UCLA Finance Professor Nominates Satoshi Nakamoto For Nobel Prize
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To continue reading this bhagwan chowdhry bitcoin exchange rate, please exit incognito mode or log in. Visitors are allowed 3 free articles per month without a subscriptionand private browsing prevents us from counting how many stories you've read. We hope you understand, and consider subscribing for unlimited online access. The digital currency Bitcoin was designed to be independent of any government—a feature that also limits its mainstream appeal.
Now researchers have invented a Bitcoin-like system that could make digital cash more practical by allowing a central bank such as the Federal Reserve to control it. The bank began researching the idea of issuing digital currency early last year. Software that can instantly move digital cash from place to place should be able to make many transactions, both large and small, faster and less costly. And in both systems, transactions are verified in a process that adds them to a digital ledger recording all movements of the currency.
And its code decrees that there can never be more than 21 million Bitcoins they are being trickled out over time, and 15 million are in circulation today. A small collection of third-party organizations would be chosen by the central bank to process new bhagwan chowdhry bitcoin exchange rate and submit them for inclusion in the central ledger.
Meiklejohn says it would make sense for large commercial banks to play that role. Bhagwan Chowdhrya professor of finance at UCLA, says that by bhagwan chowdhry bitcoin exchange rate a system like RSCoin, central banks could enable the financial system to serve people much better. Being able to move money more easily would grease the wheels of commerce and bhagwan chowdhry bitcoin exchange rate basic financial services available to more people around the world, says Chowdhry.
Integrating digital currency with the existing financial system would make it acceptable to many more people than Bitcoin is. Indeed, one reason a central bank might like a digital currency is that its ledger provides a very detailed record of financial activity. Meiklejohn says she is talking with the Bank of England about doing more research on how it might be implemented in practice.
Meiklejohn and the bank are also interested in how a system like RSCoin could help banks and other financial bhagwan chowdhry bitcoin exchange rate move conventional assets around and how it might automate certain transactions such as futures contracts.
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