The Crypto-future through Bitcoin, Ethereum, Ripple XRP and IOTA

Peering into the Crypto-Future 

By Phil Baumann RN

In order to gain a clearer view of the impacts of the incoming future of technologies and their economic, behavioral, cultural, political and other impacts, categorization can perform useful veil-lifting.

I’ll let the reader do the deep-dive research into the technologies underlying each of these currencies, but here is a peeled-away breakdown of their respective categories:

Whether these specific “coins” succeed the slaughtering rapidity of techno-culture shocks remains to be seen.

Yes, they are traded assets that can make you rich or poor. That’s certainly interesting. What matters much more than their capital markets is that each has attempted to confront crucial problems that can liberate the ramifying “potential energies” of other technologies that can plug in to them.

Their premises spur economy-generating economies.

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Don’t feel bad if you missed the Bitcoin gold-rush. That’s in the past. Sometimes understanding the world confers its own wealth (insert Latin aphorism here). If you run the currency of knowledge through the circuitry of imagination you gain the power of foresight.

Assessment:

That’s my two cents: take them and spread the wealth.

Disclosure: I hold Bitcoin (BTC), Ethereum (ETH), Ripple XRP and IOTA (MIOTA). But this post is not about finance per se nor is it about promoting these currencies as investments. Rather this post is about envisioning the four kinds of markets that the respective technologies underlying each of these four cryptocoins can help grow and power. These aren’t simply currencies and stores of monetary value – they are technologies.

Conclusion

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Understanding Crypto Currencies & Bitcoins

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Understanding Risks and Benefits

By Timothy J. McIntosh CFP® MPH CFA CMP®

TMMedical professionals might not know rupees from ringgits, but any investor should consider the benefits of currency investing.  Buying currencies allow for a hedge against the U.S. dollar and also permit for an investor to take advantage of major movements of foreign currencies for profit.

Today, it is easier than ever to invest in currencies through mutual funds or exchange traded funds.  U.S. investors are impacted by foreign currency fluctuations through international stock and bond exposure.

Advantages

The advantage of investing in currencies is the investment generally has limited correlation with other real or liquid assets.  Medical professionals can initiate the process of currency investing by starting a forex account.  In many instances, an account can be opened with minimal investment.

Taxation

One caveat is the tax consequences, as currency-based profits are taxed as ordinary income rather than the more favorable capital gains rate.

Digital Currency

Bitcoin is an open sourcepeer-to-peer payment network and digital currency pioneered in 2009 by pseudonymous developer “Satoshi Nakamoto“. Bitcoin has been called a cryptocurrency because it utilizes public-key cryptography for protection. Users send payments by broadcasting digitally signed messages that reassign ownership of bitcoins. A decentralized network of specialized computers verifies and timestamps all transactions using a proof-of-work system. The operators of these computers, known as “miners“, are satisfied with transaction fees and newly minted bitcoins.

Commercial Use

The commercial use of Bitcoin, illicit or otherwise, is currently diminutive compared to its use by speculators, which has led to extreme price volatility.  Companies and merchants have an enticement to recognize the currency because transaction fees are lower than the 2 to 3% classically imposed by the major credit card companies like Visa®.

Bitcoin Graph

Assessment

Given the fact that Bitcoin is a new currency with extreme volatility, medical professionals should be very cautious with any potential investment.

UPDATE: 2017

Conclusion

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Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

Crypto-Currency “GAS” FEES: Ethereum Network

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By Staff Reporters

According to Wikipedia, a cryptocurrency, crypto-currency, or crypto is a collection of binary data which is designed to work as a medium of exchange. Individual coin ownership records are stored in a ledger, which is a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. Cryptocurrencies are generally fiat currencies, as they are not backed by or convertible into a commodity. Some crypto schemes use validators to maintain the cryptocurrency. In a proof-of-stake model, owners put up their tokens as collateral. In return, they get authority over the token in proportion to the amount they stake. Generally, these token stakers get additional ownership in the token over time via network fees, newly minted tokens or other such reward mechanisms.

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Product Details

CITE: https://www.r2library.com/Resource/Title/0826102549

Cryptocurrency does not exist in physical form (like paper money) and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to a central bank digital currency (CBDC). When a cryptocurrency is minted or created prior to issuance or issued by a single issuer, it is generally considered centralized. When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.

A cryptocurrency is a tradable digital asset or digital form of money, built on blockchain technology that only exists online. Cryptocurrencies use encryption to authenticate and protect transactions, hence their name. There are currently over a thousand different cryptocurrencies in the world, and many see them as the key to a fairer future economy.

Bitcoin, first released as open-source software in 2009, is the first decentralized cryptocurrency. Since the release of bitcoin, many other cryptocurrencies have been created.

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Enter GAS

Gas refers to the unit that measures the amount of computational effort required to execute specific operations on the cryptocurrency Ethereum network. Since each Ethereum transaction requires computational resources to execute, each transaction requires a fee. Gas refers to the fee required to conduct a transaction on Ethereum successfully.

READ: https://www.morningbrew.com/daily/stories/ethereum-gas-fees?utm_campaign=etb&utm_medium=newsletter&utm_source=morning_brew&mid=349b552221c994e2540a304649746d7c

CITE: https://www.r2library.com/Resource/Title/082610254

Gas fees are paid in Ethereum’s native currency, ether (ETH). Gas prices are denoted in gwei, which itself is a denomination of ETH – each gwei is equal to 0.000000001 ETH (10-9 ETH).

NFT: https://www.morningbrew.com/emerging-tech/stories/2021/02/22/nft-market-tripled-last-year-gaining-even-momentum-2021?email=marcinkoadvisors@msn.com&mid=349b552221c994e2540a304649746d7c&uid=jotgRJS1MLYGk2SSdfbR4b5r

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For example: Instead of saying that your gas costs 0.000000001 ether, you can say your gas costs 1 gwei. The word ‘gwei’ itself means ‘giga-wei’, and it is equal to 1,000,000,000 wei. Wei itself (named after Wei Dai, creator of b-money) is the smallest unit of ETH

MORE: https://swyftx.com/learn/what-are-ethereum-gas-fees/

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PODCASTS: What is a STABLECOIN?

HEDGE AGAINST INFLATION

By Dr. David E. Marcinko MBA CMP®

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SPONSOR: http://www.CertifiedMedicalPlanner.org

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What Are Stablecoins? - CB Insights Research

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DEFINITION: Stablecoins are blockchain-based digital currencies that have been created with the aim to have a stable value. Stablecoins achieve price-stability through various different methods such as a peg against a fiat currency or a commodity, through collateralization against other cryptocurrencies or through algorithmic coin supply management.

CITE: https://www.r2library.com/Resource/Title/0826102549

Every stable coin includes a specific set of mechanisms that mostly behave in the same way. In general, stable coins keep collateral of the asset and manage the supply. In this way, they incentivize the market, which allows trade of the coin for no more or less than $1.

A stable coin can be considered the best depending on several factors: It should be stable. PAX is one the most stable stablecoin. It should be liquid and available on most exchanges. It should be backed by FIAT. PAX is 100% collateralized in US bank accounts. It should be regulated. It should be redeemable.

MORE: https://www.msn.com/en-us/money/markets/treasury-fed-fear-stablecoins-could-disrupt-financial-system/ar-AAOE7lO?li=BBnb7Kz

PODCAST #1: https://www.youtube.com/watch?v=O3rVWLhBIPo

PODCAST #2: https://www.youtube.com/watch?v=GsSSLDzKCOE

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Asset Protection Issues For [Physician] Crypto Investors

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Ike Z. Devji J.D. - Tempe, Arizona - Lawyer | Lawyer Directory

By Ike Devji, J.D.

Crypto currency is all the rage and continues to make some coin investors small fortunes even as prices swing widely and scams emerge. These are some basic defensive measures to keep your digital wallet safe.

READ MORE: https://www.proassetprotection.com/asset-protection-for-crypto-investors/

EDITOR’S NOTE: Ike Devji contributed to our textbook on Risk Management for Doctors and Advisors. We appreciated his important chapter contribution.

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

ORDER TEXTBOOK: https://www.routledge.com/Risk-Management-Liability-Insurance-and-Asset-Protection-Strategies-for/Marcinko-Hetico/p/book/9781498725989

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PODCAST: Curmudgeon On “Crypto-Currency”

Curmudgeon on Crypto-currency


Vitaliy Katsenelson, CFA

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