With the intrinsic value principle, economists can always tell the direction of real currencies. As of October , Thai money supply had grown by 5. Therefore, it is not surprising to see the baht depreciate against other currencies because its intrinsic value is falling. When Mr Nakamoto created Bitcoin in , he was right to give it an initial value of 0. Apart from being like gambling chips, are cryptocurrencies able to take on the role of a medium of exchange like Mr Nakamoto intended?
The answer is a clear Yes and it is happening right now. Cryptocurrencies have taken on the role of fiat money in many countries. One example is Venezuela. Many Venezuelans hold crypto-coins instead and convert these coins into bolivares when they need to make cash payments. But Venezuela is not the world number one user of cryptos for payments; it ranks number 7.
I guess that it is because Vietnam's economy is growing faster than its financial market can support, particularly for international transactions. Businesses have to find a more efficient means for transactions. Using crypto provides the perfect answer. By the way, there could be another explanation: tax management. Trading with crypto can avoid reporting income and profits. At this point, we should distinguish between "digital currency" and "cryptocurrency".
Digital currency is nothing more than a digital version of printed money. Digital money provides no extra economic benefit other than the convenience of not having to carry paper money. But cryptocurrency is an entirely different story. It could change the path of the world economy. However, government-sponsored cryptocurrency is meaningless because one cannot distinguish fiat money from government cryptocurrency.
The Venezuelan government issued a cryptocurrency called "petro" and it failed miserably. To illustrate the true power of cryptocurrency. I will give a fictional example. Actual names are altered, of course. BaBa is China's largest e-commerce platform with 1. What if BaBa wants to create its own Ba-coin to be used for payments alongside the Chinese yuan on its platform?
Shoppers can borrow Ba-coin from AND -- a BaBa fintech subsidiary which is the creator of the popular international e-payment system, Ba-pay -- to help stimulate sales. Not only can shoppers use the Ba-coin for payments, but sellers are encouraged to use Ba-coin to buy materials from upstream suppliers. Soon, Ba-coin will be widely used in China and around the world.
The bankrupt Evergreat real estate company could be rescued by BaBa if someone offered to buy its prime assets. The catch is the payment will be made in Ba-coin issued by AND. Then individual units of these assets will be posted for sale on the BaBa website which is accessible worldwide.
Certainly, interested buyers can apply for Ba-coin loans to buy those assets at favourable conditions like zero down payments, no interest charges, and super long-term mortgages. To learn more about this project, check out our deep dive of Basic Attention Token.
This experience is delivered through the Brave Browser, where users can watch privacy-preserving adverts and receive BAT rewards for doing so. On the other hand, advertisers can deliver targeted ads to maximize engagement and cut down losses due to ad fraud and abuse. The Basic Attention Token itself is the unit of reward in this advertising ecosystem, and is exchanged between advertisers, publishers and users. Advertisers pay for their advertising campaigns in BAT tokens. Since then, it has rolled out its attention-based advertising experience to users in most countries through its Brave Rewards program.
Basic Attention Token has two founders: Brendan Eich and Brian Bondy — two highly distinguished individuals in the internet browsing software industry. He also helped launch one of the world's most popular web browsers in — Mozilla Firefox.
Bondy is a heavily experienced engineer with previous experience working as a senior software engineer at Mozilla, software developer at Corel Corporation and software development lead at Khan Academy. In total, the Basic Attention Token website lists 16 team members, many of whom have a development, engineering or research background.
The primary use case for the Basic Attention Token is as a payment token for running advertising campaigns through Brave Ads. Currently, this advertising budget must be paid entirely in Basic Attention Tokens, which advertisers can acquire from a variety of third-party exchange platforms. Out of this, Brave takes a small commission, and the rest is distributed to publishers and users.
One of the main distinguishing features about Basic Attention Token and the Brave Browser ecosystem is the capacity to reward tip users who are not yet part of the network — this includes both websites and individual Twitter users. These users can then securely register to the platform to collect any tips they have accumulated. Both Basic Attention Token and Brave Browser have achieved significant user uptake since their launch. As of October , Brave Browser has a total of
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