to the state's money services statute (8 V.S.A. § 2500 et seq.): «stored value that (A) can be a medium of exchange, a unit of account, or a store of value; (B) has an equivalent value in money or acts as a substitute for money; (C) may be centralized or decentralized; and (D) can be exchanged for money or other convertible virtual currency.»

But calories do work well as units of account, which means that it's too early to write them off.

They want a stable unit of account, and don't want the possibility that they lose a lot of money as a result.

A successful currency needs to be three things: a unit of account, a medium of exchange, and a store of value.

As a unit of account, bitcoin is as good as anything.

Part of the problem here is that the fiat currencies of the world exist only to be units of account, and not stores of value.

As a unit of account, we now have virtual currencies using blockchain technology beginning to compete with government currency.

Persistent negative real interest rates raise the question of whether other instruments and technologies can perform the functions of money: a unit of account, a medium of exchange, and a store of value.

The settlement layer will have a unit of account, while the control layer will run smart contracts and will be programmed to recognize identity, assisting compliance.

Governments are not omnipotent in regulating economies; indeed, their track record is pretty dim, as is the record of fiat currencies as providing a stable unit of account.

This term means a monetary system where the government of a definite country standardizes their economic unit of their account that is the currency, to be easily converted into fixed weight of gold and vice versa.

The basic principle was established very early on in the UNFCCC process that it is national - source CO2 (and other greenhouse gas) emissions that are the basic unit of accounting.

Cash is a socially and legally (legal tender laws) supported medium of exchange, store of value, and unit of account, not a debt instrument.

Only who is in possession of an individual private key has authority on certain units of accounts.

Cryptocurrency is a digital representation of value that functions as a medium of exchange, a unit of account, or a store of value, but it does not have legal tender status.

To accomplish that, the bill adds a definition of virtual currency to the state's money services statute (8 V.S.A. § 2500 et seq.): «stored value that (A) can be a medium of exchange, a unit of account, or a store of value; (B) has an equivalent value in money or acts as a substitute for money; (C) may be centralized or decentralized; and (D) can be exchanged for money or other convertible virtual currency.»

It also represents a significant step toward widespread adoption of Bitcoin as a unit of account suitable for global trade, with no geographic, political or monetary restrictions.

Notably, the first bill defines «virtual coin» as «a digital representation of value that can be digitally traded and that functions as a medium of exchange, unit of account and store of value.»

Because they are internal units of account and not blockchain - based assets, purchasing the coupons is a single taxable event but spending them is not.

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.

This ideal cryptocurrency would achieve the following properties of a currency, namely, be used for transactions and payments, act as an asset or store of wealth and used as a unit of account.

Miners do this because the unit of account for fiat currency is typically stable and liquid, such that they can pay wages to their employees, pay rent, electrical costs, property taxes, etc..

The payment system does not handle physical currencies, like the dollar or the euro; instead, it uses its own unit of account, which is called Litecoin (LTC).

With the rise of cryptocurrencies, the term «coin» has come to refer to individual units of account within a particular cryptocurrency.

A currency fulfills three well - defined purposes: to serve as a means of exchange, store of value, and unit of account.

These entries represent digital units of account, which grant rights to receive digital tokens at their initial offering price.

Havven will offer a digital method of payment that fulfils the same three functions that traditional forms of money and asset - ownership do: act as a unit of account, a medium of exchange, and as a store of value, states the company.

Bitcoin, on the other hand, is an apolitical, open - access decentralized protocol whose unit of account (BTC) is an inexorable part of its blockchain, the most secure and censorship - resistant public ledger in the world today.

As there are not many arguments why Bitcoin is a better store of value or unit of account than fiat currencies like euros or dollars, it is obvious that as a method of payment Bitcoin is superior to fiat currencies, due to lower costs, nearly perfect divisibility and social inclusion to name but a few.

While some people use bitcoin or other cryptocurrencies simply because they have no other option available to them for a particular type of transaction, Peetz and Mall argue that bitcoin is not a transactional currency — mainly due to its inability to act as a reliable unit of account.

For years, we have seen money as a combination of three properties: store of value, unit of account and method of payment.