BITCOIN Vs FIAT CURRENCY & Rigged Global Markets Explained By MAX KEISER
Alex and Max Keiser continue on the topic of rigged global markets and fiat currency vs bitcoin.
Timothy Maxwell "Max" Keiser (born January 23, 1960) is an American broadcaster and film maker. He hosts Keiser Report, a financial program broadcast on Russian state media channel RT.
Keiser anchors On the Edge, a program of news and analysis hosted by Iran's Press TV. He hosted the New Year's Eve special The Keiser's Business Guide to 2010 for BBC Radio 5 Live. Keiser presented a season of The Oracle with Max Keiser on BBC World News. He produced and appeared in the TV series People & Power on the Al-Jazeera English network. He presents a weekly show about finance and markets on London's Resonance FM, and writes for The Huffington Post. He currently lives in London.
Keiser invented "Virtual Specialist Technology", a software system used by the Hollywood Stock Exchange.
Bitcoin is an open source, peer-to-peer payment network and digital currency introduced in 2009 by pseudonymous developer "Satoshi Nakamoto". Bitcoin has been called a cryptocurrency because it uses public-key cryptography for security.Users send payments by broadcasting digitally signed messages that transfer ownership of bitcoins, the unit of currency. 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 rewarded with transaction fees and newly minted bitcoins.
Bitcoin has been a subject of scrutiny for its use in illicit activities. In 2013 the FBI shut down the Silk Road online black market and seized US$28.5 million worth of bitcoin from the alleged mastermind. Theft of bitcoins has been covered extensively in the media. The risk of theft can be mitigated by generating and storing keys offline.
Commercial use of Bitcoin, illicit or otherwise, is currently small compared to its use by speculators, which has fueled price volatility. However, Bitcoin is also used to pay for products and services. Merchants have an incentive to accept the currency because transaction fees are lower than the 2 to 3% typically imposed by credit card processors. Notable vendors include OkCupid, Reddit, and WordPress.
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