Cryptocurrency and christianity

Published в Coastline forex factory | Октябрь 2, 2012

cryptocurrency and christianity

What Are the 4 Horsemen of the Apocalypse? How to Spot a False Prophet · Is It Ever Okay to Lie? Advice for Christians · Why Does God Let Bad Things Happen? Cryptocurrency: A Christian, Bible-believing perspective examines bitcoin & crypto with Scripture. Crypto does evil and is a bad investment. Conclusion: A Christian perspective on cryptocurrency The basic principle of trading remains, in that “you should only trade with what you are. BEST ETHEREUM MINING POOL INDIA

But where do Bitcoins actually come from? Think about gold. This metal only has value because, as individuals and nations, we all agree that it does. On the basis of that agreement, we can use gold to barter for goods. Similarly, enough people have agreed that Bitcoin has a value, and so it has become a currency that you can use to buy and sell things on the internet.

If you are very lucky, you might find a nugget or two. Bitcoins are also mined, but not by digging holes. Each time a puzzle is solved, everyone agrees that the person who solved it owns an additional Bitcoin. This will continue until all the Bitcoins have been found — a maximum of 21 million. But before you give up the day job, note that an average laptop running 24 hours per day, seven days a week, will take years to find even one solution, or Bitcoin. You need a warehouse full of high-end computers to have any chance.

Anyone can buy a spade and attempt to dig for gold, but you need dedicated mining equipment to succeed with any reliability. Cryptocurrencies are not physical currencies; they are electronic — just like most other payments. More than 90 per cent of your financial transactions today are electronic. When you buy an item with a card, the bank updates your account but no physical money changes hands. Similarly, Bitcoin is an electronic currency with an agreed value. Advocates argue that Bitcoin and other cryptocurrencies are simply the logical next step in payments.

There is, however, one important difference: no central organisation takes care of the transactions. There is no bank, no Mastercard, no PayPal managing your account. Instead, every computer in the world mining Bitcoin also stores an encrypted record of every transaction that has ever taken place. This is mind-boggling, but it works. We call this online ledger the Blockchain.

That makes Bitcoin transactions incredibly secure. Removing the middleman the bank also makes this system efficient, cheap and fast. So far so safe, but what of the ethical implications of cryptocurrencies? One person in my Cheshire town mines cryptocurrencies in his basement. People are most likely doing the same in your town, too. In fact, according to the Cambridge Centre for Alternative Finance, global Bitcoin mining alone consumes more energy per year than the whole of Malaysia or Sweden.

One town in the US has even banned its residents from Bitcoin mining as it was exhausting the electricity supply and pushing up prices. There is a way forward, however: green cryptocurrencies. Some of these use renewable energy sources for running computers, but that is still electricity that could be used to heat a home or run a factory.

Other options are genuinely green, working entirely without the need for number-crunching, and therefore requiring minimal energy. Something like Bitcoin offers another option. Peers sending peers cryptocurrency, immediately, in a transparent, traceable way, with little to no fees.

Interest rates paid to holders run about 12 percent, compared to the less than one percent that banks often offer. Some words of caution As with any emerging technology, there are drawbacks. If you lose your key, you lose your crypto. Despite weaknesses, the potential benefits are exciting. That might open up opportunities that give your organization an innovation edge that make people want to donate.

The faster we get up to speed with the language of cryptocurrency and blockchain, the faster we can start to apply some of these things and understand how this can be used to advance the kingdom mission. Crypto Basics The world of cryptocurrency can be daunting, with its own language and insider lingo. This should help you understand the basics.

Blockchain is best known for handling financial transactions, but it can be used to manage, facilitate and store a limitless amount of activities or information. Unlike the U. Dollar or the Euro, there is no central authority that manages and maintains the value of a cryptocurrency.

Ethereum: A world computer that never turns off and everyone has access to. According to ethereum. Its versatility is its major selling point. A hardware wallet is an example of cold storage. Think of putting your valuables into a safety deposit box. Hot storage: A type of storage for your cryptocurrency that is stored online mobile, desktop or through a service provider.

For that reason, it is advised to only store small amounts on a hot wallet, in case of fraud, hackers or theft. Custodial vs Non-custodial wallets: A non-custodial wallet means you are the only one with the key or seed phrase to access your currency. Custodial means someone else likely an investment company keeps control of the wallet, and therefore, your money. Miners receive a portion of the coins for their work.

The main perk of DeFi is providing banking services for the underbanked or unbanked. It also effectively cuts inflation rate in half. So, the amount available is 50 percent less, but the demand remains the same or even increases , driving up the price. This process will end with a total of 21 million coins, probably in the year , according to CoinDesk. Amy highlights stories about community-building, families and personal faith, along with bigger, in-the-news issues that challenge, teach and inspire.

She lives west of Toronto with her two daughters and three guinea pigs. You just read something for free. Writers, editors and designers at Christian Courier worked behind the scenes to bring hope-filled, faith-based journalism to you. As an independent publication, we simply cannot produce award-winning, Christ-centred material without support from readers like you.

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How to try cryptocurrency We are to deal with others with integrity and honesty think of the calling of Matthew and Zacchaeus. I can explain why a stock moves up if it has just had its treatment for colon cancer successfully pass clinical trials, or cryptocurrency and christianity its new tractor performs better with lower maintenance costs than the competition. Cryptocurrencies stand accused of offering a natural home for criminal activity Helping the developing world? Next: Is blockchain a technological marvel? Bitcoin would not depend on banks, which can fail disastrously, but would be independent of any organisation or government; a decentralised, democratic, resilient currency, managed by its users. But we can agree on some basics: To claim that all investment is gambling, because it all involves risk, is just the continuum fallacy and is ethically sub-Christian.
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Cryptocurrency does not actively do good. What we receive from God, including our financial resources, is a stewardship that we need to use for His glory 1 Corinthians ; 1 Peter ; Luke If one invests in the Christian mutual funds associated with the Eventide family of funds , he is investing in many companies that are not only attractive investments but also actively are doing good things.

He is helping to fund cures for cancer, building semiconductors, supporting cybersecurity, and funding many other useful and beneficial things. At best, if one buys and holds bitcoin or other crypto, what he has purchased just sits there. It does not do anyone any good. It does not discover a cure for any disease. It does not provide food like a farming company or make houses like a building manufacturer.

It does not produce anything useful. It is not inherently wrong to own an asset that just sits there and does nothing like gold, for example, which tends to underperform stocks in the long term for the very reason that gold, like crypto, does not produce anything , but if I have the option to invest in something that positively does good or something that does not do any good, my Christian ethics will lean toward investing in the assets that help make the world a better place.

Cryptocurrency is very frequently used to actively do evil. There is substantial evidence that a high percentage of cryptocurrency is used by evil people to do evil things, whether funding drug cartels, supporting human trafficking and pornography, supporting terrorist organizations, engaging in money laundering, assisting rogue regimes to evade sanctions, and the like.

People associated with the crypto industry claim that the percentage is much lower , and there is no reason to doubt that the percentage varies over time, but the claims of industry advocates do not appear to me to be as credible as are the studies supporting the high percentages.

I do not want to be associated with all the evil funded and facilitated by crypto. It is true, of course, that US dollars and other traditional currencies are used to do evil things as well, but not at nearly as high a percentage. Furthermore, cryptocurrency is uniquely designed to avoid legal regulations and facilitate illegal activity. I am giving you my reasons for not owning it. Cryptocurrency lends itself toward speculation, not rational investment.

Yes, it is supply and demand, but why? I can explain why a stock moves up if it has just had its treatment for colon cancer successfully pass clinical trials, or if its new tractor performs better with lower maintenance costs than the competition. Perhaps crypto itself will be gone entirely, replaced by something else.

I can give you reasons why my Eventide mutual funds are likely to continue to appreciate in value, despite shorter-term volatility, over the next several decades. Unless Christ comes back first, in thirty years people will still get sick and need better treatments. Companies will still be doing things to make the world a better place.

However, there are other cryptocurrencies that are even more anonymous than bitcoin and so could be even better for criminals. Perhaps you can think of lots of great reasons why bitcoin will continue to appreciate in value for the next several decades. Go buy crypto. Your cryptocurrency can easily vanish. Many who engage in ransomware viruses that threaten to delete the information on your computer unless you pay demand payment in bitcoins.

They are also popular with people who wish to gamble online on overseas sites which is illegal in the U. But, over the years, more reputable businesses have accepted bitcoin payment including the video game platform Steam, Overstock.

The idea of a one-world currency is vaguely suggested in the Bible. Revelation —17 says that the Antichrist will require everyone to have the mark of the beast to engage in any financial transactions. That would certainly be more efficient than printing and distributing a standardized physical currency all over the world.

One man in Iceland has already implanted a chip in his hand to access his bitcoins. Bitcoin is only one of over 1, different virtual currencies, including Litecoin, Ethereum, Zcash, Ripple, and Monero. Bitcoin and similar cryptocurrencies could be precursors to the money eventually used in the end times. But this is pure speculation. With that in mind, should Christians use bitcoin or any other type of cryptocurrency? Got Questions Ministries does not give investment advice, but there is nothing in the Bible that would prohibit using cryptocurrency if it is legal in your area.

At the time of this writing, the value of bitcoin has soared.

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