Digital Currency

By Othman Darwish Recently, there is a growing number of Central banks that look seriously at the new revolutionary technology of Bitcoin and weight its potential applications.  Central Bankers, all over the world,  including but not limited to ( Fed, Bank Of England  ,and Bank of Canada )  studying the need for issuing their own digital currency  ,and trying to utilize this new innovated technology  to optimize their monetary policies , and   providing new business  services  using newly  innovated  blockchain technology ,by  building a national  digital currency  ,that compete current Bitcoin  disruption and threat for today financial ecosystems . Central bank would benefit from  the technology behind   Bitcoin; blockchain, the  underlying  technology of Bitcoin payment network, or as  some economists like to call it the  distributed ledger technology ( D...

When consumers pay for products or services, they pay for the gains and the benefits of that product or service. Consumers rarely concern regarding the underlying technology that their products or service built on it. In this context, Bitcoin as newly payment means, and product of blockchain innovated technology challenged to provide a competing user experience for today mature payment means and channels. Advantages of using Bitcoin as payment mean may vary from consumer to consumer, consumers would enjoy bitcoin payments for number of reason: transactions fee is extremely low compared with credit and debit card purchase, if you are a merchant, you pay nothing to receive bitcoin, the processing fee paid by the sender, those fees are considerably lower than traditional payments networks, Nicholas Tomaino (1)   claims that using bitcoin for small business and entrepreneur   reduce merchants credit card processing fees to less than one percent and save three to five p...

                  Try to mimic Bill Gates memo entitled  The Internet Tidal Wave    By Othman Darwish Today The emergence of Ethereum platform and its smart contract features would create a new wave of innovations diffusion. Bitcoin, the first product of blockchain technology, aims to provide the people all over the world, the ability to transfer money through the internet. In peer-to-peer approach, with no need for the middleman (banks) between two parties. This is new and radical innovation, Bitcoin protocols and its transactions scripted (1) instructions set, designed intentionally to serve this solo purpose – Money Transfer, or in bitcoin terminology, transferring of the ownership of money as an asset. Technical challenges still exist in Bitcoin, the scalability of the network, the number of transactions that could be served is a significant challenge, mainly as the adaption of bitcoins as a pay...