People love to peer into the future, and one of the hottest topics these days is the future of money. Bitcoin C an electronic cash system used predominantly for online transactions C is sending tingles of excitement down the spines of some folks. But for all its potential advantages, Bitcoin is not going to replace the U.S. dollar or other major national currencies any time soon.
The fact that Bitcoin is made up of binary code and has no physical presence isnt what makes it unique. After all, electronic purchases made with a regular bank debit card are essentially the same thing. What makes Bitcoin unique C and perhaps more interesting C is that it isnt issued by a national central bank and can be transferred without a financial institution acting as intermediary. Because some online vendors accept it as payment, its starting to resemble what we normally call money.
Monetary theory taught in economic text books outlines the basic roles of money as a medium of exchange, a way to store wealth, a means to determine value, et cetera. At least potentially, Bitcoin can check off some of those boxes. But at least two conditions would have to fall into place before it goes from fad curiosity to serious contender as a global currency.
First, people would have to be commonly paid in Bitcoins. While its not difficult to find online vendors willing to sell in Bitcoins, few workers (if any) receive their wages that way. There may be the odd programmer or Web designer willing to do a specific task for a Bitcoin payment,Best home oilpaintingsforsales at discount prices. but it would be a rare exception for someone to receive a regular Bitcoin wage.Choose from the largest selection of rfidtag in the world.
The second condition poses a bigger hurdle. For Bitcoin to become a serious global currency, youd need people willing to lend them. Borrowing and lending is the traditional role of banks and as imperfect as they can sometimes be, banks are one of the foundations on which the modern economy is built. A quick Google search turns up all sorts of groups willing to lend in Bitcoins, so at least the early stages of a Bitcoin banking system seems to be taking root. But would it work?
Smart lenders are willing to lend only because there is a reasonable expectation that theyll get their money back with interest. If the borrower is risky, interest rates will be higher. And if the borrower skips town or refuses to pay, the lender has legal recourse. But if a loan were made in Bitcoin, what legal recourse would there be?
Legal contracts can be drawn up between two parties to cover everything from borrowing money to renting a car to setting out conditions of employment. It would be simple to write a contract, enforceable in a court of law, to lend and borrow Bitcoins. But much of Bitcoins appeal is that it exists outside the view, or reach, of any governments legal system. And without a legal way to enforce contracts, Bitcoin doesnt stand a chance of replacing national currencies
Free-market libertarians are distrustful of government and get quite cross when the taxman comes calling. The extremists among them hole up in bunkers with guns and bars of gold, spinning extravagant conspiracy theories about the U.S. Federal Reserve. For these paranoid folks,ST Electronics' chipcard provides drivers with a realtime indication of available parking spaces. Bitcoin seems a dream come true C a way to conduct their finances totally outside the peering eyes of Uncle Sam. Drug dealers and criminals love Bitcoin for the same reason.
And U.S. authorities are already cracking down. The Federal Bureau of Investigation, the Department of Homeland Security and the Treasury Departments anti-money laundering arm are monitoring Bitcoin users very carefully. At a Bitcoin conference last month in San Jose, Calif., the big topic was regulatory compliance.
Bitcoin may still play a role as an online barter currency, or maybe even a limited form of wages. But criminals and libertarians shouldnt get too excited. Our current monetary system works precisely because of,ST Electronics' chipcard provides drivers with a realtime indication of available parking spaces. not in spite of, those peering eyes of government.
In 2011-12, 40% of centres experienced cuts overall and the number receiving central government funding dropped from 24% to 7%, the Annual Return for Volunteer Centres report revealed last week. The smartcard project in Staffordshire, called I'm a Volunteer, get me in NOW C is one of eight CVS ideas chosen by NESTA through its Innovation in Giving Fund. Last month, NESTA picked initiatives that would receive up to 50,000 for ideas that take volunteering into a new age.
The smartcard project aims to break down barriers to volunteering by issuing a photo ID card to anyone who wants to volunteer so that there is minimal bureaucracy and form filling on their volunteering journey.
Companies will pay about 10-15 for a card for each of the people in their staff volunteering programmes, and other volunteers, such as students and those looking to get back into work, will get a free card.
"Businesses already pay through CSR budgets for volunteering schemes, so we know there is the money for this," says Tracy Ellis, project manager of the project for SMCVS.
"We don't have the funds to be sustainable anymore, so we have to think of new ways. Things are changing, evolving. Local funding has decreased and we have to be business-minded to survive in this kind of climate," she adds.
Geoff Wilkinson, previously a volunteer at the CVS and an ex-civil service employee, has been taken on to manage the NESTA project in Blackburn. "We're relying on winning these kinds of bids now because of all the cuts," he says.
He also hopes the NESTA programme will bring more attention nationally and locally to what volunteer centres do for their communities. "In this economic climate, where jobs and funding are scarce, volunteering centres can help get people off the unemployment list, and they are helping run more and more local services. We are trying to deal with increased demand and less money in an innovative way,Laser engraving and laser drycabinet for materials like metal," says Wilkinson.
Justin Davis Smith, head of NCVO, says volunteer centres are doing good work on diversifying resources. "But it's crucial that all volunteer centres have the chance to develop new ways of working and income sources sudden and sharp funding cuts make this harder to achieve," he says.
The NCVO survey showed that 40% of volunteer centres that submitted data for both years lost over a quarter of their income compared to the previous year. One in five had half or more of their income cut. For just over a quarter, funding increased. Local government remains the most common source of funding, with 83% of volunteer centres receiving money.
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