Business

Justifications why bitcoins qualify to be currencies

The production of bitcoins is limited and besides controlled by very few entities in the world. It is almost impossible to find bitcoins existing in ex…

Published

3 years ago

May 10, 2021

Manvendra Chaudhary

In what ways is Bitcoin becoming more popular?

Should be scarce in nature

The supply of a currency should be limited if it is to maintain its worth in the market. The relevance of a currency is battled when it exists in surplus for instance when coins and notes are made in plenty. This can result into inflation which affects the prices of goods and services in the country. The production of bitcoins is limited and besides controlled by very few entities in the world. It is almost impossible to find bitcoins existing in excess in the economy which makes it an ideal currency to consider in your transactions. The reduced production of bitcoins and other forms of Cryptocurrency make them valuable and they maintain the value for a long time even though they are easily affected by their high volatility nature.

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Divisibility into denominations

A currency is only as respected as what it can do. The value of a complete currency needs to be able to be divided depending on the uses that one may have for it. An economy counts on a proper currency to have varying values to be able to afford the products and services that exist in the market. It is only the barter trade system which experienced indivisibility of the currency hence disrupting the flow of trade naturally. Bitcoin can be divided into different small values in case you want to handle small expenses for instance paying for meals. It is pointless to have currencies like gold whose value can hardly be divided unless you interfere with the structure of the money physically.

Must have utility

The money or currency being used in a certain region needs to be accepted by people or traders from that particular region. Bitcoins are a form of currency which has utility considering they are now used in very many states today and even businesses across the world. You no longer need to use goods to purchase other goods when you can use digital money to transfer value to the seller in return for their goods and services. A currency is only as successful as the acceptance that people in the region give it and over the past years, use of bitcoins has grown exponentially thereby showing its progress in the world economy today.

Transportability

When referring to transportability, you should think of the different ways of trade and money exchange between different countries. Your local currency will be of no use to another state which does not recognize it as a currency. You however need to know that banks and government can intervene through facilitating exchange for currencies. If the country you are in does not support the change of the currency then it ceases to be complete currency. Bitcoin revolution is a group of traders who have invested in bitcoins and make profit out of it as well as helping other people also to invest in bitcoins.

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A durable option

Did you know that physical currencies for instance coins and notes can be destroyed? In fact, recognized financial institutions are tasked with the responsibility of ensuring that old and worn-out currencies are destroyed and eliminated from the economy. Bitcoin is a durable option of transaction which you can count on for years to come. The currency is stored online in the wallets you will be given after purchase. It can therefore remain durable for as long as needed because even transactions are done online and no physical handling or mishandling can be recorded. When talking of durability cryptocurrencies are known to be the most durable besides coins form of money today.

Tackle counterfeit practices

Many types of currencies have suffered from counterfeit measures being involved in the production. This makes common options like notes insecure to use because there can be massive production done illegally and injected into the economy hence resulting in inflation. Bitcoins production is definite and even through the mining process; expect zero involvement of the public in the illegal manufacture of the same. The blockchain system used as a ledger for the same makes it hard for information to be manipulated or even new bitcoins added to the system. These solid currency systems make it a reliable tool against forgery and counterfeit moves that a currency can experience in its production.

Net Worth

Pavel Durov Net Worth 2024: How Much is the Russian-born Emirati Entrepreneur Worth?

Published

21 hours ago

April 18, 2024

Vishnu Chaudhary

Pavel Durov Net Worth 2024: How Much is the Russian-born Emirati Entrepreneur Worth?

Who is Pavel Durov?

Pavel Valeryevich Durov, born on October 10, 1984, is a Russian entrepreneur renowned for founding the social networking site VK and the Telegram Messenger. He is the younger sibling of Nikolai Durov. After stepping down as CEO of VK in 2014, Pavel, along with his brother, led a nomadic lifestyle in self-imposed exile, holding citizenship from Saint Kitts and Nevis. He is recognized for his contributions to the tech industry and his advocacy for user privacy.

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Pavel Durov Career?

Durov’s journey in the tech industry began in 2006 when he co-founded VKontakte (VK), inspired by Facebook’s success. Under his leadership, VK flourished, reaching a valuation of $3 billion. However, conflicts with Russian authorities over user data led to his departure from VK in 2014. Subsequently, he focused on Telegram, emphasizing privacy and security, earning him acclaim as a tech visionary.

Pavel Durov’s Net Worth

As of 2024, Pavel Durov’s net worth is estimated to be an impressive $17 billion. His wealth stems from his pioneering work with Telegram and VK, propelling him into the upper echelons of the tech industry. Durov’s success serves as an inspiration for aspiring entrepreneurs worldwide.

Pavel Durov Age?

Pavel Durov, born on October 10, 1984, is currently 39 years old. Despite his relatively young age, he has achieved remarkable success in the tech world, demonstrating his entrepreneurial prowess and innovative thinking.

Pavel Durov Family: Parents

Pavel Durov’s father, Valery Semenovich Durov, is a distinguished academic with a Doctorate in Philological Sciences. His grandfather, Semyon Petrovich Tulyakov, was a decorated World War II veteran. Durov’s family background reflects a tradition of intellectual and academic excellence.

Pavel Durov Height and Weight

As of 2024, Pavel Durov stands at 5 feet 10 inches (178 cm) tall and weighs approximately 163 pounds (74 kg). His physique, along with his intellect and entrepreneurial acumen, contributes to his charismatic presence and success in the business world.

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Business

Wow! Momo secures Rs 70 crore funding from Z3 Partners for expansion

Published

2 days ago

April 17, 2024

IANS

Food chain Wow! Momo raises Rs 70 crore from Z3Partners

Quick-service restaurant chain Wow! Momo has secured Rs 70 crores from Z3Partners in an extension to their latest funding round following Rs 350 crores from Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia. Wow! Momo operates three brands – Wow! Momo, Wow! China, and Wow! Chicken.

CEO Sagar Daryani expressed gratitude stating, “We have been consistent and resilient…this round of investors have shown in us fortifies our faith and further motivates us to be change-makers.” Launched in 2008, Wow! Momo has 600 outlets in 38 cities and ventured into the FMCG sector along with their QSR vertical.

Managing Partner at Z3Partners, Rishi Maheshwari, praised Wow! Momo saying, “Wow! Momo is a reflection of the vibrant entrepreneurial landscape in the country…building a high-quality food business at scale, fuelled by superior execution expertise.” This funding round totals over Rs 480 crores, with Rs 270 crores via primary infusion and Rs 210 crores through a secondary purchase from early-stage investors.

Wow! Momo’s growth trajectory has been impressive with a strong presence in multiple cities. This latest funding will further solidify its position in the market and support its expansion plans. Sagar Daryani and the team at Wow! Momo are optimistic about the future and grateful for the support shown by investors.

Business

UP now boasts the largest number of Geographical Indication-tagged items in the country.

Published

2 days ago

April 17, 2024

IANS

UP now has the most GI-tagged items in the country

Varanasi, April 17 (IANS) – Six more products from Uttar Pradesh have been granted the Geographical Indication (GI) tag, including the famous ‘Tirangi Barfi’ of Kashi, a tricoloured sweet symbolic of the Quit India Movement. The GI Registry awarded the certification on Tuesday, bringing the total number of GI-tagged products in Uttar Pradesh to 75, making it the state with the most GI products in India.

The newly certified products in Uttar Pradesh also include Banaras Metal Casting Craft, Lakhimpur Kheri Tharu Embroidery, Bareilly Cane and Bamboo Craft, Bareilly Zardozi Craft, and Pilkhuwa Hand Block Print Textile. According to GI expert Padma Shri Rajnikant, “Two renowned products from Varanasi, the Tirangi Barfi and Metal Casting Craft, were granted GI certification on Tuesday.” Rajnikant, the general secretary of the Human Welfare Association, has been instrumental in securing GI tags for 148 producers across 14 states and Union Territories.

Rajnikant highlighted the crucial role played by the National Bank for Agriculture and Rural Development (NABARD) Uttar Pradesh, Lucknow office in supporting these six GI tags. He emphasized that this achievement strengthens Uttar Pradesh’s position as the leading state in GI products. In 2008-09, the state had only one GI product, the ‘Allahabad Surkha Amrood.’ With 75 GI products now, Uttar Pradesh continues to lead in this area.

The GI tags not only recognize the unique identity and qualities of these products but also provide protection against imitation and unauthorized use. These certifications also help in promoting traditional craftsmanship and skills, thereby boosting the local economy and preserving the cultural heritage of the region. Tamil Nadu follows Uttar Pradesh with 58 GI products, reflecting the rich cultural diversity and heritage of various states in India.